2024-07-24 Chubb Limited (CB) Q2 2024 Earnings Call Transcript
Chubb Limited (NYSE:CB) Q2 2024 Earnings Conference Call July 24, 2024 8:30 AM ET
Company Participants 公司参与者
Karen Beyer - Senior Vice President, Investor Relations
卡伦·拜尔 - 投资者关系高级副总裁
Evan Greenberg - Chairman & Chief Executive Officer
伊万·格林伯格 - 主席兼首席执行官
Peter Enns - Chief Financial Officer
彼得恩斯 - 首席财务官
Paul O'Connell - Chief Actuary Officer
保罗·奥康奈尔 - 首席精算官
Conference Call Participants
电话会议参与者列表
Michael Zaremski - BMO Capital Markets
迈克尔·扎雷姆斯基 - 加拿大蒙特利尔银行资本市场
Brian Meredith - UBS
布赖恩·梅瑞迪斯 - 瑞士银行
Bob Huang - Morgan Stanley
鲍勃·黄 - 摩根士丹利
David Motemaden - Evercore ISI
大卫·莫特马登 - Evercore ISI
Yaron Kinar - Jefferies
亚伦·基纳 - 杰弗里斯
Mike Ward - Citi
迈克·沃德 - 花旗银行
Gregory Peters - Raymond James
格雷戈里·彼得斯 - 雷蒙德詹姆斯
Operator 运营人员
Good morning. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Chubb Limited Second Quarter 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
早上好。我是埃里克，今天将担任您的电话会议操作员。现在，我想欢迎大家参加周二有限公司 2024 年第二季度电话会议。为避免背景噪音，所有线路已静音。发言人讲完后，将进行问答环节。【操作指示】谢谢。
I would now like to turn the call over to Karen Beyer, Senior Vice President, Investor Relations. Please go ahead.
我现在想把电话转给投资者关系高级副总裁 Karen Beyer。请讲。
Karen Beyer 卡伦·拜尔
Thank you, and good morning, everyone. Welcome to our June 30, 2024, second quarter earnings conference call.
感谢各位，早上好。欢迎参加我们 2024 年 6 月 30 日第二季度收益电话会议。
Our report today will contain forward-looking statements, including statements relating to company performance, pricing and business mix, growth opportunities and economic and market conditions, which are subject to risks and uncertainties and actual results may differ materially. Please see our recent SEC filings, earnings release and financial supplement, which are available on our website at investors.chubb.com for more information on factors that could affect these matters.
今天的报告将包含前瞻性声明，包括有关公司业绩、定价和业务组合、增长机会以及经济和市场状况的声明，这些声明受到风险和不确定性的影响，实际结果可能会有重大差异。请查看我们最近的 SEC 备案、盈利发布和财务补充材料，这些信息可在我们的网站 investors.chubb.com 上获取，以获取有关可能影响这些事项的因素的更多信息。
We will also refer today to non-GAAP financial measures. Reconciliations of which to the most direct comparable GAAP measures and related details are provided in our earnings press release and financial supplement.
今天我们还会提到非 GAAP 财务指标。我们已在盈利新闻稿和财务补充资料中提供了这些指标与最直接可比的 GAAP 指标的调和以及相关细节。
Now, I'd like to introduce our speakers. First, we have Evan Greenberg, Chairman and Chief Executive Officer, followed by Peter Enns, our Chief Financial Officer. Then, we'll take your questions. Also with us to assist with your questions are several members of our management team.
现在，我想介绍我们的演讲者。首先，我们有Evan Greenberg，董事长兼首席执行官，接着是我们的首席财务官Peter Enns。然后，我们将接受您的提问。此外，我们的管理团队的几位成员也在这里帮助回答您的问题。
And now, it's my pleasure to turn the call over to Evan.
现在，我很荣幸地把电话转给埃文。
Evan Greenberg 伊万·格林伯格
Good morning. 早上好。
As you saw from the numbers, we had another great quarter. We produced core operating EPS of $5.38, up 9.3%. Premium revenue growth reflects strong results in our businesses around the world. North America P&C, International P&C and Life Insurance demonstrates the broad-based diversified strength of our company.
正如你从数字中看到的，我们又经历了一个伟大的季度。我们实现了核心运营每股收益5.38美元，增长了9.3%。保费收入增长反映了我们在世界各地业务的强劲成果。北美财产意外伤害保险、国际财产意外伤害保险和人寿保险展示了我们公司广泛多元化的实力
Our underwriting results were simply excellent. We published a combined ratio of 86.8%. We grew investment income more than 25%. Life segment income was up 8.7%, with International Life up double-digit. Core operating income for the quarter was $2.2 billion, bringing year-to-date operating earnings to $4.4 billion, up 13.5% and a record six-month result. P&C underwriting income in quarter of $1.4 billion was essentially flat as a result of higher cat losses globally.
我们的核保业绩非常出色。我们公布的综合赔付比率为 86.8%。投资收入增长超过 25%。寿险业务收入增长了 8.7%，国际寿险业务增长了两位数。本季度核心营运收入为 22 亿美元，使得年度营运收入达到 44 亿美元，增长了 13.5%，创下了六个月的历史记录。本季度财产与意外伤害核保收入为 14 亿美元，由于全球灾难损失增加，基本持平。
As you know, it was an active quarter for the industry. Our losses of $580 million compared with $400 million prior year, and they were in line with our modeled expectations, while last year's second quarter losses were light. On an ex-cat current accident year basis, underwriting income of $1.8 billion was up over 11% with a combined ratio of 83.2%, both were record underwriting results.
正如您所知，这是行业一个活跃的季度。我们的损失为 5.8 亿美元，与前一年的 4 亿美元相比，与我们建模的预期一致，而去年第二季度的损失较轻。根据非灾难性当前事故年基础，18 亿美元的核保收入增长超过 11%，综合比率为 83.2%，这两项都是创纪录的核保成绩。
Investment income topped $1.5 billion, up nearly 26% and a record as well. At June 30, our reinvestment rate is averaging 5.9% and our fixed income portfolio yield is 4.9% versus 4.5% a year ago. Our liquidity is very strong, and investment income will continue to grow as we reinvest cash flows at higher rates. Our invested asset now stands at $141 billion and we expect it to continue growing.
投资收入超过 15 亿美元，增长近 26%，创下纪录。截至 6 月 30 日，我们的再投资率平均为 5.9%，固定收益投资组合收益率为 4.9%，较一年前的 4.5%有所提高。我们的流动性非常强劲，随着我们以更高利率再投资现金流，投资收入将持续增长。我们的投资资产现在达到 1410 亿美元，预计将继续增长。
Life segment income of $276 million was right in line with our plan. Our annualized core operating ROE for the quarter was 13.3%, with a return on tangible equity of over 21%. Peter will have more to say about financial items.
人寿部门收入为 2.76 亿美元，与我们的计划完全一致。我们本季度的年化核心运营 ROE 为 13.3%，有超过 21%的有形权益回报。彼得将对财务项目有更多发言。
Turning to other matters, growth, pricing and the rate environment. Consolidated net premiums for the company increased 11.8% in the quarter or 12.3% in constant dollars. We are a large diversified global insurer and our growth this quarter is again a reflection of who we are. Growth was broad-based geographically by product and customer segment, both commercial and consumer, from North America commercial to North America consumer, international commercial, Asia, Europe and Latin America to international consumer, particularly Asia and Latin America.
转向其他议题，增长、定价和利率环境。本季度公司的综合净保费增长了 11.8%，按恒定汇率计算增长了 12.3%。我们是一家大型多元化的全球保险公司，本季度的增长再次展现了我们的实力。增长在地域、产品和客户细分市场上广泛分布，涵盖商业和消费者，从北美商业到北美消费者，国际商业，亚洲，欧洲和拉丁美洲到国际消费者，尤其是亚洲和拉丁美洲。
In terms of the commercial P&C rate environment, overall conditions remain favorable in both property, which is naturally more competitive, and casualty, which is firming in those classes that require rate. Loss-cost inflation remains steady within what we have contemplated in our pricing and our reserving. Property has become more competitive as more capital is entered. Our book is well priced, and terms and conditions remain steady. Casualty is firming in the areas that need rate, and we see this trend in casualty enduring, and I'm going to give you some more color by division.
