ZURICH, July 27, 2021 /PRNewswire/ -- Chubb Limited
(NYSE: CB) today reported net income for the quarter ended
June 30, 2021 of $2.27 billion, or $5.06 per share, and core operating income of
$1.62 billion, or $3.62 per share. Book value was favorably
impacted by total after-tax net realized and unrealized gains of
$1.52 billion, including a
$1.35 billion gain in the investment
portfolio, principally due to lower interest rates and
mark-to-market gains on private equities, and favorable foreign
exchange of $215 million. Book and
tangible book value per share now stand at $136.90 and $91.48,
respectively.
Chubb
Limited
Second Quarter
Summary
(in millions of
U.S. dollars, except per share amounts)
(Unaudited)
|
|
|
|
|
|
(Per Share)
(1)
|
|
2021
|
2020
|
Change
|
|
2021
|
2020
|
Change
|
Net income
(loss)
|
$2,265
|
$(331)
|
NM
|
|
$5.06
|
$(0.73)
|
NM
|
Amortization of fair
value adjustment of acquired invested
assets and long-term debt,
net of tax
|
14
|
19
|
(26.3)%
|
|
0.03
|
0.04
|
(25.0)%
|
Adjusted net realized
(gains) losses, net of tax
|
(658)
|
58
|
NM
|
|
(1.47)
|
0.13
|
NM
|
Core operating income
(loss), net of tax
|
$1,621
|
$(254)
|
NM
|
|
$3.62
|
$(0.56)
|
NM
|
(1)
Refer to page 12 for information on use of basic and diluted
shares.
|
For the three months ended June
30, 2021 and 2020, the tax expenses (benefits)
related to the table above were $(3)
million and $(5) million for
amortization of fair value adjustment of acquired invested assets
and long-term debt; $16 million and
$(11) million, respectively, for
adjusted net realized gains and losses; and $304 million and $(46)
million, respectively, for core operating income
(loss).
For the six months ended June 30,
2021, net income was $4.57
billion, or $10.13 per share,
compared with a net loss of $(79)
million, or $(0.17) per share,
for 2020. Core operating income was $2.76
billion, or $6.13 per share,
compared with $966 million, or
$2.13 per share, for 2020. The
P&C combined ratio was 88.6% compared to 101.0% prior year, and
the current accident year P&C combined ratio excluding
catastrophe losses was 85.3% compared to 87.5% prior year. Book
value was favorably impacted by after-tax net realized and
unrealized gains of $785 million,
including $264 million in the
company's investment portfolio, $297
million from favorable foreign exchange and $203 million from mark-to-market gains in the
company's variable annuity reinsurance portfolio.
Chubb
Limited
Six Months Ended
Summary
(in millions of
U.S. dollars, except per share amounts)
(Unaudited)
|
|
|
|
|
|
(Per Share)
(1)
|
|
2021
|
2020
|
Change
|
|
2021
|
2020
|
Change
|
Net income
(loss)
|
$4,565
|
$(79)
|
NM
|
|
$10.13
|
$(0.17)
|
NM
|
Amortization of fair
value adjustment of acquired invested
assets and long-term debt,
net of tax
|
30
|
41
|
(26.8)%
|
|
0.07
|
0.09
|
(22.2)%
|
Adjusted net realized
(gains) losses, net of tax
|
(1,832)
|
1,004
|
NM
|
|
(4.07)
|
2.22
|
NM
|
Use of
weighted-average dilutive shares
|
–-
|
–-
|
–-
|
|
–-
|
(0.01)
|
NM
|
Core operating
income, net of tax
|
$2,763
|
$966
|
186.0%
|
|
$6.13
|
$2.13
|
187.8%
|
(1) Refer to
page 12 for information on use of basic and diluted
shares.
|
For the six months ended June
30, 2021 and 2020, the tax expenses (benefits)
related to the table above were $(8)
million and $(10) million,
respectively, for amortization of fair value adjustment of acquired
invested assets and long-term debt; $149
million and $(28) million,
respectively, for adjusted net realized gains and losses; and
$514 million and $191 million, respectively, for core operating
income.
