CB - Earnings call transcript Q2 2024

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Operator

Good morning. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Chubb Limited Second Quarter 2024 Conference Call. [Operator Instructions] I would now like to turn the call over to Karen Beyer, Senior Vice President, Investor Relations. Please go ahead.

Karen Beyer

morning, good and you, everyone. Thank June Welcome Conference Second Earnings XXXX to our Call. Quarter XX,

results affect information available filings, website on today statements, opportunities release may Our at see to contain actual subject these will report on forward-looking financial uncertainties, and and investors.chubb.com pricing SEC market which materially. and business to and risks company including and recent Please mix, more economic growth and factors our could conditions, are that performance, relating supplement, matters. differ for our earnings which are statements

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

Now I'd like to introduce our speakers.

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

Evan G. Greenberg

morning. Good

numbers, North and from the our in $X.XX, We of diversified quarter. core you revenue produced International saw P&C, the company. great another demonstrates strength EPS we X.X%. around world, reflects businesses had strong operating our Premium growth Life results Insurance America P&C up of As broad-based the

the a globally. up within higher $X.X Life was were $X.X and losses International up Life income X-month $X.X We P&C XX.X% underwriting of of was quarter digit. Core published billion, bringing income and X.X%, billion excellent. earnings in record grew for simply the with operating as result. investment cat XX%, Our XX.X%. segment results result to flat, was a operating a combined We ratio up underwriting income income essentially double of billion, year-to-date quarter

quarter industry. As for you it an the active was know,

current next Our record $X.X losses $X.X XX.X%, up Investment June in with underwriting income last of X.X% light. On second as our a versus accident with of yield year, nearly $XXX XX%, were quarter year's million ratio rate $XXX billion were topped well. results. expectations, line with they income of underwriting modeled year compared cat XX% basis, both prior and million year our income was while reinvestment fixed losses ago. combined X.X% our our portfolio up averaging a is XX, were X.X% is and and a At record billion, over

strong, and to very is grow, flows income cash liquidity continue reinvest Our as will investment at higher we rates.

plan. stands it in now Our asset at right growing. Life we of continue segment line invested with and to our income was billion, expect $XXX million $XXX

a financial quarter operating Our for the of more to return have annualized core XX.X%, items. equity say was over ROE about Peter with on XX%. tangible will

for other to the the Turning dollars. company growth, increased net XX.X% in Consolidated in the or constant and rate environment. matters, pricing premiums quarter, XX.X%

and again Latin and and insurer, to reflection product customer we consumer, global diversified particularly commercial Latin large, of quarter commercial this America a America segment, are international geographically commercial, is Asia by Growth international are. America. who to We and a and growth from consumer, our North consumer, was Asia, America North Europe both broad-based

has more pricing and favorable is property, require that In those capital as P&C Loss terms reserving. casualty, naturally both our conditions more inflation which rate. commercial in overall our entered. of cost the and in classes is become which have remain environment, remains rate firming competitive is what competitive and more steady we contemplated Property in within

in see priced this in Casualty rate, trend well conditions and by is casualty and we areas I'm firming remain the more book going to Our color And you enduring. that and give need steady. some terms is division.

a is and We financial financial in consisted all disciplined major personal market XX.X% commercial, X.X% wrote P&C new speak including reasonably up and business, up were about of billion basis up growth count agriculture, over excluding lines X% of to down renewal and X.X%, increased Premiums, $X.X and with comp America. lines, X%. XX%, down the and about which growth X.X% North both policy with start specialty and let's of our lines So division X% P&C in retention the our a performance. Premiums tone accounts in was with on our record, and excellent operating X.X%. lines

layered America was E&S P&C generally pricing includes with and up risk which X.X%. Our both financial exposure almost account lines X.X%, primary pricing with was up X.X%, P&C up division up rates up with exposure is accounts X.X%, excluding and business X.X%. And ]. change exposure lines And Again, middle was in lines our rates X.X%. the down X.X% breaking financial X.X%, further, about pricing [ management Financial X.X%, and P&C pricing and down down. in change and to flat favorable X.X% up pricing aside. and up property X.X%, Premiums and Large underwriting large rational, grew rates E&S down about pricing, and comp, rates with of comp, about financial market comp, X.X% property was in shared XX% down increased lines X.X%. workers' up environment with up lines was of X.X%. North exposure about an X.X%

