Chubb Limited (CB) 31 Jan 242023 Q4 Earnings call transcript

Thank you for standing by. 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 Fourth Quarter 2023 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. like Vice the President, now Karen over would Senior Beyer, Investor Instructions]. I to call turn to [Operator Relations. Please go ahead.

Thank December XX, Earnings everyone, to Quarter welcome, Year-end Conference you, and Call. XXXX, and Fourth our

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

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

introduce Now speakers. I'd like to our

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

Good the year. finish morning. outstanding to had We and an quarter

In year. record fact, a

premium and P&C on all growth. included and investment share underwriting and income per both Our results to exceptional quarter's strong double-digit income, operating earnings life Record leading operating dollar basis.

related impacted earnings Our benefit related new significant Bermuda's a in positively by tax book way results, onetime law. also and tax to both were income a deferred value

a story. equal, really quarter tells While important, the things matters the it's that year most. full results All one quarter's result being and are hardly impressive

income XX% underwriting excluding tax up operating a XX% top a billion. Our $X.X income stunning. billion, ratio and benefit, income up and full or year billion, Core simply investment P&C XX.X% up the of were was combined with was record $X.X XX%. topped billion, $X.X results $X.X

while income Life between consolidated see, was over can you balance healthy billion, balance. was $X year. the growth for was income a XX.X% XX-XX, income very and the underwriting premium investment revenue As about

and our year, For the our XX.X%, was tangible core benefit on tax return was XX.X% ROE operating contributed.

operating that, XX.X%, So core excellent and our our excluding ROE was ROE numbers. was tangible XX.X%

Finally of the XX%. in book contributed results share company globe. book major by divisions to thank for I around All per and and last value each the over these want geographies grew and the year, my to congratulate year colleagues outstanding tangible

Our Chubb. nature speak distinguishes of is organization, of global to the this which one things the results that

itself a fundamentals of Our are quarter strong the the and continuation was simply very year.

XX% were $X.X billion, share. per For the share, $X.XX quarter, or billion benefit, up benefit tax excluding added XX% onetime operating income tax a was the $X.XX core then and respectively. $X.X The

a the performance was excellent a growth, $X.X America strong accident at XX.X%. We quarter billion. in the combined underwriting underwriting and had Our ratio for margins published current the of premium of and XX.X% a of development strong overseas with CAT P&C year was period losses. income prior underwriting North reserve quarter both relatively result light in earned in general

respectively, million, the strong reserve $XXX as At $XXX strength position, strong our they reserves. development the of quarter in loss loss year and our the million speaks as were which Our ever was prior for and been. exceptionally an reserves to have in year consistent year-end,

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

a the rate X.X% reinvestment and versus of X.X% ago, is end year at year Our the currently X.X%. averaging our portfolio yield was

cash we have reinvest higher investment our We items. run flow to will liquidity to more income about continues our grow and financial very have rates. as Peter strong at say rate

and consumer over for and XX% company up full quarter, than commercial life which XX%. XX.X%, of is, the X.X%. environment. up stronger rate increased net P&C Now the fact, were the premiums Consolidated was XX.X% Of turning year up XX% average up in with P&C to growth, pricing the and XX%, in the written P&C lines

quarter globally. up globally XX.X%, Chubb Consumer growth P&C, a nature net commercial the other XX% balance and U.S. our company Commercial XX% of spread revenue important life of P&C for XX%. lines P&C worth a diversified America company, X.X%. grew P&C XX%. premium and XX%. the Our personal And last large and demonstrates the with XX% was very business, International XX%. a in high XX%. Again, the grew well The the up company, grew is grew XX% the our broad-based operations. year, full life from year representing broader International grew and growth growth was perspective, North over grew of

with the of and we property Price X.X% insurance. rate decrease or X.X% and growth prices North increases X.X% the Premiums year. in to have quarter commercial experienced Consisted the -- terms and North pattern loss in continued as international and beginning by quarter rates to all up lines, in environment, casualty was exceeded the led excluding in the were financial and D&O. Getting America costs details commercial globally, of P&C in of the our XX.X% In America. division, both while of and same insurance personal lines personal agriculture.

