ZURICH – Chubb Limited (NYSE: NYSE:) announced robust second-quarter results, surpassing analyst expectations with earnings per share (EPS) of $5.38, which was $0.23 higher than the estimated $5.15. However, the company’s revenue for the quarter stood at $12.29 billion, falling short of the consensus estimate of $13.04 billion.
The insurance giant reported a 24.3% increase in net income to $2.23 billion and a 7.5% rise in core operating income to $2.20 billion. Global Property and Casualty (P&C) net premiums written saw an impressive 11.2% growth, with commercial and consumer insurance up by 9.6% and 15.2%, respectively. Particularly noteworthy was the performance in North America, which saw an 8.0% increase, including a substantial 12.3% growth in personal insurance.
Chubb’s P&C underwriting income reached $1.42 billion, bolstered by a record $1.81 billion in current accident year underwriting income excluding catastrophe losses, marking an 11.1% increase. The combined ratio, a key measure of underwriting profitability, hit a record low of 83.2%.
Life Insurance also showed significant gains, with net premiums written up by 24.5% and a segment income increase of 8.7%. Additionally, the company’s pre-tax net investment income soared by 28.2% to $1.47 billion, setting another record.
Chairman and CEO Evan G. Greenberg commented on the results, “We had another great quarter which contributed to record six-month results… We produced double-digit premium revenue growth across the globe with strong results in our North America P&C, International P&C, and Life Insurance divisions.”
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