Evan G. Greenberg, Chairman and
Chief Executive Officer of Chubb Limited, commented: "Chubb had
simply an outstanding quarter, highlighted by record core operating
earnings and underwriting results. We produced the best
P&C premium revenue growth globally in over 15 years, powered
by our commercial P&C businesses and supported by continued
robust commercial P&C pricing. Operating earnings in the
quarter were $1.62 billion or
$3.62 per share.
"Our published and current accident year combined ratios of
85.5% and 85.4%, respectively, reflect 200 basis points of
underwriting margin improvement, almost entirely loss
ratio-related. Current accident year underwriting income of
$1.2 billion was up 27%, while on the
other side of the balance sheet adjusted net investment income in
the quarter of $945 million was also
a record and up nearly 9.5% from prior year.
"P&C net premiums written were up 15.5% globally, with
commercial premiums excluding agriculture up nearly 21%. For
perspective, we have averaged double-digit commercial P&C
growth over the past 10 quarters, and both second quarter and
year-to-date growth were the strongest since 2004. In North
America, we grew our commercial P&C premiums over 16%, while in
our international operations premiums grew 33% on a published
basis, or 24% in constant dollars. Growth in the quarter was
broad based. Net premiums written in our consumer lines remain
impacted by the pandemic's effects on travel and other business and
consumer-related activity but are beginning to improve and, in
fact, increased 5.6% in the quarter.
"We are capitalizing on a strong commercial P&C pricing
environment in most all important regions of the
world. Overall rates increased in our North America and international commercial
P&C businesses by 13.5% and 16%, respectively, and were well in
excess of loss costs. From everything we see today, I am
confident these market conditions will continue.
"Our company is firing on all cylinders – we are growing our
business while we continue to expand underwriting margins. We
will continue to outperform and deliver strong, sustainable
shareholder value."
Operating highlights for the quarter ended June 30, 2021 were as follows:
|
|
|
|
Chubb
Limited
|
Q2
|
Q2
|
|
(in millions of U.S.
dollars except for percentages)
|
2021
|
2020
|
Change
|
P&C
|
|
|
|
|
|
Net premiums written
(increase of 12.7% in constant dollars)
|
$
|
8,931
|
$
|
7,736
|
15.5%
|
Commercial P&C
(increase of 17.6% in constant dollars)
|
$
|
6,398
|
$
|
5,338
|
19.9%
|
Consumer P&C
(increase of 2.1% in constant dollars)
|
$
|
2,533
|
$
|
2,398
|
5.6%
|
Underwriting income
(loss)
|
$
|
1,191
|
$
|
(929)
|
NM
|
Combined
ratio
|
|
85.5%
|
|
112.3%
|
|
Current accident year
underwriting income excluding catastrophe losses
|
$
|
1,203
|
$
|
947
|
27.0%
|
Current accident year
combined ratio excluding catastrophe losses
|
|
85.4%
|
|
87.4%
|
|
|
|
|
|
|
|
Global P&C
(excludes Agriculture)
|
|
|
|
|
|
Net premiums written
(increase of 12.9% in constant dollars)
|
$
|
8,419
|
$
|
7,275
|
15.7%
|
Commercial P&C
(increase of 18.2% in constant dollars)
|
$
|
5,886
|
$
|
4,877
|
20.7%
|
Consumer P&C
(increase of 2.1% in constant dollars)
|
$
|
2,533
|
$
|
2,398
|
5.6%
|
Underwriting income
(loss)
|
$
|
1,142
|
$
|
(960)
|
NM
|
Combined
ratio
|
|
85.4%
|
|
113.4%
|
|
Current accident year
underwriting income excluding catastrophe losses
|
$
|
1,150
|
$
|
910
|
26.3%
|
Current accident year
combined ratio excluding catastrophe losses
|
|
85.3%
|
|
87.3%
|
|
- Consolidated net premiums earned increased 8.4%. P&C net
premiums earned increased 9.1%, comprising growth in both
commercial P&C lines and consumer lines of 11.6% and 3.8%,
respectively.
