Chubb Limited (CB) has reported an 148.97 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1,093 million, or $2.31 a share in the quarter, compared with $439 million, or $0.97 a share for the same period last year. Revenue during the quarter grew 9.20 percent to $7,510 million from $6,877 million in the previous year period. Net premium earned for the quarter went up marginally by 2.65 percent or $175 million to $6,772 million. During the quarter, the company has written premium worth $6,710 million on net basis, up 11.93 percent or $715 million.
Total expenses move up marginally
Operating income for the quarter was $1,151 million, compared with $591 million in the previous year period. Net investment income was at $745 million for the quarter, up 10.53 percent or $71 million from year-ago period. The company has booked a loss on investments of $7 million in the quarter compared with a loss of $394 million for the previous year period.
Evan G. Greenberg, chairman and chief executive officer of Chubb Limited, commented: "Chubb had a very good quarter. After-tax operating income per share increased 10%, driven by both strong P&C underwriting income, up 28%, and adjusted net investment income, which was up 9%. Comparing our results as if we were one company for the full quarter last year, operating income per share was up 8% while underwriting and investment income were up 9% and 3%, respectively. Our strong earnings led to very good book and tangible book value growth."
Assets outpace liabilities growth
Total assets increased 2.76 percent or $4,323 million to $160,967 million on Mar. 31, 2017. On the other hand, total liabilities were at $111,743 million as on Mar. 31, 2017, up 0.90 percent or $996 million from year-ago. Return on assets stood at 0.77 percent in the quarter, up 0.40 from 0.37 percent in the last year period. At the same time, return on equity was at 2.22 percent in the quarter, up 1.26 from 0.96 percent in the last year period.
Investments move up marginally
Investments stood at $99,491 million as on Mar. 31, 2017, up 1.27 percent or $1,251 million from year-ago. Meanwhile, yield on investments went up 6 basis points to 0.75 percent in the quarter. Shareholders equity stood at $49,224 million as on Mar. 31, 2017, up 7.25 percent or $3,327 million from year-ago.
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