BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Chubb Ltd. reported second-quarter net income of $1.22 billion, down 46.3% from $2.27 billion in the year-earlier period.
The insurer said in its earnings release after Tuesday’s market close that net income in the quarter was hit by realized after-tax losses of $565 million, “principally due to the mark-to-market impact on private and public equities and from sales in fixed income.”
Total net premiums written rose 7.3% compared with the second quarter of 2021 to $10.3 billion.
Property/casualty net premiums written increased 9.0% to $9.731 billion. North America property/casualty net premiums written were up 10.9%, driven by growth in commercial lines of 12.6% and consumer lines of 5.4%.
The total property/casualty premium increase included increases in commercial rates of 12% and consumer rates of 8%, Chubb Chairman and CEO Evan G. Greenberg said Wednesday during an earnings call with analysts.
“Pricing was strong and exceeded loss costs in commercial lines even as we increased the inflation factors we are using in our loss ratios in anticipation of future increases to loss costs,” Mr. Greenberg said.
Mr. Greenberg said Chubb expected strong third-quarter growth in agricultural premiums after seeing a 44% jump in the second quarter, driven by crop insurance growth.
Property/casualty catastrophe losses totaled $291 million compared with $280 million in the year-earlier period.
Pre-tax net investment income was a record $888 million, up from $884 million in last year's second quarter. Mr. Greenberg said investment income would likely continue to rise along with interest rates.
Chubb’s property/casualty combined ratio improved to 84.0% from 85.5% in last year’s second quarter.
Mr. Greenberg said that while the commercial property/casualty rate environment remains favorable, the level of increases is moderating and that additional rate is still required to keep pace with loss costs.
He added that the rate environment is becoming more competitive in certain casualty lines as more insurers seek to grow.