Chubb Limited (CB) 1 Feb 232022 Q4 Earnings call transcript

Good morning. My name is Rob and I will be your conference operator today. At this time, I’d like to welcome everyone to the Chubb Fourth Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator Vice Investor Senior begin you your conference. President Beyer, Relations, of may Karen

welcome our everyone fourth and you Thank to year earnings quarter December end conference call. and XXXX XX,

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

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

to our like I’d introduce speakers. Now,

have several of Evan we Officer. Financial followed us to your and our Chief assist questions. with Chairman team. Then Enns, Peter Greenberg, Also members Executive with by our are First, management Officer; Chief will your take we questions

And to Evan. the now, call over to my it’s turn pleasure

morning. finish, to record year. which strong We had another contributed Good a

life underwriting the quarterly insurance consumer and ‘XX were lines Our investment net year combined and P&C an led growth premium a business. income international double-digit full with globally good We in projected results. had crop from growth commercial true-up our a that excellent, ratio despite result and contributions XX% to results to with record our strong

in And of colleagues international All basis best quarterly in want P&C our in my a a operating year. to of the and the and last company outstanding around including both organic from the I results what income many the growth, so of the performance P&C the revenue to contributed decade. congratulate thank premium record results areas dollar another growth income our share and underwriting business globe. important, More including financial to record and year investment per full history, double-digit was best led company’s year on

expected by Core share. the per earnings agriculture share. billion was $X.XX reduced quarter in income $X.X or $X.XX per operating our Crop results

year, we impacted, and as Quarterly an again, $X.X income I projection of of leading year billion from underwriting for now year. change was belt or result in said, corn ‘XX losses our share, to conditions crop the overall record. For the full know was operating loss we season to P&C average areas, by we trued $XX.XX business. produced underwriting up growing overshadowed of $X.X states, per a as core late This for income XX% view a billion up the what emergence drought that below-average is due the excellent conditions to in which from year of other many certain for crop

exposed prices. year, a growing start with each business It’s weather over. Agriculture and And nat like is characteristics. about commodity conditions cat you

well, we $XXX in year, We considered. underwriting income. a agriculture ratio all the XX.X% million For published combined performed and produced

underwriting income Back ex-cat combined of of years costliest that’s $X.X with yet was on which Full year year the amazing XX%, and billion one a ratio what current business, in speaks with record cats. underlying terms the of accident was combined and P&C an produced our published quarter, broad-based of excluding for strong the billion, losses to combined ratio catastrophe industry up XX.X% performance ratio. the XX.X% agriculture, a the of $X.X was in XX.X%

the adjusted from the about year, million $X.X billion for net prior up billion income side, quarter, investment the both year for and $X $XXX investment records. On topped

reinvest which at a grow of the against is rate cash that’s as to will quarter higher reinvestment into flow run-rate now yield portfolio X.X% X.X% annualized we translating first and into XX%, growth, simply averaging Our going of rates. continue

the cash for $XX.X respectively. billion $X.X billion year was operating and and quarter flow Our

capital on touch to want I perspective, For management.

to manage a is flexibility As are to you company. business risk growth is we balance policy. flexibility. for risk business We for know, After and simple consistent to opportunity the and all, a and are in we capital return balance maintain, the shareholders maintain sheet our policy and

The years instructive. last are X

grown capital. premiums We P&C XX.X% and our that organically have requires

and $X.X billion for more Cigna deployed maintaining of capital a strong outstanding value to with our of shareholders $XX.X opportunity flexibility $X.X all we through investment X% cats, key invested Asia. ROE. together Peter Huatai increasing have and will further items, and our generation financial prior returned about over dividends risk and have billion have the strategic same We the development, buybacks, to say time, future capital we period total including acquisition and have acquisitions adequacy emphasis on shares an ownership while book given and earnings the over for at capital power. billion And income,

