Global insurer Chubb has authorised a new one-time incremental share repurchase program of up to $5 billion through to the end of June next year.
The company’s existing share repurchase authorisation of $2.5 billion has $65 million remaining, which would be used prior to the share repurchase program.
The timing and volume of any share repurchases under these authorisations will be determined by management at its discretion and pursuant to the company’s capital management strategy.
Evan G. Greenberg, Chairman and Chief Executive Officer, Chubb Limited commented: “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.”