Amazon Stock Up 30%: Is AMZN Still a Buy Before Earnings?<\/a><\/p>\nTotal company net premiums grew 10.7% to more than $14 billion, Greenberg said. P&C premiums increased 7.2%, while life premiums grew more than 33%, with both benefiting from foreign exchange.<\/p>\n
Greenberg broke down growth by segment and geography:<\/p>\n
P&C: Consumer premiums rose 14.2% and commercial premiums increased 4.6%.<\/p>\n
Overseas general: Premiums grew 14.4%, or 6.1% in constant dollars.<\/p>\n
North America: Total premiums were up 4.1%, or 7.8% excluding large account property that Chubb \u201cpurposely shrank\u201d due to what Greenberg said were inadequate pricing levels.<\/p>\n
In international P&C, Greenberg said premiums in the company\u2019s international retail business\u2014operating in 51 countries and representing about 90% of overseas general\u2014rose more than 15%. Consumer-related premiums were up over 20% and commercial lines increased over 11%. Regionally, Europe grew 17.5%, Asia grew more than 12% and Latin America rose almost 18%.<\/p>\n
Greenberg said pricing in international retail commercial softened, with P&C rates down 2.5% and financial lines rates down 7.4%. He also reported selected loss cost trends in the international retail business of 3.7%, \u201cor 130 basis points lower than 25.\u201d<\/p>\n
In the London wholesale business, Greenberg said competition intensified, \u201cparticularly, but not only in property,\u201d and Chubb \u201cpurposely shrank\u201d open market property. He said London wholesale premiums increased almost 8%.<\/p>\n
In North America, Greenberg said total premiums grew 4.1%, including 8.3% in personal lines and 2.8% in commercial. Excluding shared and layered property that Chubb reduced, he said total North America commercial premiums increased 7.7%.<\/p>\n
Greenberg also provided detailed pricing commentary for North America commercial lines. He said commercial property and casualty pricing (excluding financial lines and workers\u2019 compensation) increased 4.6%, comprised of 2.2% rate and 2.3% exposure change. Property pricing declined 2.6% overall, with rates down 6.3% and exposures up 4%. For the shared and layered property business Chubb wrote, he said property pricing was down 14.3%, while pricing for business the company \u201cgave up or passed on\u201d was down 30% to 40%.<\/p>\n
By contrast, Greenberg said middle market and small commercial property pricing increased 1.5%, and casualty pricing in North America rose 9.6% (rates up 8.4% and exposure up 1.1%). He said workers\u2019 compensation pricing increased 4.3% and financial lines pricing was \u201cabout flat.\u201d<\/p>\n
On personal lines, Greenberg said the high net-worth business posted premium growth of 8.3% and renewal retention of 92% on an account basis, with homeowners pricing up 7.7%.<\/p>\n
Enns said pre-tax catastrophe losses were $500 million, \u201cprincipally from weather-related events,\u201d split 87% U.S. and 13% international.<\/p>\n
He reported favorable pre-tax prior period development of $301 million in the company\u2019s active businesses, including $322 million of favorable development in short-tail lines and $21 million of unfavorable development in long-tail lines. The corporate runoff portfolio had $15 million of adverse development, he said.<\/p>\n
Enns also provided reserve and claims metrics, including a paid-to-incurred ratio of 87% and net loss reserves of nearly $69 billion, representing 5% growth from the prior year\u2019s first quarter.<\/p>\n
On investments, Greenberg said adjusted net investment income was $1.8 billion, up more than 10%, with fixed income portfolio yield at 5.1% and a current new money rate average of 5.5% as of March 31. He also said invested assets rose to $170 billion from $152 billion a year earlier.<\/p>\n
Enns said adjusted net investment income was $1.84 billion, \u201cat the top end of our previously guided range,\u201d attributing the result primarily to a larger invested asset base and stronger private equity returns. He guided adjusted net investment income for the second quarter to a range of $1.825 billion to $1.85 billion.<\/p>\n
Enns said the core operating effective tax rate was 19.3% in the quarter, slightly below prior guidance due to compensation-related equity awards that vested in the first quarter, and reiterated expectations for a full-year core operating effective tax rate of 19.5% to 20%.<\/p>\n
Greenberg repeatedly emphasized softening property pricing conditions in certain markets, characterizing the pace of declines as \u201cdumb.\u201d In response to questions about why competition is intensifying, he pointed to supply-demand dynamics and the structure of capital entering the market.<\/p>\n
\u201cIt\u2019s always supply-demand,\u201d Greenberg said, adding that capital is \u201cchasing a relatively finite amount of business,\u201d especially in concentrated markets such as E&S and London. He said a key difference in the current cycle is how capital is \u201cshowing up\u201d through \u201ca volume-based incentive system,\u201d citing MGAs, reinsurance and alternative capital, and said increased intermediation takes \u201cbites of the apple\u201d through the supply chain. \u201cThe loser at the end of the day is the ultimate risk-taker who puts up the capital,\u201d he said, calling property a short-tail business where \u201cthe report card comes home rather quickly.\u201d<\/p>\n
Asked about terms and conditions, Greenberg said changes were only \u201con the margin\u201d so far. He added that Chubb values shifts in policy terms when evaluating pricing, citing items such as business interruption waiting periods, deductibles and CPI-related adjustments.<\/p>\n
On reinsurance, Greenberg said that when pricing becomes \u201cmarginal or inadequate,\u201d the company manages exposure and appetite for exposure and that reinsurance is \u201csimply one of those\u201d tools, while emphasizing that the company focuses on risk and exposure rather than premium volume.<\/p>\n
