27th July 2022
Chubb has reported net income for the quarter ended 30thJune 2022 of $1.22bn, or $2.86 per share, and core operating income of $1.79bn, or $4.20 per share. Net income in the quarter was adversely impacted by realized losses of $565m after tax, principally due to the mark-to-market impact on private and public equities and from sales in fixed income securities. The P&C combined ratio was 84 compared to 85.5 prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 83.5 compared to 85.4 prior year. Book and tangible book value per share decreased 7.7% and 11.6%, respectively, from 53st March 2022 and now stand at $123.46 and $77.71, respectively. Book value was unfavourably impacted by after-tax net realized and unrealized losses of $4.91bn in the company's investment portfolio, principally due to the mark-to-market impact from rising interest rates in the fixed income portfolio. Book and tangible book value per share excluding net unrealized investment losses each decreased 0.3%, from March 31, 2022.
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