RTTNews | Jul 19, 2021 07:05PM EDT

19:05 Monday, July 19, 2021 (RTTNews.com) - Chubb Ltd. (CB) Monday said 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 latest share repurchase program.

"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 Greenberg, Chairman and Chief Executive Officer, Chubb Limited.

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