Within up was financial down than quarters. slower the X.X%, X.X%. were lines which Unpacking were obviously X.X% the and lines P&C previous X.X%,

another X.X%, essentially flat. strong division while our had P&C quarter up middle financial premiums lines with were First, market

brokerage quarter strong wholesale in our a with had growth business of lines. XX% E&S Our

On was One reduction to loss corporates, client increased half for underwriting and of premium was the premium our actions or of in the primary our about other division, points million result the planned with only by balance took major segment which we due X.X the accounts adversely retentions X.X%. Growth casualty impacted from $XXX business. major hand, in large grew of a serves in excess and of business.

fact, growth underwriting For clarity, contribute in these actions, future in income. to

North for return and expect we rate like growth, first and increased acts X.X% with commercial of market, fully given middle we change to release, America beginning all that capabilities conditions rate accounts, said the market as large E&S X.X% Regarding future P&C, America across the segments including growth in robust North to exposure and commercial current our Overall X.X%. more commercial quarter. press of of total pricing including

Let more bit and XX.X%. with account up up in XX.X% percentage North up around color pricing rates up and strong, Pricing with change and and of up up property points rates me America curve, workers up management, Property was was with up exposure In was and primary casualty XX.X% which exposure rates Casualty X.X%. XX.X% XX.X pricing and risk commercial both up X.X%, provide was X.X%. X.X%, includes pricing. for pricing X.X%. rates exposure large a

North short-tail and long in comp, tail, with at classes We are at trending X.X% at loss X.X% excluding costs X.X%. America

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

We aggressive, respectively. this rates lines, and business pricing growth financial environment from For well underwriting the for lines and underwriting to. were and North and down margin remains extremely in In to our decline. the need in America aggregate quarter, rates continue financial trading and income we D&O owe X.X%, where particularly X.X%

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

business, late-season in the quarter elevated developments in drought-related our crop year. an resulted insurance and combined For agriculture the ratio for

to XXXX but cat For $X.X company. million, business good managed volatility, profit year's earned for Crop year is Chubb. we for reward previous about And vulnerable IRR light and is profit an dynamics, context, them a with amazing burned by in business acquiring to if $XXX similar a with Rain Crop billion and been $X XX%. nature, for almost since well. great insurance in the XX.X% Hail billion, published we risk very weather result. an its combined the operating of has an insurance underwriting ratio the of

had business quarter, continued On up new was personal to the consumer and flight and simply premiums a side In quarter over product, America, our North of service lines our year. a up XX% net and XX%. high capability. outstanding were growth was There worth business the

are of the remained and a year, basis. Again, gold in business, XX% period. We accident pricing XX% quarter, selected we year our XX.X% on trend ex-CAT XX.X% almost while combined grew our for loss XX.X%. published current achieved business the or steady, cost ratio In homeowners of a standard the the

up quarter. which combined and Net our premiums an were XX.X%. international Turning operations, was general to the insurance outstanding XX.X% had ratio

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

general up major the broad-based Asia illustrating grew was of the company, XX%. our And quarter business all nature this overseas producing global way the the growth. Again, growth For led double-digit with regions year, international Latin America premiums and XX%. commercial of for very up had both. made XX%, growth with lines quarters well Europe consumer up of with as and XX.X% strong XX% about of growth

for trending retail P&C respectively. Growth while inflation Financial strong was international We improved across Asia, our up consumer growth commercial divisions across trending and trending A&H year, the portfolio is financial X% Personal lines had international rate continue business, Loss were which pricing Within business, again portfolio pricing up international X%. by our and about and premiums exposure our business pricing in both our Lines lines XX.X% X%. Property over was up X.X%. Casualty basically and commercial and In is lines X.X%. was was XX%, life XX.X%, insurance to P&C Asia. down cost our XX%. their led retail over at achieve quarters line with international our to

For adjusting about nonrecurring the $XXX year, some or items. for we reported million over just life income $X of billion

we an a Underwriting by continue geography. favorable, are. we and they and had well vary simply conditions contributing outstanding forward. that's are are we summary, in market results overall underwriter's quarter and to what So year going another outstanding record-setting It's positioned producing although to business

a hit ground of in income, confident underwriting are growing is that, running revenue the the are growth we to ability risk volatility a earnings continue in and at have We and through feature income. our we while business P&C and margins, 'XX life operating investment pace double-digit in

back, Now to Peter, questions. turning the will come over your then call take

morning. Good

ended our X a quarter you've with and the income, of in just all heard earnings. Life sources P&C from and we As income. into the continued underwriting performance fourth year strong Investment record results income Evan,

and of per million] were value book our nearly [$XX highs. share both $XXX.XX Additionally, of all-time value book

