Chubb, the global insurer and reinsurer with operations in Bermuda, has reported second quarter net income of $2.23 billion, up 24.3 per cent year-over-year.

Core operating income was $2.2 billion, up 7.5 per cent over the prior year quarter. Consolidated net premiums written were $13.4 billion, up 11.8 per cent.

P&C underwriting income was $1.42 billion. Pre-tax catastrophe losses were $580 million compared with $400 million last year.

Annualised return on equity was 14.7 per cent. Annualised core operating return on tangible equity was 21.1 per cent and annualised core operating ROE was 13.3 per cent.

Evan G. Greenberg, chairman and chief executive officer of Chubb Ltd, said: “We had another great quarter which contributed to record six-month results.

“Per-share core operating income in the quarter was up 9.3 per cent while record year-to-date operating income was up 15.7 per cent.

“Our P&C underwriting results in the quarter were simply excellent in spite of a higher level of catastrophe losses, highlighted by a published combined ratio of 86.8 per cent, and supported by record ex-Cat current accident year underwriting income of $1.8 billion and a combined ratio of 83.2 per cent.

“Adjusted investment income topped $1.5 billion, up nearly 26 per cent and a record, and we grew life segment income about 11.5 per cent in constant dollars with international life up over 15 per cent.

“We produced double-digit premium revenue growth across the globe with strong results in our North America P&C, International P&C and Life Insurance divisions.”

He added: “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.”