Chubb Reports Second Quarter Net Income of USD 1,305 million

Chubb Limited today reported net income for the quarter ended June 30, 2017 of USD 1,305 million, or USD 2.77 per share, compared with USD 726 million, or USD 1.54 per share, for the same quarter last year. Operating income was USD 1,180 million, or USD 2.50 per share, compared with USD 1,058 million, or USD 2.25 per share, for the same quarter last year.

The property and casualty (P&C) combined ratio was 88.0% for the quarter. Book value per share increased 2.7% and tangible book value per share increased 4.3% from March 31, 2017 and now stand at USD 108.19 and USD 65.23, respectively. Book value and tangible book value per share were favorably impacted by net realized and unrealized gains of USD 597 million after tax in the quarter, including USD 424 million in the company's investment portfolio; favorable foreign currency movement of USD 109 million; and realized gains in the company's variable annuity reinsurance business of USD 80 million. Read the full story
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