Chubb Investor Presentation – December 2022
Chubb Limited Investor Presentation
YTD 2022 Operating Results
($ in billions of
Gross Premiums Written
Full-Year Gross Premiums Written
Net Premiums Written
Full-Year Net Premiums Written
P&C Combined Ratio
CAY ex. CATs
P&C Underwriting Income
Adj. Net Investment Income1
Core Operating Income
Full-Year Core Operating Income
Core Operating Earnings per Share
Operating Cash Flow
Shareholders' Equity
Book Value per Share
BVPS ex. Mark-to-Market
Tangible Book Value per Share
TBVPS ex. Mark-to-Market
Invested Assets
Market Capitalization2
Core Operating Retuon Equity
Core Operating Retuon Tangible Equity
YTD |
YTD |
YTD |
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$46.8. |
$51.9. |
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89.9% |
90.4% |
87.5% |
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89.0% |
85.1% |
83.7% |
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9.3% |
9.4% |
11.2% |
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11.1% |
11.0% |
12.1% |
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15.3% |
14.6% |
17.2% |
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'19 - '22 Change
31.1% (35.0% C$)
29.3% .
29.8% (34.1% C$)
29.0%
2.4% pts
5.3% pts
56.6%
5.4%
32.1%
43.0%
74.9%
(12.7%)
(4.6%)
18.3%
(13.5%)
23.0%
4.3%
32.7%
1.9% pts
1.0% pts
1.9% pts
1. |
Excludes amortization expense of fair value adjustment on acquired invested assets and includes income from private equity partnerships where we hold more than three percent ownership |
1 |
2. |
Market capitalizations as of 11/30/19, |
Precious Franchise = Businesses, People, Culture, Performance
Margin
- Superior underwriting culture: combined ratio outperforms peers1 over 3, 5 and 10 years by 6, 7 and 8 percentage points, respectively; 2021 and 2022: 88.3% vs. 95.3% for peers
- Efficient organization: 27.6% expense ratio vs. 31.6% for large peers2 from 2018 to 1H2022
Global Product & Distribution Breadth
- Well balanced, global presence, 54 countries and territories, leader in many
U.S. and international business segments U.S. : P&C and A&H; #1 commercial, specialty, crop, high net worth, corporate and worksite benefits A&H- International: significant presence;
Europe (P&C, A&H),Asia andLatin America (P&C, A&H, Life); P&C commercial and consumer - Broad scope: multiple customer segments across commercial and consumer; distribution across brokerage, agency, direct
Performance Culture
- Integrated global command and control management and governance
- Ambitious, disciplined and execution-oriented
- Talent development a priority
- 500+ hires into Chubb early career program/year
- Growth company, builder's ethos - organic and M&A
Scale & Financial Strength3
$63B total capital- Highly ratings - "AA" S&P and "A++" AM Best
$112B invested assets - $1B+ investment income per quarter, growing, adding earnings power
Strong Competitive Global Profile
- Scale, global presence like few others
- Operating, technology and digital capabilities
- Skills and organization - agility to capitalize where opportunities appear
- Carefully constructed portfolio: product mix, territory, customer
Strategic Optionality
- Scope, scale and presence
- Earning power, growth opportunities, attractive returns
- Clarity of purpose, direction
Stability of Leadership
- Led by underwriters - insurance is a risk business
- Stability, depth and vitality:
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- Senior leaders have decades of industry experience, decades with Chubb
- Next level has 17 years of industry experience, 10 years with Chubb, 40s average age
- Women have direct P&L responsibility for 40%+ of Chubb's premium revenue
Exceptional Service & Brand
Fortune Most Admired Company 5th consecutive year
Digital Vision and Strategy
- Transform our entire company into a digital enterprise
- Digital Business: Sell and service the way customers want or expect
1. Peers: AIG,
2. |
US Large Peers: AIG, HIG, TRV |
2 |
3. |
As of |
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Chubb is a Story of Patient, Relentless and Profitable Growth and Diversification - We are
We are ambitious and constantly reinvent ourselves to capture strategic organic and M&A growth opportunities in a changing environment
Market Capitalization ($B)
Global Market Cap Growth & Rank
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# |
Chubb Ranking Relative to Life + Non-Life Insurers Globally (Market Cap) |
#4 |
∆ |
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#6 |
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4x |
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1 |
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Top 25 Insurers' Market Cap Indexed to Chubb |
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#11 |
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$49 |
2x |
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Market |
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Capitalization |
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2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
through |
Premium Growth & Diversification |
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Life |
NPW: |
x2.8 |
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Life (A&H: 7%) |
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Consumer: 28% |
6% |
13% |
Consumer: 37% |
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A&H |
22% |
6% |
A&H |
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18% |
Personal Lines |
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Products |
Commercial |
72% |
63% |
Commercial |
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2012 |
2022PF2 |
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23% |
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7% |
6% |
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25% |
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16% |
19% |
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Geography |
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17% |
13% |
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77% |
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60% |
62% |
North |
75% |
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America |
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2012* |
2022PF2 |
3 |
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- 2012 Geography % out of NPE
1.
2. Pro forma for full year of Cigna and
Portfolio of Market-Leading Businesses Across the Globe
- Well balanced business mix by product, customer type and geography
- Premiums up
$12.4B (+11.4% p.a.) since 2019 driven by strong organic and M&A growth
Net Written Premiums by Segment
- 10 distinct segments, each with at least
$1B of premium
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Commercial: 63% |
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A&H insurer |
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− |
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Global Life |
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Leading major and |
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− |
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13% |
Global Major Accounts |
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multinational |
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19% |
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accounts |
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A&H |
insurer |
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(Non-Life) |
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6% |
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NPW by Region
- Over 40% of our business is outside the US
LatAm
6%
APAC
19%
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US |
57% |
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13% |
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− |
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Int'l Pers. |
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HNW insurer |
Lines |
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6% |
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− |
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traditional, |
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specialty and |
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HNW |
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Personal Lines |
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12% |
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Consumer: 37% |
Global Re |
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2% |
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Agriculture |
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6% |
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#1 |
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2022PF: $44.7B1
Global E&S
12%
N.A. Mid &
Small Comm.
16%
Int'l Mid &
Small Comm.
8%
#1
commercial lines (
$7B U.S. (#3 mid- market insurer)$4B International
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5% |
2022PF: $44.7B1
insurer |
Significant
1. Pro forma for full year of Cigna and
4
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Attachments
Disclaimer
ONCOCYTE CORP FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits
Regulation FD Disclosure – Form 8-K
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