CB - Earnings call 2 2023

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Operator

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Chubb Limited Second Quarter 2023 Earnings Conference Call. [Operator Instructions]

It's now my pleasure to turn today's call over to Ms. President of Vice Relations. Senior Beyer, and Investor Director Karen Please go ahead.

Karen Beyer

welcome and XX, to XXXX you, Second June Call. our Thank Conference Quarter Earnings

report and business forward-looking company Our which are economic contain statements risks conditions, may will to and differ to relating uncertainties and statements, market performance, results growth mix, including and subject opportunities actual and pricing today materially.

factors available for filings, our release and on are recent more which investors.chubb.com at SEC earnings could matters. on see these website Please supplement, our affect that information financial

most We earnings financial will details also measures, financial reconciliations refer our comparable today release press to of non-GAAP which GAAP to direct in supplement. related and measures and are provided the

to Now introduce our I'd like speakers.

by take our then your my First, our Officer, turn team. and questions. Peter your questions Financial of management we to now Evan. Evan Officer; And Enns, are Chairman have Chief assist we'll Greenberg, with and Also the to it's us Chief members call with over to several followed pleasure Executive

Evan G. Greenberg

morning. Good

As coming both as term, from is to P&C, outlook significant. our well last commercial Asia for and headquarters non-life energizing. for simply you call, long Pacific. in Asia businesses, I'm I our regional quarter growth Singapore, as this short across region our and consumer life, mentioned on is The The

execution large We the set diverse a of strong the on have organization focused broad region. a strategies of talented a executives capability and of throughout

press release, in had our quarter. you As simply saw we a outstanding

life investment combined double-digit underwriting net income that as result P&C a performance record In results of a fact, doubling growth, another XX.X% an of record premium our and revenue earnings with earnings. and quarter produced world-class ratio,

double-digit and driven our so and XXX% broad-based, growth internationally, growth and both our and P&C North growth well consumer over revenue business. by was premium in businesses in in Life Our America commercial spread outstanding

XX.X% XX.X%, topped with share on on billion, up ROE operating tangible results. were or income record operating a XX% $X of basis. XX%. Both Our Core annualized return a core was equity per

billion X For per months, the share, up first we $X.X and respectively. operating XX% earnings or $X.XX of produced XX.X%,

resulted period premium accident performance America. from particularly prior a year XX.X% favorable reserve underwriting Our combination excellent of North combined development, growth, ratio margins and in current a of with strong

On income record $XXX prior million was adjusted net side, the $X.X year. billion investment XX% of investment or up over

Our portfolio our X.X%. X.X% with year reinvestment yield now is X% versus rate averaging ago, a

Asia, book to more investment cats, risk changing which rates million, income higher development, will without Our to rate and is supplemental about income overwhelmingly period investment financial and will then A&H. cash grow value run profile. we flow our our as continue driven business $XXX in compound earnings doubled have And ROE. including reinvest Peter life by to income, say prior items, at

rate the life strongest and our by quarter growth, basis, XX.X% XXXX, net since for and Global worth premiums well-balanced increased America, third Now grown of North and It's since premiums. quarter P&C commercial the double-digit environment. quarter, our we've written Europe was in color XX.X% pricing made turning almost produced and P&C our 'XX. in noting fact, Pac in for quarter premium very the all growth growth business growth. broad-based, the dollars, Asia company more of business globally in around P&C XX.X% a in or up constant growth published the XXX% to in Consolidated on XX%.