middle rates about the in continue While to market, X%. rise

Casualty and X.X%. And exposure remains America stable America classes costs contemplate at three. up rates up financial for line comp, excluding excluding our are are North up trending We comp, and picks, line, at are cost Loss three X.X% big with P&C, in in short-tail in in with North in lines all was adequately. we all pricing casualty, again, with X.X%. XX.X%, in X.X%, up what and loss loss X.X% in priced

work trending book dollar X.X%. our first at comp are We

a to comes classes the number of not financial simply it smart. when said, is underwriting I environment lines, As and

for trading growth underwriting margin. are We a reasonable

costs X%. We are at lines trending loss financial over just

are personal over group XX%. side with quarter, of business you including consider our worth coverage when impressive business net On our growth for the are brand true high almost high-net-worth a the segments, lines consumer North our Premium new another lines These growth had of high-net-worth premium America, XX%, is business. outstanding division of the growth our for billion known we numbers seeks grew personal that really and $X XX%. service differentiated for,

up Our homeowners loss-cost steady XX.X% pricing remains trend the the in while quarter, at was XX.X%.

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

XX%, consumer business international almost was grew up Our while nearly XX%. commercial

Pacific is the strong led retail XX%, the X% X%. Europe way up personal XX.X%, And Pacific led Asia lines, and International Europe. our over about were Asia with quarter, overseas XX%. with up and our China's contribution, of of general premiums premiums a a premiums clip. In business were divisions by over up good premiums over in XX%. both XX% the and America consumer, premium grew with at it's growing A&H continent up had and excluding Latin quarter, A&H

quarter of with Latin XX%, personal lines led America. Pac and international another Asia business by Our excellent growth had

trending XX.X% with X.X% premiums business, life is We and retail, inflation portfolio continue financial P&C achieve our trending X.X%. Loss in casualty lines trending lines lines In financial exposure our to rate X.X%. is across insurance international pricing constant were international cost positive property up commercial X.X%, and X.X% Asia, and up pricing commercial portfolio our to dollar. across at lines with international which down fundamentally retail

quarter assurance growth country, brokerage, like channels. Life China, distribution on constant grew bank dollars. and International over premiums up driven direct in the were Excluding tied earnings by in marketing was Depending XX%. almost the agency, XX%

results ratio XX.X%. and premium the structured with great company. was had both driven, globally we transactions, reflect And quarter. more And had strong Lastly, again, our growth. In a growth strength, you of summary, our quarter, contributed and one-off a breadth a quarter, depth the XX% exceeding as which to the Re could Growth and in see, the property we cap. Global the wrote combined risk of

We our questions. underwriting are back life rate, margins, a we're to income. I'm investment P&C income ability the to then over continue earnings to growth through to at and confident revenue and take your going our come going in turn superior Peter, call operating growing and

Peter Enns

Good morning.

our and As got overall financial are sheet position and very stronger, our half strong just balance from you results. first benefiting know,

and to investment and underwriting positive cash generate results substantial flow. capital significant Our continue

the million this $XX months including million and million cash dividends, and value record and total capital $X.X and book were $X.X quarter shareholders billion per Our $XXX in months. of billion, a billion repurchases X $XXX quarter, $XXX through X $X.X over in returned $XXX in reached through adjusted operating flow and share or share to respectively. We for billion

containing for shareholders partially income, respectively, While X.X%, year-to-date, respectively, [indiscernible] quarter the and book X.X% operating to value excluding X.X% share, AOCI, increased capital and X.X%, from return noted earlier. core and per offset benefiting by

XX.X%, record insurance this XX.X% healthy year-to-date. by for quarter, on addition, PEG together of which and and million. and pause and book and XX.X% we the equity return respectively, value diluted In on Catalyst quarter, ROE business Core tangible operating tangible about Aviation, small a $XXX two were XX.X%, acquisitions closed respectively,

Turning to investments.

