{"id":518434,"date":"2021-07-27T16:09:37","date_gmt":"2021-07-27T20:09:37","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/chubb-reports-strong-second-quarter-net-income-per-share-of-5-06-and-record-core-operating-income-per-share-of-3-62-consolidated-net-premiums-written-up-14-3-globally-with-commercial-pc-lines\/"},"modified":"2021-07-27T16:09:37","modified_gmt":"2021-07-27T20:09:37","slug":"chubb-reports-strong-second-quarter-net-income-per-share-of-5-06-and-record-core-operating-income-per-share-of-3-62-consolidated-net-premiums-written-up-14-3-globally-with-commercial-pc-lines","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/chubb-reports-strong-second-quarter-net-income-per-share-of-5-06-and-record-core-operating-income-per-share-of-3-62-consolidated-net-premiums-written-up-14-3-globally-with-commercial-pc-lines\/","title":{"rendered":"Chubb Reports Strong Second Quarter Net Income Per Share of $5.06 and Record Core Operating Income Per Share of $3.62; Consolidated Net Premiums Written Up 14.3% Globally, with Commercial P&C Lines Up 19.9%; Best Organic P&C Growth in Over 15 Years"},"content":{"rendered":"
\n

– Net income was strong at $2.27 billion versus a net loss of $(331) million prior year, and core operating income was a record $1.62 billion versus a core operating loss of $(254) million prior year.<\/h2>\n

– P&C net premiums written were up 15.5% globally for the quarter and 12.6% for the first six months, powered by commercial lines and the best organic P&C growth since 2004. The quarter’s result comprised growth of 20.7% in commercial lines excluding Agriculture, 11.0% in Agriculture and 5.6% in P&C consumer lines. Foreign exchange had a positive impact on P&C net premiums written growth of 2.8 percentage points in the quarter.<\/h2>\n

– The P&C combined ratio was 85.5% compared with 112.3% prior year. P&C current accident year underwriting income excluding catastrophe losses was a record $1.20 billion, up 27.0%, driven by a P&C current accident year combined ratio excluding catastrophe losses of 85.4% compared with 87.4% prior year. The 2.0 percentage point decrease was substantially driven by improvement in the loss ratio.<\/h2>\n

– Pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $280 million and $226 million, respectively, compared with $1.81 billion and $1.51 billion, respectively, prior year.<\/h2>\n

– Pre-tax net investment income was $884 million, up 7.0% from the prior year, and adjusted net investment income was $945 million, up 9.4% from the prior year. Both were record results.<\/h2>\n

– Annualized return on equity (ROE) and core operating ROE were 15.2% and 11.5%, respectively. Annualized core operating return on tangible equity was 17.7%.<\/h2>\n

– Book and tangible book value per share were up 4.2% and 5.0%, respectively, for the quarter, and were up 3.8% and 4.3%, respectively, from December 31, 2020.<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n ZURICH<\/span>, July 27, 2021<\/span> \/PRNewswire\/ —\u00a0Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2021<\/span> of $2.27 billion<\/span>, or $5.06<\/span> per share, and core operating income of $1.62 billion<\/span>, or $3.62<\/span> per share. Book value was favorably impacted by total after-tax net realized and unrealized gains of $1.52 billion<\/span>, including a $1.35 billion<\/span> gain in the investment portfolio, principally due to lower interest rates and mark-to-market gains on private equities, and favorable foreign exchange of $215 million<\/span>. Book and tangible book value per share now stand at $136.90<\/span> and $91.48<\/span>, respectively.<\/p>\n

\n

\n
\n \"\"
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Chubb Limited<\/b>
\n <\/span>\n <\/p>\n

\n
\n Second Quarter Summary<\/b>
\n <\/span>\n <\/p>\n

\n
\n (in millions of U.S. dollars, except per share amounts)<\/b>
\n <\/span>\n <\/p>\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n (Per Share) (1)<\/sup><\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,265<\/span>\n <\/p>\n<\/td>\n

\n

\n $(331)<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $5.06<\/span>\n <\/p>\n<\/td>\n