就商业财产和意外伤害的费率环境而言，总体条件仍然有利。财产方面自然更具竞争力，而意外伤害方面在需要费率的类别中正在加强。损失成本通货膨胀保持稳定，符合我们在定价和储备中所考虑的范围。随着更多资本的进入，财产市场变得更具竞争力。我们的保单定价合理，条款和条件保持稳定。在需要费率的领域，意外伤害正在加强，我们看到这种趋势在意外伤害中持续存在，我将通过各个部门为您提供更多细节。
So, let's start with North America. Premiums, excluding agriculture, were up 8% and consisted of 12.3% growth in personal lines and 6.7% growth in commercial, with all P&C lines, including comp, up 8.7%, and financial lines down about 3%. We wrote over $1.3 billion of new business, which is a record, and our renewal retention on a policy count basis was 90%, both speak to the reasonably disciplined tone of the market and our excellent operating performance.
所以，让我们从北美开始。保费，不包括农业，上涨了 8%，其中个人保险增长了 12.3%，商业保险增长了 6.7%，所有财产和意外伤害险种，包括赔偿险，增长了 8.7%，金融险种下降约 3%。我们开展了超过 13 亿美元的新业务，创下了纪录，我们的续保保留率在保单计数基础上为 90%，这两者都表明市场相对谨慎和我们出色的运营表现。
Premiums in our major accounts and specialty division increased 6.5%, with P&C up about 8% and financial lines down 2.5%. Our E&S business grew about 8.5%. Premiums in our middle market division increased about 7.5%, with P&C lines up almost 11% and financial lines down 4.5%. Again, the underwriting environment in North America is generally favorable and rational, financial lines aside.
我们的大客户和专业部门的保费增长了6.5%，其中财产和意外伤害保险增长了约8%，金融保险线下降了2.5%。我们的E&S业务增长了约8.5%。中端市场部门的保费增长了约7.5%，其中财产和意外伤害保险线增长了近11%，金融保险线下降了4.5%。再次强调，北美的承保环境总体上是有利和合理的，金融保险线除外。
P&C pricing, excluding financial lines and comp, was up 8.3%, with rates up 5.5% and exposure change of 2.7%. Financial lines pricing was down 3.2%, with rates down about 3.5% and exposure up 0.3%. In workers' comp, which includes both primary and large account risk management comp, pricing was up 4.2%, with rates up 1.6% and exposure up 2.6%.
财产与意外伤害保险定价，不包括金融业务和补充保险，上涨了 8.3%，费率上涨了 5.5%，暴露变化为 2.7%。金融业务定价下降了 3.2%，费率下降约 3.5%，暴露上升了 0.3%。在工伤保险中，包括主要和大型账户风险管理补充保险，定价上涨了 4.2%，费率上涨了 1.6%，暴露上升了 2.6%。
And breaking down P&C pricing further, property pricing was up 5.3%, with rates up about 1.1% and exposure change of 4.2%. Large accounts shared and layered in E&S property pricing was flat to down, while in the middle market, rates continue to rise, about 7%. We are big in all three, and again all three are priced adequately.
财产和意外伤害保险定价进一步细分，财产保险定价上涨了5.3%，费率上涨了约1.1%，敞口变化为4.2%。在E&S财产保险中，大型账户的共保和分层定价持平至下降，而在中端市场，费率持续上升，大约7%。我们在这三个领域都很大，再次强调，这三个领域的定价都是充分的。
Casualty pricing in North America was up 11.7%, with rates up 9.9% and exposure up 1.6%. Loss-costs in North America remain stable, in line -- and in line with what we contemplate in our loss picks. Loss-costs for P&C, excluding financial lines and comp, are trending at 7.3%, with short-tail classes up 5.3%, and casualty, excluding comp, at 8.6%. We are trending our first dollar work comp book at 4.6%.
北美的意外伤害保险定价上涨了11.7%，费率上涨了9.9%，敞口上涨了1.6%。北美的损失成本保持稳定，与我们的损失选择相符。不包括金融保险线和工人赔偿保险的财产和意外伤害保险的损失成本趋势为7.3%，短期类别上涨了5.3%，不包括工人赔偿保险的意外伤害保险为8.6%。我们的趋势第一美元工人赔偿保险账簿为4.6%。
As I said, when it comes to financial lines, the underwriting environment in a number of classes is simply not smart. We are trading growth for a reasonable underwriting margin. We are trending financial lines loss-costs at just over 5%.
正如我所说，涉及金融领域时，许多类别的承保环境都不明智。我们正在以合理的承保利润换取增长。我们正将金融领域的损失成本控制在 5%以上。
On the consumer side of North America, our high net-worth personal lines business had another outstanding quarter, with premium growth of over 12%, including new business growth of 30%. Premium growth for our true high net-worth segments, the group that seeks our brand for the differentiated coverage and service we are known, for grew 17%. These numbers are really impressive. When you consider our high net-worth personal lines division, it's almost a $7 billion business. Our homeowners pricing was up 14.6% in the quarter, while the loss-cost trend remains steady at 10.5%.
在北美的消费者方面，我们的高净值个人保险业务又经历了一个出色的季度，保费增长超过12%，包括新业务增长30%。寻求我们品牌所特有的保险覆盖和服务的真正高净值细分市场的保费增长了17%。这些数字真的令人印象深刻。当你考虑到我们的高净值个人保险部门，它几乎是一个70亿美元的业务。我们房主保险的定价在本季度上涨了14.6%，而损失成本趋势保持在10.5%。
这是CB擅长的领域。
Turning to our International General Insurance operations, net premiums were up over 16.5% in constant dollar. Our International commercial business grew nearly 14%, while consumer was up almost 21%. Asia Pacific led the way with premiums up 36%, and excluding China's contribution, premiums were up over 9%. Latin America had a strong quarter, with premiums up about 12%, and Europe retail grew over 9%, with the continent up 11%.
转向我们的国际一般保险业务，以固定美元计算的净保费增长超过16.5%。我们的国际商业保险业务增长了近14%，而消费者业务增长了近21%。亚太地区以36%的保费增长领先，如果不包括中国的贡献，保费增长超过9%。拉丁美洲有一个强劲的季度，保费增长约12%，欧洲零售增长超过9%，整个大陆增长了11%。
41% of our Overseas General division's premium is consumer, both A&H and personal lines, and it's growing at a good clip. In the quarter, premiums in our International A&H business were up over 10.5%, led by Asia Pacific and Europe.
我们的海外普通部门的保费有41%是消费者业务，包括事故健康险和个人保险线，而且增长势头良好。在这个季度，我们国际事故健康险业务的保费增长超过了10.5%，由亚太地区和欧洲带动。
Our International personal lines business had another excellent quarter, with growth of 32%, led by Asia Pac and Latin America. We continue to achieve positive rate to exposure across our International commercial portfolio, with retail, property and casualty lines pricing up 6.1% and financial lines pricing down 4.1%. Loss-cost inflation across our International retail commercial portfolio is trending at 5.8% with P&C lines trending 6.1% and financial lines trending 4.8%.
我们的国际个人保险业务在上个季度再次取得了出色的增长，增长率为 32%，主要由亚太地区和拉丁美洲带动。我们继续在国际商业组合中实现正面的风险暴露率，零售、财产和意外险的定价上涨了 6.1%，财务险的定价下降了 4.1%。我们国际零售商业组合的损失成本通胀率正以 5.8%的速度上升，财产和意外险的趋势为 6.1%，财务险的趋势为 4.8%。
In our International Life Insurance business, which is fundamentally Asia, premiums were up 31.7% in constant dollar. Excluding China, life premiums were up almost 10%. Depending on the country, growth was driven by tied agency, brokerage, bank assurance and direct marketing distribution channels. International Life earnings grew over 15% in the quarter in constant dollar.
在我们的国际人寿保险业务中，主要是亚洲，保费以恒定美元计算增长了 31.7%。不包括中国，寿险保费增长了近 10%。根据不同国家的情况，增长主要受绑定代理、经纪、银行保险和直销渠道的推动。国际人寿保险业务在本季度以恒定美元计算增长了超过 15%。
Lastly, Global Re had a strong quarter with premium growth exceeding 40% and a combined ratio of 72.7%. Growth was property-driven, both risk and cat. And in the quarter, we wrote more one-off structured transactions, which contributed to our growth.
最后，Global Re 在第四季度表现强劲，保费增长超过 40%，综合赔付比率为 72.7%。增长主要由财产驱动，包括风险和灾害。在本季度，我们撰写了更多一次性结构化交易，这些交易为我们的增长做出了贡献。
这种不明不白的结构是个问题，脑子里有很多明白的事做就装不下不明白的东西。
In summary, as you could see, we had a great quarter, and again, our results reflect the strength, the breadth and the depth globally of the company. We are confident in our ability to continue growing our operating earnings at a superior rate through P&C revenue growth and underwriting margins, investment income and life income.