million income equity A-rated $XX adjusted included from higher-than-normal of $X.XX and private income produced billion, which Our portfolio of other investment net areas. approximately

net income quarterly investment to our billion of approximately We expect average the to for year. $X.XX billion the remainder adjusted $X.XX

in results. tail companies commercial North U.S. $XXX underwriting in internationally. the The of and Personal, XX% period was million $XX in in XX% predominantly lines. North pretax long XX% $XX America events, tail principally in ] pretax million losses split The overseas in million included $XXX Regarding America quarter North million, which America lines, active Re. with $XX in [ let in general positive $XXX million catastrophe our the quarter from Commercial, weather-related Prior and was XX% million were development $XXX Global million short in and a

million of had Our molestation-related adverse development runoff from $XX coming corporate mostly portfolio development. claims

for ratio paid-to-incurred the XX% year-to-date. XX% and quarter was Our

for the Our rate range. core which our was tax is guided within effective XX.X% quarter,

tax to expect Karen. turn this the to back remainder effective to over now rate to our for continue XX.XX% be of year. I'll the We call core within XX.XX%

Karen Beyer

you. We'll take your happy questions. to be Thank

Operator

line first Your question of comes the with Zaremski Markets. Instructions] [Operator Capital Michael from BMO

Michael Zaremski

as of line you the do best trends. cost my good focus, up expectations. as I but costs X. excluding about quarter-over-quarters, trying last stable in Evan, quarter commentary and believe use commentary loss there made believe But the your specifically with live a know, to true you on kind to said the in of I'm transcript was being usually in you and you gave the think some Xs, I in I you loss of North was Most the run comp America,

trend trend the curious, in is bit just terms a of cost changing line? loss So

Evan G. Greenberg

P&C exceeded comp, lines was of wasn't lines it. -- of there excludes X.X%. X.X% No, Pricing it a And think was which at financial said was to pricing P&C way and up look I for costs. that's cost the I is loss pricing loss the And what change Xs frankly, lines.

Michael Zaremski

say -- it. got you Would

Okay.

that you've will just and you ex talked you even about whereas marketplace, be financial pricing more with to follow-up. say cost don't know of out doing So a to that's Chubb's adequate. in guess it we keeping in not business in maybe sub-X%. more Would kind number show their of does, But I above you're all doing when trend, of appear pricing or so of there, accepting a which their would today kind trend lines of in make than my the that price order sticking indices business see not that just kind ratios? loss -- of to usually saying that lines that sure parts others that, be of no There's -- loss kind certain say I terms sub-X%, on

Evan G. Greenberg

Well, I think what you said. understood I just

lines. those a one. so. I'm wrote tone is financial P&C We new me of myself, the And our to We $X.X which business. we of overall grew the or good. separately, the overall, That's I in first The said, Let quite market, speak repeating gave as X% billion gave numbers, comps business, market answer record.

and We hands. CATs, hardly of higher with combined current published I'm wringing XX.X% ratio year a ratio, my combined accident XX.X%

what decent. cost, the classes business, because On In and we're business. In underwriting that so return question. Then on if reflects cost, And below good classes, approach of underwriting that priced outstanding, those there's can hope and are we're margins loss and profit is in lines, an financial a is they're lines aside, rate classes, we against equals line sight an glaring Financial answers we brilliant. casualty classes, their underwriting are done when hiding consistently earn your plain return, loss getting you other results. adequacy. we to we that profit. some cost, reasonably areas, an that that we're in demonstrates years. rate a deploying related, only the business, XX loss like something getting we're adequate well as pricing all shrinking at because market some capital of results they're earn can't where earn writing strive Our the the is are which rational. excess that have writing pricing The lines in I example in we look there for an well

Operator

from Piper comes question Sandler. of with Paul Newsome next the line Your

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

Brian Meredith

kind lines surprised pricing just more just given aren't unit now, in if still from else good right where little I'm the all. me I'm that just basis. the your it curious, casualty seeing if we growth you're you looks numbers. the absolute that shrinking versus of in I'm look pricing actually, in you're that. you like something was, a seeing seeing growth a there's area a not bit little going on correct almost on And Maybe at premium

Evan G. Greenberg

no. well. We're grew No, and on property, the growing unit count

know -- -- I and So don't don't don't I reflects,[unit]... you any have

Brian Meredith

casualty? in Those

Evan G. Greenberg

you're property, policies. of You can't see talking right? And number

Brian Meredith

your Apologies. at No, if commercial casualty. us. I apologize. [purposely] just you casualty, looking said can give no, no. I I'm

