Chubb Limited (NYSE:CB) Q2 2024 Earnings Conference Call July 24, 2024 8:30 AM ET

Company Participants

Karen Beyer - Senior Vice President, Investor Relations
Evan Greenberg - Chairman & Chief Executive Officer
Peter Enns - Chief Financial Officer
Paul O'Connell - Chief Actuary Officer

Conference Call Participants

Michael Zaremski - BMO Capital Markets
Brian Meredith - UBS
Bob Huang - Morgan Stanley
David Motemaden - Evercore ISI
Yaron Kinar - Jefferies
Mike Ward - Citi
Gregory Peters - Raymond James

Operator

Good morning. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Chubb Limited Second Quarter 2024 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. [Operator Instructions] Thank you.

I would now like to turn the call over to Karen Beyer, Senior Vice President, Investor Relations. Please go ahead.

Karen Beyer

Thank you, and good morning, everyone. Welcome to our June 30, 2024, 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 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. 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.

As you saw from the numbers, we had another great quarter. We produced core operating EPS of $5.38, up 9.3%. Premium revenue growth reflects strong results in our businesses around the world. North America P&C, International P&C and Life Insurance demonstrates the broad-based diversified strength of our company.

Our underwriting results were simply excellent. We published a combined ratio of 86.8%. We grew investment income more than 25%. Life segment income was up 8.7%, with International Life up double-digit. Core operating income for the quarter was $2.2 billion, bringing year-to-date operating earnings to $4.4 billion, up 13.5% and a record six-month result. P&C underwriting income in quarter of $1.4 billion was essentially flat as a result of higher cat losses globally.