Insurer Chubb's profit rises on underwriting gains, investment returns

Chubb

29/10/2024 21:39

Oct 29 (Reuters) - Insurance company Chubb  CB.BN 
posted a rise in third-quarter profit on Tuesday, helped by
strong underwriting gains in its property and casualty (P&C)
segment and higher returns on its investments.
    Global P&C net written premiums rose 7.6% in the quarter
ended Sept. 30, driven by commercial lines and consumer lines
premium growth of 8.1% and 9.4%, respectively.
    The insurance sector has benefited from growing hopes of a
soft landing for the economy and a strong labor market, which
has revived spending on insurance policies.
    The insurer's adjusted net investment income was $1.64
billion, up 15.9% from the previous year.
    A market rally has also helped insurance firms that invest a
portion of their profits across asset classes rake up higher
returns.
    Chubb's core operating income was $5.72 per share for the
quarter ended Sept. 30, versus expectations of $4.98, according
to LSEG data.
    The earnings mirror results at peers, which have also seen a
boost in their results due to expectations of a soft landing for
the U.S. economy and strong underwriting gains across various
segments.
    U.S.-listed shares  CB.N  of the Zurich-based insurer was up
about 1% at $290 in extended trading.

 (Reporting by Atharva Singh; Editing by Shailesh Kuber)
 ((Atharva.Singh@thomsonreuters.com;))