Key facts
- Chubb's second-quarter profit increased due to strong underwriting and investment returns.
- Net investment income grew by 12.3% to $1.76 billion.
- Global property and casualty net premiums written, excluding agriculture, increased by 2.8% to $11.99 billion.
- Catastrophe losses were $475 million pre-tax.
- Core operating income reached $2.84 billion, or $7.26 per share.
- The P&C combined ratio improved to 83.8% from 85.6% a year prior.
Property and casualty insurer Chubb reported a rise in second-quarter profit on Tuesday, driven by strong underwriting performance and investment returns. Demand for insurance remained firm as households and businesses sought protection from risks like natural catastrophes and cyberattacks.
Net investment income on a pre-tax basis rose 12.3% to $1.76 billion in the quarter ended June 30, compared to a year earlier. Chubb's global property and casualty (P&C) net premiums written, excluding agriculture, increased 2.8% to $11.99 billion during the quarter.
Catastrophe losses were $475 million on a pre-tax basis, down from $630 million a year earlier. Core operating income for the second quarter came in at $2.84 billion, or $7.26 per share, up from $2.48 billion, or $6.14 per share, a year earlier. Chubb's P&C insurance arm posted a combined ratio of 83.8% in the quarter, compared with 85.6% a year earlier. A ratio below 100% indicates that the insurer earned more in premiums than it paid out in claims.