Chubb Reports Third Quarter Per Share Net Income and Record Core Operating Income of $4.95 Each, Up 161.9% and 58.1%, Respectively

Chubb Limited (NYSE: CB) reported net income and core operating income for the quarter ended September 30, 2023 of $2.04 billion each, or $4.95 per share. Book value per share and tangible book value per share decreased 0.3% and 10.2%, respectively, from June 30, 2023, and now stand at $128.37 and $70.89, respectively. Book value benefited from a one-time after-tax net realized and unrealized gain of $727 million, principally reflecting the discontinuation of the equity method of accounting upon the consolidation of Huatai. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $2.18 billion in the company's investment portfolio, principally due to the mark-to-market impact of rising interest rates in the fixed income portfolio. In addition, tangible book value included the adverse impact of $3.17 billion after-tax for Chubb's portion of goodwill and other intangible assets related to the consolidation of Huatai. Book value per share and tangible book value per share excluding AOCI increased 2.6% and decreased 4.2%, respectively, from June 30, 2023.

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