Chubb followed up a challenging first quarter due to the California wi
ldfires with second quarter net income of nearly $3 billion, up about 33% compared to the same quarter a year ago.
Second quarter P/C underwriting income was up 15% to a recor
d $1.6 billion, with a combined ratio of 85.6%. Total after-tax favorable prior year development was $196 million, compared with $167 million last year.
Catastrophe losses during Q2 were $510 million after tax—higher than the $482 million in catastrophe losse
s absorbed a year ago but far less than $1.3 billion in catastrophe losses after tax, mostly from the wildfires, booked in Q1 2025, which dropped net income 38%.
CEO Evan G. Greenberg said Chubb’s Q2 underwriting
result “was supported by good premium growth and underwriting margin improvement.”
Consolidated net premiums written increased 6.3% to about $14.2 billion.
Total North America net premiums written were up 4.5% to about $8.4 billion, with a NPW increase of about 9% in N
orth America personal lines, where the combined ratio was 73.5—a 10-point im
provement over Q2 2024 and far better than 159.5 turned in for Q1 2025.
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North American commercial NPW was up 4.1% to about $5.7 billion, with 8.5% NPW growth in middle market and small commercial.
“The commercial P/C underwriting environment for large account retail and E&S property-related business has gro
wn much more competitive with rates dropping, though terms and conditions remain steady,” said Greenberg. “On the other
hand, in the middle market and small commercial P&C segment…property market conditions remain disciplined and orderly.”
For the first half 2025, net income is about $4.3 billion, down from $4.4 billion recorded at June 30 last year. P/C un
derwriting income is down 26% to about $2.1 billion for H1 2025, and the combined ratio stands at 90.4 compared to 86.4 at this time a year ago.