- The combined ratio included 3.4 percentage points of net
catastrophe losses compared with 23.9 percentage points last
year.
- Total pre-tax and after-tax favorable prior period development
were $268 million (3.3 percentage
points of the combined ratio) and $224
million, respectively, compared with unfavorable prior
period development of $75 million
(1.0 percentage point of the combined ratio) and $52 million, respectively, last year.
- Pre-tax adjusted net investment income of $945 million was above the guidance range
principally due to increased call activity in the company's
corporate bond portfolio and higher private equity
distributions.
- Operating cash flow was $3.12
billion.
- Total capital returned to shareholders in the quarter was
$2.27 billion, including share
repurchases of $1.92 billion, at an
average purchase price of $169.19 per
share, and dividends of $352 million.
Total capital returned to shareholders for the six months ended
June 30, 2021 was $3.14 billion, including share repurchases of
$2.44 billion, at an average purchase
price of $168.66 per share, and
dividends of $704 million. The
company recently announced that its Board of Directors approved a
one-time incremental share repurchase program of up to $5.0 billion through June
30, 2022.
Details of financial results by business segment are available
in the Chubb Limited Financial Supplement. Key segment items for
the quarter ended June 30, 2021 are
presented below:
Chubb
Limited
|
Q2
|
Q2
|
|
(in millions of U.S.
dollars except for percentages)
|
2021
|
2020
|
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
|
$
|
6,160
|
$
|
5,508
|
11.8%
|
Commercial
P&C
|
$
|
4,645
|
$
|
4,013
|
15.7%
|
Consumer
P&C
|
$
|
1,515
|
$
|
1,495
|
1.3%
|
Combined
ratio
|
|
82.9%
|
|
108.9%
|
|
Current accident year
combined ratio excluding catastrophe losses
|
|
82.4%
|
|
84.9%
|
|
|
|
|
|
|
|
North America
Commercial P&C Insurance
|
|
|
|
|
|
Net premiums
written
|
$
|
4,285
|
$
|
3,720
|
15.2%
|
Commercial P&C
excluding A&H
|
$
|
4,133
|
$
|
3,552
|
16.3%
|
Major accounts retail
and excess and surplus (E&S) wholesale
|
$
|
2,487
|
$
|
2,199
|
13.1%
|
Middle market and
small commercial
|
$
|
1,646
|
$
|
1,353
|
21.6%
|
Accident and health
(A&H)
|
$
|
152
|
$
|
168
|
(8.9)%
|
Combined
ratio
|
|
83.1%
|
|
117.3%
|
|
Current accident year
combined ratio excluding catastrophe losses
|
|
82.9%
|
|
86.0%
|
|
|
|
|
|
|
|
North America
Personal P&C Insurance
|
|
|
|
|
|
Net premiums
written
|
$
|
1,363
|
$
|
1,327
|
2.6%
|
Combined
ratio
|
|
80.7%
|
|
88.8%
|
|
Current accident year
combined ratio excluding catastrophe losses
|
|
79.2%
|
|
79.6%
|
|
|
|
|
|
|
|
North America
Agricultural Insurance
|
|
|
|
|
|
Net premiums
written
|
$
|
512
|
$
|
461
|
11.0%
|
Combined
ratio
|
|
88.1%
|
|
91.8%
|
|
Current accident year
combined ratio excluding catastrophe losses
|
|
87.1%
|
|
90.2%
|
|
|
|
|
|
|
|
Overseas General
Insurance
|
|
|
|
|
|
Net premiums written
(increase of 15.0% in constant dollars)
|
$
|
2,497
|
$
|
2,021
|
23.6%
|
Commercial P&C
(increase of 23.4% in constant dollars)
|
$
|
1,479
|
$
|
1,118
|
32.4%
|
Consumer P&C
(increase of 4.6% in constant dollars)
|
$
|
1,018
|
$
|
903
|
12.8%
|
Combined
ratio
|
|
83.9%
|
|
107.1%
|
|
Current accident year
combined ratio excluding catastrophe losses
|
|
88.4%
|
|
90.7%
|
|
- North America Commercial P&C Insurance: The current
accident year combined ratio excluding catastrophe losses decreased
3.1 percentage points, including a 2.4 percentage point decrease in
the loss ratio.