turning X%, P&C the This consumer business with with Overseas our commercial P&C a lines but the consolidated X.X% the includes a North quarter declined over premium constant grew of virtually and while XX.X%. Agriculture the of XXX% all premiums, on growth broad-based globally. balanced nearly growth consumer X%, Asia most billion. growth after in to were result. rate addition of contributions Now our life to general or written company worth in business. up net commercial for dollars, and in business XX% the growth the environment, were Cigna very was dollars constant in in high quarter aside, premiums commercial up personal in XX% $XX.X premiums from earnings X.X% up America up X.X% X.X% businesses increased and net basis reflecting in published and strong almost FX, in

company America, multinational by which which dollar major In will X.X%, our in future. the followed weakening Lines been a benefit division, by our commercial growth reaching in growth constant small September, growth our Asia-Pac America, over by was Commercial quarter for our London are international with and insurance while X.X%. growth retention Latin the businesses, has business wholesale and renewal in commercial X.X% Retail in nearly commercial P&C retail After our this premiums middle-market UK, commercial operations, high X% and major led and our In followed a and movements. XX-year grew up that of currency specialty North XX%, our by XX%. in by are X.X% Ireland accounts division. impacted business, grew about We was X.X% grew grew and in dollar, was retail led general

terms P&C of risk-adjusted In pricing environment, remain favorable for conditions majority The of achieving vast lines of the returns. portfolio commercial business. is rate most our favorable

said rate I and long-tail required like lines, hardly benign most last pace which are lines. to again both keep in is So costs, primarily with in loss quarter, additional short-tail

both America exposure of which increased up for the includes loss pricing supports portion Commercial costs P&C X.X% rate North and quarter, the in illustrate, To that rate well. with total as X.X%,

further, costs think Breaking because down P&C, it’s the headline. more trending with excluding for lines P&C workers’ and XX%, commercial that’s drill Pricing And insightful. X.X%. Now up down loss comp financial I let’s pricing X.X%. XX.X%, property and an to while a catastrophe were insurance Property opportunity in loss reinsurance inflation, costs step further, for firming pricing pricing was up exposures, us. is response is up availability. Short-tail was

adequate. was majority North trends For while the is casualty loss X.X%. of America In quarter, Casualty pricing the X.X%, cost up were for lines, pricing

room an is warranted. at to auto-related cost a loss mention here excess to in for no to special Now most pace. forgiveness. rise trends, liability given accelerated is There And rates casualty need classes casualty little and

experience. In includes favorable workers’ our recognition lines some For minds is falling quite playbook favorable are which pricing quarters is comp, liability management, environment rates the of our in and Chubb, and consistent. a number professional aggressive have like and of risk and been clear, competitive for now

careful, if However, in of not the danger mark. overshooting market the is

In which lines aggregate X.X% while exposure region we cost both commercial North management, varied achieve comp within the trend In pricing and by country up comp, were trends was loss our well in X%. a improved up quarter, and in financial primary risk They And pricing are region our rates and class to was were were workers’ Rates rate flat. pricing loss essentially of international America loss for up costs about up trending against X.X%. business, cost includes as X.X%. to Internationally, X.X%, X.X%. across and as by retail portfolio. continued

again, Turning about consumer our America high lines in businesses, up North written were X%. net business, net personal to worth our premiums

however, XX.X%, flight quality achieved XX.X%. business, capacity. worth XX.X%. to of and In homeowners net high segment, while we the a running grew about about loss trend homeowners’ true Our There pricing is our is client cost

lines premiums grew dollar. constant the over consumer XX% quarter, International again, in in

about Our up International A&H with division had another XX%. strong quarter, premiums

