Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from Debt

Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

64e30e85db758c1be894e1a4d9ea2822c10814b247f749e2bd7478178950604a

| Segment / Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| North America Commercial P&C Insurance ($ million) | **4,463**  **[0001193125-23-020380_d46261dex992.htm:8]**  | **4,288**  **[0001193125-23-115383_d411414dex992.htm:8]**  | **5,155**  **[0001193125-23-193451_d452393dex991.htm:4]**  | **5,132**  **[0000896159-23-000016_cb-20230930.htm:58]**  | **4,662**  **[0001193125-24-019737_d81578dex991.htm:7]**  | **4,689**  **[0001193125-24-107102_d826415dex992.htm:9]**  | **5,501**  **[0001193125-24-182880_d866140dex992.htm:9]**  | **5,500**  **[0001193125-24-246567_d889064dex992.htm:9]**  |
| North America Personal P&C Insurance ($ million) | **1,315**  **[0001193125-23-020380_d46261dex992.htm:8]**  | **1,296**  **[0001193125-23-115383_d411414dex992.htm:9]**  | **1,581**  **[0001193125-23-193451_d452393dex991.htm:4]**  | **1,527**  **[0000896159-23-000016_cb-20230930.htm:58]**  | **1,474**  **[0001193125-24-019737_d81578dex991.htm:7]**  | **1,456**  **[0001193125-24-107102_d826415dex992.htm:8]**  | **1,776**  **[0001193125-24-182880_d866140dex992.htm:9]**  | **1,679**  **[0001193125-24-246567_d889064dex992.htm:9]**  |
| North America Agricultural Insurance ($ million) | **384**  **[0001193125-23-020380_d46261dex992.htm:8]**  | **293**  **[0001193125-23-115383_d411414dex992.htm:10]**  | **767**  **[0001193125-23-193451_d452393dex991.htm:4]**  | **1,521**  **[0000896159-23-000016_cb-20230930.htm:58]**  | **607**  **[0001193125-24-019737_d81578dex991.htm:7]**  | **249**  **[0001193125-24-107102_d826415dex992.htm:8]**  | **758**  **[0001193125-24-182880_d866140dex992.htm:9]**  | **1,379**  **[0001193125-24-246567_d889064dex992.htm:9]**  |
| Overseas General Insurance ($ million) | **2,696**  **[0001193125-23-020380_d46261dex992.htm:8]**  | **3,263**  **[0001193125-23-115383_d411414dex992.htm:11]**  | **2,885**  **[0001193125-23-193451_d452393dex991.htm:4]**  | **3,211**  **[0000896159-23-000016_cb-20230930.htm:58]**  | **3,216**  **[0001193125-24-019737_d81578dex991.htm:7]**  | **3,835**  **[0001193125-24-107102_d826415dex992.htm:8]**  | **3,334**  **[0001193125-24-182880_d866140dex992.htm:9]**  | **3,367**  **[0001193125-24-246567_d889064dex992.htm:9]**  |
| Global Reinsurance ($ million) | **163**  **[0001193125-23-020380_d46261dex992.htm:8]**  | **277**  **[0001193125-23-115383_d411414dex992.htm:6]**  | **293**  **[0001193125-23-193451_d452393dex991.htm:4]**  | **261**  **[0000896159-23-000016_cb-20230930.htm:58]**  | **187**  **[0001193125-24-019737_d81578dex991.htm:7]**  | **359**  **[0001193125-24-107102_d826415dex992.htm:8]**  | **411**  **[0001193125-24-182880_d866140dex992.htm:9]**  | **352**  **[0001193125-24-246567_d889064dex992.htm:9]**  |
| Life Insurance ($ million) | **1,213**  **[0001193125-23-020380_d46261dex992.htm:8]**  | **1,293**  **[0001193125-23-115383_d411414dex992.htm:6]**  | **1,270**  **[0001193125-23-193451_d452393dex991.htm:4]**  | **1,452**  **[0000896159-23-000016_cb-20230930.htm:58]**  | **1,450**  **[0001193125-24-019737_d81578dex991.htm:7]**  | **1,633**  **[0001193125-24-107102_d826415dex992.htm:8]**  | **1,580**  **[0001193125-24-182880_d866140dex992.htm:9]**  | **1,552**  **[0001193125-24-246567_d889064dex992.htm:9]**  |

339fe6b3fbecae1c4ef31595d4d1248e1e302d0dcec4c60fa6ffbdb62e1c582a

dbc6f83069ea33d9ec2d4360b80fe45a01696361f69d734b6843b2450302c592

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

e2ea0675ebc41fa9ad473467644802cfcda012503a0ca21b1261fe81757f07c1

Chubb Limited is a global insurance and reinsurance organization that operates through six business segments, providing a wide range of insurance products and services **[0000896159-24-000003_cb-20231231.htm:75]** **[0000896159-24-000013_cb-20240930.htm:56]** **[0000896159-24-000003_cb-20231231.htm:9]** **[0000896159-24-000003_cb-20231231.htm:299]**. The company offers property and casualty (P&C) insurance, accident and health (A&H) insurance, crop insurance, and life insurance, among other products **[0000896159-24-000003_cb-20231231.htm:9]** **[0000896159-24-000003_cb-20231231.htm:299]**. Chubb emphasizes product and geographic diversification, contributing to its stability in the face of industry volatility **[0000896159-24-000003_cb-20231231.htm:75]**.

1. **North America Commercial P&C Insurance** - Provides property and casualty (P&C) and accident and health (A&H) insurance to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda **[0000896159-24-000003_cb-20231231.htm:9]** **[0000896159-24-000003_cb-20231231.htm:299]**.
2. **Overseas General Insurance** - Offers commercial and consumer P&C insurance in 51 countries outside North America **[0000896159-24-000003_cb-20231231.htm:299]**.
3. **North America Personal P&C Insurance** - Focuses on high net worth personal lines, offering products like homeowners and automobile insurance **[0000896159-24-000003_cb-20231231.htm:299]**.
4. **Global Reinsurance** - Provides reinsurance solutions to various clients **[0000896159-24-000003_cb-20231231.htm:299]**.
5. **Life Insurance** - Includes life and asset management businesses, with significant contributions from the Huatai Group acquisition **[0000896159-24-000013_cb-20240930.htm:56]** **[0000896159-24-000003_cb-20231231.htm:299]**.
6. **North America Agricultural Insurance** - Provides crop insurance and other agricultural coverages **[0000896159-24-000003_cb-20231231.htm:299]**.

