• Net income was $2.23 billion, up 24.3%, and core operating income was $2.20 billion, up 7.5%. For the six months, net income was $4.37 billion, up 18.7%, and core operating income was a record $4.41 billion, up 13.5%.
• Global P&C net premiums written, which excludes Agriculture, were up 11.2%, with commercial insurance up 9.6% and consumer insurance up 15.2%. North America was up 8.0%, including growth of 12.3% in personal insurance and 6.7% in commercial insurance, with P&C lines up 8.7% and financial lines down 2.9 %. Overseas General was up 15.6%, with growth of 19.1% in consumer insurance and 13.3% in commercial insurance; Asia-Pacific, Latin America, and Continental Europe were up 32.9%, 13.7%, and 10.8%, respectively.
• P&C underwriting income was $1.42 billion. P&C current accident year underwriting income excluding catastrophe losses was a record $1.81 billion, up 11.1%, with a record low combined ratio of 83.2%. For the six months, P&C underwriting income was $2.82 billion, up 6.8%, and was $3.43 billion, up 10.7%, on a current accident year excluding catastrophe losses basis. Both were records.
• Pre-tax catastrophe losses were $580 million compared with $400 million last year. For the six months, catastrophe losses were $1.02 billion compared with $858 million last year.
• Life Insurance net premiums written were $1.58 billion, up 24.5%, or 27.6% in constant dollars, and segment income was $276 million, up 8.7%, or 11.4% in constant dollars. Life Insurance net premiums written and deposits collected were $2.13 billion, up 27.4%, or 31.1% in constant dollars.
• Pre-tax net investment income was $1.47 billion, up 28.2%, and adjusted net investment income was $1.56 billion, up 25.9%. Both were records.
• Annualized return on equity (ROE) was 14.7%. Annualized core operating return on tangible equity (ROTE) was 21.1% and annualized core operating ROE was 13.3%.

ZURICH, July 23, 2024 /PRNewswire/ -- Chubb Limited (NYSE: CB) today reported net income for the quarter ended     June 30, 2024 of $2.23 billion, or $5.46 per share, and core operating income of $2.20 billion, or $5.38 per share. Book value per share and tangible book value per share increased 1.3% and 1.7%, respectively, from March 31, 2024 and now stand at $151.05 and $91.05. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $437 million in the company's investment portfolio and $457 million of foreign exchange losses. Book value per share and tangible book value per share excluding AOCI increased 2.6% and 3.1%, respectively, from March 31, 2024.

For the six months ended June 30, 2024, net income was $4.37 billion, or $10.68 per share, and core operating income was $4.41 billion, or $10.78 per share. Book value per share and tangible book value per share increased 2.9% and 3.5%, respectively, from December 31, 2023. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.06 billion in the company's investment portfolio and $476 million of foreign exchange losses. Book value per share and tangible book value per share excluding AOCI increased 4.9% and 6.1%, respectively, from December 31, 2023.

For the six months ended June 30, 2024 and 2023, the tax expenses (benefits) related to the table above were $(76) million and $(109) million, respectively, for adjusted net realized gains and losses and other; and $905 million and $885 million, respectively, for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had another great quarter which contributed to record six-month results. Per-share core operating income in the quarter was up 9.3% while record year-to-date operating income was up 15.7%. Our P&C underwriting results in the quarter were simply excellent in spite of a higher level of catastrophe losses, highlighted by a published combined ratio of 86.8%, and supported by record ex-CAT current accident year underwriting income of $1.8 billion and a combined ratio of 83.2%. Adjusted investment income topped $1.5 billion, up nearly 26% and a record, and we grew life segment income about 11.5% in constant dollars with international life up over 15%. We produced double-digit premium revenue growth across the globe with strong results in our North America P&C, International P&C, and Life Insurance divisions.

"Commercial P&C underwriting conditions are favorable, with property naturally more competitive and casualty pricing firming in the areas that need it. We see this trend in casualty enduring. Loss-cost inflation in short- and long-tail lines remained steady. Consumer P&C underwriting and growth conditions are quite attractive, and we are growing at a double-digit pace our market-leading high-net-worth personal lines business in North America while we are pursuing a broad set of opportunities in A&H and personal lines across the globe.

"Total company net premiums increased 11.8%, with Global P&C up 11.2% and Life Insurance up 24.5%. Premiums in North America were up 8% and consisted of 12.3% growth in high-net-worth personal insurance and 6.7% growth in commercial, with P&C lines up 8.7% and financial lines down about 3%. For the rest of the world, our premiums were up more than 15.5%, with commercial up 13.3% and consumer up over 19%. Asia-Pacific, Latin America, and the Continent of Europe were up 32.9%, 13.7%, and 10.8%, respectively.

"In summary, we had a great quarter, and, again, our results reflect the strength, breadth and depth globally of the company. We are confident in our ability to continue growing our operating earnings at a superior rate through P&C revenue growth and underwriting margins, investment income, and life income."

Operating highlights for the quarter ended June 30, 2024 were as follows:

• Consolidated net premiums earned increased 11.7%, or 12.3% in constant dollars. P&C net premiums earned increased 10.1%, or 10.4% in constant dollars.
• Operating cash flow was $4.08 billion and adjusted operating cash flow was $3.57 billion.
• Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $580 million (5.4 percentage points of the combined ratio) and $482 million, respectively, compared with $400 million (4.1 percentage points of the combined ratio) and $319 million, respectively, last year.
• Total pre-tax and after-tax favorable prior period development were $192 million and $167 million, respectively, compared with $200 million and $155 million, respectively, last year.
• Total capital returned to shareholders was $939 million, comprising share repurchases of $570 million at an average purchase price of $253.02 per share and dividends of $369 million.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended June 30, 2024 are presented below:    

Chubb Limited	Q2		Q2
(in millions of U.S. dollars except for percentages)	2024		2023		Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance) Net premiums written	$	8,035	$	7,503	7.1 %
Combined ratio		84.0 %		84.2 %
Current accident year combined ratio excluding catastrophe losses		81.0 %		81.3 %
North America Commercial P&C Insurance
Net premiums written	$	5,501	$	5,155	6.7 %
Major accounts retail and excess and surplus (E&S) wholesale	$	3,524	$	3,307	6.5 %
Middle market and small commercial	$	1,977	$	1,848	7.0 %
Combined ratio		82.9 %		82.5 %
Current accident year combined ratio excluding catastrophe losses		80.7 %		80.7 %
North America Personal P&C Insurance
Net premiums written	$	1,776	$	1,581	12.3 %
Combined ratio		83.5 %		88.9 %
Current accident year combined ratio excluding catastrophe losses		78.6 %		80.5 %
North America Agricultural Insurance
Net premiums written	$	758	$	767	(1.2) %
Combined ratio		94.4 %		86.2 %
Current accident year combined ratio excluding catastrophe losses		89.1 %		87.4 %
Overseas General Insurance
Net premiums written (increase of 16.6% in constant dollars)	$	3,334	$	2,885	15.6 %
Commercial P&C (increase of 13.9% in constant dollars)	$	1,957	$	1,728	13.3 %
Consumer P&C (increase of 20.7% in constant dollars)	$	1,377	$	1,157	19.1 %
Combined ratio		88.2 %		84.0 %
Current accident year combined ratio excluding catastrophe losses		85.3 %		85.2 %
Global Reinsurance
Net premiums written (increase of 40.5% in constant dollars)	$	411	$	293	40.3 %
Combined ratio		72.7 %		69.6 %
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