简而言之，正如您所看到的，我们度过了一个很棒的季度，再次，我们的业绩反映了公司在全球的实力、广度和深度。我们对通过财产和意外伤害保险收入增长、核保边际、投资收入和寿险收入继续增长的能力充满信心。
I'm going to turn the call over to Peter and we're going to come back and take your questions.
我将把电话交给彼得，然后我们会回来回答你的问题。
Peter Enns 彼得恩斯（Peter Enns）
Good morning. 早上好。
As you know, our balance sheet and overall financial position are very strong and just got stronger, benefiting from our first half results. Our underwriting and investment results continue to generate substantial capital and significant positive cash flow.
众所周知，我们的资产负债表和整体财务状况非常强劲，最近更加强大，这要归功于上半年的业绩。我们的承保和投资业绩持续产生大量资本和显著的正现金流。
Our book value reached over $61 billion or $151 per share, and adjusted operating cash flow for the quarter and through six months were $3.6 billion and a record $7.2 billion, respectively. We returned $939 million of capital to shareholders this quarter, including $570 million in share repurchases and $369 million in dividends, and $1.6 billion in total through six months.
我们的账面价值已经超过 610 亿美元，每股 151 美元，本季度和前六个月的调整后营运现金流分别为 36 亿美元和创纪录的 72 亿美元。本季度我们向股东返还了 9.39 亿美元的资本，其中包括 5.7 亿美元用于股票回购和 3.69 亿美元用于股息，前六个月总计返还了 16 亿美元。
30%左右，这个比例还过的去。
[indiscernible] tangible book value per share excluding AOCI increased 2.6% and 3.1%, respectively, for the quarter, and 4.9% and 6.1%, respectively, year-to-date, benefiting from core operating income partially offset by capital return to shareholders noted earlier. In addition, we closed on two small acquisitions this quarter Healthy Paws, a pet insurance business, and Catalyst Aviation, which together diluted tangible book value by about $300 million.
【不可辨识】每股有形账面价值，不包括 AOCI，分别在本季度增长了 2.6%和 3.1%，年初至今分别增长了 4.9%和 6.1%，受益于核心营业收入的部分抵消了早前向股东返还资本。此外，我们在本季度完成了两笔小型收购，分别是宠物保险业务 Healthy Paws 和 Catalyst Aviation，这两笔收购共同使有形账面价值贬值约 3 亿美元。
Core operating ROE and return on tangible equity were 13.3% and 21.1%, respectively, for the quarter, and 13.6% and a record 21.6%, respectively, year-to-date.
核心运营 ROE 和有形资产回报率分别为 13.3%和 21.1%，本季度分别为 13.6%和创纪录的 21.6%。
Turning to investments, our A-rated portfolio produced adjusted net investment income of $1.56 billion, which included approximately $30 million of higher-than-normal income from private equity and other areas. We expect our quarterly adjusted net investment income to average approximately $1.57 billion to $1.63 billion for the remainder of the year.
在投资方面，我们的 A 级投资组合产生了 15.6 亿美元的调整后净投资收入，其中包括来自私募股权和其他领域的约 3000 万美元的高于正常水平的收入。我们预计今年剩余时间内的季度调整后净投资收入平均约为 15.7 亿至 16.3 亿美元。
Regarding underwriting results, the quarter included pre-tax catastrophe losses of $580 million, which were principally from weather-related events, with 75% in the US and 25% internationally. Prior-period development in the quarter in our active companies was a positive $285 million pre-tax, with $144 million in North America Commercial, $64 million in North America Personal, $61 million in Overseas General and $16 million in Global Retail. The $285 million was split 35% long-tail lines predominantly in North America Commercial and 65% in short-tail lines.
关于承保结果，本季度包括了5.8亿美元的税前灾害损失，这些损失主要来自与天气相关的事件，其中75%在美国，25%在国际上。在我们的活跃公司中，本季度的前期发展是税前2850万美元的正数，其中北美商业部分为1440万美元，北美个人部分为640万美元，海外普通部分为610万美元，全球零售部分为160万美元。这2850万美元中，35%是主要在北美商业的长尾线，65%是短尾线。
Our corporate run-off portfolio had adverse development of $93 million, mostly coming from molestations-related claims development. Our paid-to-incurred ratio for the quarter was 71% and 77% year-to-date. Our core effective tax rate was 18.8% for the quarter, which is within our guided range. We continue to expect our core effective tax rate to be within 18.75% to 19.25% for the remainder of this year.
我们的企业退出组合出现了9300万美元的不利发展，主要来自于性骚扰相关索赔的发展。本季度我们的已付/已发生比率为71%，年初至今为77%。我们的核心有效税率本季度为18.8%，这在我们的指导范围内。我们继续预计今年剩余时间我们的核心有效税率将在18.75%到19.25%之间。
I'll now turn the call back over to Karen.
我现在将电话转回给 Karen。
Karen Beyer 卡伦·拜尔
Thank you. We'll be happy to take your questions.
谢谢。我们很乐意解答您的问题。
Question-and-Answer Session
问答环节进行交流
Operator 运营人员
[Operator Instructions] Your first question comes from the line of Michael Zaremski with BMO Capital Markets. Please go ahead.
[操作员指示] 您的第一个问题来自 BMO Capital Markets 的 Michael Zaremski。请提问。
Michael Zaremski 迈克尔·扎雷姆斯基
Hey, guys. Good morning. Most of the focus, as you know, and you guys -- you gave good commentary, Evan, as you usually do on loss-cost trends. I'm trying my best to use the live transcript to true up some of the quarter-over-quarters, but I believe you made commentary about loss-cost trend in North America, specifically being stable and kind of in-line with your expectations, but I think you said there was a -- it was, excluding comp, in the 8%s, and I believe last quarter was in the 7%s. So just curious, is loss-cost trend changing a bit in terms of the trend line?
嘿，伙计们。早上好。正如你们所知，大部分关注点都在你们这里——正如你通常在损失成本趋势上所做的评论，埃文，我正在尽力使用实时转录来核实一些季度之间的数据，但我相信你对北美的损失成本趋势做了评论，特别是稳定并且与你们的预期基本一致，但我记得你说过，除了补偿之外，它在 8%左右，而我记得上个季度是在 7%左右。所以我只是好奇，损失成本趋势在趋势线方面是否有些变化？
这种甚至带小数点的数据从哪里来的？是不是事实？有没有足够的依据？
Evan Greenberg 伊万·格林伯格
No, there wasn't a change of loss-cost, and frankly, it was 7.3%, is what I said for P&C lines, which excludes financial lines and comp. I think that's the way to look at it. And the 8% was pricing, was up 8.3%. Pricing exceeded loss-costs P&C lines. As we...
没有损失成本的变化，坦率地说，对于财产和意外险，我说的是 7.3%，这不包括金融业务。我认为这是看待问题的方式。8%的定价上涨了 8.3%。定价超过了财产和意外险的损失成本。正如我们所...
Michael Zaremski 迈克尔·扎雷姆斯基
Would you say -- got it. Okay. Thanks for the clarification. So, just sticking with that and I guess this will just be my follow-up, there's a number of indices out there which kind of show that pricing in certain parts of the marketplace, even ex-financial lines are sub-6%, sub-5%. Would you say that -- I know you've talked about not accepting all business, that's not priced adequately. Would you say that Chubb's kind of in a doing that more so today in terms of kind of saying no to more business than it usually does in order to kind of make sure you're keeping pricing above loss-cost trend, whereas maybe others don't appear to be doing that when we see their trend lines on their loss ratios?
你会说--明白了。好的。感谢澄清。所以，坚持这一点，我想这将是我的后续问题，市场上有许多指数显示，即使是在金融业务之外，某些部分的定价也低于 6％，低于 5％。你会说--我知道你谈到过不接受所有定价不合适的业务。你会说，Chubb 今天更多地这样做，以确保保持定价高于损失成本趋势，而其他公司可能没有这样做，当我们看到他们的损失比率趋势线时？
Evan Greenberg 伊万·格林伯格
Well, I think I understood what you just said. Let me answer this. We wrote $1.3 billion of new business. That's a record. We grew in our P&C business 8% or so, and we gave comps separately, gave financial lines separate. The market overall, those numbers, as I said, I'm repeating myself, speak to the tone of the market, which is overall quite good. We published a combined ratio of 86.8% with higher cats and 83.2% current accident year combined ratio. I'm hardly wringing my hands. Our results are outstanding underwriting results.
