For the first half of the year, Chubb’s net income totalled $4.37bn. Credit: rafapress / Shutterstock.

Chubb has reported a net income of $2.23bn in the second quarter (Q2) of 2024, a 4% rise from $2.14bn in the previous quarter and a 24.3% increase from $1.79bn in Q2 2023.

For the first six months of 2024, the property and casualty insurer’s net income totalled $4.37bn.

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Net premiums written during the April-June 2024 quarter reached $13.36bn, up 11.8% from $11.95bn in the same period of 2023.

The company’s global property and casualty (P&C) segment, excluding agriculture, reported an 11.2% rise in net premiums written, amounting to $11.02bn.

This was driven by a 9.6% growth in commercial insurance and a 15.2% increase in consumer insurance.

Life insurance also recorded growth, with net premiums written surging by 24.5% to $1.58bn.

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This growth was particularly pronounced in international life, which saw a 31.7% increase; and combined insurance in North America, which grew by 12%.

The global reinsurance segment of Chubb reported a 40.3% hike in net premiums written, which totalled $411m.

This included a 12.5 percentage point benefit from a large structured transaction. 

However, during the quarter, the company faced higher total pre-tax and after-tax P&C catastrophe losses, which were reported at $580m and $482m, respectively. 

This is an increase from the previous year’s figures of $400m and $319m, representing 5.4 percentage points and 4.1 percentage points of the combined ratio, respectively.

Chubb returned a total of $939m capital in the form of $570m in share repurchases at an average price of $253.02 per share, and dividends amounting to $369m.

Chubb chairman and CEO Evan Greenberg said: “We had another great quarter which contributed to record six-month results. In summary, we had a great quarter, and, again, our results reflect the strength, breadth and depth globally of the company. We are confident in our ability to continue growing our operating earnings at a superior rate through P&C revenue growth and underwriting margins, investment income, and life income.”