Insurer Chubb booked third quarter net income 20.5% higher than a year ago at $2.8 billion—with record P/C underwriting income of $2.26 billion.
Underwriting income was 55% more than the same quarter last year, and the combined ratio was also a record at 81.8.
While Chubb benefitted from much lower catastrophe losses during the third quarter—$285 million pretax compared to $765 million for Q3 2024 ($250 million from Hurricane Helene)—CEO Even G. Greenberg in a statement said the “real story is our underlying underwriting results, which were excellent,” as well as strong favorable reserve development of $361 million versus $244 million a year ago.
Consolidated net premiums written increased 7.5% to about $14.9 billion.
Total North America net premiums written were up 4.4% to about $8.9 billion, with a NPW increase of about 8.1% in North America personal lines, where the combined ratio was 65.1 compared to 81.3 in Q3 2024.
North American commercial NPW was up 2.9% to about $5.7 billion, with 3.6% NPW growth in middle market and small commercial. The combined ratio improved 5 points to 81.5. Excluding catastrophes, the North American P/C combined ratio was flat at 80.8.
Chubb said middle market and small commercial NPW was up 6.9% excluding workers’ compensation premium adjustments made every year in Q3. P/C lines grew 8.7% and financial lines grew 0.6%.
Topics
Profit Loss
Underwriting
Property Casualty
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