Chubb’s core operating income rose 29% to a record $US3 billion ($4.62 billion) in the third quarter, driven by underwriting and investment income.

Property and casualty underwriting income jumped 55% to $US2.26 billion ($3.48 billion). P&C net premium written was up 5% to $US12.93 billion ($19.91 billion), and the P&C combined operating ratio was 81.8%, compared with 87.7% a year ago.

Pre-tax catastrophe losses were $US285 million ($439 million), down from $US765 million ($1.18 billion) a year earlier. 

“We had a simply outstanding quarter,” CEO and chairman Evan Greenberg said. “While we benefited from light catastrophe losses, the real story is our underlying underwriting results, which were excellent, and very strong prior-period reserve development.

“Chubb’s fundamentals and our positioning are excellent, and our balance sheet, starting with our loss reserves, has never been stronger. I am confident we will maintain superior earnings growth.”

Premium grew 8% overall, with life insurance up 25%. Mr Greenberg says all businesses and global regions contributed to growth. 

The reinsurance business recorded an improved combined operating ratio of 77.4%, compared with 94.4% a year earlier.

For January-September, Chubb’s catastrophe losses were $US2.56 billion ($3.95 billion), compared with $US1.78 billion ($2.74 billion) a year earlier.