|Bid||153.42 x 1200|
|Ask||153.44 x 800|
|Day's Range||152.60 - 154.14|
|52 Week Range||128.58 - 162.44|
|Beta (5Y Monthly)||0.67|
|PE Ratio (TTM)||19.49|
|Earnings Date||Feb 03, 2020|
|Forward Dividend & Yield||3.00 (1.97%)|
|Ex-Dividend Date||Dec 17, 2019|
|1y Target Est||164.56|
When you buy and hold a stock for the long term, you definitely want it to provide a positive return. Furthermore...
(Bloomberg) -- A trade pact opening up China’s insurance sector to U.S. firms has caused confusion among lawyers in the Asian nation.China pledged to remove the foreign-equity cap for the life, pension and health-coverage sectors no later than April 1, according to the text of a broad trade agreement announced Wednesday. However, lawyers in China say they thought the limit had already been lifted on Jan. 1.The confusion stems from life insurance in China being colloquially used to cover a host of areas including health and disability, distinct only from non-life coverage of things such as property and automobiles. Local companies offer specialized cover for life, health and pension through separate units.China has said it lifted foreign ownership restrictions on “life insurers” at the beginning of the year, which was understood by many to indicate it was removing limits for all three sectors. It’s unclear why health insurance and pensions were introduced separately in the trade deal, according to lawyers who spoke with Bloomberg and didn’t want to be identified discussing a government decision.China’s insurance and banking regulator didn’t immediately respond to a request for comment.Whether January or April, the import remains the same. Foreign firms will soon be able to make an aggressive bid to wrest business from dominant local players including China Life Insurance Co. and Ping An Insurance (Group) Co.If implemented effectively, the changes are quite valuable for foreign players, said Hu Lei, a Beijing-based partner at LLinks Law Offices. Also allowed is 100% ownership of insurance asset management businesses, which would benefit companies including AIA Group Ltd., he said.Chubb Ltd., which is based in Zurich but has a large U.S. presence, could be among the first insurers to benefit after building a presence in China. In November, the company agreed to lift its stake in Huatai Insurance Group Co. to 46.2%. The insurer was aiming for “majority and beyond ownership in Huatai,” Chief Executive Officer Evan Greenberg said at the time.“We have confidence in the long-term potential of the Chinese insurance market, and this agreement should expand market access for American business in financial services, including insurance,” Chubb said in an emailed statement.The trade deal is being billed as the first step in a broader set of agreements between the two nations. China is also allowing fully owned units to do an array of investment banking and securities dealing, and U.S. card companies could gain more access to the market.China Is Dismantling Its Great Financial Wall: A Guide to 2020Increased access to China’s market could be a boon for U.S. insurers. The country is expected to contribute about half of the gain in global life premiums in the next two years, according to a report from consulting firm Deloitte. Germany’s Allianz SE in 2018 won permission to set up the first entirely foreign-owned insurance holding company.“We’re very pleased with the agreement,” Susan Greenwell, MetLife Inc.’s senior vice president of global government relations, said in an emailed statement. “These kinds of reforms have been a big priority for MetLife, and they’ll help us expand insurance opportunities for China’s growing middle class.”Global financial firms are rushing to capitalize on China’s opening of its $45 trillion financial industry, with the likes of JPMorgan Chase & Co., Goldman Sachs Group Inc. and UBS Group AG adding staff and expanding their footprint in everything from futures and brokerages to asset management.(Adds comment in seventh paragraph)\--With assistance from Steve Dickson and Katherine Chiglinsky.To contact Bloomberg News staff for this story: Zhang Dingmin in Beijing at firstname.lastname@example.org;Lucille Liu in Beijing at email@example.comTo contact the editors responsible for this story: Katrina Nicholas at firstname.lastname@example.org, Peter Vercoe, Candice ZachariahsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Chubb today provided the following statement in support of the signing of the Phase One trade agreement between the United States and China:
WHITEHOUSE STATION, N.J. , Jan. 15, 2020 /CNW/ -- Chubb appoints Suresh Krishnan to Chief Operating Officer for its Accident and Health (A&H) business in the United States and Canada . In this newly created role, Mr. Krishnan will assist in overseeing the day-to-day operations of the business and report to James Walloga , Chubb's Executive Vice President, North America Accident and Health. In this capacity, Mr. Krishnan will be responsible for developing and implementing a range of strategies related to profitable growth for the business, including sales and distribution, claims and product development for the company's large account and middle market insurance segments.
