Chubb’s 4Q Is a Little Soft
Chubb’s fourth-quarter results were a little soft, but at this point we’re willing to accept management’s view that this is just normal variation in quarterly results. On an absolute basis, the franchise’s performance remains strong. We estimate annualized tangible ROE at 14% for the full year, a level that supports our narrow moat rating. We will maintain our $140 fair value estimate.Underwriting results in North American commercial insurance deteriorated a bit, with the underlying combined ra...
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