US property and casualty insurer Chubb has reported a 157.2% increase in its net income to $1.36bn, or $2.88 per share, for the third quarter of this year, compared to $528m, or $1.62 per share, for the same period last year.
Operating income increased to $1.35bn, or $2.88 per share, compared to $897m, or $2.74 per share, reported in the year-ago period.
The company's consolidated and property and casualty net premiums written accounted to $7.6bn and $7.0bn respectively, moving up by 60.8% and 67%.
Chubb chairman and CEO Evan Greenberg said: “Chubb had an excellent quarter with record operating earnings per share and exceptionally strong underwriting results.
"Our after-tax operating income of $2.88 per share, up 5% over prior year, indicates the accretive nature of our merger, which is going well and is on track.”
The property and casualty (P&C) combined ratio for the quarter was 86%.
Chubb’s book value per share increased 2.4% from 30 June 2016 to stand currently at $103.06 while the tangible book value per share grew 5.5% to reach $60.26 in the same period.
In the nine months period that ended on 30 September 2016, Chubb earned a net income of $2.525m at $5.44 per share, in comparison to the $2,151m at $6.53 per share recorded in the same period in 2015.
From 31 December 2015, Chubb’s book value per share grew 15.8% while its tangible book value per share went down by 16.6% following the impact caused by the Chubb Corp acquisition.
The company is expecting to grow its annualized run-rate savings from $750m to $800m by the end of 2018.
Image: Chubb has reported earnings per share of $2.88 in its Q3 operating results. Photo: courtesy of jscreationzs and freedigitalphotos.net.