Chubb rises as Q4 profit beat offsets LA wildfire loss concerns

Chubb

29/01/2025 16:50

** U.S.-listed shares of insurer Chubb  CB.N  rise ~3% to
$280.27
    ** After market close on Tuesday, co reported Q4 core profit
of $6.02 per share, vs Wall Street views of $5.44 per share,
according to data compiled by LSEG
    ** Net premiums written - a gauge on insurer's actual risk
exposure and its retained premium income - rose to $12.1 bln in
Q4, topping analysts' estimates of $10.9 bln
    ** CB's estimates $1.5 bln hit in Q1, on a pre-tax basis,
from catastrophe losses tied to LA wildfires; analysts estimate
industry-wide insured losses as high as $40 bln from the event
    ** Robust spending on policies has helped the insurance
industry offset the impact of elevated catastrophe claims
    ** CB's Q4 pre-tax catastrophe losses were $607 mln,
including $309 mln from Hurricane Milton, vs $300 mln, a year
earlier 
    ** Co's property and casualty underwriting income climbed
3.8% to a quarterly record of $1.58 billion
    ** "We believe that CB's underwriting acumen, scale, and
flexible approach with product mix will drive strong margins
over time," J.P. Morgan analysts write in a note 
    ** Chubb shares on the NYSE climbed 22.3% in 2024

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))