Chubb slips on earnings day, but analysts bet on its global moat

Shares of Chubb Limited CB tanked in early trading on Wednesday, after the company reported in-line second-quarter results.

Here are some key analyst takeaways:

• Cantor Fitzgerald analyst Ryan Tunis maintained a Neutral rating and price target of $337.
• Citizens JMP Securities analyst Matthew Carletti reiterated a Market Outperform rating and price target of $400.

Check out other analyst stock ratings.

Cantor Fitzgerald: Chubb reported core operating earnings of $7.26 per share. It beat the consensus of $6.72 per share, "driven by another solid underwriting quarter, despite a more competitive pricing environment and strong net investment income," Tunis wrote in a note.

In addition:

• P&C premiums rose 3.0%, or 6.3% excluding large account and E&S property.
• This indicates that Chubb’s "broader middle-market footprint continues to offset weakness in large account business."
• This, in turn, underlines the success of the company’s diversification strategy over the past decade.

The 9% decline in major accounts "reinforces that Chubb remains meaningfully exposed to these markets across both property and casualty," he wrote.

Citizens JMP Securities: Chubb has greater exposure than its peers to the global markets, which is likely to result in "better growth over the long run," Carletti said. This is because growth in emerging markets, like Asia and Latin America, is higher than in developed markets, like the US and Europe, he added.

The analyst noted that Chubb’s growth in emerging markets is poised to expand in the longer term due to:

• The acquisition of Liberty Mutual’s P&C business in Thailand and Vietnam
• The acquisition of Cigna Group’s CI Asia-Pacific A&H and Life business.
• Becoming a majority stakeholder in Huatai Insurance Group of China.
• Launch of a fully digital life insurance product in partnership with Nubank of Brazil.

While naming the company as a top pick, Carletti wrote, "We cannot think of a company that has a better mix of business lines, geographies, and talent to successfully navigate the dynamic environment than Chubb."

CB Price Action: Shares of Chubb had declined by 3.32% to $342.81 at the time of publication on Wednesday.

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