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Third quarter net income at Chubb Ltd. shot up to $2.04 billion, an increase of nearly 158% over last year’s $792 million during the same quarter.

Chubb’s P/C underwriting income was up about 84% to $1.3 billion in the third quarter. Net premiums written were about $11.7 billion, up 8.4%. The P/C combined ratio during Q3 improved nearly 5 points to 88.4.

Total pre- and after-tax P/C catastrophe losses net of reinsurance and including reinstatement premiums, were $670 million and $544 million, respectively, during Q3. This is compared to about $1.2 billion and $949
million during the same time a year ago.

Global P/C underwriting income in Q3 was about $1.2 billion – an increase of 117% over Q3 2022. Chubb reported a combined ratio of 87.6 in global P/C compared to 93.6 during the same period last year.

“Global P&C premium growth was 12.3%, with commercial lines up 10.3% and consumer lines up 17.6%,” said Evan G. Greenberg, CEO, in a statement. “In North America commercial, property and casualty premiums were up 10.5% while financial lines were up 1%. Our very large U.S. middle market business had its best growth of the year at 16.3%. Our market-leading high net-worth personal lines business had another outstanding quarter with growth of 9.6%.”

Adjusted net investment income during the third quarter was a record $1.4 billion, up 34.2%.

Topics Profit Loss Chubb