Chubb Ltd

CB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$381.00	Yyxrgfd	Brynryhgv

Chubb Earnings: Hard Market Leads to Another Strong Quarter

Brett Horn

Jul 26, 2023

Chubb posted a strong second quarter and appears to have avoided the catastrophe losses that have affected some of its peers. An annualized return on equity of 14% (21% on a core tangible basis) was roughly in line with last quarter, which we consider a strong result for the narrow-moat insurer. We think disciplined underwriters such as Chubb have more leverage to a harder market and view recent results as supporting this idea. We will maintain our $213 per share fair value estimate.

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