@Chubb.
Chubb said its pre-tax net investment income for Q2 2024 was $1.47 billion, up 28.2%, and that its adjusted net investment income was $1.56 billion, up 25.9%, in its results announcement. Both numbers, it said, were records.
The company’s overall net income was $2.23 billion, up 24.3%, and core operating income was $2.20 billion, up 7.5%. For H1 2024, net income was $4.37 billion, up 18.7%, and core operating income was a record $4.41 billion, up 13.5%.
Annualised return on equity (ROE) was 14.7%. Annualised core operating return on tangible equity (ROTE) was 21.1% and annualised core operating ROE was 13.3%.
"Adjusted investment income topped $1.5 billion,
up nearly 26% and a record."
In the company’s press release, it said that book value was unfavourably impacted by after-tax net realised and unrealised losses of $437 million in the company's investment portfolio and $457 million of foreign exchange losses. Book value per share and tangible book value per share excluding Accumulated Other Comprehensive Income (AOCI) increased 2.6% and 3.1%, respectively, from 31 March 2024.
In Q1, Chubb said its pre-tax net investment income was $1.39 billion, up 25.7%, and adjusted net investment income was $1.48 billion, up 23.5%.
Chubb said its Q4 2023 pre-tax net investment income was $1.37 billion, up 30.2%, and adjusted net investment income was $1.49 billion, up 33%.
“We had another great quarter, which contributed to record six-month results,” said Evan Greenberg, Chairman and CEO of Chubb Limited. “Adjusted investment income topped $1.5 billion, up nearly 26% and a record, and we grew life segment income about 11.5% in constant dollars with international life up over 15%. We produced double-digit premium revenue growth across the globe with strong results in our North America P&C, International P&C, and Life Insurance divisions."
Elsewhere, W.R. Berkley's net investment income grew 51.8% to a record $372.1 million in Q2. This, said the company's press release, was driven by an increase in fixed-maturity income from a growing portfolio with higher yields. "We anticipate that the Company’s new money rate will remain higher than the current yield of our fixed-maturity securities for the foreseeable future," it said. "Coupled with our increasing investment portfolio from continuing record cash flow, we remain well-positioned for further investment income growth."
The company's return on equity and operating return on equity were 20.0% and 22.4%, respectively. Net premiums written grew 11.2% to $3.1 billion.
Comparatively, net investment income in Q1 for the company grew 43.2%, to a record $319.8 million. This was compared to $223 million in Q1 2023.
In February this year, W.R. Berkley said its full-year net investment income grew 35.1%, to a record $1.1 billion for 2023.
More Q2/H1 results will be released over the next few weeks.