20957902e3248977f417b485a7aa88912a080a99b2323a52d1a42bb44a7b246c

594eab52dae5e8a3af67c72223c1411fdb32884f59e932772eb6040c744b0897

| Metric / Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Net premiums written** ($ million) | **10,234**  **[0001193125-23-020380_d46261dex991.htm:4]**  | **10,710**  **[0001193125-23-115383_d411414dex991.htm:2]**  | **11,951**  **[0001193125-23-193451_d452393dex992.htm:6]**  | **13,104**  **[0001193125-23-261690_d530841dex991.htm:4]**  | **11,596**  **[0001193125-24-019737_d81578dex991.htm:5]**  | **12,221**  **[0001193125-24-107102_d826415dex992.htm:2]**  | **13,360**  **[0001193125-24-182880_d866140dex991.htm:3]**  | **13,829**  **[0001193125-24-246567_d889064dex991.htm:3]**  |
| **Net premiums earned** ($ million) | **10,551**  **[0001193125-23-020380_d46261dex992.htm:8]**  | **10,100**  **[0000896159-23-000010_cb-20230331.htm:51]**  | **10,999**  **[0000896159-23-000013_cb-20230630.htm:58]**  | **12,700**  **[0001193125-23-261690_d530841dex991.htm:4]** **[0000896159-23-000016_cb-20230930.htm:66]**  | **11,897**  **[0001193125-24-019737_d81578dex992.htm:12]**  | **11,583**  **[0001193125-24-107102_d826415dex992.htm:2]**  | **12,300**  **[0000896159-24-000010_cb-20240630.htm:57]**  | **13,400**  **[0000896159-24-000013_cb-20240930.htm:57]**  |
| **Catastrophe losses** ($ million, pre-tax) | **400**  **[CB_3226361_3]** **[0001193125-23-020380_d46261dex991.htm:4]**  | **458**  **[0000896159-23-000010_cb-20230331.htm:51]** **[0001193125-23-115383_d411414dex991.htm:2]**  | **400**  **[0000896159-23-000013_cb-20230630.htm:58]** **[0001193125-23-193451_d452393dex991.htm:4]**  | **670**  **[0001193125-23-261690_d530841dex991.htm:4]** **[0000896159-23-000016_cb-20230930.htm:66]**  | **300**  **[0001193125-24-019737_d81578dex991.htm:5]**  | **435**  **[CB_3380654_4]** **[0000896159-24-000006_cb-20240331.htm:53]**  | **580**  **[CB_3394612_4]** **[0001193125-24-182880_d866140dex991.htm:3]** **[0000896159-24-000010_cb-20240630.htm:57]**  | **765**  **[0001193125-24-246567_d889064dex991.htm:3]** **[0000896159-24-000013_cb-20240930.htm:57]**  |
| **Combined ratio** (%) | **88.0**  **[0001193125-23-020380_d46261dex992.htm:46]** **[0001193125-23-020380_d46261dex991.htm:6]** **[0001193125-23-020380_d46261dex991.htm:4]**  | **86.3**  **[0001193125-23-115383_d411414dex992.htm:33]** **[0001193125-23-115383_d411414dex991.htm:0]** **[0001193125-23-115383_d411414dex991.htm:2]**  | **85.4**  **[0001193125-23-193451_d452393dex992.htm:38]** **[0000896159-23-000013_cb-20230630.htm:58]**  | **88.4**  **[0001193125-23-261690_d530841dex992.htm:43]** **[0001193125-23-261690_d530841dex991.htm:4]**  | **85.5**  **[0001193125-24-019737_d81578dex992.htm:45]**  | **86.0**  **[0001193125-24-107102_d826415dex992.htm:35]** **[0001193125-24-107102_d826415dex992.htm:2]** **[0001193125-24-107102_d826415dex992.htm:8]**  | **86.8**  **[0001193125-24-182880_d866140dex992.htm:39]** **[CB_3394612_1]** **[0001193125-24-182880_d866140dex991.htm:3]**  | **87.7**  **[0001193125-24-246567_d889064dex992.htm:43]** **[CB_3404646_2]** **[0000896159-24-000013_cb-20240930.htm:62]**  |
| **CAY combined ratio excluding catastrophe losses** (%) | **85.6**  **[0001193125-23-020380_d46261dex992.htm:46]**  | **83.4**  **[0000896159-23-000010_cb-20230331.htm:51]**  | **83.3**  **[0001193125-23-193451_d452393dex992.htm:38]**  | **84.3**  **[0000896159-23-000016_cb-20230930.htm:66]**  | **80.4**  **[0001193125-24-019737_d81578dex992.htm:16]**  | **83.7**  **[0001193125-24-107102_d826415dex992.htm:35]**  | **83.2**  **[0000896159-24-000010_cb-20240630.htm:61]**  | **83.4**  **[0000896159-24-000013_cb-20240930.htm:62]**  |
| **Net amount at risk** ($ million) | **N/A** | **2,296**  **[0000896159-23-000010_cb-20230331.htm:31]**  | **2,048**  **[0000896159-23-000013_cb-20230630.htm:34]**  | **2,138**  **[0000896159-23-000016_cb-20230930.htm:40]**  | **1,872**  **[0000896159-24-000003_cb-20231231.htm:266]**  | **1,683**  **[0000896159-24-000006_cb-20240331.htm:29]**  | **1,630**  **[0000896159-24-000010_cb-20240630.htm:33]**  | **1,595**  **[0000896159-24-000013_cb-20240930.htm:33]**  |
| **Cash Surrender Value** ($ million) | **N/A** | **5,124**  **[0000896159-23-000010_cb-20230331.htm:32]**  | **5,369**  **[0000896159-23-000013_cb-20230630.htm:35]**  | **5,251**  **[0000896159-23-000016_cb-20230930.htm:38]**  | **5,346**  **[0000896159-24-000003_cb-20231231.htm:263]**  | **5,655**  **[0000896159-24-000006_cb-20240331.htm:28]**  | **5,625**  **[0000896159-24-000010_cb-20240630.htm:32]**  | **5,790**  **[0000896159-24-000013_cb-20240930.htm:32]**  |
| **Weighted-average crediting rate** (%) | **4.32**  **[0000896159-23-000007_cb-20221231.htm:278]**  | **3.6**  **[0000896159-23-000010_cb-20230331.htm:29]**  | **3.8**  **[0000896159-23-000013_cb-20230630.htm:32]**  | **3.8**  **[0000896159-23-000016_cb-20230930.htm:38]**  | **3.0**  **[0000896159-24-000003_cb-20231231.htm:263]**  | **2.9**  **[0000896159-24-000006_cb-20240331.htm:26]**  | **2.8**  **[0000896159-24-000010_cb-20240630.htm:30]**  | **2.7**  **[0000896159-24-000013_cb-20240930.htm:30]**  |
| **Guaranteed minimum crediting rates** ($ million) | **N/A** | **1,432**  **[0000896159-23-000010_cb-20230331.htm:30]**  | **1,414**  **[0000896159-23-000013_cb-20230630.htm:33]**  | **2,383**  **[0000896159-23-000016_cb-20230930.htm:39]**  | **1,314**  **[0000896159-24-000003_cb-20231231.htm:264]**  | **563**  **[0000896159-24-000006_cb-20240331.htm:26]**  | **546**  **[0000896159-24-000010_cb-20240630.htm:30]**  | **464**  **[0000896159-24-000013_cb-20240930.htm:30]**  |
| **Weighted average duration** (years) | **4.5**  **[0000896159-23-000007_cb-20221231.htm:116]**  | **13.5**  **[0000896159-23-000010_cb-20230331.htm:26]**  | **16.4**  **[0000896159-23-000013_cb-20230630.htm:29]**  | **18.7**  **[0000896159-23-000016_cb-20230930.htm:36]**  | **4.8**  **[0000896159-24-000003_cb-20231231.htm:116]**  | **19.3**  **[0000896159-24-000006_cb-20240331.htm:23]**  | **19.1**  **[0000896159-24-000010_cb-20240630.htm:27]**  | **4.7**  **[0001193125-24-246567_d889064dex992.htm:20]**  |

f0868d53d80b6150fc3ad752ef09819da97b488454b935876a06e7fce89454e4

1. Can you provide more detail on the $59 million of unfavorable development in long-tail lines, particularly in general casualty, and explain how you plan to address this issue?

