Chubb ‘Record’ Q2 Sees Net Income Up 50.7%

Chubb second-quarter net income went up 50.7% to nearly $1.8 billion and its property/casualty combined ratio came in at 85.4.

“We had another simply outstanding quarter – in fact, a record, which contributed to a record six months,” said Evan G, Greenberg, chairman and chief executive officer.

Net income for the first six months of 2023 was about $3.7 billion, up more than 17%.

P/C underwriting income in Q2 was $1.43 billion, down slightly from Q2 2022, as global P/C net premiums written were up 10.2% compared with the same period a year ago. North America premiums were up 9.9% – with personal lines growth of 10.8% and commercial lines growth of 10.5%, Chubb said.

The Q2 combined ratio for North America personal lines was 88.9 compared with 86.9 a year ago, and the combined ratio for North America commercial lines was 82.5 from 76.9 in Q2 2022. The increases in the ratios reflect higher catastrophe losses and, for commercial lines, lower favorable prior-year development.

Catastrophe losses during Q2 were $400 million pre-tax and $319 million after tax.

“The level of rate increases overall in North America commercial P/C accelerated in the quarter to 8.7%, or 12.6% excluding financial lines, driven by increases in both property and casualty lines of business of 22% and
8.9%, respectively. Price increases, which take into account exposure, were even greater,” Greenberg added in a statement.