Chubb said net income attributable to Chubb for Q1 2024 was $2.1 billion, compared with $1.9 billion in the prior year period. Net income included a deferred tax benefit of $55 million and a contribution to the Chubb Charitable Foundation of $30 million ($24 million after tax).

1. 01

   Chubb said net income attributable to Chubb for Q1 2024 was $2.1 billion, compared with $1.9 billion in the prior year period. Net income included a deferred tax benefit of $55 million and a contribution to the Chubb Charitable Foundation of $30 million ($24 million after tax).

2. 02

   The company said the P&C combined ratio for Q1 2024 was 86.0%, compared with 86.3% in the prior year period. The company cited lower catastrophe losses and higher favorable prior period development as factors in the improvement, and said the CAY combined ratio excluding catastrophe losses was 83.7%.

3. 03

   The company said consolidated net premiums written for Q1 2024 rose to $12.2 billion, up 14.1%. It explained that the consolidation of Huatai Group's life and P&C businesses contributed $559 million, or 5.0 percentage points, to the increase.

4. 04

   Operating cash flow for Q1 2024 was $3.2 billion, compared with $2.3 billion in the prior year period, the company said. Capital returned to shareholders in the same quarter totaled $666 million, consisting of dividends of $350 million and share repurchases of $316 million.

Key figures

Quarter ended March 31, 2024

Revenue

$12.9B

Net income

$2.1B

EPS

$5.23

Operating cash flow

$3.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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