Cigna the Asia-Pac each the over UK from were acquisition, lines doubled business, was constant addition overall dollar. about in life positively was impacted up the and XX.X%. up of by In the dollar international than business, up insurance track. our were constant growth is of income half which Latin personal nearly XX%, Premiums X% life our while while up premiums in both America in the business less XXX%, also international coming with on Cigna Asia

early while of lending, Consumer our travel ‘XX, and operations and increasing banking travel prior and Think traffic strict as pandemic in enter travel capabilities and commercial we life days, of including travel are external further our and Leisure business widespread foot stimulate travel a retail resurgence think business it again combination alone strong, A&H holiday. trade, XXX% business nearly presence. controls, in benefits tourist and As the strong up a all strong from to Chinese across which year. is non-life, and the Asia leisure on as contributing to growth environment begin consumer region. China over was growth growth. its reopens the will lines And and and

The last weeks XX.X%. shares Since to separate number received we XX% regards in months. Group, taken as the close Insurance know, As increased ownership of our you expected XX%. is approval ownership shareholders transfer regulatory to quarter, Huatai our then, in place to have and have to from China, next a the we or has increase remaining of

for macro businesses optimistic are globally about we our am favorable future add the of outstanding the from quarter a foot growth confident terms I of outperform. our growth we to on summary, and Despite then income. overall. challenging environment, remain starting ability strong Conditions in trajectory looking investment ahead, first In in and off year. our an quite in continued the had strong And

will Peter call come questions. going over are and and to turn now to your take are to we the we back I then going

Evan and morning. you, Thank good

quarter, and results. reflects translation operating leading gains dividends foreign in respectively billion repurchases of interest we declining unrealized after have of $X.X increased gains including September. you another and of currency from and As underlying just X.X% value rates increase to in billion share $XXX year the tax, results, business net portfolio as value strong this since book record per million. in well fourth to income and and Book as million investment continue The tangible deliver share and performance $XXX $X.X heard, X.X% strong realized

rising Chubb. a and on portfolio view from environment, insurance losses quarter’s economics for fluctuations a in fixed represent prior high-quality reinforcing these follow and valuation, our don’t hold gains transient company buy rate like largely a particularly investment mark-to-market quarter’s This that real income are

For equity impact on acquisition. whereas year, the and full X.X% per book the excluding the and decreased including X% dilutive book XX.X%, XX.X% respectively, increased AOCI they and tangible share value Cigna tangible of

core quarter and and year return our XX.X% and the for while tangible XX.X% ROE equity Our core was quarter was XX.X% and the respectively, on operating XX.X%. operating year for

as XX% Turning portfolio year rate XXXX quarter’s this income quarter the to a record and for in continue through to such, And prior in $X.X was we offset million, The than the anticipate attractive last We storm to by to quarter. growth quarter were continuing by expect Elliott. the net higher to adjusted $X.XXX quarterly environment. and investments, more quarter’s losses prior billion pre-tax over included range investment of from the investment increase X% cats. billion. topped from catastrophe in events now adjusted $X.XXX There $XXX our of principally winter quarter, billion other weather-related net income of changes be than

estimate. in insurance our Ian Catastrophe together and points crop However, there underwriting losses P&C ratio. percentage no change combined added was Hurricane X.X to our aggregate

and period XXXX We from property, mainly the agriculture lines commercial development the and primarily in our of active $XXX of accident had P&C from years. favorable in lines, quarter marine million short-tail prior XXXX companies in

was development exposures, legacy asbestos, million runoff adverse In $XX our was recognized million reserve including our part annual of to addition, review. which as of there in $XX related

in ratio of Our payments which points excluding crops, paid-to-incurred which fourth typically and specifically each related higher program, our the insurance are quarter paid-to-incurred crop to The XX%, year. ratio XXX% quarter was percentage X PPD. cats was for about in the

acquisition the our Cigna better million for is Insurance Life procedures. was align and post adjustment $XX the International segment the to except income an non-recurring accounting policies insurance expected, company’s related owned entity. in quarter to as partially adjustment This adverse Huatai,

a business. from benefited related total to in segment America in the release Insurance reserve Life of the addition, In combined million quarter our $XX North

previously the operating in XX.X% Our line was year, rate for XX.X% range. the for tax with effective quarter and core guided

annual the XXXX, expected for XX% in core of rate be tax Our range expect operating we effective to to XX%.

