Stock Alert: Chubb Gains From Better Quarterly Earnings

(RTTNews) - Shares of insurance and reinsurance company Chubb Limited (CB) climbed $11.03 or 7.15% on Wednesday to touch a new high of $165.40 after the company reported better-than-expected fourth-quarter results. CB has been trending up for the past one year with nearly 30% increase when the stock closed the day's trade at $165.33.

Net income in the first quarter rose to $1.173 billion or $2.57 per share from $355 million or $0.76 per share in the comparable quarter last year. Earnings were helped by increased premium and non-recurring gains. Adjusted earnings for the quarter increased to $2.28 from $2.02 last year. This compares with the consensus estimates of analysts polled by Thomson Reuters of $2.12.

Net premiums earned in the quarter jumped to $7.997 billion from $7.35 billion in the prior-year quarter.

In December last year, Chubb had launched Financial Institution Bond for Asset Managers- a new fidelity insurance solution, to help safeguard customer capital from hackers and criminals.

The Financial Crimes Enforcement Network (FinCEN) in July last year reported more than $9 billion possible losses affecting U.S. financial institutions and their customers since 2016.