2. With premiums in financial lines down 6.2% and low single-digit rate decreases, can you elaborate on the profitability of your D&O business and the outlook for this segment?

3. Given the increased competition and rate pressure in the shared and layered property market, especially due to what you describe as "aberrant" behavior in the London market, how do you anticipate this will impact your underwriting margins and what strategies are you implementing to maintain profitability?

4. Despite strong cash flows and record capital levels, you stated a "steady as she goes" approach to capital management; can you discuss why there is no change in your view on share repurchases versus special dividends, particularly with the appreciating stock price?

5. You expressed confidence in your ability to continue growing above trend without providing forward guidance; given the rate pressures in some lines and potential economic headwinds, what underpins this confidence in sustaining above-trend growth?

87bc63824c4ea12af9c24c58af078bc7bc3ad75a30839f01bc4689daf31fb833

| Name                  | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                 |
|-----------------------|--------------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Evan G. Greenberg     | Chairman, Chief Executive Officer, and Director                          | August 2002        | Evan G. Greenberg has been a director of Chubb Limited since **August 2002**. He was elected Chairman in **May 2007** and appointed President and CEO in **May 2004**. Previously, he held senior positions at AIG  **[0000896159-24-000003_cb-20231231.htm:38]** **[0001104659-24-041810_tm2327870d7_def14a.htm:28]** **[0001104659-24-037263_tm2327870-d4_pre14a.htm:28]** .                  |
| Timothy A. Boroughs   | Executive Vice President and Chief Investment Officer                    | 2000               | Timothy A. Boroughs was appointed as the **Chief Investment Officer of Chubb Group in 2000** and became an Executive Vice President in 2014. He previously worked at Tudor Investment Corporation and Fischer Francis Trees & Watts  **[0000896159-24-000003_cb-20231231.htm:38]** **[0000896159-23-000007_cb-20221231.htm:39]** .     |
| Peter C. Enns         | Executive Vice President and Chief Financial Officer                     | July 2021          | Peter C. Enns was appointed as **Executive Vice President and Chief Financial Officer** in **July 2021**. He joined Chubb in **April 2021** and has over 30 years of experience in finance and investment banking  **[0000896159-24-000003_cb-20231231.htm:38]** **[0000896159-23-000007_cb-20221231.htm:38]** .                      |
| Bryce L. Johns        | Senior Vice President; President, Chubb Life                             | April 2022         | Bryce L. Johns was appointed as **Senior Vice President, Chubb Group and President, Chubb Life in April 2022**. He has over 25 years of experience in insurance and previously worked at HSBC, Citigroup, Manulife Asia, and Old Mutual  **[0000896159-24-000003_cb-20231231.htm:38]** **[0000896159-23-000007_cb-20221231.htm:39]** . |
| John W. Keogh         | President and Chief Operating Officer                                    | December 2020      | John W. Keogh was appointed **President of Chubb** in **December 2020** and has served as **Chief Operating Officer since July 2011**. He joined Chubb in 2006 and previously worked at AIG  **[0000896159-24-000003_cb-20231231.htm:39]** **[0000896159-24-000003_cb-20231231.htm:38]** .                                              |
| John J. Lupica        | Vice Chairman; President, North America Insurance                        | September 2020     | John J. Lupica was appointed as **Vice Chairman of Chubb** in **November 2013** and as **President, North America Insurance** in **September 2020**. He joined Chubb in **2000** and held various senior management positions  **[0000896159-24-000003_cb-20231231.htm:39]** **[0000896159-23-000007_cb-20221231.htm:38]** .           |
| Frances D. O'Brien    | Executive Vice President; Chief Risk Officer                             | April 2023         | Frances D. O'Brien was appointed as **Executive Vice President, Chubb Group and Chief Risk Officer of Chubb Limited in April 2023**. She has over 40 years of experience in the insurance industry  **[0000896159-24-000003_cb-20231231.htm:39]** **[0000896159-24-000003_cb-20231231.htm:38]** .                                     |
| Juan Luis Ortega      | Executive Vice President; President, Overseas General Insurance          | August 2019        | Juan Luis Ortega was appointed as **Executive Vice President, Chubb Group and President, Overseas General Insurance in August 2019**. He joined Chubb in 1999 and held various senior roles  **[0000896159-24-000003_cb-20231231.htm:39]** **[0000896159-23-000007_cb-20221231.htm:39]** .                                             |
| Joseph F. Wayland     | Executive Vice President and General Counsel                             | January 2016       | Joseph F. Wayland was appointed as **Executive Vice President of Chubb Limited in January 2016** and has served as **General Counsel and Secretary since July 2013**. He previously worked at Simpson Thacher & Bartlett LLP  **[0000896159-24-000003_cb-20231231.htm:39]** **[0000896159-23-000007_cb-20221231.htm:39]** .            |
| George Ohsiek         | Vice President, Chubb Group and Chief Accounting Officer                 | September 4, 2024  | George Ohsiek serves as Vice President, Chubb Group and Chief Accounting Officer at Chubb Limited, effective **September 4, 2024**. He joined Chubb in 2008 and has over 25 years of accounting experience  **[0001104659-24-088369_tm2421427d1_ex99-1.htm:0]** **[0001104659-24-088369_tm2421427d1_8k.htm:1]** .                             |
| Annmarie Hagan        | Chief Financial Officer of Operations & Technology and Transformation    | September 4, 2024  | Annmarie Hagan has been named the **Chief Financial Officer of Operations & Technology and Transformation** at Chubb Limited, effective **September 4, 2024**. She previously served as Chief Accounting Officer since **May 2020**  **[0001104659-24-088369_tm2421427d1_8k.htm:1]** .        |
| Mong-Diep "Dee" Le    | Chief Auditor                                                            | September 4, 2024  | Mong-Diep "Dee" Le serves as the Chief Auditor at Chubb Limited, effective **September 4, 2024**. She was previously the Executive Vice President, Global Controller for Chubb  **[0001104659-24-088369_tm2421427d1_ex99-1.htm:0]** .                                                              |
| Scott Meyer           | Chief Operating Officer, North America Insurance                         | N/A                | Scott Meyer has nearly **35 years of insurance industry experience**. He joined Chubb’s North America Insurance business in **2008** and was appointed Division President of Westchester in **2020**  **[0001104659-24-078453_tm2419088d1_ex99-1.htm:1]** .                                       |

