Insurance firm Chubb Q3 net income rises

Chubb

Tue 21:21

Overview
US insurance provider's Q3 net income rose 1.5% yr/yr, core operating income down 2.2%
Consolidated net premiums written grew 1.9% yr/yr, with P&C and Life segments both up
P&C combined ratio increased to 84.1% from 81.8% last year, reflecting higher catastrophe losses

Outlook
Chubb expects North America commercial premium growth to improve in future quarters
Company sees continued growth opportunities from global diversification and rising interest rates
Chubb aims for strong growth in operating earnings, EPS, and double-digit tangible book value growth

Result Drivers
HIGHER CATASTROPHE LOSSES - Co said increased catastrophe losses contributed to higher P&C combined ratio and lower core operating income
INVESTMENT INCOME - Record adjusted net investment income supported results, aided by rising interest rates and favorable fixed-income environment
OVERSEAS GENERAL GROWTH - Overseas General segment net premiums written rose 6.7%, with strong growth in Latin America, Asia and Europe

Company press release: ID:nPn6h37wda

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
 
$7.30
 
Q3 Net Income
 
$2.84 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 11 "strong buy" or "buy", 14 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the multiline insurance & brokers peer group is "hold"
Wall Street's median 12-month price target for Chubb Limited is $362.50, about 1.7% above its October 19 closing price of $356.27
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads
Oct 20 - Ally Financial Q3 adjusted revenue beats estimates
Oct 19 - RLI Q3 revenue beats estimates on underwriting performance 
Oct 19 - W.R. Berkley Q3 revenue falls more than expected

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)