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Investing.com -- Chubb Ltd (NYSE:CB) reported second quarter core operating income of $6.14 per share, exceeding analyst expectations of $5.96, as the global insurer benefited from record underwriting income and strong investment returns. Revenue reached $14.2 billion, slightly above the consensus estimate of $14.16 billion.
The company’s core operating income rose 12.9% to $2.48 billion compared to the same period last year, driven by a 15% increase in underwriting income to $1.63 billion. Chubb’s combined ratio improved to 85.6%, down from 86.8% in the second quarter of 2024, reflecting stronger underwriting margins. The stock edged down 0.3% following the announcement.
Global P&C premiums grew 5.8%, or 6.4% in constant dollars, with North America premiums up 5.3% excluding agriculture. Personal insurance in North America saw particularly strong growth of 9.1%, while commercial lines increased 4.1%. Overseas General division premiums rose 10.2% in constant dollars, with commercial business up approximately 7% and consumer lines growing more than 15%.
"We had a great second quarter. Most all of our businesses and regions of the world contributed to record quarterly results, illustrating the distinctive, diversified nature of our company," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited.
Adjusted investment income reached nearly $1.7 billion, up almost 8% YoY. The company returned $1.06 billion to shareholders during the quarter through share repurchases of $676 million and dividends of $388 million.
Catastrophe losses for the quarter totaled $630 million pre-tax, representing 5.5 percentage points of the combined ratio, compared to $580 million in the prior-year period.
Book value per share increased 6.1% from March 31, 2025, to $174.07, while tangible book value per share rose 8.0% to $112.64. The company’s core operating return on tangible equity was 21% for the quarter.