Chubb's Growth Slows Vs. Peers, Analyst Downgrades Despite Stock Surge
Chubb's Growth Slows Vs. Peers, Analyst Downgrades Despite Stock Surge
Although growth accelerated to 15%, 17%, and 14% over the last year, it still lagged behind peers as P&C underwriting margins peaked, adds the analyst.BofA Securities analyst Joshua Shanker downgraded Chubb Limited (NYSE:CB) to Underperform from Neutral, while raising the price target to $275 from $264.
BofA證券分析師Joshua Shanker將紐交所的Chubb Limited (NYSE:CB) 評級下調至表現不佳，從中立調高目標價至275美元，上調自264美元。
The analyst downgraded the stock after a period of strong outperformance (up 29% YTD and 41% over the past year) in CB shares and the broader P&C sector.
在Cb股票和更廣泛的財產和意外傷害保險板塊強勁表現期間（年初至今上漲29%，去年上漲41%），分析師將該股評級下調。
The analyst writes that over the past decade, Chubb's book value per share (BVPS), tangible BVPS, and EPS grew at CAGRs of 7%, 5%, and 10%, respectively—lower than peers despite a premium valuation.
分析師指出，在過去十年中，Chubb的每股淨資產（BVPS）、有形BVPS和每股收益分別以7%、5%和10%的複合年增長率增長，低於同行儘管估值溢價。
Although growth accelerated to 15%, 17%, and 14% over the last year, it still lagged behind peers as P&C underwriting margins peaked, adds the analyst.
儘管增速在過去一年達到15%、17%和14%，但由於財產與意外傷害保險承保毛利率達到峯值，仍落後於同行，分析師補充道。
Shanker says the company's slower growth stems from lower operating leverage, a focus on premium-to-book acquisitions, and less efficient share repurchases at higher valuations.
Shanker表示，公司較低的增速源於較低的經營槓桿、專注於溢價收購和在較高估值時較少高效的股份回購。
The analyst's 2025 forecast of 6% EPS growth and 12% BVPS growth is below consensus and at the lower end of peer expectations, with some peers poised for 20%+ BVPS growth.
分析師對2025年的每股收益增長預測爲6%，BVPS增長爲12%，低於共識，處於同行預期的低端，一些同行則有望實現20%以上的BVPS增長。
Notably, the analyst's estimates for 2025 and 2026 EPS forecasts dip slightly due to higher share prices for repurchases following stock outperformance.
值得注意的是，由於高於預期的股票表現，分析師對2025年和2026年的每股收益預測略有下調，因爲回購股份的股價更高。
However, Shanker's third-quarter EPS estimate rose by nearly $0.20 per share as they lowered expectations for catastrophe losses.
然而，Shanker對第三季度的每股收益估計上調了近0.20美元，因爲他們降低了災難損失的預期。
The analyst projects third-quarter catastrophe activity at 7.7% of Global P&C earned premiums, below the typical 9%, with no major events.
分析師預計第三季度全球財產和意外保險的災難損失率爲7.7%，低於典型的9%，且沒有發生重大事件。
Investors can gain exposure to the stock via iShares U.S. Insurance ETF (NYSE:IAK) and Invesco KBW Property & Casualty Insurance ETF (NASDAQ:KBWP).
投資者可以通過iShares美國保險etf（紐交所：IAK）和Invesco KBW財產與意外保險etf（納斯達克：KBWP）獲得該股的曝光度。
Price Action: CB shares are up 0.52% at $290.05 at the last check Friday.
股價走勢：Cb股票在上週五的最後一次查詢時上漲了0.52%，報290.05美元。
Photo via Shutterstock
圖片來自shutterstock。
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譯文內容由第三人軟體翻譯。