Chubb said second quarter net income was up more than 24% to about $2.2 billion despite higher catastrophe losses than a year ago.
Catastrophe losses for the second quarter were $580 million, pretax, compared to $400 million last year during the same period.
P/C underwriting income was nearly flat at $1.4 billion compared to a year ago and the combined ratio was 86.8. Excluding catastrophes, Chubb recorded an 11% increase in second quarter accident-year underwriting income of about $1.8 billion and a combined ratio of 83.2.
North America P/C operations posted Q2 net premiums written of about $8 billion, up 7.1% over Q2 2023. The combined ratio for North America P/C was 84—about flat from a year ago during the same period.
In North America Personal P/C, Chubb increased Q2 net premiums 12.3% to about $1.8 billion on new business, renewal retention, and increases in rate and exposure. The Q2 combined ratio improved from 88.9 in 2023 to 83.5 this year thanks to lower catastrophe losses and better favorable prior-year development. Without catastrophe losses, personal P/C had a combined ratio of 78.6.
North America Commercial P/C operations recorded a Q2 combined ratio of 82.9 compared to 82.5 a year ago. Net premiums were up 6.7% over a year ago to $5.5 billion.
“Commercial P&C underwriting conditions are favorable, with property naturally more competitive and casualty pricing firming in the areas that need it. We see this trend in casualty enduring. Loss-cost inflation in
short- and long-tail lines remained steady,” said Chubb CEO Evan G. Greenberg in a statement.
Topics Profit Loss Chubb
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