Greenberg said international life premiums rose 37% and North American Chubb Worksite Benefits premiums increased almost 16%. He reported the life division produced $316 million of pre-tax income, up 8.5%, and said that after adjusting for one-time items that benefited the prior-year quarter, life income increased 11.5%.<\/p>\n
During Q&A, Greenberg addressed the quarterly increase in savings-oriented single-premium products in Asia, saying first quarter tends to be a \u201cvery fast start\u201d in the region. He said he did not expect the same level of growth in single-premium business to continue, and that he expected more growth in regular premium and risk-based products over the remainder of the year.<\/p>\n
On Worksite Benefits, Greenberg said there was \u201cno M&A\u2026on the horizon,\u201d describing the business as part of Chubb\u2019s accident and health strategy and emphasizing organic growth. He said it is pursued through two distribution approaches: a retooled legacy agency force from Combined focused on small group worksite benefits, and a distribution model serving larger accounts through brokers that also represent Chubb\u2019s P&C business. \u201cThe notion that you couldn\u2019t cross-sell one to the other is an old myth,\u201d he said, describing Worksite Benefits as a risk-based product mix, including some term life, written on life paper.<\/p>\n
Executives also discussed artificial intelligence as both a growth enabler and a risk consideration. Greenberg said Chubb sees significant growth opportunity in transforming small commercial retail and E&S businesses using AI, including \u201cagentics\u201d and evolving large language model capabilities. He added that the opportunity is not limited to North America and could be larger internationally.<\/p>\n
In a discussion of cyber risk, Greenberg responded to a question about vulnerability-finding tools, saying they effectively lower the threshold for what constitutes a vulnerability by enabling aggregation and analysis of issues in more \u201cinsightful\u201d ways. He described an \u201carms race\u201d between offense and defense, emphasizing the importance of hygiene, monitoring services and patching, and noted that as far as Chubb can tell, most AI-enabled cyberattacks still involve humans \u201cin the cockpit.\u201d Greenberg also outlined how hygiene and perimeter strength can differ by company size, suggesting large accounts generally have stronger defenses while middle market companies can be attractive targets with weaker defenses.<\/p>\n
On Chubb\u2019s digital transformation, Greenberg said his goals had not changed in recent months and that the company is \u201cexecuting\u201d and \u201con track,\u201d while noting technology is evolving rapidly and that leaders must have firsthand knowledge to avoid becoming \u201cirrelevant.\u201d<\/p>\n
Vice Chairman Timothy Boroughs addressed private credit, saying Chubb\u2019s exposure is less than 4% of total investments, with just over half of that in direct lending comprised of first-lien, senior secured loans. He said the company uses separately managed accounts rather than BDCs, allowing control over deployment and conservative guidelines. Boroughs said Chubb has \u201cremained disciplined\u201d and \u201chave not grown our allocation,\u201d adding that the company\u2019s managers have delivered a loss experience estimated at \u201conly one-third of the broader direct lending universe.\u201d<\/p>\n
He also said exposure to software within direct lending is \u201cvery modest,\u201d at less than $150 million, or 4% of the direct lending portfolio, compared with an estimated 20% sector average.<\/p>\n
Greenberg opened the call with remarks on geopolitical uncertainty, saying war in the Middle East could contribute to higher inflation and potentially slower economic growth, though \u201cthe degree, the timing and the pattern are all unknowable.\u201d He said the impact would not be \u201czero,\u201d adding that a longer conflict could make inflation effects \u201cstickier.\u201d<\/p>\n
Later, Greenberg said the U.S. government approached him to help assemble a program intended to support shipping through the Gulf under conditions where military convoys could operate. He said the purchase of the insurance program would be a condition for participation in a U.S.-run military convoy, with U.S. insurers taking 50% of the risk and the federal government taking the other half. The convoy program \u201chas yet to occur,\u201d he said, but he added the program is in place and could generate premium revenue if conditions warrant.<\/p>\n
Looking ahead, Greenberg said Chubb\u2019s diversification and discipline provide resilience in uncertain environments and reiterated confidence in continued growth in operating earnings, double-digit growth in earnings per share and tangible book value growth, excluding catastrophe impacts.<\/p>\n
Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.<\/p>\n
In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.<\/p>\n
The article “Chubb Q1 Earnings Call Highlights<\/a>” was originally published by MarketBeat.<\/p>\n","protected":false},"excerpt":{"rendered":"Chubb logo Strong quarter and capital returns: Chubb reported core operating earnings of $2.7 billion ($6.82\/share), tangible book…\n","protected":false},"author":2,"featured_media":54662,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[131],"tags":[1347,240,1079,535,9836,30305,8447],"class_list":["post-54661","post","type-post","status-publish","format-standard","has-post-thumbnail","category-chubb","tag-catastrophe-losses","tag-chubb","tag-earnings-per-share","tag-evan-greenberg","tag-peter-enns","tag-tangible-book-value","tag-underwriting"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116457143346056967","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/54661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=54661"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/54661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/54662"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=54661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=54661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=54661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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Chubb logo <\/p>\n