lines to globally price environment, in were increases continued terms lines and the while both financial and North P&C casualty quarter in the commercial rates In soften. America internationally, and property of rate strong in

a while America, excluding reserving. P&C financial conservative with up excluding on financial was reflecting diligent reflects Beginning growth to been about disciplined have We the ag, North development premiums, commercial XX%, of XX.X%. underwriting decreased, environment. loss year steady response approach and costs, top our lines, staying reserve prior positive to lines a premiums were

premium Total P&C excluding X%, In grew XX% portfolio our while XX% business, X%. our accounts transfers. division XX%, growth E&S of the or up grew premiums loss with were major Westchester, middle in our market division,

middle-market excluding and for comp in was about lines declined commercial financial workers' property rate X.X%. middle and was and change of XX.X%, America lines lines, up premiums North X.X%. Overall total flat market including increased book Our for of commercial XX.X%. pricing exposure X.X% Pricing casualty, financial

are are trending X.X%, classes X.X%. And X.X%. book tail, workers' loss is comp, at dollar and excluding in by short-tail our In general, trending at in North it America at X.X%. In loss trending costs costs first We long varies line. comp trending at costs loss are we

the Let me North provide XX%, while XX.X%, growth. in a X.X%. property with declined E&S XX% and the comp, with In an exposure was rates up middle in X%. premiums Primary comp and quarter, was accounts of grew pricing large almost We workers' X.X% in America risk up X.X%. Property bit with and primary change up comp grew up exposure both and more includes just quarter, color the pricing rates account Major management, quarter. up around property pricing together workers' up X% over X% which up up grew XX.X%. and X%, X%. rate in casualty XX.X%, Casualty over market exposure rates was premiums

America quarter, rates remains for competitive about down the financial particularly continued rates For pricing in lines decline. environment the In in have aggressive, aggregate and North financial X.X%. and D&O, were to lines,

for strong Our businesses retail at Renewal retention XX.X%. fin lines was shrank commercial book very our X.X%.

North net lines America, On almost the business personal in side had worth with quarter, our another strong XX%. consumer up high premiums

our of remained XX% of range cost account across on retention In basis. XX.X%, we business, strong premium achieved XXX% over balanced was was homeowners on growth our Our pricing basis homeowners' XX.X%. the a broad an steady very loss at and at geographies while and a trend

lot placed a attention There consumer on experience. of is auto

would I it. briefly thought I on So comment

reserve for picks lines for quarter. America release in auto And in modest reserves North was a of you in our our high loss and comfortable and auto, may are worth the prior release auto. we For our with small we part that segment year's noticed personal was net This had primarily reserves us, have a business. our

general Turning in XX% after insurance or operations. FX. to international premiums were X.X% Net up constant dollar our

Our commercial up X.X%. grew international Consumer business was XX%.

retail business, XX%. XX.X%, grew than our over international more our more was overall up produced wholesale of continent growth led by about lines of made growth up than of retail XX.X%, P&C the international while Pacific, In premiums consumer with grew London XX%. Europe Our XX.X%, up growth and business business XX%. Asia up commercial over XX% with

exposure continue achieve portfolios. international to across commercial We improved to rate

X.X%, while loss commercial change X.X%, costs are retail rates up pricing Our our trending international was across exposure with business X% X.X%. portfolio up at and of

by almost here, And Our and international direct across Europe, international and premiums business XX.X%. which marketing business growth XX%. to In U.K. were in I life Asia, consolidation and travel life more about insurance bit Asia, to with premiums businesses, want up business, another Cigna Asia, and had division A&H and tripled P&C. A&H which strong up premiums A&H billion. XX%, conclude is consumer non-life of Thailand. operations the momentum with commercial driven our Since in grew the quarter, In and our both have our strong a over entirely our I'm over $X very

long for distribution of significant broad range broad growth, channels. customers have a in and markets a both short variety opportunity and We term, across of

region balanced, in half and other and the premium Our consumer and split non-life with half, about XX-XX, the is $X well billion life. commercial, total

access the each. Our and of hundreds Across significant varied and consumers. with a and growth in and leaders including different a us millions Asia range diverse across of of capabilities presence financial partnerships in meaningful areas spread give segments and capabilities Southeast focused markets, opportunity overall e-commerce North, broad with distribution growing on of of list have and region, XX customer are strength, institutions Australia with that product distinct we to

of a have business, digital products. digital fast-growing We more capabilities strong our insurance and encompassing

with diversity and of insurance, more to cultures the We some are largest large dynamism. flows work ethic growing in chains is Supply From deep the with both of the through economies macro aging mindset, are are There customers. speaking a innovation-oriented dynamic Asia, across have with of an needs. populations a consumers different Broadly and so capital that large deeper A&H young and is Asia infrastructure products a unifying a that region. strong life set more offer populations, investment. direct and the vast to some large region non-life products, in and to companies perspective, a mostly there is growing marketers

