Chubb Ltd (NYSE: CB) stock rose over 0.6% on April 25th, 2018 (as of 12:08 PM GMT-4; Source: google finance) after the company in the first quarter of FY 18 has reported the core operating income of $1.1 billion. Core operating income excluding catastrophe losses grew 5.3% to $1.4 billion, or $2.98 per share, on the same basis from last year. Core operating income with an expected level of catastrophe losses was up 4.8% to $1.2 billion, or $2.62 per share, on the same basis from last year.
During the first quarter of FY 18 has posted P&C net premiums written of $6.5 billion, up 5.8%. P&C combined ratio was 90.1% compared with 87.5% prior year. P&C current accident year combined ratio excluding catastrophe losses was 87.6% compared with 88.0% prior year. Further, in 1Q 2018 P&C underwriting income was $642 million. P&C current accident year underwriting income excluding catastrophe losses was $813 million, which is a rise of 7.2%. The adjusted net investment income rose 4.9% to $877 million, pre-tax. The annualized ROE and core operating ROE were 8.4% and 8.7%, respectively in 1Q 2018.
Moreover, in the first quarter of 2018, the company has reported the net income of $1,082 million, or $2.30 per share, compared with $1,093 million, for the same quarter last year. The earnings per share in 1Q 2018 were $2.31 beating the analysts’ view of $2.26 as per Thomson Reuters. The core operating income was $1,097 million compared with $1,175 million, for the same quarter last year. The property and casualty (P&C) combined ratio was 90.1%. Book value and tangible book value per share fell 0.2% and 0.3%, respectively, from December 31, 2017 and now stand at $110.10 and $65.65, respectively. Book value and tangible book value per share growth was negatively impacted due to the realized and unrealized losses of $938 million, after-tax, in the company’s investment portfolio, driven by rising interest rates. Foreign currency movement had favorably impacted book value by $310 million after-tax and tangible book value by $136 million after-tax
Meanwhile, CB has made executive changes. Christopher A. Maleno, a Chubb Group senior vice president who most recently served as division president, North America major accounts, has been named division president, field operations. CB has appointed Matthew Merna to replace Mr. Maleno at the division, which is the insurer’s retail commercial property and casualty insurance business that serves the large corporate market in the United States and Canada. Both appointments are effective July 2nd.