Chubb Limited (NYSE:CB) Q1 2024 Earnings Call Transcript

Evan Greenberg: Well, what I said Elyse, thank you, is the premium growth, because we don’t really discuss exposure, but the premium growth came from – a substantial portion of it came from rate and price, which were very healthy across the portfolio. Property grew. Property grew nicely. Property was our biggest growth area. Casualty grew, particularly in our middle market area and E&S, and rate and price had a substantial contribution to the growth, though we also grew new business where pricing versus loss cost is healthy to us.

Elyse Greenspan: Thanks. And then my follow-up, you highlighted some planned re-underwriting within North America Commercial. I believe you had also told us about that last quarter, and it sounds like we’ll have that work through for the next couple of quarters. So is the right way to think about, I guess, the growth in North America Commercial, ex-LPT and just the re-underwriting as kind of the baseline of growth for the year? I know you don’t like to guide, but you seem pretty positive about just casualty pricing and things like that, just trying to pull it all together.

Evan Greenberg: I’m not going to help you with your worksheet. I’m sorry, Elyse. I don’t guide, we don’t guide growth for the year. What we did tell you is excluding the LPT, excluding the unusual size of the LPT, because we have LPTs virtually every quarter, but excluding the unusual size of it. And what we view as the unusual, the one-time underwriting action in large accounts that I described, the net of that, we gave you a growth rate, and we said that’s the underlying growth rate for the quarter. That is not – we didn’t say that’s a run rate for the year. This is a diversified commercial and personnel property casualty book of business, and we’re hardly – we don’t give guidance on growth for the year.

Elyse Greenspan: Got it. Thank you.

Evan Greenberg: You’re welcome.

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

Karen Beyer : Thanks everyone for joining us today. If you have any follow-up questions, we’ll be around to take your call. Enjoy the day. Thank you.

Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining, and you may now disconnect your lines.