- Insurance company Chubb beat estimates for quarterly profit on Tuesday as a rebound in markets helped it post higher returns from its investments.Investment income has recovered for insurers that invest in various asset classes as markets rally.
Chubb's core operating income rose to $2.04 billion, or $4.95 per share, for the quarter ended Sept. 30, from $1.31 billion, or $3.13 apiece, a year ago.The company's adjusted net investment income was $1.31 billion, up 34.2% from the previous year. Severe winds and hailstorms in multiple states in the U.S. caused Chubb to incur catastrophe losses net of reinsurance of $670 million, from $949 million a year earlier.
Reinsurance broker Gallagher Re pegged global insured losses from natural catastrophes in the first nine months of 2023 at $93 billion, with the United States accounting for 74% of the losses.
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