Fri, Jul 26, 7:53 PM (43 days ago)
Chubb Limited's Q2 2024 financial results reflect strong performance and growth across various segments. Net income attributable to Chubb was $2.2 billion, up 24.3% from $1.8 billion in Q2 2023, driven by robust underwriting results and record net investment income of $1.5 billion. Consolidated net premiums written increased by 11.8% to $13.4 billion, with the Property & Casualty (P&C) segment showing a 10.3% rise. The Life Insurance segment also saw a significant increase of 24.5%, partly due to the consolidation of Huatai Group. The P&C combined ratio was 86.8%, slightly higher than the prior year's 85.4%, impacted by higher catastrophe losses and lower favorable prior period development. The P&C current accident year combined ratio excluding catastrophe losses remained steady at 83.2%. Operating cash flow was strong at $4.1 billion, compared to $2.5 billion in the previous year. Shareholders' equity increased by $503 million, primarily due to net income, despite $939 million returned to shareholders through dividends and share repurchases. Overall, Chubb's results indicate robust financial health, driven by strategic growth in premiums written, effective investment strategies, and efficient management of underwriting and claims.