Chubb’s profit up 33%

Chubb Ltd. reported second-quarter net income of $2.97 billion, up 33.1% from second-quarter 2024.

Premium growth and expanded underwriting margin helped drive earnings, along with strong performance in the North American middle market and small commercial sectors, Chairman and CEO Evan G. Greenberg said on the company’s earnings call Wednesday morning.

Net premiums written rose 6.3% to $14.2 billion. The property/casualty combined ratio improved to 85.6% from 86.8% in the year-ago period.

Property/casualty net premiums written increased 5.2% to $12.39 billion. North American commercial property/casualty net premiums written rose 4.1% to $5.72 billion.

Property/casualty underwriting income rose 15.0% to $1.63 billion. Pre-tax net investment income rose 6.8% to a record $1.57 billion.

Pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $630 million, compared with $580 million last year.

Mr. Greenberg said that in the U.S. commercial property/casualty underwriting environment, large account-related short-tail business has grown quite competitive, with “a lot more capital chasing the property business,” leading prices to soften while terms and conditions remain steady.

Elsewhere, the middle market and small commercial property remain much more disciplined and orderly, and rates continue to rise, Mr. Greenberg said.

Casualty continues to firm in all areas, both large-account and middle market. Financial lines remain soft, he said.

For the six months ended June 30, net income was $4.30 billion, off 1.7% from $4.37 billion in first-half 2024.

The six-month P/C combined ratio worsened to 90.4% from 86.4% in the first six months of 2024.

Six-month net premiums written rose 4.9% to $26.84 billion. Six-month net investment income rose 9.4% to $3.13 billion.