Chubb Ltd. said late Tuesday it expects after-tax catastrophic losses to decline by about 30% from the year-ago fourth quarter. The insurance company said it estimates fourth-quarter net catastrophe losses of $430 million pre-tax, or $353 million after tax, from tornadoes in Texas, California wildfires, Typhoon Hagibis in Japan, and civil unrest in Hong Kong and Chile. That compares with last year's $585 million pre-tax, or $506 million after tax, losses in the fourth quarter caused by California wildfires and Hurricane Michael, along with storms in Australia and Typhoon Trami in Japan. Chubb shares were flat after hours, following a 0.1% decline to close the regular session at $150.76.
Chubb Limited (NYSE: CB) today announced net catastrophe loss estimates for the fourth quarter of 2019 of $430 million pre-tax, or $353 million after tax. The losses are primarily attributable to severe weather-related events around the globe including tornadoes in Texas, wildfires in California, and Typhoon Hagibis in Japan, as well as civil unrest in Hong Kong and Chile.
While the market driven by short-term sentiment influenced by the accomodative interest rate environment in the US, increasing oil prices and deteriorating expectations towards the resolution of the trade war with China, many smart money investors kept their cautious approach regarding the current bull run in the third quarter and hedging or reducing many of […]
Chubb Limited (NYSE: CB) will hold its fourth quarter earnings conference call on Wednesday, February 5, 2020, beginning at 8:30 a.m. Eastern.
Unum (UNM) gains traction from strong contributions of its U.S. and International segments, investment in technology and solid liquidity.
(Bloomberg Opinion) -- The much-anticipated arrival of virtual banking in Singapore is unlikely to be an “aha” moment for consumer finance, but corporate banking will be different. One should expect disruption.The application period for Singapore’s first internet-only lenders ended last week with five known hopefuls, so far, for as many licenses on offer. The move mirrors the grant of eight licenses in rival financial center Hong Kong. The idea is to introduce fancy fintech tools — big data, machine learning and artificial intelligence — into local banking systems to make them more competitive. The Singapore winners will be known by mid-year.Gaming company Razer Inc. is leading one bidding consortium; ride-hailing superapp Grab Holdings Inc. is spearheading another. Both are seeking full bank licenses, which require S$1.5 billion ($1.1 billion) in capital and local control. Billionaire founder Jack Ma’s Ant Financial wants a wholesale bank permit. So does a consortium of locally based wealth management platform iFast Corp., China's Yillion Group and Hande Group. Singapore’s Business Times reported that China’s ByteDance, which owns the video-sharing app TikTok, is also making such a bid.The difference with full banks is that the wholesale versions won’t be allowed Singapore dollar savings deposits, but can take current-account deposits from businesses. The capital required is just S$100 million, and foreign players can be in the driver’s seat. Razer, backed among others by Sheng Siong Holdings Pte, a Singapore grocer, and Hong Kong tycoon Richard Li’s insurance firm, will woo millennial customers. Grab, which is partnering with Singapore Telecommunications Ltd., may target its ride-hailing customers and drivers as well as small and midsize firms.Grab’s financial ambitions aren’t exactly new. Early last year, it hooked up with China’s ZhongAn Online P&C Insurance Co. to create a digital insurance distribution business in Southeast Asia. Chubb Ltd. was the first to sign up, offering Grab’s Singapore drivers protection against loss of income from illness or accidents.Still, a fully fledged bank is a different