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.
