Press Release

Chubb Limited 3Q17 financial statement

Bnamericas Published: Friday, October 27, 2017

Economics Companies Topics Insurance Financial results Non-life Insurance Bonds and Shares

The following is part of a Chubb press release. The full report is available here.

Chubb Reports Third Quarter Per Share Net Loss and Operating Loss of $(0.15) and $(0.13), Respectively, Including Catastrophe Losses of $3.27 Per Share, in Line with Midpoint of Preannounced Estimates; Book and Tangible Book Value per Share

- Pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $1,893 million in the quarter, including $650 million, $891 million, and $220 million from hurricanes Harvey, Irma, and Maria, respectively; $25 million from the earthquakes in Mexico; and $107 million from other catastrophe losses. After-tax catastrophe losses were $1,525 million in the quarter, or $3.27 per share.

- Net loss was $(70) million in the quarter compared with net income of $1,360 million in the prior year. Operating loss was $(60) million in the quarter compared with operating income of $1,356 million in the prior year.

- Excluding catastrophe losses, operating income was $1,465 million, or $3.12 per share,(1) compared with $1,463 million, or $3.10 per share, in the prior year.

- Consolidated and P&C net premiums written were up 4.3% and 4.6%, respectively, to $7.9 billion and $7.4 billion. On a constant-dollar basis and excluding merger-related underwriting actions,(2) P&C net premiums written were up 4.0%.

- The P&C combined ratio was 110.8%, compared with 86.0% in 2016. The P&C combined ratio excluding catastrophe losses was 84.7%. The P&C current accident year combined ratio excluding catastrophe losses was 88.5%, compared with 88.9% in 2016. P&C current accident year underwriting income excluding catastrophe losses was $839 million, up 5.6%.

- Adjusted net investment income was a record $893 million, up 7.5%.

- Operating cash flow was a record $1.8 billion.

- Book value per share is up 0.5% from the prior quarter and 5.0% for the year. Tangible book value per share is down (0.3)% from the prior quarter and up 7.3% for the year.

(1) Weighted-average shares outstanding used in calculating net loss and operating loss per share exclude the effect of dilutive securities of 3.8 million shares. The operating income excluding catastrophe loss per share measure includes the effect of these dilutive securities. Refer to page 13 for additional information.

(2) Merger-related underwriting actions include the cancellation of certain portfolios or lines of business that do not meet company underwriting standards, and a one-time unearned premium reserve (UPR) transfer in 2016 (further detailed below under operating highlights).

ZURICH, Oct. 26, 2017 /PRNewswire/ -- Chubb Limited (NYSE: CB) today reported a net loss for the quarter ended September 30, 2017 of $(70) million, or $(0.15) per share, compared with net income of $1,360 million, or $2.88 per share, for the same quarter last year. Operating loss was $(60) million, or $(0.13)per share, compared with operating income of $1,356 million, or $2.88 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 110.8% for the quarter driven by significant catastrophe losses. Book value per share increased 0.5% and tangible book value per share decreased (0.3)% from June 30, 2017 and now stand at $108.74 and $65.06, respectively. Book value and tangible book value were favorably impacted by net realized and unrealized gains of $162 million after-tax in the company's investment portfolio. Additionally, foreign currency movement favorably impacted book value by $675 million after-tax and tangible book value by $337 million after-tax.

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