Chubb Ltd

CB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$859.00	Xplftz	Qjmvhgwx

Chubb Earnings: Industry Tailwinds Continue to Drive Strong Results

Brett Horn

Jul 24, 2024

Chubb produced another strong quarter, as the company is seeing tailwinds on both sides of the business. Attractive underwriting margins and higher investment income are combining to produce very attractive returns, with the annualized adjusted tangible ROE in the quarter coming in at 21%, basically in line with the previous quarter. We will maintain our $236 fair value estimate for the narrow-moat company and see shares as modestly overvalued. While we appreciate the favorable outlook, we see insurance as an inherently mean-reverting industry and think the market is overly focused on near-term positives.

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