Property and casualty insurance giant Chubb announced Tuesday that its profits grew in the second quarter, driven by strong performance in its underwriting operations and solid returns on investments.
Throughout the quarter ending June 30, demand for insurance coverage stayed strong as both consumers and businesses sought financial protection against major unexpected losses — including those stemming from natural catastrophes, cyber threats, and a range of other risks.
Here is a look at the key numbers from the quarter:
• Pre-tax net investment income climbed 12.3% year-over-year, reaching $1.76 billion.
• Global property and casualty net premiums written — not counting agriculture — grew 2.8% to $11.99 billion for the quarter.
• Catastrophe-related losses totaled $475 million on a pre-tax basis, a notable drop from the $630 million recorded during the same quarter a year ago.
• Core operating income for the quarter hit $2.84 billion, or $7.26 per share, up from $2.48 billion, or $6.14 per share, in the year-earlier period.
• Chubb’s property and casualty insurance division reported a combined ratio of 83.8%, improving from 85.6% a year earlier. When this ratio falls below 100%, it indicates the company collected more in premiums than it paid out in claims — a sign of a healthy insurance operation.
