Chubb Limited Reports Strong Financial Performance in Q3 2024 with 5.5% Net Premiums Growth and 21.1% Net Income Increase

Chubb Limited reported strong financial performance for the third quarter and the nine months ended September 30, 2024, with significant increases in net premiums, net income, and investment income compared to the same periods in 2023.

For Q3 2024, Chubb's net premiums written reached $13.829 billion, a 5.5% increase from $13.104 billion in Q3 2023. Net premiums earned also rose to $13.373 billion, up from $12.674 billion. The company achieved net investment income of $1.508 billion, compared to $1.314 billion in the prior year, reflecting strong operating cash flow and higher reinvestment rates. Total revenues for the quarter were $14.849 billion, an increase from $13.853 billion in Q3 2023. However, total expenses also increased to $11.855 billion from $11.400 billion, leading to income before income tax of $2.994 billion, up from $2.453 billion. Net income for Q3 2024 was $2.490 billion, compared to $2.040 billion in Q3 2023, with net income attributable to Chubb at $2.324 billion, up from $2.043 billion.

For the nine months ended September 30, 2024, net premiums written totaled $39.410 billion, a 10.2% increase from $35.765 billion in the same period of 2023. Net income for this period was $7.000 billion, compared to $5.725 billion in 2023, with net income attributable to Chubb at $6.697 billion, up from $5.728 billion. The company’s total assets increased to $250.557 billion from $230.682 billion at the end of 2023, while total shareholders' equity rose to $70.120 billion from $63.691 billion.

Strategically, Chubb completed the acquisition of Healthy Paws Pet Insurance LLC for approximately $300 million in cash on May 31, 2024, and increased its ownership interest in Huatai Group to approximately 85.5% as of September 30, 2024. This acquisition has been consolidated into Chubb's financial statements since July 1, 2023, contributing to growth in the Life Insurance segment.

Chubb's combined ratio for Q3 2024 improved to 87.7% from 88.4% in Q3 2023, driven by higher net premiums earned and a favorable prior period development. The company reported total pre-tax catastrophe losses of $765 million for Q3 2024, compared to $670 million in the same quarter of 2023.

Overall, Chubb's financial results reflect robust growth across its business segments, driven by strong premium retention, new business, and strategic acquisitions, despite facing challenges from increased expenses and catastrophe losses.