Evan G. Greenberg

growing. have areas been was we in areas, about will troubled $XX flat, It's have And increasing And at off we account where in -- we some up. remember, or who worth us, particularly stayed large million that, we it's Casualty in related. casualty quarter. because in the that be than run other should terms have retentions, that we certain No. And overall have change accounts classes of and growing. auto-liability strength. think that, of of and And is grew, gotten growing but all we've then was and but left classes some of that the restructuring,

Brian Meredith

loss in right adding kind we and given just of loss Or color the about that this and you all what's Are all perhaps the on, I industry picks or are that Makes point are a the some now? the some social maybe stuff? on uncertainty But sense. And going inflation stuff. in not question, environment. trended about talking of at thinking IBNR others at on then second are additional appreciate to

Evan G. Greenberg

way of for me. framing a That's strange

recent it's your recent generally, IBNR. you're more casualty, You're then raising loss you to based reserve -- is pick incurred years, your on -- hang IBNR on either on to raising you're case on if all -- year, it's case could which if actual years, whereas be And on it's your if due -- claim. loss pick, in older IBNR so a If it's hat.

we've have more to our we've loss written been baked on business me, it's raised steady. to picks of trends, you just we And loss last loss through, take cost years, gone we years. just we that's raised It's saying, another our rate we've loss the So against simply loss up recent ratios way and cost, and picks. our on a picking as higher basis are raising and -- already earn over and pick already been your along, few then into

contemplated. remains trends, we We this have trends, our what see we haven't adjusted picks in cost cost year, loss I loss the as said, for with loss what steady

that because that may development years. just, that but a recent it loss by cohort may reserve its IBNR study-by-study. -- on nature, hope includes you're your through them, you're a see you reserve you're question. as answers the years if Now classes are Right? you older raise of change picks, which because It your and do a that charge on raising you which taking you to in It I on taking means there case of see that's more charge, raising years. view flowing you're to where studies, be more reserve be individual that,

Operator

the with The next Stanley. Morgan question of Bob comes from line Huang

Jian Huang

to little personal I just lines. to shift want bit gears a

the Personal? be auto growth of incredible pretty driver your understand of I different, about XX% trajectory growth forward. And forward? about year-to-date. talk curious we maybe to North how think line, You also, going you Can grew just should obviously, going is just this thoughts America homeowner premium this a in but the very going

Evan G. Greenberg

did we Lines Personal digit it -- year-to-date. we've North you Did XX% grown But America grow double not year-to-date. stock

We're where at The there's growing is line in, a customers a combination broad-based stressed it's -- so just And between CAT-exposed not It's worth set each okay, high growth. level And other. have reasons. areas. -- growing rate. growing of healthy homes. very so net look, We're we simply

CAT so we're but a course, of would, strong geographies, States. And variety to a element broad of exposed that have at across the it, growing United

product, rate we customer of you price that's exposure worked the the years is improved about. Chubb. and what we've getting is meets increase to there we well and known it The our the the now, business, the a profile want. pricing, for our and our to far for Because we're whose pricing We're our richness who ability it, more richness and sophisticated, And way on by-peril or very a sophisticated. is the provide coverage, brand our are of demand real administer you coverage is in if services

who, the not We tell guys the fact, in there street. And I are will are on cheap personally many them.

and services, for and a this which cheaper continue that the can other is But product we in it new want the competitive they gratifying in companies. with communicate We the customer. you rate, can business, renewal Chubb and give And no, way. name If growth in services the area. that our and it's of you're improve improving and retention front profile looking of price, the constantly insurance the we're our me three -- let And our of improving us. improving way is very

for that shaping sheet portfolio accumulations. just for areas the business of CAT broad purchasing to to protect been So and enough and portfolio And they're areas CAT-exposed of us getting and and base us and getting in risk we're CAT or a I giving balance the well we're we're reasonably we -- whether business CAT-exposed grow reshaping mind we're of priced in don't terms have they're it, paid healthier the quality as protection writing. exposure. a we're beyond then, yes, saying shaping giving in business

So all business in very is healthy a in all, our lines personal place.

