Property and casualty (P&C) insurer Chubb has reported a net income of $2.04bn for the third quarter of 2023, a surge of 157.8% from $792m a year ago period.

For the quarter ended 30 September 2023, core operating income stood at $2.04bn, a jump of 55.4% from $1.31bn a year ago.

The company’s P&C underwriting income for the quarter was $1.31bn, a surge of 83.8% year-over-year.

Chubb chairman and CEO Evan Greenberg said: “Over $2bn of core operating income led to per-share earnings growth of 58.1% for the quarter and 27.5% for the year.”

In the third quarter, P&C net premiums written rose by $8.4% to $11.65bn from $10.74bn in the year-ago period.

Furthermore, Chubb’s life insurance net premiums written increased by 14.9% to $1.45bn from $1.26bn in Q3 2022.

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The income from the life insurance segment stood at $288m, up 14.8% from $252m a year earlier.

Greenberg added: “Our underwriting results were driven by strong P&C earned premium growth, excellent current accident year underwriting margins inclusive of catastrophe losses, and favourable prior period reserve development in both North America and overseas general.”

The insurer’s annualised return on equity (ROE) for the quarter was 15.5% while the annualised core operating return on tangible equity (ROTE) was 21.2%.

Annualised core operating ROE stood at 13.5%.

Chubb also reported an operating cash flow of $4.7bn for the period under review.

The Global P&C arm’s underwriting income surged 117.2% to $1.20bn while net premiums written surged 12.3% to more than $10.13bn.

Greenberg commented: “In aggregate, rates and price increases in our commercial P&C lines of business remained strong in the quarter globally. Pricing was up 13.9% in North America and 11.7% in our international business.

“We are confident in our ability to continue growing revenue and operating earnings, which in turn drive EPS, through the three engines of P&C underwriting income, investment income, and life income.”