嗯，我想我明白了你刚才说的内容。让我来回答一下。我们创造了新业务价值 13 亿美元，这是一个纪录。我们的财产和意外伤害业务增长了大约 8％，我们分别列出了比较数据，将金融业务单独列出。总的来说，市场的这些数字，正如我所说的，我在重复自己，表明市场整体上相当不错。我们发布了 86.8％的综合比率，其中包括更高的灾害损失，以及 83.2％的当前事故年综合比率。我几乎没有在为此担忧。我们的结果是杰出的承保结果。
The pricing in the market is reasonably rational, financial lines aside to me. Good areas -- and we're only writing business where we can earn an underwriting profit, and in all classes, we strive to earn an underwriting profit that reflects a good return on capital that we're deploying against that line of business. In some classes, they're well priced and getting rate that equals loss-cost, brilliant. In some classes, there is pricing below loss-cost, because the margins are so decent. And in other classes and they're casualty-related, we're writing the business because we're getting rate while in excess of loss-cost as those lines approach their adequacy.
市场定价在我看来相当理性，财务方面除外。我们只在能够获得核保利润的业务中写作，而且在所有类别中，我们努力获得反映我们投入该业务线的资本的良好回报的核保利润。在某些类别中，它们的定价合理，获得的费率等于损失成本，非常出色。在某些类别中，由于利润空间较大，定价低于损失成本。在其他一些与意外伤害相关的类别中，我们写作业务是因为我们获得的费率超过了损失成本，当这些业务线接近其充分性时。
如果有平常心这样的逻辑都是对的，好坏是显而易见的，平常心不常有，特别是团队内部，数据和软件算法不能完全代替平常心但可以有效排除噪音。
I hope that answers your question.
希望这能解决你的疑问。
Michael Zaremski 迈克尔·扎雷姆斯基
Okay. It does. Appreciate it.
好的，明白了。谢谢。
Evan Greenberg 伊万·格林伯格
Then, if you look at something like financial lines, there is a glaring example hiding in plain sight that demonstrates we are shrinking when we can't earn an adequate return, which is what we have done consistently for 20 years.
然后，如果你看看金融领域这样的事情，就会明显地发现一个例子就在眼前，表明我们正在缩减规模，因为我们无法获得足够的回报，这是我们连续 20 年来一直在做的事情。
Operator 运营人员
The next question comes from the line of Paul Newsome with Piper Sandler. Please go ahead.
下一个问题是由 Piper Sandler 的 Paul Newsome 提出的，请继续。
Evan Greenberg 伊万·格林伯格
Good morning, Paul. 早上好，保罗。
Operator 运营人员
Your next question comes from the line of Brian Meredith with UBS. Please go ahead.
请问，下一个问题是由瑞银的 Brian Meredith 提出的。请继续。
Brian Meredith 布莱恩·梅瑞迪思
Thank you. Evan, I'm just curious...
谢谢。埃文，我只是好奇...
Evan Greenberg 伊万·格林伯格
Good morning, Brian. 早上好，布莱恩。
Brian Meredith 布莱恩·梅瑞迪思
Hey, good morning. Given the good pricing you're still seeing in [casualty] (ph) lines right now, I'm just a little surprised that we aren't seeing more growth in that area from y'all. And, actually, if you just look at your pricing versus where the kind of premium growth was, it almost looks like you're shrinking a little bit on a absolute unit basis. Maybe correct me if there's something else going on that I'm just not seeing in the numbers.
早上好。考虑到您目前在[意外事故]（ph）领域仍然看到的良好定价，我对你们在这一领域没有看到更多增长感到有些惊讶。实际上，如果您只看看您的定价与保费增长的地方，几乎看起来您在绝对单位基础上有点萎缩。也许我错了，如果有其他情况我没有看到的话，请纠正我。
Evan Greenberg 伊万·格林伯格
No. We're growing property, and the unit count grew well. So, I don't -- and I don't know what -- we don't have any that reflects unit count.
不。我们正在扩大物业规模，单位数量增长得很好。所以，我不清楚--我们没有任何与单位数量相关的数据。
Brian Meredith 布莱恩·梅瑞迪思
That was in casualty.
那是在急诊室发生的。
Evan Greenberg 伊万·格林伯格
You can't see number of policies. And you're talking property, right?
你看不到有多少政策。你是在谈论财产吗？
Brian Meredith 布莱恩·梅瑞迪思
No. My apologies, I said casualty. I'm just looking at your commercial casualty numbers that you gave us. Apologies.
不好意思，我说错了。我只是在查看您给我们的商业伤亡数字。抱歉。
让人看不清楚=自己不清楚，苹果是这方面的典范，这种问题如果频繁出现不需要看解释。
Evan Greenberg 伊万·格林伯格
No, casualty is growing, and it's growing in the areas that we think we should be growing. And then, we have some areas, remember, in large account where we have been restructuring, in troubled classes and increasing retentions and we have accounts we've gotten off of or who have left us because of change of terms and all of that, it was worth about $50 million in the quarter. And that will run its string. It's particularly auto liability related. And -- but other than that, certain classes grew, some stayed flat, but overall casualty was up.
不，意外伤害保险正在增长，而且它在我们认为应该增长的领域内增长。然后，我们有一些领域，记住，在大型账户中我们一直在重组，在问题类别中增加留存率，我们有一些账户因为我们改变条款而离开我们，或者我们离开了他们，这在本季度大约是5000万美元。这将会继续。它特别与汽车责任相关。除此之外，某些类别增长了，有些保持不变，但总的来说，意外伤害保险是上升的。
Brian Meredith 布莱恩·梅瑞迪思
Makes sense. Thank you. And then, Evan, just second question, and I appreciate all the color on loss trend and stuff, but given some of the uncertainty that others in the industry are talking about on what's going on in the social inflation environment, are you all kind of thinking about maybe or are adding some additional IBNR to perhaps loss picks and stuff, or are we not at that point of this right now?
合理。谢谢。接着，Evan，第二个问题，我很感激你提供的有关损失趋势等方面的所有信息，但考虑到行业内其他人对社会通货膨胀环境的一些不确定性，你们是否在考虑可能增加一些额外的未报损失准备金，或者在损失选择方面做一些调整，或者我们现在还没有达到这一点？
Evan Greenberg 伊万·格林伯格
That's a strange way of framing for me. You're either raising your loss pick, which is IBNR, it's IBNR in casualty, generally you're -- if it's on a more recent year, it's all IBNR. If it's case -- if it's due to case reserve on recent years, then hang on to your hat. And if you're -- whereas on older, older years, you could be raising your loss pick based on the actual incurred claim. So, to me, it's just simply another way of saying are you raising your loss picks on more recent years. We already have raised our loss picks. It's already been baked into our business as we've gone along, and we've raised our loss-cost trends and we take rate against loss-cost and on a written basis and then to earn through, we pick -- we've been picking higher loss ratios over the last few years. And that's just steady. We haven't adjusted our loss picks this year for what we see in loss-cost trends. The loss-cost trends, as I said, remain steady with what we have contemplated.
对我来说，这种表述方式很奇怪。你要么在提高你的损失预估，这是未报告的损失准备金（IBNR），在意外伤害保险中，通常你——如果是在更近的年份，那么全部都是IBNR。如果是案件——如果是由于最近几年的案件准备金，那么请做好准备。而如果是在更早、更早的年份，你可能会根据实际发生索赔的情况提高你的损失预估。所以，对我来说，这只不过是另一种说法，问你是否在最近几年提高了你的损失预估。我们已经提高了我们的损失预估。这已经融入到我们的业务中，随着我们的进展，我们已经提高了我们的损失成本趋势，我们根据损失成本来定价，并在书面基础上，然后通过赚取，我们选择——我们在过去几年中一直在选择更高的损失比率。这只是稳定的。我们今年没有根据我们看到的损失成本趋势调整我们的损失预估。正如我所说，损失成本趋势保持稳定，符合我们所考虑的。
Now, as you do reserve studies, there are individual classes where if you're taking reserve charge, you're taking reserve charge because that, by its nature, means you're raising the loss picks, which includes IBNR on a cohort of years. It may be that you're raising it just because of development you see on older years, it may be that you see that flowing through to more -- to change your view in more recent years and in which case you raise them, but that's study by study. I hope that answers your question.
现在，当你进行准备金研究时，有些个别类别如果你在计提准备金，你计提准备金是因为这本质上意味着你在提高损失预估，这包括对一组年份的未报告的损失准备金（IBNR）。可能你提高它只是因为你看到在更早年份的发展情况，也可能是你看到这种情况延续到更近的年份，并因此改变你对更近年份的看法，在这种情况下你会提高它们，但这是逐项研究的。希望这回答了你的问题。
Brian Meredith 布莱恩·梅瑞迪思
Yeah. It was very helpful. Thank you.
