Chubb Q3 Profit Rises, Helped by Strong Premium Revenue Growth

Chubb Ltd. said Tuesday its profit rose in the third quarter, helped by strong premium revenue growth and underwriting results.

Source: MarketWatch | Published on October 28, 2021

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The insurance company reported net income of $1.83 billion, up from $1.19 billion in the third quarter of 2020. Earnings per share rose to $4.18 from $2.63 and core operating income per share increased to $2.64 from $2 a year ago.

Chubb said consolidated net premiums written rose 15.8% in the three months through September compared with a year earlier. Property and casualty net premiums written rose nearly 17% in the period, the company’s strongest organic growth since 2004, according to Chief Executive Evan G. Greenberg.

Chubb had underwriting income of $617 million in the quarter, up 58% from a year earlier, despite $1.1 billion of catastrophe losses, Mr. Greenberg said.