(Bloomberg) --Chubb Ltd. Chief Executive Officer Evan Greenberg called for a "coherence of policy" to dispel confusion around President Donald Trump's approach to trade, saying predictability is essential for economic growth.
Greenberg, speaking with analysts Wednesday about the firm's first-quarter results, urged the US government to reconcile its trade, economic and fiscal priorities. He hopes trade deals will reduce or eliminate tariffs, which have damaged the country's image and raised the odds of a recession, he said.
The insurance executive later added the US should remain mindful of the benefits that come with controlling a reserve currency.
"We have the pleasure in the United States — and we ought to really cherish it — of being the reserve currency of the world, which gives us a borrowing capability," Greenberg said. "Let's be careful how we abuse that or we won't have that privilege."
Greenberg's comments echo the concern of peers across corporate America. The ratio of positive to negative comments on macroeconomic conditions during this earnings season is on track for the worst proportion since 2009, according to Bank of America Corp.
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In the first quarter, Chubb's core operating earnings fell 31% as a result of natural catastrophes including the Los Angeles wildfires. The shares dropped 1.5% to $285.97 as of 10:37 a.m. in New York.
Although growth outlooks in all the countries where Chubb operates have deteriorated recently, the company has no plans to change its capital allocation strategy for now. Greenberg even struck a note of optimism during the call.
"I have confidence in what we can control in that regard, in our ability to continue growing operating earnings and EPS at a double-digit rate," he said.
