Chubb’s net income falls to $812m

Written by Adam Cadle

26/10/2022

Chubb’s net income fell from $1.83bn in Q3 2021 to $812m in Q3 2022, its latest financial results have shown.

It said that net income in Q3 2022 was adversely impacted by realised losses of $502m after tax, principally due to the mark-to-market impact on derivatives and private equities as well as from sales in fixed income securities.

Unrealised losses of $3.59bn were reported in the company’s investment portfolio, principally due to the mark-to-market impact from rising interest rates in the fixed income portfolio.

Chubb also reported that consolidated net premiums written, including P&C and life insurance, were up over 17% in constant dollars. P&C grew, it said, by 11% with commercials lines up 11.5% and consumer lines up 9.5%, both in constant dollars. Life premiums, due to its consolidation of the Cigna business in Asia, were up 117%.

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