Chubb the note, X, is Insurance underlying guidance, book no In but impact long-duration as which the value. economics. net XX-K, contracts, targeted XXXX. businesses. improvement as final book of the to we changes a or This impact this only, year-end ‘XX, long-duration accounting relates on LDTI, accounting X historical years a the value And as X of On will is for we an and to favorable ago, Life but having of our adopting expect accounting change immaterial January impact disclose

to over I’ll Karen. now call the turn back

And point, questions. Thank to at your this happy we’re you. take

the from David [Operator Instructions] from ISI. line question of And comes Evercore Motemaden your first

open. is line Your

again rate Thanks here. business interest I’m in for what the for the I need that it the picking still was competition Hearing by interested trend morning. where up terms loss is is seeing trend. all, I’m if line. the on above line is detail casualty rate in higher. of loss at sounds and like rate? the by price getting if are helpful. of Hi, thought additional Or market discipline here that additional rates wondering market’s you’re good

competition seeing in liability. some obviously picking We’re professional up

seeing wondering in North casualty. what just you’re America So

going such somewhere there business. Look, years And misses you and business what it to a And Yes. runs cash on to of think would underwriting look if thinking impact, years, that liability curve, No are an material interest the rates a don’t yield between were have in of XX the a flow one durations I in market couple the competition at expect level you not have line question about depending and years. related X that your rates at that. remember, be the rates. is increase out

and that through a do I more. competition. I – that’s market. I I’m an I note smart think action. what be around of because and show And of spiked it failure – to I should think just you’re the cost that lines would about loss and in am lines of with think environment, about see cost – take leadership, risk-adjusted I I business is So And listen are It’s just others concerned don’t taking in lines in that return out recognition them. and those time increase kind a pretty of environment on a certain touch either guys a where in drill and why naive – at thinking, I or about guy, a of to to basis, steady talk that in lack you little But when do two a loss more you adequate in management that’s don’t see I certain particular. to think

no among from recognition there there pretty the discipline, away loss is cases, you mark don’t and, and get with room most maintain pace a because that keep cost is some better can quickly. overshooting this you think I to in

very casualty couple benign more cost – where do number a it’s from inflation has It’s can with has inflation and clear. separately which that of has that casualty, inflation. to everything I a a social go footprints market Then has And that been around very, that been you general to a with spike in out see good. trend environment you has years, lines, so-called not where And and other reasonable. have We’re do it. in of loss pricing back nothing very condition

be you can not but adjustment, It’s careful. give rate endless. understand And so back

Right.

about between long you answer. question for I just lines? development talk And period up, prior helpful. then following and America a of drivers tail appreciate maybe North in that short could Peter, commercial the That’s Okay. tail

was I think you a is release. the there all COVID-related if prior at I’d looked say significant year quarter

you’re for if you comparing, So need I just adjust to think that.

you. Thank Great.

Last year, COVID large last quarter had a adjustment.

So that’s compare. to it’s why hard

North America way year-to-year that from compare quarter-on-quarter can’t within You commercial.

great. Okay, you. Thank

question comes from from Fargo. Greenspan Wells your of line And Elyse next the

open. line Your is

Good morning, Elyse.

Did at question X. morning, rate write guys book. January own Evan. cat reinsurance first relates yourselves? strong choose good to some about Hi, reinsurance increases pretty you My more heard your property We’ve to

you Elyse, up little bit. just so you’re know, breaking a Yes.

just I think hard. it’s aware be I got it, but that you’re

coming really not You’re through clearly.

you about as middle see think we we I talking exposure. mind in whether opportunity. to cat returns the very our cat of property and market. standards, have would it property the in we Look, And about were clear an we’re a our adjusted see to expect increase

property risk comment a in and Chubb to I’m than further except in from conditions that, terms then both not that so right, in taker is going pricing, And cat. if any – the are

We will increase.

need However, it’s to any we not means. business chase by a

will if trade. additional capital we we deploy like exposure so only more to And take the

know know forward about I’m we’re it play. I that, to look on the while to going want field specifics talk Beyond you of and and hardly

You’ll see the footprints after the fact.