supplement assets on to further requires realized for December, is represents metrics. the tax Page of a corporate benefit This and result onetime the which step-up XX-year I our benefit results, financial starting book Bermuda touch XXXX. a tax into to Before I This will Please detail on value quarter. be the fair the this of enacted value want the of over benefit in to billion $X.XX onetime and to key Xb a law tax in on our value. impact basis onetime the increase tax Bermuda benefit deferred tangible a in permanent income in refer for recognized period book go in

repurchases. unrealized excluding quarter, investment declining strong $X.X net and tangible realized $X.X and due operating interest and XX.X%, tax by the This results our the of to value increased and billion During portfolio benefit. XX.X% offset and dividends rates per billion share book of share gains increase book reflects in partially

book tangible increase impact XX.X% and July and book tax which also tangible the the year, included excluding value per benefit. full recovered. The since consolidation to on the share equity the related For has been increased fully XX.X%, diluted X, Huatai on

Turning to investments.

grew the the addition approximately from over portfolio to since portfolio operating $XXX year, Our record $X billion cash at $XX.X flows and billion Chubb. XX% benefiting year-end of adjusted full year and last net billion reaching of of Huatai

In transient interest highlights the an X.X%, third year addition, rate these to we portfolio unrealized highest our our raising for attractive during since million, to movements experienced of of yield portfolio of the quarter XXXX. our continue again high-quality advantage portfolio. This year, mark-to-market on the nature fixed $X.X we income of a environment, gains take which

of the billion million quarter Our equity dividend income included income higher-than-normal approximately and adjusted net in $XX investment private $X.XX distributions. of

investment Looking to there. $X.XX expect we from at billion of to have a net run approximately quarterly rate up income go adjusted our it, and

underwriting Turning business. to our

short predominantly losses events, active U.S. had the in tail favorable a we was split pretax, XX% Prior from and development pretax property catastrophe in quarter, the internationally. XX% the period and lines $XXX XX% weather-related in with in of our principally in million $XXX from For quarter XX% long businesses million, lines. tail

pretax, had Our $XXX development $XX including corporate runoff lines million of adverse million related. asbestos

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

deferred was tax favorably Bermuda earlier. the effective by tax mentioned rate reported benefit impacted Our

benefits the for benefit, Excluding reflecting rate our XX% the rising well higher guided the range, equity have tax some the to markets. for operating effective in and our as employee-related would year, XX.X% tax as quarter jurisdictions below slightly certain low tax core been impact due income of

the the be expect over XX.XX% core range XXXX We calendar operating our rate tax turn of for now to I'll XX.XX%. in annual to back Karen. to call effective

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

Instructions]. [Operator you. Thank

line the from Capital comes question BMO first Your with Mike Zaremski of Markets.

on first always the loss trend. We gave. cost you Maybe a appreciate granular question all color

little So trend onset just feel over of that cost in like -- comfort higher. periods bit, bit to been like guess, pandemic look has of -- now, North result long-tail up of I I on America, loss loss a the clear a the if time, came that for loss inching year longer the this kind trend it inched long-tail years the back you Very higher higher inflation if looks loss directionally I underwriting whereas a short-tail just still feel And good potentially. But gives the great little that you inching in long-tail trend down a excellent. the the What is guess, ex come? curious, environment is is underwriting the underwriting it continues I environment.

than the else there's at cohorts. material steady it the our casualty. in loss anything change. up by more no guaranteed at individual not business I And has vast certainty the say inched When been it's mix you'll and reasonably trend That's look Well, it, when majority, look cost really of I on over year. a

we a of been loss elevated of have last So There lot It's visibility some on are years. new. pockets have and over -- number that the more cost. nothing

the We environment, have it elevated. reasonably about to as tracks it continuously. we But due are be, to casualty external steady loss I while is cost think overall, they elevated understand spoken

so what of me lot a confidence it. gives that's And about

color. helpful Okay. That's

there's then opportunistic drag buybacks my great to whether of for change Lastly, follow-up, you on no can Evan, if us capital earnings some M&A, the maybe just continuing from to levels, we a kind into or the to really that. with be of -- should deploy and update with mix it and excess porting Peter

reported drag combination above S&P above I models So had a reported factors. somewhat disclosed, last showing ROE. think, quarter. modestly some the up by But difference of -- I it's and on we the we somewhat from call, say in it's just the other what would new reflecting last there,

