Chubb posts $2.8b Q3 profit with 20% gain
Chubb earned 2.80 billion dollars in the three months that ended on September 30 and reported core operating income of 3.00 billion dollars. Book value climbed 4.7 percent to 182.22 dollars per share while tangible book value jumped 6.6 percent to 120.13 dollars. Property and casualty premiums reached 12.93 billion dollars, with North American personal lines gaining 8.1 percent and commercial business rising 3.5 percent.
Chairman Evan Greenberg said the company maintains excellent fundamentals and the strongest balance sheet in its history. Underwriting income hit a record 2.26 billion dollars with a combined ratio of 81.8 percent. Catastrophe losses dropped to 285 million dollars from 765 million dollars one year earlier, while life insurance premiums grew 24.6 percent to 1.93 billion dollars.
