Chubb's Growth Slows Vs. Peers, Analyst Downgrades Despite Stock Surge
Chubb's Growth Slows Vs. Peers, Analyst Downgrades Despite Stock Surge
Although growth accelerated to 15%, 17%, and 14% over the last year, it still lagged behind peers as P&C underwriting margins peaked, adds the analyst.BofA Securities analyst Joshua Shanker downgraded Chubb Limited (NYSE:CB) to Underperform from Neutral, while raising the price target to $275 from $264.
BofA证券分析师Joshua Shanker将纽交所的Chubb Limited (NYSE:CB) 评级下调至表现不佳，从中立调高目标价至275美元，上调自264美元。
The analyst downgraded the stock after a period of strong outperformance (up 29% YTD and 41% over the past year) in CB shares and the broader P&C sector.
在Cb股票和更广泛的财产和意外伤害保险板块强劲表现期间（年初至今上涨29%，去年上涨41%），分析师将该股评级下调。
The analyst writes that over the past decade, Chubb's book value per share (BVPS), tangible BVPS, and EPS grew at CAGRs of 7%, 5%, and 10%, respectively—lower than peers despite a premium valuation.
分析师指出，在过去十年中，Chubb的每股净资产（BVPS）、有形BVPS和每股收益分别以7%、5%和10%的复合年增长率增长，低于同行尽管估值溢价。
Although growth accelerated to 15%, 17%, and 14% over the last year, it still lagged behind peers as P&C underwriting margins peaked, adds the analyst.
尽管增速在过去一年达到15%、17%和14%，但由于财产与意外伤害保险承保毛利率达到峰值，仍落后于同行，分析师补充道。
Shanker says the company's slower growth stems from lower operating leverage, a focus on premium-to-book acquisitions, and less efficient share repurchases at higher valuations.
Shanker表示，公司较低的增速源于较低的经营杠杆、专注于溢价收购和在较高估值时较少高效的股份回购。
The analyst's 2025 forecast of 6% EPS growth and 12% BVPS growth is below consensus and at the lower end of peer expectations, with some peers poised for 20%+ BVPS growth.
分析师对2025年的每股收益增长预测为6%，BVPS增长为12%，低于共识，处于同行预期的低端，一些同行则有望实现20%以上的BVPS增长。
Notably, the analyst's estimates for 2025 and 2026 EPS forecasts dip slightly due to higher share prices for repurchases following stock outperformance.
值得注意的是，由于高于预期的股票表现，分析师对2025年和2026年的每股收益预测略有下调，因为回购股份的股价更高。
However, Shanker's third-quarter EPS estimate rose by nearly $0.20 per share as they lowered expectations for catastrophe losses.
然而，Shanker对第三季度的每股收益估计上调了近0.20美元，因为他们降低了灾难损失的预期。
The analyst projects third-quarter catastrophe activity at 7.7% of Global P&C earned premiums, below the typical 9%, with no major events.
分析师预计第三季度全球财产和意外保险的灾难损失率为7.7%，低于典型的9%，且没有发生重大事件。
Investors can gain exposure to the stock via iShares U.S. Insurance ETF (NYSE:IAK) and Invesco KBW Property & Casualty Insurance ETF (NASDAQ:KBWP).
投资者可以通过iShares美国保险etf（纽交所：IAK）和Invesco KBW财产与意外保险etf（纳斯达克：KBWP）获得该股的曝光度。
Price Action: CB shares are up 0.52% at $290.05 at the last check Friday.
股价走势：Cb股票在上周五的最后一次查询时上涨了0.52%，报290.05美元。
Photo via Shutterstock
图片来自shutterstock。
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