Chubb records net loss of $331m for Q2

Written by Adam Cadle

29/07/2020

Chubb has reported a net loss of $331m in Q2 2020, compared with net income of more than $1.1bn in the same period last year, as net catastrophe losses reached $1.51bn due to COVID-19.

For the first-half of the year, Chubb has announced a net loss of $79m, compared with net income of more than $2.1bn in H1 2019.

The P&C combined ratio totalled 101% in H1 2020 versus 89.6% in H1 2019, driven by the significant impacts of the COVID-19 pandemic on the company’s performance through the first half of the year.

Commenting on the firm’s results, chairman and CEO, Evan Greenberg, said: “It was a difficult quarter for Chubb as the COVID-19 global pandemic, an event of historic proportions, impacted both our earnings and growth, and overshadowed the core underlying strength and vitality of our company."

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