- North America Personal P&C Insurance: The current accident
year combined ratio excluding catastrophe losses decreased 0.4
percentage point, including a 1.1 percentage point decrease in the
loss ratio.
- North America Agricultural Insurance: The current accident year
combined ratio excluding catastrophe losses decreased 3.1
percentage points, including a 1.8 percentage point decrease in the
loss ratio.
- Overseas General Insurance: The current accident year combined
ratio excluding catastrophe losses decreased 2.3 percentage points,
including a 1.0 percentage point decrease in the loss ratio.
- Global Reinsurance: Net premiums written were $274 million, up 32.4%. The combined ratio was
86.6% compared with 76.6% prior year. The current accident year
combined ratio excluding catastrophe losses was 81.2% compared with
78.2% prior year.
- Life Insurance: Net premiums written were $615 million, down 0.7%. International life
insurance net premiums written increased 11.6%, or 6.3% in constant
dollars, while net premiums written and deposits collected were up
55.0%, or 47.8% in constant dollars. Combined Insurance North
America net premiums written decreased 5.9%, driven by the impact
of the pandemic on face-to-face and worksite sales. Segment income
was $102 million, up 16.1%.
All comparisons are with the same period last year unless
otherwise specifically stated.
Please refer to the Chubb
Limited Financial Supplement, dated June 30,
2021, which is posted on the company's investor relations
website, investors.chubb.com, in the Financials section for more
detailed information on individual segment performance, together
with additional disclosure on reinsurance recoverable, loss
reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its second quarter earnings conference
call on Wednesday, July 28, 2021
beginning at 8:30 a.m. Eastern. The
earnings conference call will be available via live webcast at
investors.chubb.com or by dialing 888-254-3590 (within
the United States) or 323-994-2093
(international), passcode 8683056. Please refer to the Chubb
website under Events and Presentations for details. A replay of the
call will be available until Wednesday,
August 11, 2021 and the archived webcast will be available
on our website for approximately one month. To listen to the
replay, please click here to register and receive dial-in
numbers.
About Chubb
Chubb is the world's largest publicly
traded property and casualty insurance company. With operations in
54 countries and territories, Chubb provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. As an underwriting company, we assess,
assume and manage risk with insight and discipline. We service and
pay our claims fairly and promptly. The company is also defined by
its extensive product and service offerings, broad distribution
capabilities, exceptional financial strength and local operations
globally. Parent company Chubb Limited is listed on the New York
Stock Exchange (NYSE: CB) and is a component of the S&P 500
index. Chubb maintains executive offices in Zurich, New
York, London, Paris and other locations, and employs
approximately 31,000 people worldwide. Additional information can
be found at: www.chubb.com.
Regulation G - Non-GAAP Financial Measures
In
presenting our results, we included and discussed certain non-GAAP
measures. These non-GAAP measures, which may be defined differently
by other companies, are important for an understanding of our
overall results of operations and financial condition. However,
they should not be viewed as a substitute for measures determined
in accordance with generally accepted accounting principles
(GAAP).
Throughout this document there are various measures presented on
a constant-dollar basis (i.e., excludes the impact of foreign
exchange). We believe it is useful to evaluate the trends in our
results exclusive of the effect of fluctuations in exchange rates
between the U.S. dollar and the currencies in which our
international business is transacted, as these exchange rates could
fluctuate significantly between periods and distort the analysis of
trends. The impact is determined by assuming constant foreign
exchange rates between periods by translating prior period results
using the same local currency exchange rates as the comparable
current period.
