Chubb Limited (CB) Q3 2022 Earnings Call Transcript

Chubb Limited (NYSE:CB) Q3 2022 Earnings Conference Call October 26, 2022 8:30 AM ET

Company Participants

Karen Beyer - Senior Vice President, Investor Relations

Evan Greenberg - Chairman & Chief Executive Officer

Peter Enns - Chief Financial Officer

Conference Call Participants

Michael Phillips - Morgan Stanley

David Motemaden - Evercore ISI

Yaron Kinar - Jefferies

Elyse Greenspan - Wells Fargo

Greg Peters - Raymond James

Tracy Benguigui - Barclays

Meyer Shields - KBW

Brian Meredith - UBS

Alex Scott - Goldman Sachs

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 Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions]

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

Karen Beyer

Thank you, everyone, and welcome to our September 30, 2022, third quarter earnings conference call. Our report today will contain forward-looking statements, including statements relating to company performance, pricing and business mix, growth opportunities and economic and market conditions, which are subject to risks and uncertainties, and 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 direct 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 this morning are several members of our management team.

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

Evan Greenberg

Good morning. As you saw from the numbers, we had an excellent quarter in spite of cat losses with terrific underwriting results, including outstanding combined ratios, record net investment income, double-digit constant dollar P&C premium growth, well-balanced between commercial and consumer. And finally, surging Life division revenue growth with the addition of Cigna's Asia business. Commercial P&C pricing was strong and exceeded loss costs in aggregate and in most individual lines of business.