proposition. Start with deposits. How will Grab or Razer convince Singaporeans to switch allegiance from the three homegrown banks, DBS Group Holdings Ltd., Oversea-Chinese Banking Corp., and United Overseas Bank Ltd.? The wealthy Asian city-state of 5.6 million people isn’t exactly teeming with unbanked multitudes. And even if there are some under-served segments, such as small firms, is it really worth writing a $1 billion-plus check to sign them up? Competition will be fierce. DBS, the default choice of Singapore depositors, has built up formidable digital-banking capabilities of its own. It’s a stretch to imagine that virtual challengers will offer add-on services like innovative insurance products while bricks-and-mortar Singapore banks look on helplessly.Among the new entrants, Ant, which is part-owned by Alibaba Group Holding Ltd., has the most well-rounded expertise in finance. And it seems to be pursuing a cautious strategy. Ma wants to do better than compete for retail deposits — or, for that matter, to use a virtual bank to drive e-commerce.Alibaba’s Lazada, which operates online stores in Singapore and elsewhere in Southeast Asia, has enough payment options to support commerce. The site signed a co-branded credit card deal with Citigroup Inc. just three months ago. DBS and OCBC cards also offer installment payment plans to consumers buying from Lazada, which jostles with another Asian website, Qoo10, for the top spot in the city’s online retail market. Bringing wealth management services — including financial advice generated by algorithms — to the not-so-rich may make for a more lucrative foray, but the real bet for Ma lies elsewhere, and is a longer-term gamble. As my colleague Nisha Gopalan and I wrote last year, corporate cash management is where the potential of digital disruption is the largest and most profitable.Take just one part of that: moving funds. The Asia-Pacific region generates $85 billion in annual fees for banks for such transfers, according to McKinsey & Co., with two-thirds coming from what businesses send to each other and to individuals. If the Monetary Authority of Singapore’s Project Ubin, an exploration into central bank digital currencies, pans out, it’s entirely conceivable that a clunky and costly chain of correspondent banks will be bypassed. Cross-border payments will be settled using cryptocurrency tokens, which offer the advantage of “atomicity”: all parts of a blockchain transaction will succeed or fail together. Money won’t get stuck somewhere in the middle.As China’s largest online financial platform, Alipay will be entrusted to propagate the digital yuan, which the People’s Bank of China may start offering as early as this year. Being able to push these digital tokens into corporate and institutional use at a major global trading and banking hub such as Singapore is a much bigger opportunity than accepting retail funds or using analytics to make small-ticket loans to millennials. By forsaking the privilege of taking small deposits, Ma will have to deploy only a fraction of the capital that other challengers must bring. Even if Ant’s payday in the backroom of Singapore’s banking takes time, he can afford to be patient. To contact the author of this story: Andy Mukherjee at email@example.comTo contact the editor responsible for this story: Patrick McDowell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2020 Bloomberg L.P.
BASKING RIDGE, N.J., Dec. 27, 2019 (GLOBE NEWSWIRE) -- electroCore, Inc. (ECOR), a commercial-stage bioelectronic medicine company, today announced that the company’s current Chairman of the Board, Carrie S. Cox, will resign from the Board effective March 31, 2020. Ms. Cox also served on electroCore’s Audit and Nominating and Governance Committees. Michael Atieh, who joined the company’s Board in June 2018, will assume the role of Chairman.