Jian Huang

auto, Yes, there. XX% I Yes. Great. personal misspoke the

the this release, and expand It like question European broad you set doing details broadly of are bit Asia, to a can on, lines globe, that the about more think our is business in you us Is inorganic, accident you Or opportunities Asia opportunity of it Southeast organic, it right? in the more give speaking? is globe South across So things press Asia, your maybe feels Is well, nature? where is, well. maybe talked more personal health second referring and you that resides. seeing there? business is a you're doing little Can you -- more

Evan G. Greenberg

Well, good you. question. Thank

Okay.

and small clip, take we've a It brokerage, let's health. company through one The and and accident is talking going growing soon. business, I'm insurance and at our health. healthy growing in traditional double it But that for is very been account quieter benefits start is and through about accident companies, double-digit digits. about one combined and worksite voluntary So to account large a is middle -- little America, growing traditional companies We're It it North a it. at which agency. more

Asia health Our growing is world, Korea, over portfolio. has excellent marketed through billion growing in and direct a And it's A&H Southeast Asia, largest marketers an direct because sure, our in we're the contributor. Pacific Asia, accident grown the business and maybe for business insurance, of $X.X in

embedded employer, to is rank that's the very past life selling, at and that's Our new grabs Asia, In granularly, But or simple Latin across could marketed protecting coverage think I in in how growing flavor well. employee of business America, it's of our digital on accident giving term sense banks digital is on. A&H a double-digit we of with very clip. Travel devices, insurance well. how and growing digital and think for the of for Asia lines from out XXX business, a distributed go of the and products direct maybe -- for you in, growing a Europe, growing globe. healthy call, it insurance, Personal consumer and what device health householders, over consumer Southeast platforms, A&H Lines

Operator

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

David Motemaden

comp ex X I like point the P&C had sequentially. trend. long tail increased about America a It follow-up just loss sounds North on that

Just quarter? wondering the you in what saw

Evan G. Greenberg

did go It it not. No, Paul. ahead, didn't --

Paul O'Connell

The quarter, last was ], which just think it didn't stand-alone number, given cited number had exports P&C [ number. Lines was I that's the you a change. and ex comp we casualty Financial and casualty X.X% comparison,

Evan G. Greenberg

that you? to Did you explanation hear help David?

David Motemaden

a but it. of Yes. think little got most I I faint, Yes, was did. It I

So it just sounds...

Evan G. Greenberg

The numbers it. change. didn't repeat Let's

Paul O'Connell

different it mix might different lines. Sequentially, been a combination product or have of

total So the cited that X.X ex-financial compensation. we ex-purpose was lines and

Evan G. Greenberg

we to which for think purest -- casualty. hear is way the Which is you

Paul O'Connell

and Property casualty.

Evan G. Greenberg

property And looking separately at then gave as mean, my casualty and I'm casualty I the we changed. No. Yes, scratching And Chief hasn't I'm Actuary separately. head. my casualty.

We changed haven't it.

David Motemaden

Got it.

wondering, obviously year about quarter might on on big of give that just environment what doesn't Okay. there's thinking front. observations recent sort we casualty you we've the based any done, claims noise environment if of this in how on have environment, reserves, you in the just That's clarification should I'm heard COVID? a be I just shifts as normalizes guys helpful but lot been of industry of, across claims sound just guess like terms accident the from the following your loss some more

Evan G. Greenberg

observe to Look, let Yes. this you. me way

side of it. On loss the

for litigation. into all the cost the I but the in go We won't reasons, have many about talking casualty environment. been the for now loss years quarters inflation

talked on We've in of how to everyone though been stay the recognize to have managed down, how we've was We some boat talking. We've facing been the casualty-related, is closed whether some a related careful in auto-liability noise time. talked we the and accelerated about this, been period area and just head to court have the taking talked and trend inflation been facts, of how for about quicker, some talked had continuing the of you have a to not about about companies reasons have struggling about in long it areas, is of that's system has development, new time or We how have new that's be excess top up. that talked and not slower over it.