是的，非常有帮助。谢谢您。
Evan Greenberg 伊万·格林伯格
You're welcome. 不客气。
Operator 运营人员
Your next question comes from the line of Bob Huang with Morgan Stanley. Please go ahead.
请问 Bob Huang 来自摩根士丹利的，请继续。
Bob Huang 鲍勃·黄
Hi, good morning. 早上好。
Evan Greenberg 伊万·格林伯格
Good morning. 早上好。
Bob Huang 鲍勃·黄
Yeah. Good morning. Just want to shift gears a little bit to personal line. You grew in pretty incredible 42% premium year-to-date. Can you maybe talk about the driver of this growth in North America personal? And also, how should we think about just the growth trajectory of this line going forward? I understand, obviously, homeowner and auto is going to be very different, but just curious your thoughts going forward.
早上好。我想稍微转换一下话题，谈谈个人保险。您在北美个人保险方面的增长率已经达到了令人难以置信的 42%。您能谈谈这种增长的驱动因素吗？此外，我们应该如何看待这一业务线未来的增长轨迹？我明白，显然，房主保险和汽车保险会有很大的不同，但我只是好奇您对未来的看法。
可能是巴菲特买入的原因，跟GEICO和PGR有差异化的地方。
Evan Greenberg 伊万·格林伯格
Did you -- we did not grow North America personal lines 42% year-to-date, but we've grown it double-digit year-to-date. And so just -- so we level set between each other, the line is growing at a very healthy rate. And look, it's for -- there's a combination of reasons. It's broad-based growth. We're not growing simply in -- okay, cat-exposed stressed areas. We're growing where high net-worth customers have homes. And so that would of course have a strong cat-exposed element to it, but we're growing at a broad variety of geographies across the United States.
你们没有——我们至今年为止并没有增长北美个人保险业务42%，但我们的增长率是两位数。因此，我们彼此之间要明确，这条业务线正在以非常健康的速度增长。看，这是有多种原因的。这是一种基础广泛的增长。我们不仅仅在——好吧，暴露于灾害风险的压力区域增长。我们还在高净值客户拥有住宅的地方增长。所以这当然会有强烈的灾害风险暴露元素，但我们正在美国各地广泛增长。
反复出现，让人看不清楚一定是因为就不清楚。
We're getting improved rate to exposure. Our pricing -- and we've worked on it for years now, our ability to price the business is far more sophisticated and our by-peril pricing is very sophisticated. The services we provide and the richness of the coverage, if you are a customer whose profile meets our product, we're who you want, because the richness of the coverage and the way we administer it, that's what our brand is well known about. And there is a real increase in demand for Chubb. We are not the cheap guys on the street. And in fact, there are many who I personally will tell them, if you're looking for a cheaper price, let me give you the name of three other insurance companies. But no, they want Chubb and the renewal retention rate and the growth in new business, it's very gratifying that way.
我们正在获得更好的费率与风险暴露的匹配。我们的定价——我们已经在这方面工作多年，我们对业务的定价能力要复杂得多，我们的按风险定价非常复杂。我们提供的服务和保障的丰富性，如果你的客户档案符合我们的产品，你就是我们需要的客户，因为保障的丰富性和我们管理它的方式，这就是我们的品牌所闻名的。而且，对Chubb的需求确实在增加。我们不是街上的便宜货。事实上，有很多人我亲自会告诉他们，如果你在寻找更便宜的价格，让我给你三个其他保险公司的名字。但是不，他们想要Chubb，续保保留率和新业务的增长，这种方式上非常令人满意。
农民式的营销智慧。
And we're improving our services and constantly improving our services and in the way we communicate with our customer. And that is in front of us. We can continue improving this and improve the -- which is the competitive profile of the product area. So -- and then, yes, in cat-exposed areas, we're getting well paid for the business we're writing. I don't mind saying we're reshaping and have been shaping in cat-exposed areas to a healthier portfolio in terms of the quality of risk and whether they're just given us cat business or they're giving us a broad base of business beyond cat exposure. And we're shaping that portfolio and getting priced reasonably for it and we're purchasing enough protection to protect the balance sheet as we grow accumulations. So, all in all, our personal lines business is in a very healthy place.
我们正在改进我们的服务，并且不断地改进我们的服务以及我们与客户沟通的方式。这是我们面前的任务。我们可以继续改进这一点，提高我们产品领域的竞争力。所以——然后，是的，在暴露于灾害风险的地区，我们为所写的业务获得了很好的回报。我不介意说我们正在重塑，并且一直在塑造暴露于灾害风险的地区，使其成为一个更健康的投资组合，无论是在风险质量方面，还是他们是否只是给我们灾害业务，或者他们是否给我们一个广泛的业务基础，超出了灾害暴露。我们正在塑造这个投资组合，并为其合理定价，并且我们正在购买足够的保护，以保护资产负债表，随着我们积累的增长。所以，总的来说，我们的个人保险业务处于一个非常健康的状态。
Bob Huang 鲍勃·黄
Great. Thank you. Yeah, the 42%, personal auto, I misspoke there. Yeah. So, the second question is, in the press release, you talked about, you're seeing a broad set of opportunities in accident and health and personal lines across the globe, right? Can you maybe expand on where you think that opportunity resides? It feels like your European business is doing well. Your Asia business is doing well. Is this globe -- are you referring to more broadly speaking, or is it more Southeast Asia, South Asia? Can you maybe give us a little bit more details there? Is it more organic, inorganic, things of that nature?
伟大。谢谢。是的，42％，个人汽车，我在那里说错了。是的。所以，第二个问题是，在新闻稿中，您提到，在全球范围内看到了一系列意外伤害和个人保险的机会，对吗？您能详细说明您认为这些机会存在的地方吗？感觉您的欧洲业务表现不错。您的亚洲业务也表现不错。这个全球——您是指更广泛地说，还是更多地指东南亚、南亚？您能在那方面给我们更多细节吗？这更多是有机的，还是无机的，类似这样的事情？
Evan Greenberg 伊万·格林伯格
Love the question. Thank you. Okay. So, let's take accident and health. The combined insurance company in North America, which I'm going to start talking about more soon, but we've been a little quieter about it. It is growing at double-digits. It is a worksite voluntary benefits business and it is growing at a very healthy double-digit clip, and that is traditional -- our traditional accident and health. We're growing it for small-account companies and middle- and large-account companies, one through brokerage, one through agency.
非常感谢您的提问。好的，让我们来谈谈意外伤害和健康保险。北美的综合保险公司，我很快就会开始更多地谈论它，但我们之前对此一直保持相对低调。它的增长是两位数的。它是一个工作场所自愿福利业务，并且正在以非常健康的两位数速度增长，这是我们传统的意外伤害和健康保险。我们正在为小型账户公司以及中大型账户公司增长这一业务，一种是通过经纪渠道，一种是通过代理渠道。
Our accident and health business in Asia Pacific has grown because we're the largest direct marketers of insurance in Asia for sure and maybe the world. It's over a $4.5 billion portfolio. And our direct marketed A&H business growing in Korea, growing through Southeast Asia is an excellent contributor.
我们在亚太地区的意外伤害保险业务增长了，因为我们是亚洲最大的直销保险营销商，也许是全球最大的。这是一个超过 45 亿美元的投资组合。我们在韩国和东南亚的直销意外伤害保险业务增长迅速，为业绩做出了卓越贡献。
Our digital distributed consumer lines business, A&H and personal lines with over 200 digital platforms from the grabs of Southeast Asia to the new banks of Latin America for -- in what we call embedded or in path selling for accident and health and simple consumer products, think householders, think term life insurance, think device coverage for protecting devices, is growing at a -- that's our digital business, growing at a very healthy double-digit clip. Travel insurance in Asia growing well. In Europe, employer, employee and direct marketed A&H growing very well.
我们的数字化分销消费者业务，包括意外伤害和健康保险以及个人保险，通过超过200个数字平台，从东南亚的Grab到拉丁美洲的新银行，在我们所谓的嵌入式或路径销售中，为意外伤害和健康以及简单的消费者产品（想一想家庭保险、定期寿险、设备保险以保护设备）提供服务，正在以非常健康的两位数速度增长。亚洲的旅行保险增长良好。在欧洲，雇主、雇员和直接市场营销的意外伤害和健康保险也增长得非常好。
I could go on and on, but that's a flavor of how it's -- maybe giving you a sense granularly of how it is across the globe.