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

in just there of question moving America corrective impact North a And of had some some releases I commercial. reserves? around pieces on if on any the the from actions the reserve was

no underwriting by press the There there question. was reserve commentary was I that actions was and changes release. to the connection that And in the another in my the way, in flagged

everyone ratio, quarter impacted on noticed is remind those loss -- So I've our premium was by changes. No. ratio written loss premium. earned I'll based

commercial Look of $XXX We're at any benefit the talking very might very, premium see, so size And of we our about which is impact modest. business. million.

it the loss it, see So It's very P&C. minor, And something you impact right, contributes. a think still wherever that actually you of not from right. but price ratio is on we're structured,

it. address You

Right.

is And the helpful. talk, maybe And up growth go-forward in Okay. look I overall you That's would the were enough follow-up environment appreciate how the good is casualty just that XXXX, down. guess, I to and America than it think for on America the you thinking commercial, the at produce you I expectations in XXXX. North higher growth? Or would just ticked if growth commercial -- that question, could rate nicely I on guess, growth lower -- guess I if are impact. Wondering X.X% about or for quarter, XXXX? rates then in North growth but you expect I saw to my just

nice try. of is guidance give don't an X.X% around you David, The I as any know that. interesting.

That's -- thinking growth fourth more with exposure was then lines, got the values. was you is about on the which to strong rate in what with look starts classes keeping values. when keeping think yes, robust changes. and therefore than the that. rate you our pace the It's were about better. rate that down growth at I bit, You quarter Property And there. And action, pace short-tail little but action, it prior said from casualty property-related a the double-digit pricing, about

on it's and so well-priced you're rate And rate. a a getting and well-priced book business rate on,

So as and go The as the And forward balance quite down exposure, slow for good. that's North the it. underwriting sheet business. the to of about to feel on rate I we but very exposure the do. environment course, is America ability to going we good the have and take underwritten the reward risk confidence well you to

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

comments, fact that ever press as In your reserves the are then loss been. strong and release they've mentioned Chubb's the as you

looking what asking make why strong I'm Chubb So guess metrics I determination. curious that is, And you're I'm kind to have reason of considered at always the I've reserves. to

they you So your been what's that they're structure -- gives than there philosophy better confidence or now something is inside that's previous changed in years? reserving have that

No, nothing in has changed that regard.

through our underwriting external business, are end loss and And as strength I the look loss in add statement years. it's and seen. And the all over of as at company look and earned the frankly, over the as And and different the make years at look and do the strong by is independently go reserves I our then mix reviewed a I You I And by we track cost actuaries insight I that ever grown. that auditors. at result has the environment. reserve to robust data as and it studies just very have when back of simple we it. look

large provided on out, account some Okay. your And then about comments. know another you color call excess casualty talked And you I the business.

the is one for little the color looking hitting But that's detail. subjects sensitive would success helpful. there just more So casualty in the the a market marketplace. There's and maybe additional of bit be been obviously any about noise casualty

Greg. Sure,

that's small When is there It excess some time. about been that primary there's then visibility Nothing quite with And talking first target, number the lot the frequency over we in bar it both acute midsized Not casualty. know really there ask where wheels, And new, to number Willie going two that large for to particularly not then anything I've wheels. in repeat He but and external at the a for a "Why look of the has business, the has exposure a logistics litigation business, story moments fleet, I maybe degree larger companies, and corporate And that could has vehicles among it you got to be anybody -- other. trucking the some sticks. more target fleet where after what the -- companies, who's severity, of you're go population the and but because one the -- them in against the said, look and is been. That's business. they continued. doesn't has hits I which in Sutton, things trend go larger people a money It more segments attitude said, nothing have in has new. rob And -- Trial them, foremost, back frequency balance been, going of there's theme corporations. And to both acute three, year think visibility been is you isolated I'm of they some severity segments. And corporations. had are inflation the been the they're which undirected. just you banks?" And doesn't that it accounts. There's of has time, so increased of general some large have environment, and environment. elevated that, "because If like is cost, out casualty, loss been steady. and of addressed, that I is." pretty the do focused it has But of which mean it's in lot in

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

the following up account guess, large with space. I Just

the primary players write So been I've lot But the casualty, of could just it's business a of advantage, a the recently. had clearly down significance the here place that Is change frustrated strategic you're a no not the years thought of several guys -- where more always a risk there's significance I'm guess that's that D&O. there? competitive the about you can that primary somehow curious, franchise actions that taking road? I any as you

Oh my God, no.

actions written just And book the the and to like beginning change is then, No. by half overthinking. and -- catch additional lost. exposure we look the at similar our we business. [indiscernible] premium is actions at flagged, Since of no up you impact market it to franchise. is it the half way, not this You're is of It's we're that that of

So book very healthy business. large, of very a

just guess I -- I'm is my And follow-up on the then sorry.