Asia, a growing regional and trade Southeast connected and becoming As North India Asia, Australia. more commerce is between and result,

a lot are about. year with is to half record first There In quarterly outstanding having results. financial and we an summary, be optimistic

of business. favorable areas thoughtful and balanced way exposure underwriting growing a a are in conditions our of lot We in are and

this ability in drive And half. second confident have lot ahead, pattern a in into again our and look the turn, revenue EPS of continue we of in and earnings are heading momentum growth growth. I We as double-digit to

I'm to your to call to turn and then going we're the take going questions. and back Peter, come over

Peter Enns

you, And Thank Evan. morning. good

and quarter, quarter billion dividends. another of including operating $X.X per repurchases to just record through billion strong share year. of performance, of this underwriting in price $XXX million to at of generated you've investment Chubb As this which first heard, $X.X flow delivered leading results, billion the quarter and cash $X.X an We average the in shareholders $XXX of half and million capital returned $XXX.XX share

the excluding capital share, quarter X.X% record of and X.X% tangible operating shareholders and through and first net X.X%, income respectively, book value AOCI, core the and the earlier. returned Book to half noted X.X%, for per respectively, increased year, reflecting of value the

driven ROE billion income income. cash on out the million tangible Evan primarily ROEs our Evan turnover rates. of increase $X.XX private has investment portfolio from operating X.X% In was range the last the from Adjusted past. and in gave respectively, our The year-to-date the higher addition quarterly year XX.X%, above return you, laid of equity and strong quarter the target XX% higher by guidance, net core our equity to of was accelerated reinvestment $XX top just flow, exceed or over end and

$X.XX net from recurring conservative grow In a to continue while assets, posture. continue to basis, we income we investment tactically to expect maintaining billion and the on to credit rise our there. turnover a strategy quarter, invested $X.XX quarter Relative from this our third adjusted to portfolio around execute billion to

to put $X yields. we the at to sale quarter, available During money work more billion higher for even flexibility held-to-maturity to reclassified have portfolio our to

These AA. the of quality unrealized book the that note a are securities important tax an $XXX of economic net It's and no securities very high has itself average impact transfer of rating of the unchanged to losses underlying that the change. value reduced remained had with million after time at as

of not loss makes economic the it sell think when parts We and will portfolio will look unrealized this become sense realized. we of where and to only all

pretax catastrophe principally from period of and a U.S. included Overseas development quarter Turning Prior split favorable million between was $XX businesses and The tail our losses $XXX for the to $XXX million in million evenly the $XXX pretax, was about active lines included tail underwriting long quarter business. in weather-related North for American which events million, our commercial and short General. in

Our $XX corporate adverse molestation had claim runoff to development. of related million, principally lines development

years. As for larger quarter included The year. I comparable in and short favorable million all $XXX tail and last these was for noted, development last to last Overseas quarter $XX the General economic PPD versus the year lines and for the million favorable shutdowns. was XXXX the year-to-date PPD favorable XXXX, million, concentrated $XXX $XXX Overseas accident in in PPD General from year in $XXX was million year's COVID-related The million

for was and quarter XX% PPD. XX% for adjusting after cats the or paid-to-incurred Our ratio

income Turning Cigna. to our of acquisition the segment Life primarily came growth segment, year-over-year from

XX%, consolidating be increasing Huatai excluding aggregate of completed of the expect top Huatai. the On we effective Group, quarter, X, for Our of which tax additional to in of guided the is our to our core XX% July annual effective XXXX range to ownership end at shares of tax our operating We now XX% XX.X% operating the for rate income XX%. of impact acquisition rate range was XX.X%. the to

next up ownership our We financials. expect shares and estimate which a QX, a amount results ROE of in of recover our within within consolidation and additional quarter, amount We this the in accretion operating few the small income book XX.X%. Huatai's will we Beginning quarters. to currently will dilution will consolidate to result estimate EPS closing will of tangible to and bring which modest we value, book value

purchase our back However, we the now working I Karen. I'll over note, would are turn to through still accounting analysis. call

