Chubb CEO hails quality of earnings
Chubb Limited made a profit of $1.23 billion, or $2.64 per share, in the third quarter, compared to a loss of $70 million for the same three months in 2017.
The global insurer, which has offices in Bermuda, reported core operating income of $1.12 billion, or $2.41 per share, beating analysts’ estimates by five cents.
Book value per share was $110.46, while tangible book value was $66.83, up 0.4 per cent and 1.3 per cent, respectively, from the end of June.
Chubb’s property and casualty combined ratio was 90.9 per cent, while it had P&C net premiums written of $7.5 billion.
Evan Greenberg, chairman and chief executive officer of Chubb Limited, said: “The quality and balance of our earnings this quarter were evident, with P&C underwriting income of $669 million and net investment income of $883 million.”