Evan Greenberg, Chubb’s chairman and CEO, acknowledged that softening insurance market conditions continue to weigh on parts of the global insurer’s property business.

However, he added that the company’s diversified business model helped it to achieve strong second-quarter earnings.

The insurer, headquartered in Zurich with substantial operations in Bermuda, said core operating income rose 14.6 per cent year-over-year to $2.84 billion, while core operating earnings per share increased 18.2 per cent to $7.26.

Net income slipped 3.8 per cent to $2.85 billion, reflecting lower investment gains than a year earlier.

Property and casualty net premiums written increased 3 per cent to $12.77 billion — or 6.3 per cent excluding large-account and excess and surplus property business, the company said. Life insurance premiums rose 7.5 per cent to $1.94 billion.

The group's underwriting performance remained strong, with a property and casualty combined ratio of 83.8 per cent, an improvement from 85.6 per cent a year earlier.

Underwriting income climbed 18.8 per cent to $1.94 billion, helped by lower catastrophe losses, which fell to $475 million from $630 million in the prior-year quarter.

Investment income continued to provide a significant boost. Pre-tax net investment income reached a record $1.76 billion, while adjusted net investment income also set a record at $1.88 billion, both rising by more than 11 per cent. Chubb said its invested asset base had grown to $175 billion over the past year.

Evan Greenberg, chairman and chief executive, said the results reflected the company's diversified business model and disciplined underwriting approach.

“We had a very strong quarter with results that again reflect the strengths of our company, including our sources of income, our diversification globally and the growth opportunities it presents, the size and strength of our balance sheet and the growth of our invested asset, and, finally, our disciplined approach to underwriting, which is a hallmark of our culture,” he said.

Mr Greenberg acknowledged that pricing pressure continued to intensify in some insurance markets, particularly large commercial property risks.

“Overly soft underwriting conditions persist in certain areas of property insurance globally, particularly large account and E&S related,” he said. “Our revenue results reflect our underwriting discipline, and we will not underwrite knowingly at a loss.

“The growth penalty we are paying in property will dissipate going forward. In the meantime, soft market conditions are spreading to certain areas of casualty while financial lines also remain soft.

“Against that backdrop, we're well diversified and the substantial majority of our businesses are growing, and that is evident in our results.”

International operations remained a key growth driver. Overseas general insurance premiums increased 10.2 per cent, led by growth of 15.6 per cent in Latin America and 12 per cent in Asia. North America commercial premiums declined 2.3 per cent as the company reduced exposure in large property accounts, although middle-market and small commercial business grew 8.9 per cent.

Chubb returned $1.37 billion to shareholders during the quarter through dividends and share repurchases.

• This story was generated by machine and edited by The Royal Gazette newsroom