Breaking News: Chubb Ltd (CB) Stock Soars on Positive Earnings Report

4 p.m. EDT, May 13

Chubb Ltd (CB), the world's largest publicly traded property and casualty insurer, has reported better-than-expected earnings for the first quarter of 2023.

According to the company, net income increased by 12.5% year-over-year, reaching $2.9 billion. Diluted earnings per share came in at $3.65, surpassing analyst estimates by $0.15.

Revenue also saw a strong increase of 7.1%, totaling $10.2 billion for the quarter. This growth was driven by favorable underwriting results and higher net investment income.

The positive earnings report has been well-received by investors, with CB stock surging by over 5% in after-hours trading. Analysts attribute the increase to the company's strong financial performance, as well as its optimistic outlook for the future.