Karen Beyer

questions. Thank happy take this we'll you. At point, be to your

Operator

BMO. [Operator Mike Instructions] line Your is first from question the Zaremski of with

Michael Zaremski

just on trend on -- flattish I'm rate accelerated the environment on Great. on loss And be rate any loss like reinsurance costs why reinsurance for accelerating if And loss if context I kind guess the data get commentary pick commercial side. sequentially. would of it's higher know environment the staying is I first does sounded thanks curious, include question and the you. just higher the your you're also experiencing are -- for costs? costs that's steady? It cost

Evan G. Greenberg

I inflation property And And total, think trends moved Well, cost property, it's itself costs up And -- into and But speaks in all of loss as in the you the about rate accelerated that's moving it's generally. that's know, casualty, have very that it, loss higher. rate in a a CAD rational around have particularly in costs for -- in environment the baked reinsurance where property. I think environment response. and been course.

we've number over trend see on years. of It's And I about I the a professional new comp we're going I but reflective and of a you aware of observing rational. top story and not the way. think been it's lines story. last other think the And of, it's It's talked

think in external environment. is the I frankly, to market, the So a response rational the reacceleration

Michael Zaremski

much competitors quarter? in commentary "normal" Was on levels. it of kind of much, follow-up loss lighter other than my a for Chubb, actually with for maybe losses. was least at kind just what Any catastrophe of XQ is you -- some more whereas one your line consensus kind And on have higher it regional-based They touched the normal bit a experienced Okay. expectations? cat this catastrophe looked models

Evan G. Greenberg

companies than less quarter the are higher in significantly I losses never any -- a particularly for for that. line you greater with, reported And imagine It's choose in pick cat with average. would This annual industry. average -- heavy or a most you they're expectations. cat either your losses was than cat might The think on quarter very the have loss

particular I well. don't think there's any We to underwrite why Chubb's as magic was lower.

is select good that And moved -- we risk to it where a of tornado we we it west, We to and where doesn't land had going business. have choose the could greater if down. spread miles choose east We XX or well, translates losses. come have to mean had a but

quarter-on-quarter. So it's this a question. a had variation. we variability It has experience very the a Thanks quarter. And for good

Operator

with Jefferies. Your Yaron is next question from of the line Kinar

Yaron Kinar

component the there North bit? Can Is my underlying guess, trend? loss mostly first that elaborate America there? rate question, at that Is just I you maybe over Commercial's there. looking on ratio, improvement a mix a

Evan G. Greenberg

accident Look, totality the the current year the loss of commercial ratio it reflects business.

lines, potentially that and mix loss So trends. positive the in a rate ultimate comp it's And property lag all ratio casualty margin. is potentially case price that the lines, loss In neutral. to financial selected or and the a it's exceed margin And of price of and and case, the right? the rate is and ultimate cost, shrinking

our loss all we and loss pick our in and that, picks. conservatism towards And so reflects we're lean of patient

Yaron Kinar

question, second in with property. and adequacy, lines financial my then particularly just rate And Okay. regards to

How directions, of very rates those are those moving we're because of today? in lines. adequate in the rates both -- seeing the Just different

Evan G. Greenberg

portfolio. the itself. for in are for of think loss it rates ratio the all a reflect of yes, combined our we've I adequate And business we're and that. that for written, of putting the mix And has speaks up there, picks kind our

Operator

with Peters Raymond James. line is Greg next of the Your question from

Charles Peters

to spoke ratio. it I monitor the question. in the it's generative obviously we innovation of this intelligence, And language and around guess been closely but first first large have accelerated AI, specifically Asia. seems in comments, question rhetoric a In your year been expense marketplace, about prepared -- models, you your so ongoing, lot there's artificial and

could on a you your and spend perspectives America talk these in important North maybe it minute basis? how you a very think and on about developments only not about for technology company So global but your

