Insurer Chubb posts higher second-quarter profit on strong underwriting business

July 21 (Reuters) - Property ‌and casualty ​insurer ​Chubb reported a rise in second-quarter profit on Tuesday, helped ‌by strong underwriting performance and investment returns.

Demand ⁠for insurance remained firm in the quarter ended ‌June 30, as households ‌and businesses sought protection from large unexpected losses due to natural catastrophes, cyberattacks ​and other risks.

Here are some details:

• Net investment income on a pre-tax ⁠basis rose 12.3% to $1.76 billion in the quarter from a ​year earlier.

• Chubb's global property and casualty (P&C) net premiums written, excluding agriculture, ​increased 2.8% to $11.99 billion ‌during the quarter.

• Catastrophe losses were $475 million on a pre-tax ⁠basis, compared with $630 million a year earlier.

• Core operating income for the second quarter came ⁠in at $2.84 billion, or $7.26 per share, up from $2.48 ​billion, or $6.14 per share, a year earlier.

• Chubb's P&C insurance arm posted a combined ratio of ‌83.8% in the quarter, compared with 85.6% a year earlier. A ‌ratio below 100% means the insurer earned ⁠more in premiums ‌than it ​paid out in claims.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Diti ‌Pujara)

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