Chubb reported a slight rise in third-quarter net income as record investment income helped cushion the impact of catastrophe losses that more than doubled from a year earlier.

Net income rose 1.5 per cent to $2.84 billion, or $7.30 a share, for the three months ended September 30. Core operating income fell 2.2 per cent to $2.98 billion, although operating earnings per share increased 0.8 per cent to $7.66.

Pre-tax catastrophe losses totalled $705 million, compared with $285 million in the corresponding quarter of 2025. Favourable revisions to estimates of claims from previous years provided a $511 million benefit, up from $361 million.

The Swiss-based insurer with substantial operations in Bermuda said pre-tax net investment income rose 8.6 per cent to a record $1.79 billion, as Chubb took advantage of rising interest rates and a favourable fixed-income investment environment.

Evan Greenberg, Chubb’s chairman and chief executive, said his company’s underwriting portfolio had held up well in a competitive market.

“While the market continues to grow more competitive in commercial P&C [property and casualty] across the board, particularly in the US and London, the substantial majority of our underwriting businesses grew in the quarter, with the balance flat or purposely shrinking due to inadequate pricing or terms,” Mr Greenberg said.

He added: “I fully expect North America commercial growth to improve in future quarters.”

Mr Greenberg added that all of the group’s businesses had contributed to a “really strong quarter”.

He said: “Our diversification is highly supportive of growth and sustained margins which speak to our underwriting discipline, a hallmark of our company.”

Property and casualty underwriting income totalled $2.06 billion for the quarter, with a combined ratio of 84.1 per cent. The ratio measures claims and expenses as a proportion of premium revenue, with a figure below 100 per cent indicating an underwriting profit.

Excluding catastrophe losses and prior-year claims revisions, current accident year underwriting income rose 3.3 per cent to $2.26 billion, with a combined ratio of 82.6 per cent.

The quarterly results came against a stronger nine-month performance. Net income for that period rose 12.9 per cent to a record $8.02 billion, while core operating income increased 21 per cent to a record $8.6 billion.

For the first nine months, P&C underwriting income increased 33.7 per cent to a record $5.79 billion.

P&C net premiums written rose 1.9 per cent to $13.18 billion in the quarter. Growth in overseas operations, personal insurance and agriculture offset a contraction in North American commercial business.

North America commercial premiums fell 2.7 per cent as Chubb reduced exposures, bought additional reinsurance and declined to renew some business, predominantly in property and financial lines.

Overseas General premiums grew 6.7 per cent, or 5.2 per cent at constant exchange rates. Latin America led regional growth at 11.7 per cent, followed by Asia at 7.5 per cent and Europe at 6.8 per cent.

Mr Greenberg also highlighted an agreement by Strategic Holdings, Chubb’s holding company partnership with private-equity firm KKR, to sell its investment in USI Insurance Services to Aon. Chubb expects the transaction to generate a realised gain of $460 million on an investment of $740 million.

The life insurance segment generated income of $369 million, up 11.4 per cent, while net premiums written increased 1.4 per cent to $1.96 billion. International life premiums and deposits collected grew 15.7 per cent to $2.44 billion.

Higher interest rates also weighed on investment valuations. Chubb said after-tax realised and unrealised investment losses of $4.48 billion adversely affected book value during the quarter, partly offset by $551 million in foreign currency gains.

Book value per share nevertheless stood 5.1 per cent above its level a year earlier at $191.43. Tangible book value per share increased 5.7 per cent to $126.96.