Evan G. Greenberg

AI, claims particularly, in to large for a the it's Yes. of X or business, models. question. underwriting operations of employed et And anyway. AI the quite X a the thanks side, for degree generalized in employing the it's now, cetera. and And And marketing been that in algorithmic We've side chatbots, number years years or side, language not

a And And out. abilities in out in come work that underwriting think And receive the areas. that or where to use scaling and where of and there cost are have lower all we're of and improve we over cases stage prove or in significant our X the and accuracy, its in benefits discrete next we service X out what of a and claims experiments tools. been see lot level in now the scaling and themselves we're years know, we of Insightfulness that. is will, we're side things can that business

or the and are imagine, underwriting work or work alongside not benefit time, that ability models. to particularly on the replace silver either beyond bring basis. the a doing work potential same make claims, accurate done we we're underwriters. And global in this and as At you the that algorithmic, a is ultimately language on And bullet. can will large that, It's it more

regions doing focused with and one yet, But more spreads the to whatever we it's in some Some on another. more underwriting. portfolio on other. just end where anyone's start And marketing,

be large iterative. and going generalized time. be The It over will is language to

you many parameterization business, what You around we how cross. the risk or think and insurance do, lines the about factor the of geographies exposures,

that. so going modern And rhetoric some like. than and breathless like insurance It's looking we're to of is a nature, part to its But the by hear. I on going is company be of it's that what longer and iterative look take focused

Charles Peters

follow-up my reinsurance we on I to question have comments. like the appreciate that as topic. pivot long need conversation could feel business. to a I I probably the

Evan G. Greenberg

it. see and sometime. about talk We'll Come

Charles Peters

when available. you're Let me know

Evan G. Greenberg

Go Go ahead. Tomorrow for ahead. up. breakfast. Show

Charles Peters

reinsurance, on you can market hardest property of know the I it, what's some make in I if cat, especially conditions but know like the in market, these you're in at to XX-plus seems tomorrow, years. look going experienced don't very close it and I like, it there conditions, seems we've

reinsurance And on your could maybe growth, market looking is exposures, give you're context rate in your you're reinsurance the perspectives still but yet and the if look the like just the helpful. inadequate, global on it your on perspective you're I at some seems rate. look at growing be reinsurance is and business provide perspective not at how your would -- really the you growing your the Maybe business

Evan G. Greenberg

don't same count. time, you'll said. XX% Look, insurance property like with as is the unit and our lot the But is And some notice Yes. now. disagree tail. in of it's we structural anything a property growing. and at way. It's by not right rate of exposure you exposure exposure that's And in I exposure of it's and that, It's that growing business growing premium, growing it changes. the more combination a that's grow And cat,

as and pricing and large we plain more we're in globe. see look the simple. of geographies, putting now right returns business. risk-adjusted See], when middle are as cat. reward returns insurance, a And And property E&S, to of way, that emphasis we insurance market, risk the We tail. grow favorable. across it we're property the the in the spread risk better we've at and on think geographies prefer we is than seen on the in growing the don't emphasis are [ variety also the on put We that we better risk-adjusted never property exposure -- account, by our across getting, And

Operator

Your the David line next ISI. Evercore of question from Motemaden with is

David Motemaden

about could increase excluding and you financial growth, last of ask, to guess, was in think XX% lines. the between talk wanted North drivers commercial growth XX% that I lines. difference I And just you financial America sort to excluding the about Maybe premium just the said price of Just disconnect? it about question, in related the

Evan G. Greenberg

changes X put the number there's a like included The actually and between been And impact It's where a is of difference points deductible the a last attachment it's Yes. in about noticed it. is I've changes. of the numbers chatter And of price lot our structural of things result pretty majority value in can on that the straightforward. of we months.

of loss over loss talking acts rather doesn't it exposure, or into potential cost it way, premium than trend, it way, lost it. necessarily. margin, adds here's sense ratio another But to exposure trend by so the of about like way which And the And saying to and exposure it is like acts give is that. supports it, that rate portion to point rate loss than or it and saying, ratio a add cost. the different That putting about of

rate the trend. is so exposure we get business the actually the a premium. or And of of rate portion of the And not the the is price plus depends here on yet line

premium, said, I as And it acts premium. it's but like not

that I for the the that's so And Did difference say between X. clearly you?