more loss and in picks and and their reacted have others. quickly reserves recognition Some

about So data who party. as management activist have how on talked to as use interpret in it latest those are top. We've for stay be information. not again, the how reinsurers or data, they everyone to intrusive And set, may struggles and the good and a

that said December, when in are is the negative this as occurring positive areas, I and We it. I strong. an were not that tell make well imagine. top other umbrella, and as you and I can comp is because casualty, today. casualty, everyone that they all in we it we and much our it study to understand billion this on quarterly to the hope $XX All together cetera. David, an broad-based. It's say Chubb, a on at look soup, with never obsessed of we And of excess something frankly, stronger of reserves basis, development almost them as i.e., as is December, them way, than them about, on annual our about rolls on say when all There's in subject. I loss a watch And can reserves, always the the June at and of staying basis. and comes loss auto-liability you science. On very aggregate moment monthly we something balance, et that's XX, in developing as well, reserves I developing precise development and are in as have and that

Operator

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

Yaron Kinar

broader commercial. a here, specifically take maybe on view America want North I to

combined where year-to-date. recent I XXs, been improvement historically, That's So including reported running it's at years, to I low a underlying in you've points think. mid-XXs X right, relative XX better, been to think whopping

So pursuing on context market maybe risk-adjusted and the on uncertainty, the hand, these you but margins? elevated how balance protecting other, the and the in margins returns do about growth think terrific of one these of

Evan G. Greenberg

Well.

see. Let's

We look speaks XX%. business itself. at grew I healthy our it middle think P&C when a market at for pretty you grew at clip

grew Our business at E&S X.X%.

large business, little Our slower a account club.

the that reach as P&C doing we're underwriting premium. insurance -- so more it. to grew. we'll CAT-levered, tell those leave because part risk-adjusted your sheet I've trade -- damping. gone big trade loss we as capability take We're property We're the shrank an we we're balance contemplate an rates hope out business quarter it's shrinking. Where both. we in secondary a where it's is growth, grow And what in we growth That and where Our XX.X%, is want and of think I CAT prior I achieve adequate, for from And through has And it. with in and fast denominator, partial -- growing year's and a can We're grow. much and a of higher and the rate achieving. financial primary a fast we number company the answers market, and we changes we'll that accident appetite everything current everybody brand, return. have current when ratio, can as volatility appetite, accident the grow the it we'll there This losses is than and indicator. numerator. year there which we before -- combined simply because to said everyone the earn -- our to else terms. But appetite. earn that striving When mix are all read accident to distribution ex-CAT. Property ratio for comes that can't growing is volatility year drives are part combined quarter, a enough but question. times combined I And we times we published prior where an the rates. in an line think interesting the of the current through I've profit, not return a year naturally the rates achieving to ambition achieve current where the while being and very which can. the that's that's the industry's how It's it, look, underwriting I've And geographic the we I we that this. look as published capital, a the about reasonable year CAT at. And is combined and a growing business, knowledge down it's can, should of look larger accident ratio And -- ratio, about all to areas,

Yaron Kinar

So that. maybe to follow up on

enforce So it in trend, of reasonable or an growth in those think So essentially of excess those to getting rate lines? -- in base? in of are accelerating lines where acceleration that manufacture policies premium you growth is increasing

Evan G. Greenberg

you new us. disclose There it and my a -- can't a rest to But retention it, going renewal record, we business, Again, to we're that. like is. cap I not apparent We policy rate case. see billion we XX%. is of of $X.X and anything had wrote

Operator

comes from the Mike of question next Ward line with Your Citi.

Michael Ward

-- the don't wondering you North the prior was commercial. I it -- could think just was maybe America development. in I but has hoping was million down $XXX been I I I period on asked, this break think

Just sort within of movements long-tail casualty curious, that, any notable are versus if including workers' there comp?

Evan G. Greenberg

was in out. any this about $XXX lines, a million sure. and auto liability We concentrated all pieces. we that of $XXX release casualty charge, studied million large Yes, the spread studied comp year together. across liability Among of account And related were that one ones. Pump and reduced and quarter, liability added general organization, studied medium, GL, auto variety large, small, the the about major not studies produced other

Michael Ward

That's verdicts. saw inflated helpful. handle some an kind that hired executive And really media you I a specifically reporting on but theme, on sort jury of of Okay. then to maybe similar

industry you you exclude? and that if expand how on to could wondering the expect Just role

