The company called it a “record quarter” with “strong” numbers.
The company said it had its best property and casualty premium revenue growth in the world in more than 15 years, thanks to its P / C business activities. Operating profit for the quarter was $ 1.62 billion.
Net profit for the quarter reached $ 2.27 billion from a net loss of $ 331 million a year ago as the coronavirus pandemic took hold around the world.
Chubb’s combined property and casualty ratio was 85.5 in the second quarter of this year, up from 112.3 in the second quarter of 2020. The improvement was almost entirely related to the loss ratio, the company said.
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“Our business is running at full speed – we are growing our business while continuing to increase underwriting margins,” boasted Evan Greenberg, president and CEO of Chubb.
Net non-life premiums written increased 15.5% overall in the second quarter of 2021 and 12.6% overall for the first six months of the year. Net premiums written for commercial insurance increased nearly 21 percent in the second quarter, excluding agriculture, which registered a gain of 11 percent. The P / C consumer lines produced a 5.6% jump in net premiums written.
Chubb increased its commercial P / C premiums in North America by more than 16%, while premiums for its international operations jumped 33%. Commercial P&C insurance in North America recorded its largest premium increases with mid-market customers and small commercial customers.
Catastrophic losses before and after tax, net of reinsurance and including reinstatement premiums, reached $ 280 million, respectively, for the second quarter. This compares to $ 1.8 billion and $ 1.5 billion, respectively, over the same period last year.
Regarding gains in commercial insurance, Greenberg noted that the company has experienced double-digit commercial P / C insurance growth on average over the past 10 years and that growth in the second quarter and the year was the strongest since 2004.
“We are capitalizing on a strong commercial P / C pricing environment in most of the most important regions of the world,” said Greenberg.
Consumer lines remain affected by the pandemic, with travel and other commercial and consumer-related activities declining. But Chubb said it was starting to see improvement in consumer lines with net premiums written up 5.6% in the quarter.
The insurer also recorded record investment income. Adjusted net investment income reached $ 945 million, up 9.4% from a year ago.
Source: Chubb