Adjusted net investment income is net investment income
excluding the amortization of the fair value adjustment on acquired
invested assets from the acquisition of The Chubb Corporation
(Chubb Corp) of $22 million in Q2
2021 and $48 million for the six
months ended June 30, 2021 and
including investment income of $39
million in Q2 2021 and $80
million for the six months ended June
30, 2021 from partially owned investment companies (private
equity partnerships) where our ownership interest is in excess of
three percent that are accounted for under the equity method. The
mark-to-market movement on these private equity partnerships are
included in adjusted net realized gains (losses) as described
below. We believe this measure is meaningful as it highlights the
underlying performance of our invested assets and portfolio
management in support of our lines of business.
Adjusted net realized gains (losses), net of tax, includes
net realized gains (losses) and net realized gains (losses)
recorded in other income (expense) related to unconsolidated
subsidiaries, and excludes realized gains and losses on crop
derivatives. These derivatives were purchased to provide economic
benefit, in a manner similar to reinsurance protection, in the
event that a significant decline in commodity pricing impacts
underwriting results. We view gains and losses on these derivatives
as part of the results of our underwriting operations, and
therefore realized gains (losses) from these derivatives are
reclassified to adjusted losses and loss expenses.
P&C underwriting income is calculated by subtracting
adjusted losses and loss expenses, policy acquisition costs and
administrative expenses from net premiums earned by our P&C
operations. We use P&C underwriting income and operating ratios
to monitor the results of our operations without the impact of
certain factors, including net investment income, other income
(expense), interest expense, amortization expense of purchased
intangibles, income tax expense and adjusted net realized gains
(losses).
P&C current accident year underwriting income excluding
catastrophe losses is P&C underwriting income adjusted to
exclude catastrophe losses and prior period development (PPD). We
believe it is useful to exclude catastrophe losses, as they are not
predictable as to timing and amount, and PPD as these unexpected
loss developments on historical reserves are not indicative of our
current underwriting performance. We believe the use of these
measures enhances the understanding of our results of operations by
highlighting the underlying profitability of our insurance
business.
Core operating income, net of tax, excludes from net income
the after-tax impact of adjusted net realized gains (losses) and
the amortization of fair value adjustment of acquired invested
assets and long-term debt related to the Chubb Corp acquisition. We
believe this presentation enhances the understanding of our results
of operations by highlighting the underlying profitability of our
insurance business. We exclude adjusted net realized gains (losses)
because the amount of these gains (losses) are heavily influenced
by, and fluctuate in part according to, the availability of market
opportunities. We exclude the amortization of the fair value
adjustments related to purchased invested assets and long-term debt
due to the size and complexity of this acquisition. References to
core operating income measures mean net of tax, whether or not
noted.
Core operating return on equity (ROE) and Core operating
return on tangible equity (ROTE) are annualized non-GAAP financial
measures. The numerator includes core operating income (loss), net
of tax. The denominator includes the average shareholders' equity
for the period adjusted to exclude unrealized gains (losses) on
investments, net of tax. For the ROTE calculation, the denominator
is also adjusted to exclude goodwill and other intangible assets,
net of tax. These measures enhances the understanding of the return
on shareholders' equity by highlighting the underlying
profitability relative to shareholders' equity and tangible equity
excluding the effect of unrealized gains and losses on our
investments.
P&C combined ratio is the sum of the loss and loss
expense ratio, acquisition cost ratio and the administrative
expense ratio excluding the life business and including the
realized gains and losses on the crop derivatives, as noted
above.
P&C current accident year combined ratio excluding
catastrophe losses excludes the impact of P&C catastrophe
losses and PPD from the P&C combined ratio. We believe this
measure provides a better evaluation of our underwriting
performance and enhances the understanding of the trends in our
property and casualty business that may be obscured by these
items.
