Chubb Ltd

CB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$936.00	Krznm	Lbkkkbgf

Chubb's Q4 a Little Soft, but Underlying Trend Remains Positive

Brett Horn

Feb 1, 2023

Chubb's fourth-quarter results were a little soft, largely due to an underwriting loss in its agricultural business. Still, we see an annualized core tangible ROE of 19% in the quarter and 18% for the full year as a solid result—reflective of both the company's narrow moat and the strong overall market conditions Chubb is currently enjoying. We will maintain our $208 per share fair value estimate.

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