Chubb’s property and casualty underwriting income rose 15% to a record $US1.63 billion ($2.44 billion) in the second quarter.  

The combined operating ratio improved to 85.6% from 86.8% a year earlier.

Net income grew by one-third to $US2.97 billion ($4.46 billion), and gross written premium reached $US17.3 billion ($25.95 billion). P&C net premium written rose 5% to $US12.39 billion ($18.59 billion).

Chair and CEO Evan Greenberg says Chubb had a “great second quarter”.

“Most of our businesses and regions of the world contributed to record quarterly results ... About 80% of our businesses globally have good growth prospects, and we are capitalising on a wide range of opportunities. I have great confidence in our ability to grow revenue and operating income at a superior rate,” he said.

Chubb’s overseas general division premium rose 10%, with commercial business up about 7% and consumer lines up more than 15%.

Life insurance net premium written grew 14% to $US1.8 billion ($2.7 billion).

Catastrophe losses were $US630 million ($950 million), compared with $US580 million ($870 million) a year earlier.

For the first six months, Chubb reported net income of $US4.3 billion ($6.45 billion), down just 1.7% from a year earlier despite California wildfires in the first quarter causing losses of $US1.47 billion ($2.21 billion).

The half-year P&C combined operating ratio was 90.4%, compared with 86.4% in January-June last year.