And then my there that a up Ian. agree and think ‘XX. would better impact Hurricane you commercial statement? mentioned would perhaps move, as with be you I as property Okay, trickle-down rates thank through reinsurance there you. rates second rates following move Evan, picking question, Would we get

think if about I listened When mentioned I I talked and mentioned availability, reinsurance my the in availability I it just that. was the Elyse, cat I you said to pricing. mentioned reinsurance I I environment, pricing. XX.X%, believe increase commentary,

out, Okay. ‘XX? growth in commercial stronger And you do is opportunities probably you of do think think book your think as within – you one the property

I on ago. I further for only is an think that. that stand my any minutes I what Chubb than opportunity already is said property it made I XX comment about can’t

Evan. Thanks, Okay.

Thanks.

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

line open. is Your

you bit to at thinks if hoping parts Chubb changes what so in of give say, what see was parts the I that the some including strategists, in that wondering the be on it rest and what could happens going and future a is quarters, exposure Thanks little would are morning. sensitivities year. we – we’re call of last, XXXX. to this the from additional sometime are color what exposure we move sensitive couple a business changes? into was I would seen your if books, your over And there be of Good our recession folks for the less we’ve of year. us among assessments

one commentary my and things my into will in regard economically rate off cost rate you not business-related square I’m human have on rate are through. that The ‘XX, where the that going as you going deep needs coming – that sale, for loss relative with all is relate the we don’t to ‘XX casualty, or you to said certainly, don’t economic more go recession, be is in is or casualty going of we to and exposure think I It price about to get but whether to point – my exposures. I activity consumers be footage movements. that’s that to on These is keep pace sale of forward rely which I is have and Yes, slower. you in traffic recession of point. will related of that, – off you industry really in you of And off mind much measure the can’t rate could payroll, in as back

inflation growth help you fine. cost. think what’s when And our will That growth our the to about on And and terms think of just as think can I need exposure much is and loss of in rely less rate. to growth on I the rate, on of exposure exposure don’t the it about so I my when exposure. support more be rate mind rate overall of think you about percentage the performance pure and and rate

changed help years. you maybe to think, costs the of of to I would the respond think little will any primaries sensitivity in well, Then lines on bit, a costs primary thoughts us think both today I be is higher pass structurally great, just to terms ability Chubb can higher little have I’m But commercial sure in bit industry what out? today’s quickly there Things as over reinsurance of talk and not the the about I reinsurance sort lines. how to a environment. And the

Well, speak I everybody else. to can’t

view or tail not stay And price when But Paul. so and loss tuned out, pace What achieving for to cat we lines increased think seeing that figure of just reinsurance reinsurance worried to costs. from increases, rate a that, I about short and and both you’ll have to costs. keep price I where I’m Chubb know beyond point exceed expect manage of you’re

think and that pricing speaks that’s I way. I for gave that think quarter – fourth why think it’s I the itself I that you –

Thanks a I help That as lot. And will will appreciate. always.

are You welcome.

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

line open. is Your

morning, Greg. Good

everyone. Good morning,

your you obviously, So commented this comments. on

looking heard for So I just but clarification. further letting you know comments, your I’m

just repeat can I myself.

about you Well, didn’t much say this.

a little retention hopefully, I of by could XX%. then at talk historical comp? more the you I your a Are financial the I you importantly, give over Do get that us out of commercial intrigued in was view the context add? lines, and of market, But So more should share some willing comment you view. you to have can near-term? us trend about about maybe And with pieces might the moving how workers’