Global P&C performance metrics comprise consolidated
operating results (including corporate) and exclude the operating
results of the company's Life Insurance and North America
Agricultural Insurance segments. The agriculture insurance business
is a different business in that it is a public sector and private
sector partnership in which insurance rates, premium growth, and
risk-sharing is not market-driven like the remainder of the
company's P&C insurance business. We believe that these
measures are useful and meaningful to investors as they are used by
management to assess the company's global P&C operations which
are the most economically similar. We exclude the North America
Agricultural Insurance and Life Insurance segments because the
results of these businesses do not always correlate with the
results of our global P&C operations.
Tangible book value per common share is shareholders'
equity less goodwill and other intangible assets, net of tax,
divided by the shares outstanding. We believe that goodwill and
other intangible assets are not indicative of our underlying
insurance results or trends and make book value comparisons to less
acquisitive peer companies less meaningful.
International life insurance net premiums written and deposits
collected includes deposits collected on universal life and
investment contracts (life deposits). Life deposits are not
reflected as revenues in our consolidated statements of operations
in accordance with GAAP. However, we include life deposits in
presenting growth in our life insurance business because new life
deposits are an important component of production and key to our
efforts to grow our business.
See the reconciliation of Non-GAAP Financial Measures on pages
29-35 in the Financial Supplement. These measures should not be
viewed as a substitute for measures determined in accordance with
GAAP, including premium, net income, return on equity, and net
investment income.
NM - not meaningful comparison
Cautionary Statement Regarding Forward-Looking
Statements:
Forward-looking statements made in this
press release, such as those related to company performance,
pricing, economic and market conditions, and our expectations and
intentions and other statements that are not historical facts,
reflect our current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. Such statements involve risks and uncertainties that
could cause actual results to differ materially, including without
limitation, the following: competition, pricing and policy term
trends, the levels of new and renewal business achieved, the
frequency and severity of unpredictable catastrophic events, actual
loss experience, uncertainties in the reserving or settlement
process, integration activities and performance of acquired
companies, loss of key employees or disruptions to our operations,
new theories of liability, judicial, legislative, regulatory and
other governmental developments, litigation tactics and
developments, investigation developments and actual settlement
terms, the amount and timing of reinsurance recoverable, credit
developments among reinsurers, rating agency action, infection
rates and severity of pandemics, including COVID-19, and their
effects on our business operations and claims activity, possible
terrorism or the outbreak and effects of war, economic, political,
regulatory, insurance and reinsurance business conditions,
potential strategic opportunities including acquisitions and our
ability to achieve and integrate them, as well as management's
response to these factors, and other factors identified in our
filings with the Securities and Exchange Commission (SEC).
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on
which they are made. We undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Chubb
Limited
|
Summary
Consolidated Balance Sheets
|
(in millions of
U.S. dollars, except per share data)
|
(Unaudited)
|
|
|
June
30
2021
|
|
December
31 2020
|
Assets
|
|
|
|
Investments
|
$
|
121,370
|
|
$
|
118,669
|
Cash
|
1,843
|
|
1,747
|
Insurance and
reinsurance balances receivable
|
11,720
|
|
10,480
|
Reinsurance
recoverable on losses and loss expenses
|
15,725
|
|
15,592
|
Goodwill and other
intangible assets
|
21,200
|
|
21,211
|
Other
assets
|
25,316
|
|
23,075
|
Total assets
|
$
|
197,174
|
|
$
|
190,774
|
|
|
|
|
Liabilities
|
|
|
|
Unpaid losses and
loss expenses
|
$
|
70,289
|
|
$
|
67,811
|
Unearned
premiums
|
19,167
|
|
17,652
|
Other
liabilities
|
47,656
|
|
45,870
|
Total liabilities
|
$
|
137,112
|
|
$
|
131,333
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Total shareholders'
equity
|
60,062
|
|
59,441
|
Total liabilities and shareholders'
equity
|
$
|
197,174
|
|
$
|
190,774
|
|
|
|
|
Book value per common
share
|
$
|
136.90
|
|
$
|
131.88
|
Tangible book value
per common share
|
$
|
91.48
|
|
$
|
87.69
|
Book value per common
share excluding cumulative translation losses
(1)
|
$
|
139.92
|
|
$
|
135.51
|
Tangible book value
per common share excluding cumulative translation losses
(1)
|
$
|
93.69
|
|
$
|
90.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Cumulative
translation losses were $1.3 billion in 2021 ($1.0 billion on
tangible and $0.3 billion on intangible net assets) and $1.6
billion in 2020 ($1.1 billion on tangible and $0.5 billion on
intangible net assets).
