Citizens Reiterates Chubb Corp (CB) at Market Outperform After Q3 Beat

Citizens analyst Matthew Carletti reiterated a Market Outperform rating and $325.00 price target on Chubb Corporation (NYSE: CB).

The analyst commented, "We reiterate our Market Outperform rating and price target of $325 (1.6x forward book value and ~12x 2026E EPS) on Chubb Limited following third-quarter results that beat both our estimates and consensus. Chubb reported operating EPS of $7.49 per share, handily beating our estimate of $6.64 and consensus of $6.15. The key variances versus our estimate were a stronger underlying P&C combined ratio (82% vs. 85% est.), lower-than-expected catastrophe losses ($285 mln vs. $405 mln est.), better-than-projected favorable prior-period reserve development ($361 mln vs. $139 mln est.; driven by North America Personal P&C), and higher-than-expected NII ($1,776 mln vs. $1,728 mln est.). P&C NWP growth was in line with our estimate at +5% constant f/x. Book value per share at September 30 was $182, slightly below our estimate of $184 and +5% from June 30. Chubb repurchased $1.23 bln of shares in the quarter, well above our $500 mln expectation, and indicated that repurchases will continue as it views its stock as trading below intrinsic value. CEO Evan Greenberg summarized his view of the current marketplace and expressed his optimism for Chubb's outlook, saying, "Our balance of business and deep local presence provides us a wide range of opportunities around the world, which supports long-term, profitable growth, and it gives us additional freedom to manage a transitioning commercial P&C cycle with discipline."

For an analyst ratings summary and ratings history on Chubb Corporation click here. For more ratings news on Chubb Corporation click here.

Shares of Chubb Corporation closed at $269.26 yesterday.

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