By: Luke Jones, Published on July 29, 2017 05:56 PM, Last Update on July 29, 2017 02:58 PM
Chubb Limited has announced its second quarter 2017 financial results. The world’s largest personal coverage provider says its net income rose 79.6% for the period ending June 30. Net income increase rose from $726 million during Q2 2016 to $1.3 billion through the 2017 frame.
Book and tangible book value per share increased 2.7% and 4.3% compared to the first quarter. The company’s chairman and chief executive Evan Greenberg said “Our 88% P&C combined ratio, more than two points better than prior year, was truly distinguishing given soft market conditions that have continued for a number of years now.”
Greenberg added Chubb Limited saw a major improvement in both expense ratio and loss ratio due to underwriting actions and merger-related growth. Lower catastrophe losses also contributed to the companies increases through the quarter.
As a result, the CEO says Chubb is “in excellent shape” and is increasing its annualised run-rate savings from $800 million to $875 million by the end 2018.
“Chubb's strong earnings this quarter were driven by world-class underwriting results and record investment income,” said Greenberg. Adjusted net investment income was up 4.8% to $855 million (C$1.07 billion).