|
|
|
|
|
|
|
|
|
Chubb
Limited
|
|
Summary
Consolidated Financial Data
|
|
(in millions of
U.S. dollars, except share, per share data, and
ratios)
|
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30
|
|
June
30
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Gross premiums
written
|
$
|
11,860
|
|
$
|
10,040
|
|
$
|
22,405
|
|
$
|
19,792
|
Net premiums
written
|
9,546
|
|
8,355
|
|
18,208
|
|
16,332
|
Net premiums
earned
|
8,813
|
|
8,128
|
|
17,034
|
|
15,922
|
Losses and loss
expenses
|
5,006
|
|
6,577
|
|
10,059
|
|
11,062
|
Policy
benefits
|
185
|
|
223
|
|
352
|
|
352
|
Policy acquisition
costs
|
1,698
|
|
1,593
|
|
3,363
|
|
3,208
|
Administrative
expenses
|
775
|
|
727
|
|
1,519
|
|
1,468
|
Net investment
income
|
884
|
|
827
|
|
1,747
|
|
1,688
|
Net realized gains
(losses)
|
(33)
|
|
30
|
|
854
|
|
(928)
|
Interest
expense
|
122
|
|
128
|
|
244
|
|
260
|
Other income
(expense):
|
|
|
|
|
|
|
|
Gains (losses) from separate
account assets
|
15
|
|
40
|
|
19
|
|
(16)
|
Other
|
762
|
|
(98)
|
|
1,248
|
|
(97)
|
Amortization of
purchased intangibles
|
73
|
|
72
|
|
145
|
|
145
|
Income tax expense
(benefit)
|
317
|
|
(62)
|
|
655
|
|
153
|
Net income
(loss)
|
$
|
2,265
|
|
$
|
(331)
|
|
$
|
4,565
|
|
$
|
(79)
|
|
|
|
|
|
|
|
|
Earnings per
share: (1)
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
5.06
|
|
$
|
(0.73)
|
|
$
|
10.13
|
|
$
|
(0.17)
|
Core operating income
(loss)
|
$
|
3.62
|
|
$
|
(0.56)
|
|
$
|
6.13
|
|
$
|
2.13
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding (1)
|
448.0
|
|
451.4
|
|
450.7
|
|
451.6
|
|
|
|
|
|
|
|
|
(1) In periods
where core operating loss and net loss are recognized, inclusion of
incremental dilution is anti-dilutive and therefore basic shares
are used in the calculation of per share earnings. For the three
and six months ended June 30, 2020, the effect of dilutive
securities was 1,395,951 shares and 2,044,144 shares, respectively.
Weighted-average shares outstanding used to calculate earnings per
share for the 2021 periods and core operating income per share for
the six months ended June 30, 2020 include the effect of dilutive
securities.
|
|
|
|
|
|
|
|
|
|
P&C combined
ratio
|
|
|
|
|
|
|
|
Loss and loss expense
ratio
|
58.7%
|
|
85.2%
|
|
61.1%
|
|
72.8%
|
Policy acquisition
cost ratio
|
18.4%
|
|
18.5%
|
|
18.9%
|
|
19.3%
|
Administrative
expense ratio
|
8.4%
|
|
8.6%
|
|
8.6%
|
|
8.9%
|
P&C combined
ratio
|
85.5%
|
|
112.3%
|
|
88.6%
|
|
101.0%
|
|
|
|
|
|
|
|
|
|
P&C underwriting
income (loss)
|
$
|
1,191
|
|
$
|
(929)
|
|
$
|
1,813
|
|
$
|
(151)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Chubb Limited