BUZZ-Chubb rises as Q4 profit beat offsets LA wildfire loss concerns

Reuters
01-30
BUZZ-Chubb rises as Q4 profit beat offsets LA wildfire loss concerns

** U.S.-listed shares of insurer Chubb CB.N rise ~3% to $280.27

** After market close on Tuesday, co reported Q4 core profit of $6.02 per share, vs Wall Street views of $5.44 per share, according to data compiled by LSEG

** Net premiums written - a gauge on insurer's actual risk exposure and its retained premium income - rose to $12.1 bln in Q4, topping analysts' estimates of $10.9 bln

** CB's estimates $1.5 bln hit in Q1, on a pre-tax basis, from catastrophe losses tied to LA wildfires; analysts estimate industry-wide insured losses as high as $40 bln from the event

** Robust spending on policies has helped the insurance industry offset the impact of elevated catastrophe claims

** CB's Q4 pre-tax catastrophe losses were $607 mln, including $309 mln from Hurricane Milton, vs $300 mln, a year earlier

** Co's property and casualty underwriting income climbed 3.8% to a quarterly record of $1.58 billion

** "We believe that CB's underwriting acumen, scale, and flexible approach with product mix will drive strong margins over time," J.P. Morgan analysts write in a note

** Chubb shares on the NYSE climbed 22.3% in 2024

(Reporting by Manya Saini in Bengaluru)

((Manya.Saini@thomsonreuters.com))

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