0f384992eb67447948463b7f951b716865d2637063b3b9ac65b4b7f409279451

9393f77578d01cfe9f3ab65324f87824384e956956e89310c30bdd55fd34c38e

Europe, Middle East, and Africa

Asia

Latin America

Other

North America

- Japan

Total Revenue

96a4e6f8e7ddfb2d8fd2db17b64868c79d37510347d997814ddd4815ebd9d161

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

fc65153b662519a8995f130c066c29e8cccc8b99f98d7d94a13351eec6d0d233

**Quarterly guidance for Q4 2024:**
- **Core Effective Tax Rate**: 19% to 19.25%  **[CB_3404646_5]**  (no prior guidance)  
- **Investment Income**: Expected to be at the high end of the guidance range provided for the last six months on a recurring basis  **[CB_3404646_24]**  (no prior guidance)

**Annual guidance for 2024:**
- **Core Effective Tax Rate**: 18% to 18.25%  **[CB_3404646_5]**  (no prior guidance)  
- **Life Insurance Income**: On pace to exceed $1 billion  **[CB_3404646_2]**  (no prior guidance)

57b2ea2f4b76886fc516b4dc545796dbc8f0ea592646f2f8d689b1e82b50a8c5

**Net premiums written** ($ million)

**Net premiums earned** ($ million)

**Catastrophe losses** ($ million, pre-tax)

**Combined ratio** (%)

**CAY combined ratio excluding catastrophe losses** (%)

**Net amount at risk** ($ million)

**Cash Surrender Value** ($ million)

**Weighted-average crediting rate** (%)

**Guaranteed minimum crediting rates** ($ million)

**Weighted average duration** (years)

50915992369e2e7a6ae07f50989ad60cdb720ed808a914cd2993a748efba377e

### Q3 2024 Earnings Call
   - **Issued Period**: Q3 2024
   - **Guided Period**: Q4 2024
   - **Guidance**:
     - **Core Effective Tax Rate**: Expected to be between **19% and 19.25%** for Q4 2024, with the full year between **18% and 18.25%**  **[CB_3404646_5]** .
     - **Investment Income**: Expected to be at the high end of the guidance range provided for the last six months on a recurring basis  **[CB_3404646_24]** .
     - **Life Insurance Income**: On pace to exceed the life division income target of **$1 billion** for the year  **[CB_3404646_2]** .

### Q2 2024 Earnings Call
   - **Issued Period**: Q2 2024
   - **Guided Period**: Remainder of FY 2024
   - **Guidance**:
     - **Adjusted Net Investment Income**: Expected to average approximately **$1.57 billion to $1.63 billion** for the remainder of the year  **[CB_3394612_4]** .
     - **Core Effective Tax Rate**: Expected to be within **18.75% to 19.25%** for the remainder of the year  **[CB_3394612_4]** .

### Q1 2024 Earnings Call
   - **Issued Period**: Q1 2024
   - **Guided Period**: Q1 2024
   - **Guidance**: No specific guidance metrics were provided. The CEO stated they do not guide growth for the year, and the CFO mentioned it was too early to provide guidance on the tax rate for the next year  **[CB_3380654_23]** **[CB_3380654_20]** .

### Q4 2023 Earnings Call
   - **Issued Period**: Q4 2023
   - **Guided Period**: FY 2024
   - **Guidance**:
     - **Tax Rate**: Expected annual core operating effective tax rate for calendar 2024 to be in the range of **18.75% to 19.25%**  **[CB_3371478_4]** .
     - **Operating Earnings Growth**: Expected to continue growing at a **double-digit pace** through P&C revenue growth, underwriting margins, investment income, and life income  **[CB_3371478_3]** .

6413819b00af9f222182fb16dd3ff46e03f53dbce5b295a530d0c980ad11e665

| Program Details          | Program 1                  | Program 2                  |
|--------------------------|----------------------------|----------------------------|
| Approval Date            | May 19, 2022  **[0000896159-24-000013_cb-20240930.htm:43]**            | July 1, 2023  **[0000896159-24-000013_cb-20240930.htm:43]** **[0000896159-24-000013_cb-20240930.htm:92]**         |
| End Date/Duration        | June 30, 2023  **[0000896159-24-000013_cb-20240930.htm:43]**           | No expiration date  **[0000896159-24-000013_cb-20240930.htm:43]** **[0000896159-24-000013_cb-20240930.htm:92]**   |
| Total additional amount  | $2.5 billion  **[0000896159-24-000013_cb-20240930.htm:43]**            | $5.0 billion  **[0000896159-24-000013_cb-20240930.htm:43]** **[0000896159-24-000013_cb-20240930.htm:92]**         |
| Remaining authorization  | $0 (allocated to Program 2)| $2.4 billion  **[0000896159-24-000013_cb-20240930.htm:43]** **[0000896159-24-000013_cb-20240930.htm:92]**         |
| Details                  | N/A                        | Offset dilution from stock options  **[0000896159-24-000003_cb-20231231.htm:284]**  |

26f1edb44b1943c80c7b3c1c9811cb8ee5994650b6a5912e9c405f35d51ba4b3

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP   | 1985  **[0000896159-24-000003_cb-20231231.htm:170]**    | Present  | Current auditor   |

cecbbb6cef489f4a471c1b8cd3f514904211101d6740bfd6f4821e5db7b64123

e8904904cf0dc58302cd13e1012a49689912df7184f7322c6cd8ce3eca3298a2

- **Chubb expects continued strong growth in its life insurance business**, with **life income growth projected to continue at around 12-14% and possibly strengthening in 2025**, driven by **good momentum in Asian markets**, particularly **North Asia and Southeast Asia**.  **[CB_3413532_11]**
- **Chubb delivered record financial results in 2024**, including **operating income of $9.1 billion, up 11.5% adjusted**, and **core operating income growing over 65% over the past 3 years**, demonstrating **strong growth and profitability** across its **P&C underwriting**, **investment income**, and **life insurance income**.  **[CB_3413532_1]**
- **Chubb is well-positioned to capitalize on growth opportunities in middle market and small commercial businesses globally**, as well as consumer lines, benefiting from **secular changes that advantage larger players over regional and mutual insurers**, leading to potential **market share gains** and sustained growth in over 80% of its Global P&C business.  **[CB_3413532_12]**

412392a6212e9f510cf1756b22d1b97db500335b497465d3134398d589936465

- The North America Commercial gross premium growth was only **2%**, which is lower than the pricing increases in the market, indicating potential challenges in achieving premium growth. Management's defensive response when addressing this issue suggests concerns about growth prospects.  **[CB_3413532_23]** ,  **[CB_3413532_22]**
- **Increasing competition in financial lines** is leading to rate decreases, with Chubb experiencing pricing down by **3.3%** and rates down **3.6%**. Chubb is pulling back from this segment, which could negatively impact premiums and profit margins.  **[CB_3413532_21]**
- The company expects to incur substantial losses of **$1.5 billion net pretax** from the California wildfires, which could significantly impact future earnings. This estimate includes assessments but does not account for potential subrogation recoveries.  **[CB_3413532_5]**

d0456872020ce038ce9913023afa69323ff3de5fa76339fa1fe2a9e5f440712b

1. **California Wildfire Loss Estimate**  
   **Q:** What details can you provide on the $1.5B Cal fire loss?  
   **A:** The $1.5 billion loss estimate is a ground-up number based on our own losses, assessed property by property. It includes an anticipated assessment from the FAIR Plan but does not account for subrogation.  **[CB_3413532_5]** 

