Exhibit 99.1

 

LOGO   

Chubb Limited

Bärengasse 32

CH-8001 Zurich

Switzerland

  

www.chubb.com

@Chubb

News Release

Chubb Reports Third Quarter Net Income Per Share of $2.38, Down

9.8%, and Core Operating Income Per Share of $2.70, Up 12%;

Consolidated Net Premiums Written of $8.6 Billion, Up 6.3%, or 7.3%

in Constant Dollars

 

   

Net income was $1.1 billion, down 11.4%, and core operating income was $1.2 billion, up 10.2%. Net income was unfavorably impacted by mark-to-market losses of $119 million, principally related to the company’s variable annuity reinsurance portfolio, compared to adjusted realized gains of $165 million in the prior year.

 

   

P&C net premiums written were $8.0 billion, up 6.2%, or 7.2% in constant dollars.

 

   

P&C underwriting income was $754 million, up 12.6%, and Global P&C underwriting income, which excludes Agriculture, was $753 million, up 27.7%.

 

   

P&C combined ratio was 90.2% compared with 90.9% prior year, reflecting lower catastrophe losses and higher crop insurance losses. P&C current accident year combined ratio excluding catastrophe losses was 89.5% compared with 88.2% prior year.

 

   

Global P&C combined ratio, which excludes Agriculture, was 88.9% compared with 90.9% prior year. Global P&C current accident year combined ratio excluding catastrophe losses was 88.3% compared with 87.9% prior year.

 

   

Pre-tax catastrophe losses were $232 million, or $191 million after-tax, compared with $450 million, or $372 million after-tax, prior year. In addition, Agriculture underwriting income was adversely impacted predominantly by crop insurance weather conditions resulting in underwriting income of $1 million compared with $79 million in the prior year.

 

   

Net investment income was $873 million pre-tax, up 6.0%, and adjusted net investment income was $910 million pre-tax, up 3.1%.

ZURICHOctober 29, 2019 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2019 of $1,091 million, or $2.38 per share, compared with $1,231 million, or $2.64 per share, for the same quarter last year. Core operating income was $1,236 million, or $2.70 per share, compared with $1,122 million, or $2.41 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 90.2% and the Global P&C combined ratio, which excludes Agriculture, was 88.9%. Book and tangible book value per share increased 2.0% and 3.3%, respectively, from June 30, 2019 and now stand at $120.33 and $76.21, respectively. Several factors positively impacted book value in the quarter contributing to

 

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.   1


The following information was filed by Chubb Ltd (CB) on Wednesday, October 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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