Summary by Moomoo AI
Chubb Limited reported strong Q2 2024 results with net income rising 24.3% to $2.23 billion, or $5.46 per share. Core operating income increased 7.5% to $2.20 billion, or $5.38 per share. Consolidated net premiums written grew 11.8% to $13.4 billion, with P&C up 10.6% and Life Insurance up 27.6%.The company achieved a P&C combined ratio of 86.8%, with record current accident year underwriting income excluding catastrophe losses of $1.81 billion. Global P&C premiums increased 11.2%, with commercial insurance up 9.6% and consumer insurance up 15.2%. North America saw 8.0% growth, while Overseas General Insurance grew 15.6%. Pre-tax catastrophe losses were $580 million compared to $400 million last year.Pre-tax net investment income reached a record $1.47 billion, up 28.2%. Book value per share increased 1.3% from March 31, 2024, to $151.05. The company returned $939 million to shareholders through share repurchases of $570 million and dividends of $369 million. Management expressed confidence in continued earnings growth through P&C revenue expansion, underwriting margins, investment income, and life insurance performance.
