Chubb Ltd has reported second quarter per share net income of $7.35, up 34.6 per cent.

Their latest financial reports also reveal record per share core operating income of $6.14, up 14.1 per cent.

Evan Greenberg, chairman and chief executive officer of Chubb, said his firm 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,” he said. “Our balance of business, geographically by customer segment and product, is a distinguishing feature of our company.”

Chubb produced a record $2.5 billion in core operating income, up nearly 13 per cent from a year ago, with operating earnings per share up 14 per cent, driven by record underwriting and strong investment income, and double-digit growth in life income.

“In the quarter, tangible book value growth, our primary measure of shareholder wealth creation, was 23.7 per cent per share from a year ago, while our annualised core operating return on tangible equity was 21 per cent for the quarter,” Mr Greenberg said.

He added that record underwriting income on both a published and current accident year basis was supported by good premium growth and underwriting margin improvement.

“We produced underwriting income of $1.6 billion, up 15 per cent from a year ago, leading to a combined ratio of 85.6 per cent, more than a percentage point better than last year and supported by a 1.5-point improvement in the current accident year loss ratio,” he said. “Adjusted investment income of nearly $1.7 billion was up almost 8 per cent.”

Mr Greenberg said the commercial property and casualty underwriting environment for large account retail and excess and surplus property-related business has grown much more competitive with rates dropping though terms and conditions remain steady.

“On the other hand, in the middle market and small commercial P&C segment, where we are a market leader, property market conditions remain disciplined and orderly,” he said. “Casualty continues to firm in all areas that require rate, retail and E&S, both large-account and middle-market.”

He said underwriters at Chubb are disciplined with growth patterns reflecting market conditions.

“As I observed at the beginning of the year, about 80 per cent of our businesses globally have good growth prospects, and we are capitalising on a wide range of opportunities.

“I have great confidence in our ability to grow revenue and operating income at a superior rate, catastrophes and foreign exchange risk notwithstanding.”