ZURICH, July 19, 2021 /PRNewswire/ -- Chubb Limited (NYSE: CB) announced today that its Board of Directors has authorized a new one-time incremental share repurchase program of up to $5 billion through June 30, 2022. The company's existing share repurchase authorization of $2.5 billion has $65 million remaining, which would be used prior to the share repurchase program announced today. The timing and volume of any share repurchases under these authorizations will be determined by management at its discretion and pursuant to the company's capital management strategy.
"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," said Evan G. Greenberg, Chairman and Chief Executive Officer, Chubb Limited.
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.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding share repurchases, and our expectations and intentions and other statements that are not historical facts, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Chubb Limited