\n

\n $(0.73)<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of fair value adjustment of acquired invested <\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0\u00a0 assets and long-term debt, net of tax<\/span>\n <\/p>\n<\/td>\n

\n

\n 14<\/span>\n <\/p>\n<\/td>\n

\n

\n 19<\/span>\n <\/p>\n<\/td>\n

\n

\n (26.3)%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.03<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.04<\/span>\n <\/p>\n<\/td>\n

\n

\n (25.0)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted net realized (gains) losses, net of tax<\/span>\n <\/p>\n<\/td>\n

\n

\n (658)<\/span>\n <\/p>\n<\/td>\n

\n

\n 58<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.47)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.13<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Core operating income (loss), net of tax<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,621<\/span>\n <\/p>\n<\/td>\n

\n

\n $(254)<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $3.62<\/span>\n <\/p>\n<\/td>\n

\n

\n $(0.56)<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n (1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/sup>
\n <\/i>
\n Refer to page 12 for information on use of basic and diluted shares.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n For the three months ended June 30<\/span>,<\/i>
\n \u00a02021 and 2020, the tax expenses (benefits) related to the table above were $(3) million<\/span> and $(5) million<\/span> for amortization of fair value adjustment of acquired invested assets and long-term debt; $16 million<\/span> and $(11) million<\/span>, respectively, for adjusted net realized gains and losses; and $304 million<\/span> and $(46) million<\/span>, respectively, for core operating income (loss).<\/i>\n <\/p>\n

For the six months ended June 30, 2021<\/span>, net income was $4.57 billion<\/span>, or $10.13<\/span> per share, compared with a net loss of $(79) million<\/span>, or $(0.17)<\/span> per share, for 2020. Core operating income was $2.76 billion<\/span>, or $6.13<\/span> per share, compared with $966 million<\/span>, or $2.13<\/span> per share, for 2020. The P&C combined ratio was 88.6% compared to 101.0% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 85.3% compared to 87.5% prior year. Book value was favorably impacted by after-tax net realized and unrealized gains of $785 million<\/span>, including $264 million<\/span> in the company’s investment portfolio, $297 million<\/span> from favorable foreign exchange and $203 million<\/span> from mark-to-market gains in the company’s variable annuity reinsurance portfolio.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Chubb Limited<\/b>
\n <\/span>\n <\/p>\n

\n
\n Six Months Ended Summary<\/b>
\n <\/span>\n <\/p>\n

\n
\n (in millions of U.S. dollars, except per share amounts)<\/b>
\n <\/span>\n <\/p>\n

\n
\n (Unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n (Per Share) (1)<\/sup><\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n $4,565<\/span>\n <\/p>\n<\/td>\n

\n

\n $(79)<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $10.13<\/span>\n <\/p>\n<\/td>\n

\n

\n $(0.17)<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of fair value adjustment of acquired invested <\/span>\n <\/p>\n

\n \u00a0\u00a0\u00a0\u00a0 assets and long-term debt, net of tax<\/span>\n <\/p>\n<\/td>\n

\n

\n 30<\/span>\n <\/p>\n<\/td>\n

\n

\n 41<\/span>\n <\/p>\n<\/td>\n

\n

\n (26.8)%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.07<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.09<\/span>\n <\/p>\n<\/td>\n

\n

\n (22.2)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted net realized (gains) losses, net of tax<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,832)<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,004<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4.07)<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.22<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Use of weighted-average dilutive shares<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2013-<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2013-<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2013-<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2013-<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.01)<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Core operating income, net of tax<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,763<\/span>\n <\/p>\n<\/td>\n

\n

\n $966<\/span>\n <\/p>\n<\/td>\n

\n

\n 186.0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $6.13<\/span>\n <\/p>\n<\/td>\n