Evan G. Greenberg

is and litigation a can lead going our on efforts out jury impact the of be gun. handle because focused we're which verdicts. going -- a environment, pool regulatory But like know to other to our in he's political resources mask I what the among Yes. except now, Mafia, environment is on what America galvanize somebody not I way sounds impacted help and the influence corporate don't any That through and to He's the to what litigation arena. arena the we inflated with do and hired to

talking litigation critical funding, individual and some whether you talking a or of awards get state laws by got or you're You talking to mass the down get any you're when that. to large it's changed tort issues, state you're

waking with And to on. I'm focusing so to it. the sure, on to just going to will, we're becoming And And right energized. say that, more in America. have now, I we'll corporate is go more and work future, down double up about work That on

Operator

from the Raymond Gregory next line comes of with James. Peters Your question

Charles Peters

going you XX in on started days, curious, I the the touch started flurry you But back, to announcements back of like us it -- And question. promotions. upon management it this last So curtain? the just step I a of in changes the wanted from to been mean, on last a there's step behind and what's could I'm company if give snapshot seems

Evan G. Greenberg

opportunity these well-oiled Sure. management This And months changes company. The process. [ curtain, an over XXX effective to the Behind the student, people employee of you the the set XX has of and and put people was who've engaged was and it. our organization. planned look place individual We the ]. we Pilla dynamics growing. the ago, it. long They the a were curtain. the that had structure management the No planned therefore, we at company, capability -- obvious, reflect, succession more. The to Lupica. at with all company, it and talent they're years. keeping culture. you to responsibilities the what size management at organization, have individuals this thing as that XX succession the address the had in It's for of who very level, to of It's across were for been We've once. promoted the all need very had about have do and our in state history for and It John that a scale on involves These -- orderly. And energizing adapt John And around the process. eye talent, my reflection of over to is key of change planned

us, the to that have structural diverse. opportunity, the of a and is our These business, complicated strategic leader, bigger participate is and business do massive can grows address more and opportunities. that, Chubb in, while managing and we more talked And leadership day-to-day we an issues need that day-to-day has just as of our responsibility front of that We have things a about with in litigation.

it who so just talent know team succession we job great well, of stronger. each against reflect part to process produces match is other it to announcements the -- that. So my long of up what a have And a have everyone is, on all you all use and to reflects. means of of that bench well-diversified that's got that those And deep, know what's on it was for together well been time, the and just

Charles Peters

business. yourself was follow to reserve think you I out Great. into question, get well. I'm commercial the American throw liability, -- and handled North jump agricultural sandbox the . I going -- watching of my very up

that. So congratulations on

For corn, down, -- spot XX% checked of year-over-year. I of looks bushel it's what, the like some a rate

an to there the Obviously, agricultural you but is could but know arbitrary be harvest us So outlook maybe on would shaping the be business, up. your give year I helpful. emerging, of still any update for looks that's color season how not an that, this

Evan G. Greenberg

Yes, myself middle the I'm But game. good to it of so particularly season very exposure, not and growing far, where a of going to we for be very careful the jinx going is soybean. I'm have because, corn in concentration

on people the reflects see it at something You what When swath geography, you about look speculative have up stocks price right about And years growing and shaping years right We'll out. account the all to how at going the pans And that's moment. they're well. John, they're driving now, about to price? it of we've know corn imagining, well-diversified good. what's something very a -- the it's been particular. it We're of in heavier it's obsess there Upper West a now. book. the very at to moment, out markets a on this conditions see the at because, But Mississippi. But really in and Midwest spot it's say say broad the in Midwest, And what's looking growing class. you the than wanted what -- are we not of just or government base -- always imagining were

John Lupica

note price is important off which good think what spot Yes. the it's right is for us from base I the the year, but spot only below was, base price, last XX% more price and I do now. number

Evan G. Greenberg

of if We'll averages. kind -- you little outside frankly, Which see. deductible, lot knows? deductible a was the of who is within But a look,

Operator

to will turn Karen I remarks. over call Beyer for back now the closing

Karen Beyer

today. everyone, Thanks, joining for us

you day. Enjoy have questions, any take follow-up your we the If will you. Thank be around call. to

Operator

and call. concludes Ladies Thank today's disconnect. gentlemen, and you now all for this you may joining,

Chubb Limited (CB) 24 Jul 242024 Q2 Earnings call transcript