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Chubb Hikes Dividend for the 28th Consecutive Year, Amidst the Pandemic

Chubb Ltd. (CB) is a global insurance and reinsurance organization with about $190 billion in total assets and $60 billion in shareholders’ equity as of 2020. With operations in 54 countries and territories, the company has become a global property and casualty insurance leader, as well as a provider of personal accident and supplemental health insurance, reinsurance and life insurance to a broad range of clients.

The company’s net premiums written came from North America Commercial P&C Insurance (42%), Overseas General Insurance (33%), North America Personal P&C Insurance (13%), Life Insurance (7%), Global Reinsurance (3%) and North America Agriculture Insurance (2%) during the first quarter of 2021.

Robust Earnings Despite Catastrophes

Chubb reported first quarter net premiums earned that rose 5.5% to $8.22 billion, beating consensus estimates by $490 million, with non-GAAP earnings of $2.52 per share, beating consensus estimates by three cents. While consumer lines were hurt by pandemic effects, favorable underwriting conditions in commercial P&C offset these weak areas.

Analysts have been bullish on the stock following its strong first quarter results. For instance, RBC Capital analyst Mark Dwelle raised his price target and maintained an Outperform rating, citing the strong financial results that haven’t been seen since the early 2000s.

The company raised its quarterly dividend by 2.6% to $0.80 per share, which represents a 1.85% forward yield. The dividend is payable on July 9, 2021, to shareholders on record as of June 18, 2021.

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