2. **2025 Growth Outlook**  
   **Q:** Should we expect mid- to high single-digit organic growth in 2025? Any inorganic growth plans?  
   **A:** While we don't provide forward guidance, your logic sounds reasonable. Regarding inorganic growth, we're opportunistic; it's about finding the right opportunity at the right price that supports our organic strategies.  **[CB_3413532_6]** 

3. **Life Insurance Growth in Asia**  
   **Q:** How do you see life insurance growth in 2025 compared to 2024?  
   **A:** We've achieved solid double-digit income growth in the **12% to 14%** range and expect this to continue or strengthen. Growth is driven by Asia, notably North and Southeast Asia, with improving margins and accelerating momentum in markets like Hong Kong, Taiwan, China, Vietnam, and Thailand.  **[CB_3413532_11]** 

4. **Market Cycle and Competition**  
   **Q:** What's your perspective on current market cycles and Chubb's positioning amid increased competition?  
   **A:** In this prolonged inflationary period, rates need to rise just to keep pace with loss costs. Competition is increasing in large account segments like property and financial lines, leading to slower growth but maintained margins. We're finding growth opportunities in middle market and small commercial businesses globally, where secular changes favor larger players like us.  **[CB_3413532_12]** 

5. **Financial Lines Competition**  
   **Q:** What will it take for conditions in financial lines to improve?  
   **A:** As losses emerge and normalize, we expect conditions to improve. Current competition overlooks rising loss frequencies in areas like securities class actions and employment practices, which increases pressure on margins. We're patient and adapt our approach accordingly.  **[CB_3413532_22]** 

6. **Reducing California Exposure**  
   **Q:** Will you change your approach to the California market after wildfires?  
   **A:** California remains challenging due to suppressed pricing capabilities. We've been deliberately shrinking our exposure, reducing it by over **50%** in wildfire-prone areas. We won't underwrite risks where we can't achieve a reasonable risk-adjusted return.  **[CB_3413532_18]** 

7. **Investment Portfolio Allocation**  
   **Q:** Are you making changes to your investment portfolio mix?  
   **A:** We've reallocated about **$5 billion** of investment-grade corporates into a fund for investment efficiency, which appears as equity due to accounting standards. There's no fundamental change in underlying investments. Going forward, we'll make slight allocation adjustments as outlined in our investor materials.  **[CB_3413532_16]** 

8. **Excess Capital Drag on ROE**  
   **Q:** What's the current excess capital drag on your ROE?  
   **A:** It's similar to last year, around **2%** on ROE and **6%** on ROCE. We're viewing capital as an investment source as we gradually increase our allocation toward alternative assets.  **[CB_3413532_19]** 

9. **Reconciling Premium Growth**  
   **Q:** How does 5% net premium growth align with 7% pricing increases?  
   **A:** Premium growth doesn't directly mirror pricing due to factors like retention rates, new business, and mix changes. Net premiums provide a clearer picture since gross premiums can be distorted by large transactions and client-specific programs.  **[CB_3413532_23]** 

10. **Administrative Expense Uptick**  
    **Q:** What's behind the uptick in North America Commercial admin expenses?  
    **A:** It's just quarterly variability with no underlying trend—essentially noise. The change is minimal, about **0.1%**, and not indicative of any significant shift.  **[CB_3413532_14]** 

254f3e7cedcfa433789eee4430b86842cebef086145f1843d5f3f23222ae0ff8

Chubb posts record 2024 results: operating income at $9.1B (+11.5%) with core op income surging 65% in 3 yrs. Expect life income growth of 12-14%, driven by Asia. But NA commercial grew only 2%, and $1.5B net pretax wildfire losses loom. Watch margin impacts.

de4c4e2fc83cfafd181ee970019c405e7d0e5237e1fc7faebfdf06a4cc828ed2

ebe89f7a52ecb48a02f4da0037fab1f0ae145dc3fa3b8be5629b41deea81b3e2

**Annual guidance for FY 2025:**  
- **Core Operating Effective Tax Rate**: 19%–19.5%  **[CB_3413532_4]**  (raised from 18%–18.25%  **[CB_3404646_5]** )  
- **Quarterly Adjusted Net Investment Income**: $1.67B–$1.75B  **[CB_3413532_4]**  (no prior guidance)  

daa9f5f2df26707f65bc69795d89cba891d43bd74b2a5497fa1697a3609608cf

- Total Revenue: $11.433B (**-34%** YoY)  **[0000896159-24-000003_cb-20231231.htm:304]** **[0001193125-25-014382_d902864dex992.htm:14]**   
- North America Commercial P&C Insurance: $6.074B (+20% YoY)  **[0000896159-24-000003_cb-20231231.htm:304]** **[0001193125-25-014382_d902864dex992.htm:14]**   
- North America Personal P&C Insurance: $2.142B (+39% YoY)  **[0000896159-24-000003_cb-20231231.htm:304]** **[0001193125-25-014382_d902864dex992.htm:14]**   
- North America Agricultural Insurance: $4M (**-99%** YoY)  **[0000896159-24-000003_cb-20231231.htm:304]** **[0001193125-25-014382_d902864dex992.htm:14]**   
- Overseas General Insurance: $4.555B (+32% YoY)  **[0000896159-24-000003_cb-20231231.htm:304]** **[0001193125-25-014382_d902864dex992.htm:14]**   
- Global Reinsurance: $473M (**+84%** YoY)  **[0000896159-24-000003_cb-20231231.htm:304]** **[0001193125-25-014382_d902864dex992.htm:14]**   
- Life Insurance: $2.017B (-6% YoY)  **[0000896159-24-000003_cb-20231231.htm:304]** **[0001193125-25-014382_d902864dex992.htm:14]**   

313b01369a4e30b04691de50cf5f8b58a4b91850b8aa1afa2777c7b6fb02310d

1954b7b8f53d4c408870f6e11fca718727822c765e80f738b4e2af7b419501dd

c716cfd33fab75c1ac0dbc0b46ac067e3d9db1899d255198a1d797d5bdb01c5b

| Year | Amount Due (Millions) | Debt Type       | Interest Rate (%) | % of Total Debt |
|------|-----------------------|-----------------|-------------------|-----------------|
| 2024 | 700                   | Senior Notes    | 3.35              | 4.3% = (700 / 16,440) * 100 **[0000896159-24-000013_cb-20240930.htm:92]** **[0000896159-24-000013_cb-20240930.htm:92]** |
| 2029 | 700                   | Senior Notes    | 4.65              | 4.3% = (700 / 16,440) * 100 **[0000896159-24-000013_cb-20240930.htm:92]** **[0000896159-24-000013_cb-20240930.htm:92]** |
| 2034 | 1,000                 | Senior Notes    | 5.00              | 6.1% = (1,000 / 16,440) * 100 **[0000896159-24-000013_cb-20240930.htm:92]** **[0000896159-24-000013_cb-20240930.htm:92]** |
| 2034 | 600                   | Senior Notes    | 5.00              | 3.6% = (600 / 16,440) * 100 **[0000896159-24-000013_cb-20240930.htm:92]** **[0000896159-24-000013_cb-20240930.htm:92]** |

