Chubb Q3 Net Income Rises to $2.84 Billion; P&C Underwriting Income Falls 8.8%

Chubb Limited (CB) reported third-quarter net income of $2.84 billion, or $7.30 per share, up from $2.80 billion, or $6.99 per share, a year earlier, the insurer said Tuesday. Core operating income slipped to $2.98 billion, or $7.66 per share, from $3.05 billion, or $7.60 per share last year. Consolidated net premiums written grew 1.9% to $15.14 billion, with P&C net premiums written up 1.9% to $13.18 billion. P&C underwriting income declined 8.8% to $2.06 billion, and the P&C combined ratio rose to 84.1% from 81.8%. Life Insurance net premiums written increased 1.4% to $1.96 billion, with segment income climbing 11.4% to $369 million. Pre-tax net investment income rose 8.6% to a record $1.79 billion, while adjusted net investment income increased 6.3% to $1.89 billion.