我可以继续详细阐述，但这只是一种味道 -- 或许能更具体地让你了解全球情况。
Bob Huang 鲍勃·黄
Really appreciate that. So, I think we'll look forward to more commentary down the road about this. Thank you.
非常感谢。因此，我期待着未来对此事的更多评论。谢谢。
Evan Greenberg 伊万·格林伯格
You got it. Thanks for the questions.
你明白了。谢谢你的提问。
Operator 运营人员
Your next question comes from the line of David Motemaden with Evercore ISI. Please go ahead.
请问，David Motemaden 来自 Evercore ISI，现在请您提问。
Evan Greenberg 伊万·格林伯格
Good morning, David. 早上好，大卫。
David Motemaden 大卫·莫特马登
Good morning, Evan. I had a follow-up just on the North America P&C long-tail ex-comp...
早上好，Evan。我有一个关于北美财产与意外伤害长期赔付的后续问题...
Evan Greenberg 伊万·格林伯格
Of course. 当然。
David Motemaden 大卫·莫特马登
...loss trend. It sounds like that increased about 1 point sequentially. Just wondering what you saw in the quarter.
...损失趋势。听起来好像是按顺序增加了约 1 点。只是想知道您在本季度观察到了什么。
Evan Greenberg 伊万·格林伯格
No. It did not -- no. I'm going to cut you. It did not. It -- didn't it go ahead, Paul?
不，它没有 -- 不，我要伤害你。它没有。它 -- 保罗，它不是这样吗？
Paul O'Connell 保罗·奥康奈尔
I think last quarter, we had given casualty number, which was 8.6% in comparison, that's standalone casualty number. The number you just cited was P&C ex-financial lines and ex-workers' comp, it didn't change that quarter.
我认为在上个季度，我们提供了伤亡率数据，为 8.6%，这是独立的伤亡率数据。你刚刚提到的数字是财产与意外险以外的 P&C，工人赔偿，那个季度没有变化。
Evan Greenberg 伊万·格林伯格
Did you hear that explanation? Did it help you? David?
你听懂那个解释了吗？它对你有帮助吗？大卫？
David Motemaden 大卫·莫特马登
Yeah. I did. It was a little faint, but I think I got most of it. So, it just sounds...
是的，我听到了。声音有点微弱，但我觉得我听懂了大部分。所以，听起来就像...
Evan Greenberg 伊万·格林伯格
No, you want to -- let's repeat it. Paul, go ahead.
不，你想要的是 -- 让我们重复一遍。保罗，请继续。
Paul O'Connell 保罗·奥康奈尔
The numbers didn't change sequentially. It might have been a different mix or different combination of product lines. So, the 7.3% that we cited was total ex-financial lines and ex-workers' compensation.
数字没有按顺序变化。可能是不同的混合或不同的产品线组合。因此，我们提到的 7.3%是总体排除金融线和排除工人赔偿的。
Evan Greenberg 伊万·格林伯格
Which is -- which we think is the purest way for you to hear casualty.
我们认为这是您最纯净地听到伤亡的方式。
Paul O'Connell 保罗·奥康奈尔
Property and casualty. 财产和意外保险。
Evan Greenberg 伊万·格林伯格
Yeah, property and casualty. And then, we gave casualty separately, right? And the casualty separately hasn't changed.
是的，财产和意外事故。然后，我们单独提供了意外事故，对吧？而单独的意外事故并没有发生变化。
Paul O'Connell 保罗·奥康奈尔
No. 不。
Evan Greenberg 伊万·格林伯格
I mean, I'm looking at my Chief Actuary, so I'm scratching my head. We haven't changed it.
我的意思是，我正在看我的首席精算师，所以我感到困惑。我们还没有做出任何改变。
David Motemaden 大卫·莫特马登
Got it. Okay. That's helpful clarification on that front. I guess, we've obviously heard a lot of noise this quarter from just across the industry on more recent accident year casualty reserves. Doesn't sound like there's been any big shifts in the claims environment just based on what you guys have done, but I'm wondering if you might just give some of your observations in terms of how we should be thinking about just the loss environment as the claims environment sort of normalizes following COVID.
明白了。好的，这有助于澄清。我猜，我们显然在这个季度从整个行业听到了很多关于最近事故年度意外伤害保险准备金的噪音。根据你们所做的，似乎索赔环境并没有发生大的变化，但我想知道你是否可以提供一些你的观察，关于我们应该如何考虑索赔环境在COVID之后正常化时的损失环境。
Evan Greenberg 伊万·格林伯格
Yeah. Look, let me observe this way to you. On the loss side of it, we have been talking for many quarters for years now about the inflation in the casualty loss-cost environment. I won't go into all the reasons, but the litigation. We have talked about the reasons and we have talked about some of the areas, whether it is excess casualty related, auto liability related. And that's just not new noise or new facts. That's been for a long time we've been talking.
是的。看，让我这样向你解释。在损失方面，多年来我们一直在谈论伤亡损失成本环境中的通货膨胀问题。我不会详细说明所有原因，但其中之一是诉讼。我们已经谈论过原因，也谈论过一些领域，无论是超额伤亡相关还是汽车责任相关。这不仅仅是新的噪音或新的事实。我们已经谈论了很长时间。
We've talked about how inflation in that area has accelerated over a period of time. We talked about how the court system was closed down and how you had to be careful in not taking the head fake and continuing to trend up. We've talked about how companies have managed this and some have been quicker, some have been slower to recognize development. Though everyone is in the boat of struggling to stay on top of it, some have reacted more quickly and their recognition in reserves and loss picks than others. So again, everyone struggles to stay on top.
我们已经谈到了该地区的通货膨胀是如何在一段时间内加速的。我们讨论了法院系统的关闭，以及你必须小心不要被愚弄，继续向上发展。我们还谈到了公司是如何应对这一情况的，有些公司反应更快，有些公司反应更慢以认识到发展。尽管每个人都在努力保持领先地位，但有些人比其他人更快做出了反应，他们在储备和损失选择方面的认识比其他人更快。因此，再次强调，每个人都在努力保持领先地位。
We've talked about how reinsurers are late -- are the latest to the party. And those who may not have as good a data set or be as activist and intrusive in how they use data and interpret it for management information, all of that rolls together to make the soup everyone is obsessed about at this moment about casualty, and I understand it.
我们已经讨论了再保险公司是最后一批加入的。那些可能没有同样好的数据集，或者在使用数据和解释数据以获取管理信息方面不是那么积极和深入的人，所有这些都汇集在一起，形成了目前每个人都对意外伤害保险着迷的“汤”，我理解这一点。
I say it that way, because when it comes to Chubb, we have almost $65 billion of loss reserves, very broad-based. We study them all on an annual basis, and we watch them all on a monthly and quarterly basis. There's always something developing well and something not developing as well as you imagine. It's never a precise science.
我这样说，是因为当涉及到Chubb时，我们拥有近650亿美元的损失准备金，这些准备金基础非常广泛。我们每年都会研究它们，并且我们会在每月和每季度的基础上进行监控。总有一些发展得很好，也有一些发展得不如你想象的那么好。这从来不是一门精确的科学。
PGR只有200亿的账面资产，CB有650亿，BRK有5000多亿，显然处于劣势。
On balance, our reserves are as strong. And frankly, we said this at December and I can tell you as of June 30, our loss reserves are stronger than they were in December in aggregate when we look at them today. And that is with staying on top of the positive development in casualty, i.e. comp and other areas and the negative development that is occurring in auto liability and access and umbrella, et cetera.
总体而言，我们的准备金依然强劲。坦率地说，我们在12月份就这么说，我可以告诉你，截至6月30日，当我们今天来看时，我们的损失准备金总体上比12月份时更强。这是在密切关注意外伤害保险的积极发展，即赔偿和其他领域，以及在汽车责任和访问以及伞式保险等发生的负面发展的同时。
David, I hope that's as much as I can say on the subject.
大卫，希望这就是我能说的全部内容。
David Motemaden 大卫·莫特马登
I really appreciate it. Thanks, Evan.
我非常感激。谢谢你，Evan。
Evan Greenberg 伊万·格林伯格
You got it. 你懂了。
Operator 运营人员
Your next question comes from the line of Yaron Kinar with Jefferies. Please go ahead.
请允许 Yaron Kinar 先生提出下一个问题，他来自 Jefferies。
Yaron Kinar 亚伦·基纳
Thank you. Good morning. I want to maybe take a broader view here, specifically on North America commercial. So, I think you've been running at a low 80%s underlying, combined mid-80%s reported in recent years, including year-to-date. That's a whopping improvement relative to where it's been historically, right, 5 points to 10 points better I think. So, how do you think about the balance of protecting these margins and risk-adjusted returns on the one hand and pursuing growth on the other in the context of maybe elevated market uncertainty, but these terrific margins?
