Chubb Limited has reported that third-quarter net income and core operating income were each $2.04 billion, up 157.8 per cent and 55.4 per cent, respectively.

For the first nine months, net income was $5.73 billion, up 45.5 per cent, and core operating income was a record $5.93 billion, up 24.7 per cent.

Consolidated net premiums written were $13.1 billion, up 9.1 per cent, with global property and casualty up 12.3 per cent.

The p&c combined ratio was 88.4 per cent.

Evan G. Greenberg, chairman and chief executive of Chubb, expressed confidence in the company’s ability to continue growing revenue and operating earnings, which in turn drive earnings per share, through the three engines of property and casualty underwriting income, investment income and life income.

He commented: "We had another outstanding quarter which contributed to a record nine months. Our performance in the quarter included double-digit global p&c premium revenue growth, world-class p&c underwriting results, record net investment income and strong life operating income.

“Over $2 billion of core operating income led to per-share earnings growth of 58.1 per cent for the quarter and 27.5 per cent for the year. Annualised core operating ROE was 13.5 per cent, with a return on tangible equity of 21.2 per cent.

“In the quarter, we increased our ownership in Huatai Group, now at 72 per cent, and consolidated results, which were accretive to EPS and ROE.

"P&C underwriting income of $1.3 billion this quarter was up almost 84 per cent.

“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 published calendar year combined ratio was 88.4 per cent while the global p&c current accident year combined ratio excluding CATs was 83 per cent.

"Adjusted net investment income of $1.4 billion was up $361 million, or 34 per cent, over prior year. Our investment income continues to grow quickly as we reinvest our strong cashflow at higher rates and compound income in our predominantly fixed-income, relatively short-duration portfolio. Our operating cashflow this quarter was a record $4.7 billion.

"Global p&c premium growth was 12.3 per cent, with commercial lines up 10.3 per cent and consumer lines up 17.6 per cent.

“In North America commercial, property and casualty premiums were up 10.5 per cent while financial lines were up 1 per cent. Our very large US middle market business had its best growth of the year at 16.3 per cent.

“Our market-leading high-net-worth personal lines business had another outstanding quarter with growth of 9.6 per cent. Our overseas general division had a great quarter with premiums up 21.4 per cent, including double-digit growth in Europe, Asia Pacific and Latin America.

“Huatai contributed 7.5 percentage points to overseas general's growth. In our Asia-focused international life business, premiums were up nearly 20 per cent, including the impact of Huatai.

"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 per cent in North America and 11.7 per cent in our international business.

“Financial lines pricing was down in North America and up modestly overseas. In North America and overseas general, p&c pricing exceeded loss cost trends, which were stable in the quarter. We are vigilant and disciplined and are staying on top of loss cost inflation.”

The company said book value per share and tangible book value per share decreased 0.3 per cent and 10.2 per cent, respectively, from June 30, 2023, and now stand at $128.37 and $70.89, respectively.

Book value benefited from a one-time after-tax net realised and unrealised gain of $727 million, principally reflecting the discontinuation of the equity method of accounting upon the consolidation of Huatai.