David Motemaden

condition And yes. size, guess maybe I guess, way Yes, increase? follow-up a to look guess, at change That just the I sense. that. versus, increase were on quick I makes Any to changes and if I premium just or terms the rate

Evan G. Greenberg

don't cost, It's what rate give know rate goes so but a very it, what loss you, we that that got we the our and growth, premium can you is against disclosing is, look to transparency amount see wow, get rates start look go and around of can in you And But at then price that. retention that at our this exposure. it's or healthy. you it's We overall that. far is in

they're You don't that They're different X comparable not the add way. together, questions. answering X

David Motemaden

it. Got

way either the to be LPT year-over-year a an And makes quarter improvement? Was guess America just basis I then that accident heavy the appreciate on that within or second quarter. any loss helpful. -- points ex non-cat I current there property Was Yes, LPT, I else there or the sense. of cat. anything maybe year know like XX that. North That's tends ratio Okay. losses commercial

Evan G. Greenberg

kind other of of particular, We're interesting. year. lumpy second in haven't quarter, the kind quarter. it's They that we noticed the through looking And come like each at is a No. LPT heavy

Operator

Wells Fargo. Greenspan from comes the Your next of with line Elyse question

Elyse Greenspan

question, America quarter, North with commercial. last first My sticking

X.X%. growth you of the You the amount of quarter. kind kind And this good that margin to by had year of above balance exceeded premium being a guys pointed for

good said, of seems that you expectations transpire quarter? over the premium think driver last good give of how sense like balance to Can of just a the there. you like As growth was us kind property a your year growth. relative It you

Evan G. Greenberg

good. pretty feeling feeling I'm good. I'm Elyse,

Elyse Greenspan

question, to had My try. I second we saw... Okay.

Evan G. Greenberg

I think what that pattern. -- us, but you release [indiscernible] I and to the continue we're saw to in commentary said said appoint feeling number. we're it good. going to in -- the I And I'm in press not a what of this sort putting

Elyse Greenspan

Okay. we my up And second That's quarter. question, saw share improve, go this helpful. repurchase

and guys from thinking to how of I had on here? new excess about amount of the think are read new good return Anything think a obviously number and terms capital. anything about of level you we authorization in level into the sitting of a capital just

Evan G. Greenberg

We No. We undervalued. we're think were we thought undervalued. We're buyers.

Operator

Your from with Research. Ryan next question the Autonomous is Tunis line of

Ryan Tunis

have question, on just I cyber. First

curious you that does you're rate live in the disclosures? like standpoint? give business lines as of And that the how update us if exactly on feeling about that Is size that adequacy just and book financial all, where can in well? of First from a an

Evan G. Greenberg

Yes.

I statutorily X I one don't the top, you book. we've disclosed would don't what I top business we're I The global careful, overall growing the certain X segments And we you is a that premium. but us, growing. numbers, have we're but the sizable the the seen, for business As write in the of updated be of total have But know tell writers so is globally. maybe cyber to in writers, of is want top cyber

systemic form. roll degree to a to form has the and leaders leveled ransomware in addresses and to on first Terms other were off. greater and a And what environment underwrite rate out We conditions addresses really that severity our one-off. we the risk

about And The So we're leaning rate. vigilant are segments, it. is The you a segments In most the we're good. there underwriting, those I'd tell in pricing some That's back we're growth, that bit. what pretty about little areas, growing cyber. it. need

Ryan Tunis

comp, commentary, at loss. like I heard said And the I on commentary the around I you appreciated if think X%. trending workers' Got it. line-by-line you correctly, But you're

Evan G. Greenberg

I memory. think X.X% said I about from

Ryan Tunis

bit running taking that's, differently there? I Are or quarters have are than of type just... any have at was is I higher it a would Well, Okay. inflation pickup -- that you than guess, line little you you thought in in recent seeing

