Chubb (CB) Q4 2019 Earnings Call Transcript

Chubb (CB) Q4 2019 Earnings Call Transcript

We have Evan Greenberg, chairman and chief executive officer; followed by Phil Bancroft, our chief financial officer.. As you saw from the numbers, we reported core operating income in the fourth quarter of $2.28 per share, up 13% from prior year.. The quarter was marked by excellent premium revenue growth globally, driven by an improved and improving pricing and underwriting environment that is spreading to more lines of business and more territories.. Our organic growth in the commercial lines underwriting environment were the best in over five years.. Our published P&C combined ratio for the quarter was 92.7%, about half a point improvement over prior year, with P&C underwriting income up 12%.. And on a current-accident year basis, excluding cats, it was an outstanding 88.6% versus 89.9% last year.. The calendar year was down from the year before, and the current accident year excluding cats, was flat with prior year.. Book and tangible book value per share were up 11.7% and 18.6%, respectively for the year, driven by a combination of income and the mark from falling interest rates.. We'll have more to say about the investment income, book value, cats and prior period development.. Turning to growth and the