Chubb Ltd (CB) CEO Evan Greenberg on Q2 2022 Results - Earnings Call Transcript

Chubb Ltd (NYSE:CB) Q2 2022 Earnings Conference Call July 27, 2022 8:30 AM ET

Company Participants

Karen Beyer - SVP, IR

Evan Greenberg - Executive Chairman & CEO

Peter Enns - EVP & CFO

Timothy Boroughs - EVP & CIO, Chubb Group

Conference Call Participants

Michael Phillips - Morgan Stanley

David Motemaden - Evercore ISI

Elyse Greenspan - Wells Fargo Securities

Charles Peters - Raymond James & Associates

Alexander Scott - Goldman Sachs Group

Brian Meredith - UBS

Tracy Benguigui - Barclays Bank

Yaron Kinar - Jefferies

Meyer Shields - KBW

Operator

Good day, ladies and gentlemen, and welcome to the Chubb Limited Second Quarter 2022 Earnings Conference Call. Today's call is being recorded. [Operator Instructions].

For opening remarks and introduction, I would like to turn the call over to Karen Beyer. Please go ahead, ma'am.

Karen Beyer

Thank you and welcome to our June 30, 2022, second 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 measures -- 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 would 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.

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

Evan Greenberg

Good morning. We had a very strong quarter with record operating income driven by outstanding underwriting and investment results as well as double-digit, constant dollar P&C premium growth. Pricing was strong and exceeded loss costs in commercial lines, even as we increased the inflation factors we are using in our loss ratios in anticipation of future increases to loss cost.

Meanwhile, growth in our consumer businesses continued to accelerate. Core operating income in the quarter was a record $1.8 billion or $4.20 per share, up 16% over prior year. For the year, we have produced over $8 per share, up nearly 31%.