XX%. first On premium question, your a basis, on Yes. the it’s

the of the of count, policy unit there in has So terms in customer impact in it’s price and it count, XX%. retention both rate of

the so a customer accounts high. want to and customers, is stability And it, renewal of count of for the move there as but – So basis, during are, in they part on want. book given pulled you a retention do think of home. back then and many had distribution it’s on in stable it’s the And earns that’s find a that new And basis, the find our retention hardest of cycle both COVID people much themselves to of all reasonably that. more it you It’s customers lower capacity don’t on where so movement but a true very policy historic there number, very I business. is customer was industry basis,

you that of a have And more way. stability so

at comp, I high is financial prognosticate running to – I be on a can never logical I I markets all I level. logical. and do I think When prognosticate in stable going look showing that’s know if and then of look, more businesses only more what a more and lines would a only give and can would kinds forward you have recognizing am players. are the are basis. There see are So, financial Visa – to insight lines, an really stability that, loss there more [ph]. of the expected on one players that has and into of okay, and been we risk-adjusted at cost They established where lot of small you,

And chaos that to so In has I emerge. coming. little moment is beginning way, draw that and a know to stability right of little think a the in it a that creates don’t to you. comp, now way tell market market line what but The more truth I I see

Yes, that makes sense.

insurance, the that? talked then gives comments Another transcript. in it fourth additional out Can have maybe takes area and Peter, through And happened assimilating other life review some of back. that a us about that in But little Peter important. the seems am commented you color quarter. the to the headwinds maybe accounting that to can and you The going you on, give I about go talked and on of kind you go the

about ownership increased didn’t levels $XX and mentioned, There I have that a charge was accounting as and an relates as So, our say additional, the which was $X our one-time million I non-recurring it to was related Huatai charge policies to impact. of FX million. aligning it’s

how about that’s I so it. And think

of international is why ongoing adjusting highlight which are the sense other of at you insurance you for things, more of I life just If out business, we looking a income the income one. of the that and those largest spiked we one the how and reported the business, would view two coming out that will give two,

our in that’s that brings you like to million. $XXX about minds, So,

together. the It’s $XX about million putting two

it. Got Okay.

closer and will Excellent policies the what be have as to align we But much to we be. more very million, is insight. it gotten view very one-time clear, $XX to

for Got it. Thanks the answers.

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

Your line open. is

points the meaningful to cost are into the back do causing needs could would any like to One more you in loss there trends. increase is on on But of understand changes you. side, or to things competitors to Thank your attachment with excess morning. losses rate layer? that Good an go fully discussion I I to deductible? you up casualty. the making inflation structural mentioned creep keep are

of listen all we all can that of ventilating – point stuff. and that and Yes, attachment course. of layers track that changes That’s all and good

baked So, yes, and all our thinking, of that’s course. into

it. more loss got trends loss also mentioned by And give quarters? prior costs versus we on how And X.X%. this you quarter. that’s line cost that color sticking were Okay, from you got actually casualty you context trended business American And if North just with Can you could see….

Stable.

are about loss risk-adjusted you this you is are you now, projected higher trend observing using think Stable, okay. out returns? a a And if you right if level tease could when

overly going really I on am now. not dwell subject to this

overall So, baked gave a have, is of going I that stable. to information other means all piece the mix that But into along. move primary only what that excess and an is of cost it we you I the loss of in you it. trends am I – It give is will and

third reserving. Our in view our views quarter and gave actual is around inflation, views stable both quarter second a at on this you the in how and I and pricing we and information inflation in constantly adjusted for lot our forward we and of at and it, time the look

stop am there. right going I so And to

Got you. Thank it.

You’re welcome.

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

open. is line Your

Hey, thanks.

the here kind we there we of loss acceptable in a So I more good, margin in improvement am rate return room to business, the just close XXXX business? and curious, as getting look trend given where underlying for is your into or are solid is

– mean I it you at I ratios, Brian. think look by

stellar. with as They whether any happy returns the better, I world-class our are far in get returns they stay very portfolio. are And am tuned. just I well, think and as they would

then second the question… And Thanks. Okay.

don’t You guidance… I forward give know,

hoping. was I

It’s try. I I love you know dearly. you a good guy.

