Chubb to repurchase up to $5bn shares by June 2022

Chubb’s board of directors has authorised a one-time incremental share repurchase programme of up to $5 billion through June 30, 2022.

The company's existing share repurchase authorisation of $2.5 billion has $65 million remaining, which will be used before the new share purchase programme commences. The timing and volume of the share repurchases will be determined by management at its discretion, depending on Chubb’s capital management strategy.

Share repurchases, which are subject to market conditions, other business considerations and applicable legal requirements, may be made in the open market, in privately negotiated transactions or block trades.

Evan Greenberg, chairman and chief executive officer at Chubb, said: "Our core capital management philosophy is to maintain capital flexibility for risk and growth and return to shareholders capital in excess of that. We have been good stewards of capital and this action is consistent with our strategy and reflects our strong confidence in both our near- and longer-term earnings power and growth momentum.  Given our confidence, additional investment in Chubb stock and returning capital to shareholders through repurchase is simply an excellent choice.”