Evan G. Greenberg

medical increased We've the the increases. in X and There's number of one, year. earlier inflation; in payroll it mindful two, things: last --

hand, rate one that and on and And as severity that about, on change, indemnity we benefits the go wages talked translates exposure the so And side. to just price. hand, up, other on

so and comp. And pick together your to cost loss going X those rationally push are up on things

Operator

Tracy the line Barclays. next Your question comes from of Benguigui with

Tracy Dolin-Benguigui

JVs? of As you your emerging in sit views rank given right terms set, even capacity you rate achieving you now deployment in underwriting would Singapore opportunity adequacy your be versus how and look capital at of priorities, acquisitions in markets, could

Evan G. Greenberg

I'm not. Yes.

a not have First capital question. flexibility. of is of plenty all, That we

constraining can would make you, comments you. whatsoever. And to I X tell are growth organic We not I

on acquisition not are hunt. the We

on is are growth. so around organic got We there opportunity focused what strategy much we around what -- we've

opportunity, priority. environment And we great and plenty are to in It's other it? getting and to more that. take we are in of, we've the to -- we've that's parts are that thing just you And a North shareholder we're a getting In goes Asia, full It's what, use paid on. growth taking take read. And a That's fabulous. rate same that's we're of we're And And of areas like got focused know don't after. article. the you on the believe got our willing then what property, It's I what read what world, think in with America well And good up. and -- question it's on exposure a invest of not you capital. word question the along and we with JV, capital. we are for you it's because volatility

Tracy Dolin-Benguigui

those you Okay. large strong have I not unfavorable claims. curious number, I'm implying $XX seeing And molestation the also now are this states but capital. effect? reflecting where the don't reviver new statutes. XX charges new laws the on Or a what into I've you went Based reform right work that that reported wasn't year. you're does It's done, on of noticed of for reflect yes, statute development million reserve limitation reform bills reserves we've XX states the introduce

Evan G. Greenberg

No. open up reviver Tracy, it specific. the statutes, more as opens to up the only funnel. does, thing them they top of case the And it's the

losses When back, in reflect more some past, so funnel. years into claims And -- way flow liability, it. to we some top incurred. cases we're them see going a of of And from going potential ripen and ripen the percentage then into the legacies in eventually, ultimately events

Tracy Dolin-Benguigui

Very limitations it child or basic more statute to question. abuse apply Does only broad-based? is

Evan G. Greenberg

on depends it it the Well, varies. state;

Some and abuse. only Wait it may colleague Answer most, right. more be it's have me okay. a about have -- some, I correcting that. it's I a about opened who child think up No, minute, only broadly; was about

Operator

Your from next with of question UBS. is the line Meredith Brian

Brian Meredith

Just long is quick with life XX%. on looking perspective much can tail that you wondering here going give versus of what north of So I'm increasing pretty maybe a give looks products, is consolidated how products you the get tail, be think Evan, indemnity like think to it at I as of overall insurance some metric, we us savings mix and short about if business. of should much business becoming Huatai component a capital life earnings -- ownership what meaningful intensive? snapshot there? How insurance your us

Evan G. Greenberg

duration and business, the non-life we health individual business and -- whereas is the same write kind side, policy, on XX% of life the up policies. In side. About straight longer a you business they're XX%, write all of accident the

rate certain kind may annually and have I to products if same they them. lapse the they're So a on direct side, and the non-life of renewable market

adds with great percentage policy, we percentage, the savings a it's it's there hospital yet its direct protection they sell and a insurance. And agents are but a through individual it's and and but asset. be are book on and and marketing and will where And is I a may side, sold tied longer cancer it load then the we stability, dread of accident riders. to and/or the them minority And which life up have policies of long-term disease a through duration, health business it's cash Most and it's it predominantly. accident

guarantees, the is That's upside that the The fundamentally the any interest protection, to going much risk risk on them. it's they're business. extremely okay, it. -- love, and got this life a where, large is range business and to product we whole with health basis alongside low amount stuff very majority risk-based we of you're policy. low buy So accident X% customer a of a Or share or X% savings the rate like in overwhelming par lower the either traditional in