e694017fefcd90ffaf5c0f5b0e8978ab3824ba79074a9f53ab7354eeb216e2b9

- **Uncertainty about the impact of Bermuda tax changes on Chubb's effective tax rate in 2025**, as management admits it's "too complicated and early to know" how the new laws will interact and they "really don't have any visibility on it."  **[CB_3371478_20]**
- **Challenging pricing environment in North American financial lines**, particularly in D&O insurance, where **rates continue to decline** and the underwriting environment remains aggressive, with **no expectation for pricing to bottom out soon**.  **[CB_3371478_24]**
- **Exposure to climate change risks in the agriculture business**, where managing these risks is challenging due to **limited flexibility in pricing or policy language**, potentially impacting profitability.  **[CB_3371478_14]**

f2390421b4b4c4da185ead8c545b5d70288e95ccca090c6d07599cac45b71fe4

- **Chubb reported $95 million of unfavorable reserve development** in North America commercial long-tail lines, particularly in large account excess casualty auto-related business, indicating potential underwriting challenges.  **[CB_3380654_5]**
- The CEO expressed concern over the "**dumb**" underwriting environment in financial lines, with **rates declining by 3%** and **pricing down 2.7%**, which may impact profitability in that segment.  **[CB_3380654_1]**
- Management was reluctant to provide growth guidance and mentioned ongoing "**corrective underwriting actions**" that are **"continuing to wind down over the next few quarters,"** suggesting potential uncertainties in future growth.  **[CB_3380654_23]**

a75d640690a4935952722146ccfe6807c2d9326f8ea1d4afdf95bd28b468f95a

1. **Reserve Development**  
   **Q:** Explain the $95M unfavorable reserve development?  
   **A:** Chubb recognized over $200 million of reserve releases, including an adverse development of **$95 million** in North America commercial long-tail lines. This was spread across accident years from 2016 forward, mainly in large account excess casualty, auto-related exposures like trucking and logistics. The development wasn't a surprise due to continuous monitoring of loss activity.  **[CB_3380654_5]** 

2. **Financial Lines Competition**  
   **Q:** Where is competition irrational in financial lines?  
   **A:** In certain cohorts within financial lines, particularly in publicly traded D&O, employment practices liability, and not-for-profit D&O, Chubb sees "dumb" market behavior. Competitors are being naive about exposures and loss trends, and Chubb is pulling back rather than following others off a cliff.  **[CB_3380654_12]** 

3. **Social Inflation and Tort Reform**  
   **Q:** What's Chubb's stance on social inflation?  
   **A:** Social inflation impacts loss costs, and Chubb reflects this reality in its loss picks and pricing. While the industry supports tort reform, it's a long-term process requiring more effort from corporate America. Chubb continues to advocate for reforms but recognizes it's no quick fix.  **[CB_3380654_7]** 

4. **Personal Lines Loss Inflation**  
   **Q:** What's causing the 10% loss cost inflation in personal lines?  
   **A:** The double-digit loss cost inflation comes from frequency of loss due to weather-related events, wage inflation, and higher material costs. Insuring more affluent clients with complex properties and expensive content contributes to higher inflation than the general market. Chubb stays on top of it through pricing and coverage adjustments.  **[CB_3380654_8]** 

5. **M&A Outlook**  
   **Q:** Any changes in M&A activity plans?  
   **A:** Chubb has excess capital and is open to global opportunities, but there are no immediate plans for significant M&A activity. The company is "at rest" and does not foresee any major moves in the near term.  **[CB_3380654_10]** 

6. **Combined Ratio and Market Cycle**  
   **Q:** When will rate and loss trend levels match?  
   **A:** It's difficult to predict when rates and loss trends will align exactly, as markets are inherently messy. Typically, when pricing exceeds what's required for reasonable returns, competition increases, leading to rates matching loss costs before potentially declining below loss trends.  **[CB_3380654_17]** 

7. **Tax Rate Changes**  
   **Q:** Will Bermuda tax changes affect Chubb's tax rate?  
   **A:** It's too early to determine the impact of Bermuda's tax changes on Chubb's tax rate for next year and beyond, as it depends on how different countries adopt new regulations. Chubb is monitoring the situation closely.  **[CB_3380654_20]** 

8. **Casualty Reserves Outlook**  
   **Q:** Any concerns about casualty reserves?  
   **A:** Chubb anticipated changes in loss cost patterns post-COVID and maintained its view throughout the pandemic. Current patterns are in line with expectations, and the company's pricing and loss picks reflect this. There are no unexpected issues with casualty reserves.  **[CB_3380654_19]** 

9. **Reinsurance Growth**  
   **Q:** Is there a change in reinsurance growth strategy?  
   **A:** Chubb's reinsurance growth appears significant percentage-wise but is off a small base. The company allocated more CAT capacity to Global Re due to favorable conditions, writing more CAT excess and property proportional and excess per risk globally.  **[CB_3380654_9]** 

10. **Premium Growth Disparity**  
    **Q:** Why are net premiums growing faster than gross premiums?  
    **A:** The disparity is due to transactional factors, including a large structured transaction producing net written premium without gross written premium, and exiting two large MGAs or fronted programs that produced a lot of gross with little net. Adjusted for these, gross and net growth are virtually identical.  **[CB_3380654_14]** 

d088beff413c93b4931bb45196f125c82c65cf077c8a7899faa7c75d9d8e9d71

- Chubb faced **$116 million** in reserve charges for auto liability due to adverse development, indicating challenges in this line of business.  **[CB_3394612_15]**
- The company's financial lines premiums decreased, with **financial lines down 3%** in North America Commercial and **down 2.5%** in its major accounts and specialty division, suggesting competitive pressures impacting growth.  **[CB_3394612_1]** **[CB_3394612_13]**
- Uncertainty regarding social inflation and loss cost trends raises concerns about whether Chubb needs to adjust loss picks or add reserves, which may affect future profitability.  **[CB_3394612_8]**

f3de863765f5fc9c8003d476a504031b12da57117a47ebf53845b226b2825911

- **Chubb's North America P&C growth is supported by record new business of over $1.2 billion with a strong renewal retention rate of 84.7%, reflecting excellent operating performance and favorable market conditions.**  **[CB_3380654_2]**
- **Their high net worth personal lines business grew over 12% in the quarter, with new business growth of nearly 35%, demonstrating Chubb's market-leading position and capabilities in serving high net worth clients.**  **[CB_3380654_2]**
- **Strong pricing increases in property and casualty lines, with property pricing up 13% and casualty pricing up 13.1%, are exceeding loss cost trends and contributing to premium growth and underwriting margins.**  **[CB_3380654_2]**

1e45b1a70cc80639f8a7be5d21641790f288513b21ec2c0d3b9df783c4785bc6

- Chubb achieved a record **$1.3 billion** in new business and maintained a **90%** renewal retention rate, reflecting strong growth and customer loyalty.  **[CB_3394612_14]** ,  **[CB_3394612_6]**
- The company's North America Personal Lines grew at a healthy **double-digit** rate, driven by broad-based growth across geographies and enhanced pricing sophistication, catering to high-net-worth customers.  **[CB_3394612_9]**
- Chubb's global Accident & Health business is experiencing strong **double-digit** growth, particularly in the **Asia Pacific** region, where it operates a **$4.5 billion** portfolio and leverages over **200 digital platforms**, demonstrating successful international expansion and digital integration.  **[CB_3394612_10]**

