ZURICH - Chubb Limited (NYSE: NYSE:CB) announced on Thursday that its shareholders have approved a 5.8% increase in the company's annual dividend, marking the 31st consecutive year of dividend growth. The new dividend rate is set at $3.64 per share annually, up from the previous $3.44 per share.
The decision came during Chubb's 2024 Annual General Meeting in Zurich, where all board-recommended agenda items received shareholder endorsement. This increase will be distributed in four quarterly installments, with the first installment of $0.91 per share payable to shareholders of record as of June 14, 2024, and disbursed on July 5, 2024.
Chubb, a global leader in insurance, operates in 54 countries and territories. The company offers a range of insurance products, including commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance. Chubb Limited, the parent company, is a constituent of the S&P 500 index and employs approximately 40,000 people worldwide.
The dividend will be paid from the company's legal reserves and will be issued in United States dollars by Chubb's transfer agent. The company's strong dividend track record reflects its financial strength and commitment to shareholder returns.
InvestingPro Insights
Chubb Limited's commitment to enhancing shareholder value is further underscored by its robust financial metrics, as reflected in real-time data from InvestingPro. With a solid market capitalization of $107.56 billion and a Price/Earnings (P/E) ratio that stands at 11.67, the company presents a picture of sustained profitability and investor confidence. The slight adjustment in the P/E ratio to 11.72 on a last twelve months (LTM) basis as of Q1 2024 indicates stability in earnings valuation over time.
The company's revenue growth is another highlight, with a significant year-over-year increase of 17.25% in the last twelve months as of Q1 2024, suggesting a strong top-line performance. Moreover, Chubb's return on assets (ROA) for the same period is 4.32%, which speaks to the efficient use of its assets in generating earnings.
InvestingPro Tips highlight that Chubb's dividend yield as of the 137th day of 2024 is 1.36%, which, combined with a 3.61% growth in dividends over the last twelve months as of Q1 2024, makes it an attractive option for income-focused investors. Additionally, the company's share price is nearing its 52-week high, currently at 98.05% of the peak, indicating a strong market position.
For those looking to delve deeper into Chubb's financial health and investment potential, InvestingPro offers even more insights. There are numerous additional tips available on InvestingPro that can help investors make informed decisions. To access these valuable tips, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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