Chubb (CB) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 26, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator today.

At this time, I would like to welcome everyone to the Chubb Limited second quarter 2023 earnings conference call.

All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. If you’d like to ask a question at that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again press star, one. Thank you.

It’s now my pleasure to turn today’s call over to Ms. Karen Beyer, Senior Vice President and Director of Investor Relations. Please go ahead.

Karen Beyer

Thank you, and welcome to our June 30, 2023 second quarter earnings conference call. Our report today will contain forward-looking statements, including statements relating to company performance, pricing and business mix. Actual results may differ materially. Please see our recent SEC filings, earnings release and financial supplement, which are available on our website at investors.chubb.com for more information on factors that could affect these matters.

We will also refer today to non-GAAP financial measures, reconciliations of which to the most directly comparable GAAP measures and related details are provided in our earnings press release and financial supplement.

Now I’d like to introduce our speakers. First, we have Evan Greenberg, Chairman and Chief Executive Officer, followed by Peter Enns, our Chief Financial Officer, and then we’ll take your questions. Also with us to assist with your questions are several members of our management team.

Now it’s my pleasure to turn the call over to Evan.

Evan Greenberg

Good morning. As I mentioned on our last call, I’m coming to you this quarter from Singapore, our regional headquarters for Asia Pacific. The outlook in Asia for growth across our businesses - commercial P&C, as well as consumer, non-life and life, both short and long term is significant. The region is simply energizing. We have a large organization of talented executives and a strong, diverse capability focused on the execution of a broad set of strategies throughout the region.

As you saw in our press release, we had a simply outstanding quarter; in fact, another record quarter performance with double-digit premium revenue and earnings growth as a result of world-class P&C underwriting results that produced an 85.4 combined ratio, record net investment income and a doubling of our life earnings. Our premium revenue growth was so well spread and broad-based, driven by outstanding double-digit growth in our commercial and consumer P&C businesses in both North America and internationally, and over 100% growth in our life business.