非常感谢。早上好。我想从更广泛的角度来看待这个问题，特别是北美商业方面。所以，我认为你们最近几年，包括至今年为止，一直在以低80%的内在综合比率运行，报告的综合比率是中80%。与历史上相比，这是一个巨大的进步，对吧，我认为比之前好5到10个百分点。那么，您如何看待在可能的市场不确定性背景下，一方面保护这些利润率和风险调整后的回报，另一方面追求增长的问题，同时还有这些极好的利润率？
Evan Greenberg 伊万·格林伯格
Well, let's see. I think it speaks for itself. We grew at a pretty healthy clip when you look at it. Our middle market P&C business grew at 11%. Our E&S business grew at 8.7%. Our large-account business grew a little slower clip. Our financial line shrank, while P&C grew. I've gone through that where rates achieve a risk-adjusted return from everything we can tell, that we contemplate achieving, we're growing that business as fast as we can. Where it's not achieving it, we're striving to achieve it. Where we can't earn an underwriting profit, we're shrinking. Where it's adequate, we're growing as fast as we can. And we have the capital, the depth of balance sheet and an appetite and knowledge and geographic reach and the distribution brand, the underwriting capability to grow in those areas where we want to grow. And there are times we'll trade rate for growth and we'll -- there are times we'll trade growth for rate. We're doing both.
好的，让我们看看。我认为这不言而喻。当我们审视时，我们的增长速度相当健康。我们的中端市场财产和意外伤害保险业务增长了11%。我们的E&S业务增长了8.7%。我们的大客户业务增长速度稍慢。我们的金融线缩小了，而财产和意外伤害保险增长了。我已经说过，从我们所能看到的一切来看，如果费率能够实现风险调整后的回报，我们正在尽可能快地增长这项业务。如果它没有实现，我们正在努力实现它。如果我们不能获得承保利润，我们就在缩减。如果它是足够的，我们就尽可能快地增长。我们拥有资本、资产负债表的深度、胃口、知识、地理覆盖范围和分销品牌、承保能力，可以在我们想要增长的领域增长。有时我们会为了增长而交换费率，有时我们会为了费率而交换增长。我们两者都在做。
And when it comes to the current accident year combined ratio, I've said before and I've written this, it's very interesting about the industry's current accident year combined ratio ex-cat. Property is a much larger part and a growing -- everybody is more cat-levered because of the changes in the [reinsurance] (ph) market, the rates and terms. And we take the cat loss out of the numerator, but in the denominator, we leave all the premium, that naturally drives down our current accident year combined ratio in mix of business all else being equal. So, it's -- I look -- that's a part and parcel of the published combined ratio, which is the primary number that everyone should look at. And the current accident year to look through volatility is a secondary indicator. And that's how I think of about.
当涉及到当前事故年度的综合比率时，我以前说过，我也写过，关于行业当前事故年度除去灾害损失的综合比率，这是非常有趣的。由于[再保险]市场的变化，费率和条款，财产险成为一个更大且不断增长的部分，每个人都因为灾害杠杆而更加暴露。我们从分子中剔除了灾害损失，但在分母中，我们保留了所有保费，这自然在业务组合中降低了我们当前事故年度的综合比率，其他条件相同。所以，我看待的是——这是公布的综合比率的一部分和关键，这是每个人都应该关注的主要数字。而当前事故年度透过波动性来看是一个次要指标。我就是这样考虑的。
神乎其神。
And I think what we published of an 86.8%, which has higher cat losses than prior quarter -- prior year's quarter because volatility in property is simply an outstanding number. I hope that answers your question. This is a company with big appetite and -- but a big appetite and an ambition to grow when we can earn a reasonable return.
我认为我们公布的86.8%，由于财产的波动性，比上个季度——上一年的季度有更高的灾害损失，这实际上是一个杰出的数字。我希望这回答了你的问题。这是一家有巨大胃口和——但有巨大胃口和雄心壮志的公司，当我们能够获得合理的回报时，我们有雄心壮志去增长。
Yaron Kinar 亚伦·基纳
Got it. And maybe to follow -- sorry, go ahead.
好的，明白了。也许接下来是 -- 对不起，请继续。
Evan Greenberg 伊万·格林伯格
No, I'm done. 不，我已经完成了。
Yaron Kinar 亚伦·基纳
So, maybe to follow-up on that. So, in lines where you are getting rate in excess of trend, is it reasonable to think of an acceleration of growth in those -- premium growth in those lines? So essentially policies in-force increasing or accelerating at a faster pace?
那么，也许是对那个问题的跟进。所以，在你们获得超过趋势的费率的业务线中，是否可以合理地考虑这些业务线的增长加速——保费增长加速？本质上是有效保单增加或以更快的速度加速？
Evan Greenberg 伊万·格林伯格
There is. We've met -- you can't see it, and we're not going to disclose anything like that. But it is apparent to us, again, we wrote $1.3 billion of new business, a record. And we had a renewal retention rate policy cap of 90%. I rest my case.
有的。我们已经达到了——你看不到它，我们也不会披露任何类似的事情。但对我们来说这是显而易见的，再次强调，我们写了13亿美元的新业务，创下了纪录。我们的续保保留率政策上限是90%。我陈述完毕。
吊毛，暂时的高利润总会回归的。
Yaron Kinar 亚伦·基纳
Thank you. 谢谢你。
Evan Greenberg 伊万·格林伯格
You're welcome. 不客气。
Operator 运营人员
Your next question comes from the line of Mike Ward with Citi. Please go ahead.
请问，下一个问题是来自花旗银行的迈克·沃德。请提问。
Mike Ward 迈克·沃德
Thank you. Good morning. I just -- I was wondering on the prior-period development, I don't think this has been asked, but I was hoping you could maybe break down the -- I think it was $144 million in North America commercial. Just sort of curious, if there were any notable movements within that, including long-tail casualty versus workers' comp?
感谢。早上好。我刚刚想问一下关于上一期的发展情况，我觉得这个问题还没有被问到，但我希望你能解释一下，在北美商业领域的 1.44 亿美元中是否有任何显著变化，包括长尾责任险与工伤赔偿方面的情况？
Evan Greenberg 伊万·格林伯格
Yeah, sure. We studied large-account comp this quarter, and we studied auto liability across the organization, large, medium, small, all added together. Among other casualty lines, that we studied a variety of GL, general liability-related ones, comp produced about $287 million release and the auto liability studies produced about $116 million of charge and not concentrated in any one year spread out. And that was the major piece.
当然，这个季度我们研究了大型账户的工伤赔偿，以及整个组织中的汽车责任险，大型、中型、小型全部加起来。在其他意外伤害保险业务线中，我们研究了各种与一般责任相关的GL（广义责任险）。工伤赔偿产生了大约2.87亿美元的释放，而汽车责任险研究产生了大约1.16亿美元的费用，这些费用并没有集中在任何一个年份，而是分散开来。这是主要的部分。
Mike Ward 迈克·沃德
Okay. That's really helpful. Thank you, Evan. And then maybe kind of on a similar theme, but I saw some media sort of reporting on, an executive that you hired specifically to handle inflated jury verdicts. Just wondering if you could expand on that role and how you expect the industry to actually...
好的，这真的很有帮助。谢谢，Evan。然后也许是类似的主题，但我看到一些媒体报道，你聘请了一位高管专门处理膨胀的陪审团裁决。只是想知道你是否可以扩展这个角色以及你期望这个行业实际上...
Evan Greenberg 伊万·格林伯格
Yeah. He's not going to handle inflated jury verdicts. That sounds like I hired somebody out of the mafia, because I don't know any other way except with a mask and a gun. But what he's -- what we're focused on is the litigation environment and what we can do to help galvanize and lead in that lead efforts among corporate America to pool our influence and our resources to impact the litigation environment, which is going to be impacted through the political arena and the regulatory arena. You going to get some laws changed, and it's a state by state when you get down to the critical issues, whether you're talking mass tort or you're talking individual large awards or you're talking litigation funding, any of that. And so, we're going to double down on focusing on that to work with corporate America that is waking up and becoming more energized about this. And I will in the future, I'm sure have more to say about it. And right now, we'll just go to work on it.
