- Chubb (NYSE:CB) Q4 earnings reflect continued underwriting margin improvement and double-digit commercial lines premium growth globally, said Chairman and CEO Evan G. Greenberg.
- "The margin improvement in our combined ratio was a result of both expense and loss ratio improvements that were broad based. Virtually all of our commercial P&C lines of business are achieving rates that exceed loss costs," he siad.
- Q4 core operating EPS of $3.18 vs. average analyst estimate of $2.82; compares with $2.00 in Q3 and $2.28 a year ago.
- Q4 catastrophe losses, net of reinsurance and including reinstatement premiums, were $314M pretax vs. $925M in Q3 and $430M a year ago.
- Q4 P&C net premiums $7.77B, up 5.4% Y/Y in constant dollars.
- Q4 P&C combined ratio of 87.6% vs. 95.2% in Q3 and 92.7% in Q4 2019; P&C current accident year combined ratio excluding catastrophe losses was 86.4% vs. 85.7% in Q3 and 90.0% a year ago.
- Q4 P&C underwriting income of $969M vs. $392M in Q3 and $533M a year ago.
- Q4 pretax net investment income of $847M vs. $840M in Q3 and $858M a year ago.
- Tangible book value per common share was $87.69 at Dec. 31, 2020 vs. $81.11 at Sept. 30, 2020.
- Conference call on Feb. 3 at 8:30 AM.
- Previously (Feb. 2): Chubb EPS beats by $0.36, beats on net premium earned