Q2 records and net income fall for Chubb
A lot of records fell as Chubb reported reduced second-quarter net income of $1.22 billion, down from $2.27 billion from the same period in 2021.
Net income in the quarter was adversely impacted by realised losses of $565 million after tax, principally due to the mark-to-market impact on private and public equities, together with sales in fixed-income securities.
But core operating income was a record $1.79 billion versus $1.62 billion from the prior year.
For the six months, net income was $3.19 billion, compared with $4.57 billion in the prior year, and core operating income was a record $3.43 billion, up 24.0 per cent.
The period’s second-quarter net Income per share of $2.86 paled in comparison with $5.06 from the same period last year. But core operating income per share rose 16 per cent to a record $4.20.
Consolidated net premiums written were up 7.9 per cent.
P&C underwriting income was a record $1.44 billion, up 21.1 per cent, leading to a record P&C combined ratio of 84.0 per cent, compared with an equally strong 85.5 per cent for the prior year.
Pre-tax net investment income was $888 million and adjusted net investment income was $950 million. Both were records.
On July 1, 2022, the company completed the acquisition of Cigna’s accident and health and life business for $5.36 billion.