4ff71a1d1d5fee87a49bb19c8cf5cd547ee04b43fc01527961c4e38dc52de589

1. **Loss Cost Trends**  
   **Q:** How are loss cost trends affecting underwriting results?  
   **A:** Evan Greenberg explained that casualty loss cost trends have been reasonably steady over the year, with no material changes. Any slight increase is due to business mix rather than underlying loss costs. He expressed confidence in the stability of loss costs, noting that while some pockets have been more elevated, overall trends are steady and well understood.  **[CB_3371478_5]** 

2. **Capital Deployment Strategy**  
   **Q:** Any updates on deploying excess capital?  
   **A:** Peter Enns stated that the drag from excess capital has modestly increased due to new S&P models and other factors. Chubb plans to continue deploying capital through a mix of share buybacks and opportunistic M&A, with no significant changes to their strategy.  **[CB_3371478_6]** 

3. **Reserve Strength and Releases**  
   **Q:** Are reserve releases linked to underwriting actions?  
   **A:** Evan Greenberg clarified that there is no connection between reserve changes and recent underwriting actions. He emphasized that Chubb's loss reserves are as strong as they've ever been, due to consistent underwriting and robust loss cost data.  **[CB_3371478_7]** **[CB_3371478_9]** 

4. **North America Commercial Growth**  
   **Q:** Expectations for North America Commercial growth in 2024?  
   **A:** While Evan Greenberg did not provide specific guidance, he indicated confidence in the business's well-priced book and favorable underwriting environment. He noted strong double-digit growth in property-related lines and rate adequacy in casualty lines, suggesting continued robust performance.  **[CB_3371478_8]** 

5. **Large Account Excess Casualty**  
   **Q:** What corrective actions are taken in excess casualty?  
   **A:** Greenberg highlighted that Chubb has taken underwriting actions in the large account excess casualty space due to increased loss costs, particularly in segments like trucking and logistics with "wheels" exposure. The actions involve exposure changes and modest premium adjustments, without impacting the overall franchise.  **[CB_3371478_10]** **[CB_3371478_11]** 

6. **E&S in Personal Lines**  
   **Q:** Shift to E&S in high-net-worth personal lines?  
   **A:** Chubb is writing more business on the Excess & Surplus lines to tailor coverage in cat-exposed areas where admitted markets lack flexibility. While the vast majority of the portfolio remains admitted, the trend is towards more E&S placements to meet customer needs effectively.  **[CB_3371478_13]** **[CB_3371478_15]** 

7. **Property Rate Adequacy**  
   **Q:** Is property insurance adequately priced?  
   **A:** Greenberg affirmed that property rate adequacy is strong, underpinned by thorough data analysis and portfolio management. He expressed confidence in the pricing and risk assessment of their property book, particularly in cat-exposed wholesale markets.  **[CB_3371478_12]** 

8. **Workers' Compensation Trends**  
   **Q:** Details on workers' comp loss trends?  
   **A:** Chubb observes a steady **4.6%** loss trend in workers' compensation. Greenberg noted they recognize higher medical loss trends, adjusted accordingly, and see no significant issues in severity or frequency.  **[CB_3371478_17]** 

9. **China Business Outlook**  
   **Q:** How is the China asset management business performing?  
   **A:** Despite economic uncertainties, Chubb's asset management business in China manages over **$100 billion** in assets, primarily fixed income. Greenberg described it as an outstanding franchise with strong performance rankings, positioned well for future growth when China's economy accelerates.  **[CB_3371478_16]** 

10. **Bermuda Tax Rate Impact**  
    **Q:** Expected impact of Bermuda tax rate changes?  
    **A:** Peter Enns stated it's too early to determine the impact of Bermuda's tax rate increase in 2025. The complexity arises from how Bermuda law will interact with OECD rules and potential changes in other jurisdictions, leaving the outcome uncertain.  **[CB_3371478_20]** 

569fb336d760937bb94dad419add6ae7c1864970283c5b44b71646ee60db1feb

1. **Casualty Reserve Charge**  
   **Q:** What's behind the $59 million adverse development in casualty reserves?  
   **A:** The $59 million reserve charge in North America casualty relates to accident years **2019 to 2022**, primarily in **excess casualty** ( **[CB_3404646_9]** ,  **[CB_3404646_23]** ). There were both positive and negative developments in long-tail classes, but excess casualty produced negative results. Overall, the charge was **modest** relative to the total premiums written ( **[CB_3404646_9]** ,  **[CB_3404646_23]** ).

2. **North America Commercial Growth**  
   **Q:** Should we expect accelerated growth in North America commercial ex financial lines and workers' comp?  
   **A:** While not providing specific guidance, Chubb is confident in its ability to **continue to grow above trend** over time in North America commercial lines, excluding financial lines and workers' comp ( **[CB_3404646_6]** ). The company emphasizes risk selection, structure, and pricing in a healthy market where "all underwriters aren't created equal" ( **[CB_3404646_6]** ).

3. **London Market Competition**  
   **Q:** Is increased competition in London affecting the international business growth outlook?  
   **A:** The London wholesale market constitutes about **10%** of Chubb's international business ( **[CB_3404646_7]** ,  **[CB_3404646_15]** ). While there is traditional competitive behavior in London that could impact rates, the majority (**90%**) of international growth is driven by regions like Europe (grew **8.5%**), Latin America (**7.5%**), and Asia (grew in the **9%** range) ( **[CB_3404646_7]** ). Chubb feels good about its international growth capabilities despite the competitive dynamics in London ( **[CB_3404646_7]** ,  **[CB_3404646_15]** ).

4. **Property Lines and Catastrophe Losses**  
   **Q:** Given recent hurricane activity and cat losses, what's the outlook for property lines and renewals?  
   **A:** In the primary market, especially middle-market and small commercial, **pricing remains firm** and continues to rise due to hurricane and severe convective storm activity ( **[CB_3404646_8]** ,  **[CB_3404646_11]** ). In shared and layered property business, there is **rate pressure** with rates coming down but remaining at good levels due to increased competition, particularly from London ( **[CB_3404646_8]** ). Chubb is comfortable **leaning into property and catastrophe risks**, leveraging its underwriting expertise and capital flexibility ( **[CB_3404646_11]** ).

5. **Capital Management Strategy**  
   **Q:** Any change in views on capital management, specifically regarding share repurchases and dividends?  
   **A:** No changes are planned; Chubb will maintain a **steady approach** to capital management, returning a healthy amount of capital to shareholders while investing in opportunities that offer **risk-adjusted returns** well above the cost of capital ( **[CB_3404646_14]** ).

6. **Life Insurance Income Growth**  
   **Q:** Why isn't life insurance top-line growth translating into more income growth?  
   **A:** The **top-line growth** in total life and international life was around **10%**, with **income growth** in international life at **over 9%**, so they're tracking closely ( **[CB_3404646_13]** ). The combined insurance business had an oversized nonrecurring item in the prior year; adjusting for that, growth rates are consistent across life operations ( **[CB_3404646_13]** ).

