Chubb Limited (CB) Q1 2023 Earnings Call Transcript

Chubb Limited (NYSE:CB) Q1 2023 Earnings Conference Call April 26, 2023 8:30 AM ET

Company Participants

Karen Beyer - Director, IR

Evan Greenberg - Chairman and CEO

Peter Enns - CFO

Conference Call Participants

David Motemaden - Evercore ISI

Mike Zaremski - BMO

Yaron Kinar - Jefferies

Greg Peters - Raymond James

Elyse Greenspan - Wells Fargo

Tracy Benguigui - Barclays

Alex Scott - Goldman Sachs

Brian Meredith - UBS

Ryan Tunis - Autonomous Research

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 First Quarter 2023 Earnings Conference Call. [Operator Instructions] Thank you.

It is now my pleasure to turn today's call over to Ms. Karen Beyer, Director of Investor Relations. Please go ahead.

Karen Beyer

Thank you, and welcome, everyone, to our March 31, 2023 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 supplements.

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 today 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, highlighted by double-digit operating earnings growth that led to record results. We had double-digit premium revenue growth that was global, broad-based and driven by strong results in our commercial and consumer P&C businesses and our International Life business.

World-class underwriting results with an 86.3% combined ratio, record net investment income and life income that more than doubled. North America P&C rate and price increases reaccelerated in the quarter, it was an word standout performance that I expect will continue.