Chubb Limited (CB) CEO Evan Greenberg on Q1 2022 Results - Earnings Call Transcript

Chubb Limited (NYSE:CB) Q1 2022 Earnings Conference Call April 27, 2022 8:30 AM ET

Company Participants

Karen Beyer - Senior Vice President, Investor Relations

Evan Greenberg - Chairman and Chief Executive Officer

Peter Enns - Chief Financial Officer

Conference Call Participants

Yaron Kinar - Jefferies

Michael Phillips - Morgan Stanley

Greg Peters - Raymond James

Elyse Greenspan - Wells Fargo

David Motemaden - Evercore ISI

Paul Newsome - Piper Sandler

Alex Scott - Goldman Sachs

Meyer Shields - KBW

Operator

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

Now for opening remarks and introductions, I would like to turn the call over to Karen Beyer, Senior Vice President, Investor Relations.

Please go ahead.

Karen Beyer

Thank you, and welcome to our March 31, 2022, first 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. We had an excellent start to the year with record per share operating earnings and underwriting results, double-digit global P&C commercial lines premium growth, accompanied by rate increases in excess of loss cost, and improving growth in our consumer business globally. Core operating income in the quarter was $1.64 billion or a record $3.82 per share, up 52% on a per share basis over prior year.

In the quarter, we produced simply outstanding underwriting results. $1.28 billion of underwriting income was more than double prior year with a combined ratio of 84.3%, both records. Our P&C current accident year combined ratio, excluding catastrophes, was 83.5%, a 1.7 point improvement over prior year, with about 1 point from loss ratio improvement and the balance, expense driven.