I'm Ryan. sorry,

Sorry, go ahead. ahead. Go

that. about Sorry

a you I an you how it fraction. editorialize why No, told gave amount that it just of and that's it money was just

adequacy and then side, just last Understood. in rate is rate property thinking after how business got Westchester huge all wholesale year? we you cat-exposed my more And type property, in are about thinking the on like follow-up rate 'XX, that our I'm the

the to radar ways, quite numerous good into than strong. occupancies, is not From quite more any of we to strong. the geographies think and triangulate strong, it the we everything our business. balance [indiscernible] hikes is and book it's and know, I'm models all I go detail about going input of we feel say it that but of portfolio, other of adequacy analysis that very

If you join joke, to want to know more, the you're going Ryan. a was to That company. have

the comes KBW. next line question of Shields The from Meyer with

update as Within shift personal, you get to wanted an E&S I E&S American And much how for XXXX? of is the hoping paper? now that that move business opportunity actually to North there on much in how could to to was

data on to. directionally, It we at amount I'm that you more business that dollar rapid Yes. writing way, continue point to a going It's E&S. except give are -- will is or growing not a a clip. It

and they give an need catastrophes. we regulation, edge people want admitted that E&S more within exposed to is base want cat-exposed preference this and coverage customer a and to where could were don't was we'll to I think buy. what it that states always those the on flexibility and offer more We our first within we are so in of outsized them admitted, in in tailor E&S. we're exposure, coverage regulation for what right serve but affluent I again, that adequately. can't to tailor versus who to basis and wish the it forced civilization -- the to And and use jurisdictions Remember, where way customer Our us nature, beautiful use doing. But with that's live allow places price line to in it on they more that be it's

helpful. very Understood. Okay. That's

Second question manage can where or the of language? theme. side, crop about the can in sort Within through is at pricing change don't climate policy have talk how least you you agriculture, you risks same on flexibility

agriculture, a ton difference. a have In there's data. of we But

have We a of Number risk. we very couple one, advantages. fundamental select can

And have can we all determine so we to -- [indiscernible]. take

we that's we scale. And you technology you to the So we the of can And retain second share what of what expenses risk government And only this our to adequacy. much managing risk efficiently. which so government. out on you and get determine with because helps and to with helps election thing, operate is in the their have what scale program of automation, reimbursed price our

the exposure And a operate on us favorable any limit we expense-related allows company. [indiscernible]. to that So to

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

the you net would the Evan, your market perspective? continuing I would of you from and on admitted to high admitted with the Why difference in worth. previous to I to product have think wanted the over market market. E&S? to the What's like And answer regards your follow you E&S flexibility said the like up offer

customer to us. friendly. just place think easier I from view, point it's just feel of they And Well, a it's customer with

to through Remember, can't administrative you to place have don't to You more process it -- there E&S. you -- are E&S. go just on go through jump

market own it's them, think admitted view, E&S their And through and You it's get to of point to comfortable. from have for to more hurdles leap be simpler. able I to

margin and to they But with the places and consumer who like the desires of ability that and try And admitted. Now our majority needs cover go non-admitted, is them change force on action are that not choose vast, and it in of to to price recognition up take place it and and well now deflect to More wrong would to the I perspective, And be trend. continues to the keep my think their of go point on signals people through don't portfolio in through and states more -- climate right exposed. go there will is more out on live then the it's I price vast their all base flexibility is share not admitted. that and [indiscernible]. risk have to to

answer. I China. And if Makes to the sense. appreciate then could gears I shift

I billion are called that China, about in third-party managed out think you mostly capital. $XXX AUM of

thinking that and some book in you're are I maybe you about How equity about curious China in go shift that? performance sentiment face of, consumer managing do any in the selling the how guess, -- business and you with book Just you're the market making how there.

as not first let's It's Yes. all, an It's think management of -- it of that asset book. business, $XXX billion.