\n

\n $2.13<\/span>\n <\/p>\n<\/td>\n

\n

\n 187.8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n (1)\u00a0\u00a0\u00a0 <\/sup>
\n <\/i>
\n Refer to page 12 for information on use of basic and diluted shares.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n For the six months ended June 30<\/span>,<\/i>
\n \u00a02021 and 2020, the tax expenses (benefits) related to the table above were $(8) million<\/span> and $(10) million<\/span>, respectively, for amortization of fair value adjustment of acquired invested assets and long-term debt; $149 million<\/span> and $(28) million<\/span>, respectively, for adjusted net realized gains and losses; and $514 million<\/span> and $191 million<\/span>, respectively, for core operating income.<\/i>\n <\/p>\n

\n Evan G. Greenberg<\/span>, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb had simply an outstanding quarter, highlighted by record core operating earnings and underwriting results.\u00a0We produced the best P&C premium revenue growth globally in over 15 years, powered by our commercial P&C businesses and supported by continued robust commercial P&C pricing.\u00a0Operating earnings in the quarter were $1.62 billion<\/span> or $3.62<\/span> per share. <\/p>\n

“Our published and current accident year combined ratios of 85.5% and 85.4%, respectively, reflect 200 basis points of underwriting margin improvement, almost entirely loss ratio-related.\u00a0Current accident year underwriting income of $1.2 billion<\/span> was up 27%, while on the other side of the balance sheet adjusted net investment income in the quarter of $945 million<\/span> was also a record and up nearly 9.5% from prior year.<\/p>\n

“P&C net premiums written were up 15.5% globally, with commercial premiums excluding agriculture up nearly 21%.\u00a0For perspective, we have averaged double-digit commercial P&C growth over the past 10 quarters, and both second quarter and year-to-date growth were the strongest since 2004.\u00a0In North America, we grew our commercial P&C premiums over 16%, while in our international operations premiums grew 33% on a published basis, or 24% in constant dollars.\u00a0Growth in the quarter was broad based.\u00a0Net premiums written in our consumer lines remain impacted by the pandemic’s effects on travel and other business and consumer-related activity but are beginning to improve and, in fact, increased 5.6% in the quarter.<\/p>\n

“We are capitalizing on a strong commercial P&C pricing environment in most all important regions of the world.\u00a0Overall rates increased in our North America<\/span> and international commercial P&C businesses by 13.5% and 16%, respectively, and were well in excess of loss costs.\u00a0From everything we see today, I am confident these market conditions will continue.<\/p>\n

“Our company is firing on all cylinders \u2013 we are growing our business while we continue to expand underwriting margins.\u00a0We will continue to outperform and deliver strong, sustainable shareholder value.”<\/p>\n

Operating highlights for the quarter ended June 30, 2021<\/span> were as follows:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Chubb Limited<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Q2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Q2<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n (in millions of U.S. dollars except for percentages)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n P&C<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net premiums written (increase of 12.7% in constant dollars)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,931<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,736<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commercial P&C (increase of 17.6% in constant dollars)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,398<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,338<\/span>\n <\/p>\n<\/td>\n

\n

\n 19.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consumer P&C (increase of 2.1% in constant dollars)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,533<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,398<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Underwriting income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,191<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (929)<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined ratio <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 85.5%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 112.3%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Current accident year underwriting income excluding catastrophe losses <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,203<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 947<\/span>\n <\/p>\n<\/td>\n

\n

\n 27.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Current accident year combined ratio excluding catastrophe losses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 85.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 87.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Global P&C (excludes Agriculture)<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net premiums written (increase of 12.9% in constant dollars)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,419<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,275<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Commercial P&C (increase of 18.2% in constant dollars)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,886<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,877<\/span>\n <\/p>\n<\/td>\n

\n

\n 20.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consumer P&C (increase of 2.1% in constant dollars)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,533<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,398<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Underwriting income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,142<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (960)<\/span>\n <\/p>\n<\/td>\n

\n

\n NM<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Combined ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 85.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 113.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Current accident year underwriting income excluding catastrophe losses <\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,150<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 910<\/span>\n <\/p>\n<\/td>\n

\n

\n 26.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Current accident year combined ratio excluding catastrophe losses <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 85.3%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 87.3%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n