Okay.

quarter. in Was fourth with for that’s great, it thanks year, share the comments fourth I third slow The Anything know second buyback the the the a why in you on and to this slowed quarter ton one, done just there it’s going quarter? respect – I guys on? did to you have but anything call thoughts it curious capital the management. am relative

that No. we all at and within capital as about that. And we to as has we look we is policy steady buybacks numbers. did know. about perspective that I view how capital remaining she a mean up stewardship you our time say have take that we the and how and capital capital of perspective, have amount step couple And back and wanted just read changed dimension amount. that’s Nothing are context And years. our translated why create when of it. And goes. want we of how and And management all do, we manage, our repurchase that a stunning changed think has it’s that it of of I to earning to we used. buyback as I have will to one it, we it that authorization. you we and managing a speaks And power together bunch I in And nothing really at just mean to over

not just $X.X as we half how in this which of come framework point a our the prior we context about up But others. billion compared revisit $X.X And up call. is reasonable this we income not Brian, through to And is billion said, we year. left, and have one dividends on it’s so aggregate maybe to use at the to of But looked XX% to the a to context the it. Evan first $X.X about manage for what actually it. to more year, this so way we has of billion think buybacks

Got it. Thank you.

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

Your line is open.

Good Hey. morning.

one follow-up a on First had the I is last actually question.

in are, you your and through when comments strong pretty potentially? capital feel you the making does strong willingness you How lot pointed balanced and the into year a when casualty to with and next how starting as a strong adequacy the deploy of comments you front, about the On markets some have you about that at the business across think capital make about organic think about and so business are the forward-looking your casualty the we forth. of made out, point, place price in margins moment, your

am capital of on to If something growth to property, like plenty if and will and grow we our basis, and line that I the take have pricing our it. firepower to Volatility, extends said period. appetite, we business. a I and terms risk-adjusted organic exposure on Is of support any already we paid Look, say. it the to around it

Understood.

also Second question, the business. question on was but life growth a insurance

thinking see to some and and like through if engine being wanted into growth in could the the or a have that you Just so of years the integration completed look that get you help does and for Cigna next X the acquisition out think now over terms forth, us you what of year company?

Yes.

particularly is it of it both detail growth, life a accident growth, And about think ends more it earnings of earnings Asia. it source I in health think a oriented, which in and insurance, gone have I the source which of is into that. risk in and both both is about is and revenue

well in about business, our that’s are of with Chubb through traditional which about it as it savings and agency partnership distribution active channels. protection, competitive advantage very and marketing, non-life think protection channels, life As direct way the a for telephone-based in and fast a business, digital that of variety and more emergence Asia’s. Think

Indonesia we and among to in income, company. is middle rest based in worth, to next and to out together distribution and the just when you and to growing net year Kong and Vietnam, dynamic of the Korea I particular, of customers. most or across about product and will life high think the of measure capability think growth and but particularly Think XX the then good, the years, from Our outpace sure, trajectory percentage over what’s it, next and that commercial. years is long-term me, It’s wealth about including the region the Chubb. world Asia, look the integrated the represent Middle base. certain business, And of mind. X period in this China can’t that’s the not And I at you territories, you and And think a – quarter-to-quarter. my non-life when all majority time, over business, will look the when life our Thailand, XX% X consumer, think it Hong But how income greater time, consumer now its of years on it lines, not a it’s will about X same creation. and

helpful. Very you. it. Got Thank

welcome. You’re

Zaremski comes next of Your the line Mike BMO. question from from

open. is line Your

Good Hey. morning.

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closing there Karen at And the remarks. back are turn will to Beyer, this questions over some no further time. call I for you Ms.

any today. And around for joining we if follow-up the will be you Enjoy to have Thanks. us questions, everyone you day. your Thank call. take questions,

participation. conference concludes Thank This for today’s call. your you

disconnect. now You may