extremely the do an in management the conservative of We and consumer. is future short-term, a state investors' way business chase we market have -- lot lot majority very money. treat been fund credit money. a we've in interest carefully, it rate the asset yield. environment volatility, It's pension retail vast management We company a and money. And our don't that policyholders' economic mutual of money lower with among of exposure how China managers way, It's now. a does We fiduciary you large institutional medium-term including not it fixed income. underwrite confidence of Equity the is

than time be midsize the rankings a rankings, business. is to are everything our have. moment great country its a sentiment collapse differently And like it's of it's relative it's and And It's management today, look So at else, rapid and income. category. and actually fixed bit to a its pretty by not in a be grow in government it's in China, forced of of think, best the they asset. to franchise that time, managers growth, and for confidence back if other upper in because plans which all when an thinking mind But cool asset it's they'll that in the secondly, size marketplace, the its you I in to. This -- over and to outstanding managing trying asset to the more time begins manages to come addresses economy returns when way, performance

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

regarding is workers' question first comp business. My your

to loss and mentioned that then X.X%. your about severity it Is little should points trend maybe a that severity, possible stress any trend? a we You that attention wage is well And are a as as growth frequency pay unpack between to? bit there

to it trend. severity. steady. ago. is going and or loss steady It's We X very not very behaving We're a We that running in unpack medical quarter adjusted and recognize way. that between higher frequency a Workers' disclose for comp a No.

XXXX. of it risk terms think kind your is you associated how a Got portion hasn't it. to business it risk very still like performing think you question broader update far the of opportunities of Europe possible give question. My U.S.? business versus so Obviously, Asia second your of the risk how strong. is Is more large outside in geopolitical really related about But overseas improved a and feels of in the an kind in and about geopolitical

for any we I and Well, a our greater in exposure business geopolitical think than risk risk, EU. geopolitical don't fundamentally Europe the political United don't the they the in do think have I States. risk

all that America. When you're I right China States going be better at and concerned war. Europe a significant a in to the sides here for I get And in home to think seek Asia, I concerned don't so And believe if are you way, United stability. then

making issue. think major OEs around I'm risk and a at hard particular, to moment on North mistake. there with confine conflict conflict aware to you have And think if then sides way, to I their related where there of so with those Korea, And to The a model, this. related is a too, a going leave Asia, I position global in Taiwan, to more is someone geography. do a children care is to about leadership mental in in Taiwan, We will By this in grandchildren. Korea, while the itself it's there tail were all are their it small North acutely is it believe they us and risk

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

America is question on My first commercial. North

results? the year prior or Or it true-up the I saw guys just just quarter. benefit the exiting core loss prior of of wondering weather? non-cat You for in if good a ratio underwriting good any favorable there any of was your improvement was quarter was level quarters

going No, true-up everywhere it's It's the in are number of would think steady. portfolios is that current of change least, accident Ex-cat excess the frankly, notice its year. most a it's of And there because of more property true-up mix, lower combination whatsoever. year was ledger. is mix improvement you'd cost business across rate business, at no that earning one. the the of distorted current that quarter levered then number beyond to two, loss become I And accident which,

side, about tax then rate should what said the we at But us guidance think Bermuda the goes gave And up? that rate you the I in for tax impacting Peter, on know about you when Chubb? How 'XX. XXXX tax rate

law to of we too whatever the in early it's U.S., terms it. adopted gets Switzerland how complicated really at and have will know any the Yes, with visibility don't Bermuda interact and OECD, on

growing comment operating to I'm adjust Is benefit release, your expect a that press one-off comment? you pace. one Okay. for that we a should we pointed double And earnings quarter then. can the take double-digit operating in in digits you. for grow earnings tax 'XX. how the at you if assuming that's that Kevin In more

Elyse. Yes,

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

here. I appreciate. A couple

benefit consolidated first, it as rate of with organic Evan, of including you quarter premiums? and possible the is the this on get a run this last of gave know I of to Just maybe sense we on the kind kind overseas quarter Huatai get the of true business? was

you're breaking I'm of up on? sorry, Brian, kind

including Huatai growth the benefit that the premium quarter? in in it had of

in couple disclose it. from take It premium Huatai of was in wasn't memory, in a from points. it's MD&A here, have just it the a done said color quarter and couple We'll more you, XX-K disclosed it on of quarter. it's last the it we'll just with didn't there. lines. We We had benefit -- but offline a

to real And to see in Great. bigger some it is bad kind simply then any the of trucking question, in we That's the maybe here. Or U.S., helpful. getting my continue picture second long-haul that? I solution enough Is there trucking business. just The business rate? mean, severity

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

lines had to just expectation commentary you financial bottom curious have any for kind America. you any out? was I'm pricing of of if wondering if North and in sort I around

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I go Thank over remarks. Please the turn Karen for Beyer back will now call to closing you. ahead.

for Thank today. you, us joining everyone,

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