Chubb Q2 net income slightly down year on year

Chubb has reported steady Q2 results, with net income almost flat on the same period in 2018, and gross written premiums seeing modest rises.

Chubb reported net income and core operating income of $1.15 billion, with net income per share of $2.50, for Q2 2019.

In the same period of 2018 Chubb had achieved net income of $1.29 billion, or $2.76 per share.

Gross written premiums for the group rose to $10.35 billion for Q2 2019, up from $9.93 billion in the same period of 2018. Pre-tax catastrophe losses were $275 million compared with $211 million in the prior year.

The combined ratio for P&C was 90.1 percent, compared with 88.4 percent prior year. Its current accident year combined ratio excluding catastrophe losses was 88.9 percent, slightly up from the 88.1 percent Chubb reported for the same period of 2018.

Evan Greenberg, chairman and chief executive officer of Chubb, called it a “very good second quarter.” Particular praise was reserved for its P&C and current accident year combined ratios, which he described as “world-class.”

Greenberg said: “We benefited from an improved pricing and underwriting environment, flight to quality from commercial insurance buyers, and our various global growth initiatives. Pricing continued to tighten in the quarter while spreading to more classes and segments of business, particularly in the US and London wholesale market. We're also seeing early signs that market-firming conditions are spreading to more territories around the world.”