Chubb's Q2 2024 net income jumps 24.3% YoY to $2b

The region’s P&C net premiums surged by 33% YoY.

Chubb’s second quarter (Q2 2024) net income grew nearly a quarter more (24.3%) from last year to $2.23b, whilst core operating income increased 7.5% year-on-year (YoY) to $2.20b. 

Over six months, net income reached $4.37b, surging 18.7% YoY, with core operating income at a record $4.41b, climbing 13.5% YoY. 

Global P&C net premiums written, excluding Agriculture, increased 11.2% YoY. Asia-Pacific, Latin America, and Continental Europe posted gains of 32.9% YoY, 13.7% YoY, and 10.8% YoY, respectively.

North America saw an 8.0% YoY rise, with personal insurance increasing 12.3% YoY and commercial insurance went up by 6.7% YoY. Overseas General grew 15.6% YoY, driven by a 19.1% YoY increase in consumer insurance and a 13.3% YoY rise in commercial insurance. 

P&C underwriting income was $1.42b, with the current accident year underwriting income, excluding catastrophe losses, at a record $1.81b, climbing 11.1% YoY, and a record low combined ratio of 83.2%. 

Six-month P&C underwriting income totalled $2.82b, increasing 6.8%, and $3.43b, up by 10.7% YoY, excluding catastrophe losses, both records. 

Pre-tax catastrophe losses were $580 million, up from the $400m last year, and six-month losses were $1.02b, heavier than the $858m previously.

Life Insurance net premiums written increased 24.5% YoY to $1.58b. Net premiums written and deposits collected totalled $2.13b, surging 27.4% YoY. 

Pre-tax net investment income rose 28.2% YoY to $1.47b, and adjusted net investment income increased 25.9% to $1.56 billion, both records.

Annualised return on equity was 14.7%, core operating return on tangible equity was 21.1%, and core operating ROE was 13.3%.