Record quarterly property/casualty profits coupled with a record-low combined ratio propelled Chubb to third-quarter net income of $2.80 billion, up 20.5% from third-quarter 2024.
Net premiums written totaled $14.9 billion, up 7.5% from third-quarter 2024, the insurer said in its quarterly earnings statement, release after the markets closed Tuesday.
Property/casualty net premiums written totaled $12.93 billion, up 5.3%, with 3.5% growth in North America commercial insurance. Property/casualty underwriting income was a record $2.26 billion, up 55.0%.
Chubb also posted a record-low quarterly property/casualty combined ratio of 81.8%, compared with 87.7% in the year-ago period.
Third-quarter pre-tax catastrophe losses were $285 million, compared with $765 million last year. For the first nine months of the year, pre-tax cat losses were $2.56 billion, compared with $1.78 billion last year.
Net investment income was $1.65 billion, up 9.3%.
North American commercial property/casualty net premiums written totaled $5.66 billion, 38% of net premiums written and up 2.9% from last year.
Chubb Chairman and CEO Evan G. Greenberg said he would characterize the market globally as in transition.
“Competition continues to grow, especially large-account related, short-tail business, both admitted and excess and surplus,” Mr. Greenberg said on the company’s earnings call Wednesday morning. “A lot more capital is chasing the property business, and prices are softening; terms and conditions remain steady.”
Middle-market and small commercial property is more disciplined and orderly, he said, “though greater competition is beginning to show as expected, particularly in upper-middle-market. In mid-market, property rates continue to rise, but naturally at a slower pace.”
Casualty pricing overall, including large account, excess and surplus lines and middle market, “is also slowing, though it continues to firm in the areas that require rate,” while financial lines remain soft, Mr. Greenberg said.
Geographically, “Most of our businesses and regions of the world contributed. That means North America, Asia, Latin America and U.K.-Europe.”
In terms of which segments contributed strongly, Mr. Greenberg singled out commercial, property/casualty, “particularly middle-market and small commercial, our excess and surplus business,” and crop insurance.