7. **D&O Profitability and Outlook**  
   **Q:** Can you still make money in D&O given the premium decline in financial lines?  
   **A:** Chubb continues to write D&O where it can **make money** ( **[CB_3404646_20]** ). The company has a large installed customer base and a strong reputation in D&O and financial lines. While not providing a breakdown, they emphasize not writing business that isn't profitable ( **[CB_3404646_20]** ).

8. **Underwriting Profitability Concerns**  
   **Q:** Could increased global competition erode your excellent combined ratios?  
   **A:** Chubb focuses on published combined ratios as the most important indicator, rather than ex-catastrophe figures ( **[CB_3404646_21]** ). The industry is delivering decent returns, but there's not much room to move on pricing adequacy. Loss trends are relentless, so maintaining rates is essential to preserve profitability ( **[CB_3404646_21]** ,  **[CB_3404646_22]** ).

9. **Casualty Pricing Dynamics**  
   **Q:** What's your view on price adequacy in casualty lines and the need to keep pushing rates?  
   **A:** Price adequacy in casualty **varies by area**, customer, and geography; there's no general statement ( **[CB_3404646_17]** ). It's always an underwriter's market, requiring data, experience, analytics, and actuarial support to make pricing decisions ( **[CB_3404646_17]** ).

10. **Growth in Asset Base and Investment Income**  
    **Q:** How should we think about the growth in the asset base and its impact on investment income?  
    **A:** Chubb's invested asset base continues to grow due to **business growth** and healthy margins ( **[CB_3404646_19]** ). This growth is intentional, providing a source of income and superior **risk-adjusted returns** well above the cost of capital. The company will continue to focus on returns within the portfolio as a prudent asset allocator ( **[CB_3404646_19]** ).

11. **Investment Income Guidance**  
    **Q:** Can you provide guidance on investment income for the next quarter?  
    **A:** For the fourth quarter, Chubb expects to be at the **high end** of its previous guidance on a recurring basis ( **[CB_3404646_24]** ). While some items like private equity returns are harder to predict, the recurring investment income remains strong ( **[CB_3404646_24]** ).

12. **Tax Rate Outlook**  
    **Q:** Will Bermuda tax changes lead to a higher tax rate next year?  
    **A:** Chubb typically provides full-year guidance in the fourth quarter and did not offer specifics regarding the tax rate due to **uncertainty** ( **[CB_3404646_25]** ).

136c6c97d1ccbfc39d1fcaad6cde90d85e0bcd3dc7ef2c0bf04d9f4fbc2fb468

- **Chubb's North America commercial business reports strong margins**, with pricing remaining strong, enabling the company to **grow above trend over time**  **[CB_3404646_6]** .
- **Chubb's invested asset base continues to grow**, serving as a source of income and **superior returns**  **[CB_3404646_19]** . The company is focused on capital and asset management to enhance returns  **[CB_3404646_19]** .
- **Chubb sees robust international growth**, with Asia Pacific growing **in the 9% range**, Europe growing **8.5%**, and Latin America growing **7.5%**. The company feels confident about its international growth capabilities  **[CB_3404646_7]** .

897211cc455c7cb87c6925b6c40fb2b7bd2fde2ce068f566ba2cbc3940f46910

1. **Loss Cost Trends**  
   **Q:** Did loss cost trends change this quarter?  
   **A:** Management stated there was **no change** in loss cost trends. P&C lines excluding financial lines and comp had a loss cost of **7.3%**, consistent with expectations.  **[CB_3394612_5]** 

2. **Casualty Growth and Pricing Strategy**  
   **Q:** Why isn't casualty line growth higher?  
   **A:** Management explained that casualty lines are growing in areas where they can earn an underwriting profit. They mentioned restructuring in large account auto liability, which reduced premiums by about **$50 million** in the quarter.  **[CB_3394612_7]** 

3. **Reserves and Social Inflation**  
   **Q:** Are you adding IBNR due to social inflation?  
   **A:** Management stated they have already raised loss picks and loss cost trends over the last few years, and they have not adjusted loss picks this year as trends remain steady with their expectations.  **[CB_3394612_8]** 

4. **Strong Growth in Personal Lines**  
   **Q:** What's driving 42% growth in personal auto?  
   **A:** Management clarified they did not grow North America Personal Lines by **42%**, but they are seeing double-digit growth. This growth is driven by improved pricing, sophisticated by-peril pricing, enhanced services, and increased demand for Chubb's offerings.  **[CB_3394612_9]** 

5. **Global Opportunities in Accident and Health**  
   **Q:** Where are global growth opportunities?  
   **A:** Management highlighted strong growth in Accident & Health and Personal Lines globally. In North America, worksite voluntary benefits grew double digits. In Asia Pacific, they see growth in direct marketing and digital distribution. Digital consumer lines are growing at a healthy double-digit rate through partnerships with over **200 digital platforms**, and travel insurance in Asia is also performing well.  **[CB_3394612_10]** 

6. **Prior Period Development**  
   **Q:** Details on the $144 million prior period development?  
   **A:** Management explained they studied large account workers' comp and auto liability. Workers' comp resulted in a reserve release of about **$287 million**, while auto liability had a charge of about **$116 million**.  **[CB_3394612_15]** 

7. **Management Changes and Promotions**  
   **Q:** What's behind recent management changes?  
   **A:** Management stated the changes reflect their succession management process, planned over **18 months** ago. The promotions align talent with the company's growth, strategic opportunities, and the need to address both day-to-day operations and larger structural issues.  **[CB_3394612_17]** 

8. **Agricultural Business Outlook**  
   **Q:** How is the agricultural business shaping up?  
   **A:** Management noted growing conditions are very good, especially for corn and soybean, in areas where they have exposure. The base price is only off by **10%**, which is within the average deductible, leading to a favorable outlook so far.  **[CB_3394612_18]** 

14b65e1d5f26c6456b121d72b29faaa0447a441e50ee1404329c61a1563ad115

- **Financial lines premium decreased by 6.2%**, and the company did not provide a breakdown of critical segments like D&O insurance, raising concerns about profitability in these areas.  **[CB_3404646_20]**
- **Reserve strengthening of $59 million** on long-tail reserves, especially in excess casualty, suggests potential underwriting challenges, as the company declined to provide detailed explanations.  **[CB_3404646_23]**
- **Analysts questioned the growth in the asset base due to lower paid claims relative to incurred**, implying an elongation of the claims cycle in casualty lines, which the company did not fully address.  **[CB_3404646_19]**

789cf2dc82a232229d84bc1338b48f78fadd44dd74900d9730d5bc35cae5d13c

- **Chubb expects to continue growing operating earnings at a double-digit pace**, even after adjusting for the one-time tax benefit, demonstrating strong confidence in future profitability.  **[CB_3371478_21]**
- **The company's loss reserves are as strong as they've ever been**, reflecting robust financial strength and prudent risk management.  **[CB_3371478_9]**
- **Chubb's significant data and scale advantages in agriculture insurance allow them to effectively manage climate change risks and maintain favorable pricing**, positioning them well in this challenging segment.  **[CB_3371478_14]**

70cb3610416d41241f8277d2673eed96867a46bde40a3acd2670621fb1cb95a7

Chubb Ltd (CB)

Financials