Brian Meredith

like And regulatory level just one in regulators? through happening helpful. then in rate a really going pushback you lines seen the your the what curious, starting business. you're environment, about personal this I I'm more little to given by on could homeowners? but focused, personal guess, That's we've auto seeing talk you bit of see Are any

Evan G. Greenberg

varies by It state. Yes.

and we we to I want well known are rates. or grow pretty employing flexibility And terms exposure, where of think it's need of more It's you. hidden. we to not

states public's where regulatory it in where the states to using do flexibility is us way and a cat both shape a in that take in be E&S in and it able and greater do greater extent doing also to to to actually tool We thoughtful portfolios. And able as serve be more environment a are exposure we we're need. exposure allow doesn't concentrated to the

Operator

from next Your of Meyer is the Shields with KBW. question line

Meyer Shields

America pull friction to to North personal for because can. I want that on number Is a of specific Chubb's follow-up of there leading I back? question, in regulatory Brian's really a competitors opportunity if is growth

Evan G. Greenberg

underpriced Well, that. cohort risk. think and yes, in Meyer, for terms. customers, And recognition Chubb. I want the And being then been of brand But think area. all equal, our or distinct overly been And think we margin -- have there I the -- to competitive have things price more in is and so it's brand. and strong other the service, buy on a there have proven, really the naively in competitors reasons question who've And a of I of it's don't our past, it's

in and greater discipline opportunity the where think us. that And market I now, for a we're there's creates in business,

pulling others gotten to wrong addition it they're the and may back. of notion who have In

the not more worth, our but take endless and balanced will don't do of can balanced. risk enduring. appetite, And thoughtful is national we high every we to have writer and portfolio, more cat tool writer net become using we to exposure way, worth, a Now way shape we're of an and but in in net high that the a that sound

Meyer Shields

Okay. just brief That's helpful. question. a then And

yield does portfolio Chubb of I the book the the at of all? think impact this, consolidation I know the investment value but Huatai to answer

Peter Enns

very degree. a To minor

Operator

with of from Your line is next the Scott question Goldman Sachs. Alex

Taylor Scott

America. one I in is had casualty First North on

fairly You to think thoughts the to to of are you what your in the I rate rate North on vocal industry adequate there pricing? for environment accelerating there. the been lines need And kind just seeing on occurring needed is for casualty And you wanted all have at that have about competitive get America? updated you

Evan G. Greenberg

these for of the the level conditions Chubb, we -- staying on are we're I development cohorts needed rate but terms. various that then move, the we for and of can of we're pricing the we I and said speak trends. thought previous and loss they speak terms can't I I it in think I quarters casualty And to in Well, the lines I know loss And against and and in I write. industry. and like the And top are. fact, had securing reflect

Taylor Scott

Got it.

thinking sure to the looking there's you XXXX had of I people see through, accident tail around cost chatter I'm lines years and is reserves you the appreciate question, those reserves. to should I those sort just think amount an is of anything casualty through there confident longer in at the reserves? XXXX a confidence on is to and The annoying second would fair around And a environment? we be loss trend add light this bit help your probably but the that discussion in people of of in question

Evan G. Greenberg

for and reserve. And this, through record. look how pretty expansive Peter track kinds all of many which at simply, the prior of decades reflection simply reserve our We've look by cycles development, policy record. long, and strength doing track how made our been this of period say Well, comments a is just at I'd some look around way, at reserving reserve our

confident with quite the level comfortable are of reserves. and We our

Operator

Karen I turn time, to call over would to Beyer. like this At today's back

Karen Beyer

Thank for you, joining everyone, us today.

you. we'll any around have your follow-up calls. questions, be to Thank you If take

Operator

Ladies and for thank call. you participating. gentlemen, This concludes today's conference

may You now disconnect.

Chubb Limited (CB) 26 Jul 232023 Q2 Earnings call transcript