Summary by Moomoo AI
Chubb Limited reported robust third quarter 2024 results, with net income attributable to Chubb of $2.3 billion, up 13.8% from the prior year period. Consolidated net premiums written increased 5.5% to $13.8 billion, with P&C net premiums up 5.4% and Life Insurance premiums rising 6.8%. Pre-tax net investment income reached a record $1.5 billion, up 14.7% from Q3 2023, driven by strong operating cash flow at higher reinvestment rates.The P&C combined ratio improved to 87.7% from 88.4% in the prior year period, reflecting higher net premiums earned and a higher percentage of property lines business. Total pre-tax catastrophe losses were $765 million compared to $670 million in Q3 2023, while favorable prior period development increased to $244 million from $200 million. Operating cash flow remained strong at $4.3 billion.Shareholders' equity increased $4.7 billion in the quarter, driven by net income and $3.3 billion in net unrealized investment gains from lower interest rates. The company returned $782 million to shareholders through share repurchases of $413 million and dividends of $369 million. Chubb maintained its strong financial position with a ratio of financial debt to total capitalization of 19.6%.
