Chubb Ltd
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Net Investment Income
| Three Months Ended September 30 | Nine Months Ended September 30 | |||
|---|---|---|---|---|
| (in millions of U.S. dollars) | 2024 | 2023 | 2024 | 2023 |
| Fixed maturities (1) | $1,407 | $1,198 | $4,085 | $3,355 |
| Short-term investments | 48 | 60 | 138 | 147 |
| Other interest income | 20 | 17 | 58 | 46 |
| Equity securities | 25 | 53 | 84 | 68 |
| Private equities | 23 | 18 | 70 | 38 |
| Other investments | 33 | 16 | 78 | 54 |
| Gross investment income (1) | 1,556 | 1,362 | 4,513 | 3,708 |
| Investment expenses | (48) | (48) | (146) | (142) |
| Net investment income (1) | $1,508 | $1,314 | $4,367 | $3,566 |
| (1) Includes amortization expense related to fair value adjustment of acquired invested assets | $(5) | $(9) | $(14) | $(14) |
Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 14.7 percent for the three months ended September 30, 2024, primarily due to higher reinvestment rates on fixed maturities. Net investment income increased 22.5 percent for the nine months ended September 30, 2024, primarily reflecting higher reinvestment rates on fixed maturities and the consolidation of Huatai Group.
For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows:
| Three Months Ended September 30 | Nine Months Ended September 30 | |||
|---|---|---|---|---|
| (in millions of U.S. dollars) | 2024 | 2023 | 2024 | 2023 |
| Total mark-to-market gain on private equity, pre-tax | $170 | $90 | $357 | $364 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.