他不是来处理膨胀的陪审团裁决的。这听起来好像我从黑手党里雇了个人，因为我不知道除了戴面具和拿枪之外还有什么别的方法。但他——我们关注的是诉讼环境，以及我们能做些什么来帮助激发和领导美国企业在这方面的领导努力，集中我们的影响力和资源来影响诉讼环境，这将通过政治领域和监管领域来实现影响。你们将推动一些法律的变更，当你深入到关键问题时，这是州与州之间的问题，不管你是在谈论大规模侵权还是谈论个人巨额赔偿，或者是诉讼融资，等等。因此，我们将加倍关注这一点，与正在觉醒并对此事更加积极关注的美国企业合作。我相信在未来，我会有更多关于这个问题的发言。现在，我们只会着手去做这项工作。
这在国内是普遍的做法。
Mike Ward 迈克·沃德
Thank you. 谢谢你。
Evan Greenberg 伊万·格林伯格
You're welcome. 不客气。
Operator 运营人员
Your next question comes from the line of Gregory Peters with Raymond James. Please go ahead.
请问，Gregory Peters 先生来自雷蒙德詹姆斯，接下来请提问。
Gregory Peters 格雷戈里·彼得斯
Good morning, everyone. So, you started to touch upon this in the last question, but I wanted to step back. In the last 90 days, it seems like there's been a flurry of announcements from the company on management changes and promotions. And I'm curious, Evan, if you could just step back, give us a snapshot of what's going on behind the curtain.
早上好，大家。在上一个问题中你已经开始提到这一点，但我想退后一步。在过去的 90 天里，公司似乎发布了一连串关于管理变动和晋升的公告。我很好奇，埃文，你能否给我们一个幕后的快照。
Evan Greenberg 伊万·格林伯格
Sure. Behind the curtain? No curtain. What an energizing thing for this organization. These -- we have a very well-oiled and effective succession management and key employee process. We've been engaged in for over 18 years. And at my level, it involves keeping our eye on about 500 people across the company. The people who were promoted and the change of responsibilities is a reflection of that succession management process.
当然。幕后？并没有幕。对于这个组织来说，这是一件令人振奋的事情。我们拥有一个运转良好且高效的继任管理和关键员工流程。我们已经参与其中超过 18 年了。在我的层级，这意味着需要关注公司内大约 500 人。被提升的员工和责任变化是这一继任管理流程的体现。
脑子进水了，谁有这样的能力？
This was -- these changes were planned over 18 months ago. The individuals, [John Keogh] (ph), and we had planned it. John Lupica, and we had planned for it. It's very orderly. It was individuals who've had long history with the company. They're of our culture. They have the talent, the capability to do more. The company, to state the obvious, look at the size and scale of it, it's growing. And therefore, the structure has to adapt and the talent that you put in place has to reflect the opportunity set and all of the dynamics around management of the organization that you need to address all at once.
这些变化是在 18 个月前计划的。这些个人，包括[约翰·基奥]，我们已经计划好了。约翰·卢皮卡，我们也已经为此做好了准备。整个过程非常有条理。这些个人在公司有着悠久的历史，符合我们的企业文化。他们拥有足够的才能和能力去做更多的事情。公司显而易见地正在不断增长，因此组织结构必须相应调整，而您安排的人才也必须能够反映出所面临的机遇和组织管理中需要同时解决的所有动态。
We have bigger strategic issues that have to do with opportunities and we just talked about litigation. These massive structural things in front of us that Chubb is a leader, as it has a responsibility and an opportunity, participate in, and we need leadership that can address that. All the day to day of our business and managing the day to day of our business grows more complicated and is more diverse. And so, part of my job is to reflect on all of that and to use the succession process we have that produces a deep, well-diversified bench of talent to match up against all of that. And that's what it reflects. And what's so great is everyone who was on that -- those announcements know each other well, have been together well for a long time, and it just -- it means the team just gets stronger.
我们面临更大的战略问题，涉及机遇，我们刚刚谈到了诉讼。这些重大的结构性问题摆在我们面前，Chubb 作为领导者，既有责任又有机会参与其中，我们需要领导层能够应对这一切。我们的业务日常和管理业务日常变得更加复杂和多样化。因此，我的工作的一部分是反思所有这些，并利用我们拥有的产生了一支深厚、多元化人才储备的接班人制度来应对这一切。这就是它的意义。 而且最棒的是，所有参加那个活动的人彼此都很熟悉，已经在一起很长时间了，这意味着团队会变得更加强大。
Gregory Peters 格雷戈里·彼得斯
Great. I'm going to, for my follow-up question, get out of the North American commercial liability reserve sandbox and jump into the agricultural business. I was watching -- I think I checked...
好的，我会在后续问题中跳出北美商业责任准备金的沙盒，转而讨论农业业务。我在关注——我想我查看了...
Evan Greenberg 伊万·格林伯格
I think we dug all for the sand out of that box. So, I'm like, I'm done, but go ahead.
我觉得我们已经把盒子里的沙子都挖光了。所以，我就算了，你可以继续。
Gregory Peters 格雷戈里·彼得斯
I figured. It's exhausting.
我懂了。这真的很累。
Evan Greenberg 伊万·格林伯格
I'm so known for my patients.
我以对患者的耐心而闻名。
Gregory Peters 格雷戈里·彼得斯
You handled yourself very well, so congratulations on that. For -- I checked the spot rate of a bushel of corn, looks like it's down, what, some 30% year-over-year. So, not that that's an arbiter of the outlook for your agricultural business, but maybe if you could give us an update on how this year looks to be shaping up? Obviously, I know the harvest season is still emerging, but any color there would be helpful.
你表现得非常出色，所以恭喜你。关于这一点——我查了一下一蒲式耳玉米的现货价格，看起来下跌了，大约 30%的年度。虽然这并不是你农业业务前景的决定因素，但也许你能告诉我们今年的情况如何发展？显然，我知道收获季节还在兴起，但任何相关信息都会很有帮助。
Evan Greenberg 伊万·格林伯格
Yeah. I'm going to be very careful because I'm not going to jinx myself in the middle of the game. But where we have concentration of exposure, it is a very good growing season so far, particularly for corn and soybean. We have a well-diversified book. We're heavier, and we've always been west of the Mississippi, but in a very broad swath of geography, Midwest, upper Midwest, in particular. And the growing conditions are very good.
是的。我会非常小心，因为我不想在比赛进行中给自己带来厄运。但到目前为止，我们暴露的地方是一个非常好的生长季节，特别是对玉米和大豆来说。我们的账本多样化。我们更集中在密西西比河以西，但覆盖了一个非常广泛的地理区域，尤其是中西部。生长条件非常有利。
When you see spot markets at this moment and it just -- it's not something to obsess about or look at really because it reflects what people were imagining. It's a speculative class and they're imagining what the -- what's the government going to say about growing and they're all out there looking at the years of corn on -- counting the years on stocks right now. And that's what's driving price at the moment. We'll see how it pans out, but right now, it's shaping up well.
当您此刻看到现货市场时，这只是一种--这并不是需要过分关注或真正关心的事情，因为它反映了人们的想象。这是一种投机类别，他们在想象政府将会对增长有何表态，他们都在关注玉米的年限--目前正在盘点库存年限。这就是目前推动价格的原因。我们将看到它的发展如何，但目前看起来进展顺利。
Gregory Peters 格雷戈里·彼得斯
Got it. Thanks for the answers.
收到了。谢谢你的答案。
Evan Greenberg 伊万·格林伯格
John, you wanted to say something about base price?
约翰，你想谈谈基础价格吗？
Unidentified Company Representative
未知公司代表
Yeah. Just you noted a spot price below last year, but I think the more important number is what the base price was and it's only off 10% from base price, which is a good spot for us right now.
是的。你提到了去年的现货价格下降，但我认为更重要的是基准价格是多少，它只比基准价格低了 10%，这对我们现在来说是一个很好的价格。
Evan Greenberg 伊万·格林伯格
Yeah, which was in within a lot of the deductible. Frankly, if you -- and is a little outside deductible averages, but, look, who knows, we'll see.
是的，这在很多免赔额内。坦率地说，如果你--有点超出了免赔额的平均水平，但是，谁知道，我们会看到。
Gregory Peters 格雷戈里·彼得斯
Thank you. 谢谢你。
Operator 运营人员
I'll now turn the call back over to Karen Beyer for closing remarks. Please go ahead.
现在我将电话转给 Karen Beyer 做结束语。请讲。
Karen Beyer 卡伦·拜尔
Thanks, everyone, for joining us today. If you have any follow-up questions, we'll be around to take your calls. Enjoy the day. Thank you.
感谢各位今天的参与。如果您有任何后续问题，我们会在场接听您的电话。祝您度过愉快的一天。谢谢。
Operator 运营人员
Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.
各位，今天的通话就到这里了。感谢大家的参与，现在可以挂断电话。
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