(Bloomberg Opinion) -- You’d expect the world’s second-largest economy to have a bigger presence on the world stage. But in mergers and acquisitions, China’s presence has been shrinking for years, and 2020 is unlikely to be any better.In 2016, the country was the world’s largest acquirer of overseas assets after the U.S. It tumbled to eighth place this year, trailing Japan and even Singapore, according to data compiled by Bloomberg. While the phase-one trade deal between Washington and Beijing may ease some tensions, frosty relations between China and many developed countries appear set to persist. Add tightened credit to this protectionist mix, and China’s acquisitions have little chance of regaining the heights of 2016, when state-owned China National Chemical Corp. agreed to pay a record $43 billion to buy Swiss agrochemical maker Syngenta AG.Washington turned more hostile to Chinese purchases of U.S. assets after Donald Trump gained the presidency, and since has become only more strict. The Committee on Foreign Investment in the United States, a federal panel that reviews acquisitions on national-security grounds, even started including purchases of data on American customers in its checks. The Trump administration has also sought to enlist U.S. allies in squeezing out Huawei Technologies Co. as a supplier of fifth-generation wireless equipment.Such actions have been seen as a clear shot at the Made in China 2025 plan, which set targets for the country to become a leader in critical technologies. Chinese venture capital investment in the U.S. fell 27% to $1.1 billion in the first half of 2019, from $1.5 billion in the July-December period last year, according to Rhodium Group LLC, an independent research firm.Europe, previously more receptive to Chinese investment, has turned a lot less welcoming on the sale of technology and infrastructure. Regulators took their time approving what could have been China’s largest overseas deal of 2019 — the 9.1 billion euro ($10.2 billion) takeover of Portuguese utility EDP-Energias de Portugal SA, prompting state-owned buyer China Three Gorges Corp. to pull out in April. Germany, meanwhile, is looking at putting tighter restrictions on Chinese buying following high-profile investments in companies such as Deutsche Bank AG and industrial robot maker Kuka AG in recent years. A push by lawmakers to ban Huawei from its 5G network threatens to further chill relations. Even President Xi Jinping’s signature Belt and Road Initiative, which prompted a wave of Chinese acquisitions in countries that have signed on to the trade-infrastructure campaign, has faced a backlash.Beijing’s drive to control debt has played a part in tamping down deals. After the ill-fated spending sprees of conglomerates such as HNA Group Co. and Anbang Insurance Group Co., now being unwound, companies have become more cautious. Chinese banks are less aggressive when it comes to lending for overseas purchases, according to Bee Chun Boo, M&A partner at Baker McKenzie’s Beijing office. The average size of China’s foreign acquisitions has shrunk by two-thirds since 2016 to $74 million, from $230 million (a figure that already strips out the Syngenta deal). Chinese buyers have stopped seeking controlling stakes to avoid raising protectionist hackles, and are searching out non-Chinese buying partners.Anta Sports Products Ltd.’s $5.2 billion purchase of Finland’s Amer Sports Oyj is an example of what the typical Chinese acquisition may look like in coming years. Anta led an investor group that included Lululemon Athletica Inc. founder Chip Wilson, and the target — a tennis racket maker — was in a non-sensitive sector. With the environment souring in the U.S. and Europe, Chinese acquirers will look more within Asia. In September, China Telecommunications Corp.’s entered a $5.4 billion agreement to set up a third major Philippine telecom operator with two local partners.The home market may provide more promising action for China-focused bankers in the year ahead. Beijing is opening its financial sector, inviting more foreign banks, insurance providers and other companies to set up shop. In November, Chubb Ltd. paid $1.5 billion to boost its stake in Huatai Insurance Group, and Allianz SE forked out about $1 billion for part of Goldman Sachs Group Inc.’s stake in Taikang Life Insurance Co. Deal activity may accelerate in 2020, when foreign securities firms, futures businesses and life insurance companies will be allowed to fully own their Chinese units.As financial companies enter, others are leaving. Chinese buyers are picking up the pieces as Carrefour SA and Metro AG sell the bulk of their local operations, joining Tesco Plc and Distribuidora Internacional de Alimentacion SA in giving up on a tough retail market. Nestle SA is another international company considering options for its Chinese units.Advising on exits is a shrinking business by nature, though, and unlikely to compensate for the fall-off in China’s outbound deals. No China M&A banker is going to be partying like it’s 2016.\--With assistance from Yuan Liu and Elaine He. To contact the author of this story: Nisha Gopalan at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Chubb has introduced a new fidelity insurance solution, the Financial Institution Bond for Asset Managers, to address the unique range of risks faced by today's asset managers. This new financial fidelity bond provides modernized coverage for a range of risks that can result in loss of customer capital. These types of risks often stem from fraudulent activities of employees, computer hacking and impersonation of executives, clients, and counterparties.
Could Chubb Limited (NYSE:CB) be an attractive dividend share to own for the long haul? Investors are often drawn to...
Chubb today provided the following statement in support of the United States-Mexico-Canada Agreement (USMCA):
Chubb and the African Trade Insurance Agency (ATI) today announced that Chubb has made a $10 million equity investment in ATI. Chubb is the first global property and casualty insurance company to become a shareholder in Africa's leading multilateral political risk and credit insurer.