Insurance company Chubb has reported a net income of $1.79bn for the second quarter of 2023, a surge of 50.7% from $1.19bn a year ago.

For the quarter that ended 30 June 2023, core operating income was $2.04bn, marking a 13.9% increase from $1.79bn in the same quarter in the previous year.

The P&C underwriting income stood at $1.43bn as against $1.44bn in the year-ago quarter.

Chubb said its P&C net premiums written for the quarter rose by 9.8% to $10.68bn from $9.73bn in the year-ago period.

The company also noted that its life insurance net premiums written rose by 126.1% to $1.27bn compared to $562m the year before. 

Furthermore, the income from the life insurance segment stood at $254m, a jump of 140.3% from $106m in the year second quarter of 2022.

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According to the insurer, the annualised return on equity (ROE) and annualised core operating ROE were 13.6% and 13.8%, respectively. 

Chubb chairman and CEO Evan Greenberg said: “Our exceptional underwriting performance was driven by strong P&C premium revenue growth, excellent current accident year underwriting margins with a record combined ratio of 83.3%, favourable prior period reserve development, and a moderate level of catastrophe losses. 

“As I look ahead, we remain confident in our ability to continue the pattern of growth in revenue and earnings, and, in turn, drive double-digit EPS growth.”

The company recently appointed Adrian Habils as the new property head for its general insurance business in Asia.