July 21 (Reuters) – Property and casualty insurer Chubb reported a rise in second-quarter profit on Tuesday, helped by strong underwriting performance and investment returns.
Demand for insurance remained firm in the quarter ended June 30, as households and businesses sought protection from large unexpected losses due to natural catastrophes, cyberattacks and other risks.
Here are some details:
• Net investment income on a pre-tax basis rose 12.3% to $1.76 billion in the quarter from 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, compared with $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% means the insurer earned more in premiums than it paid out in claims.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Diti Pujara)
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