Chubb reported net income up 41% for the second quarter when compared with the results of the previous year.
Net income for the three months ending 30 June 2004 was $356.1m, up from $252.1m for the previous year.
Net written premiums grew 12%, said Chubb, reaching $2.9bn for the quarter.
The company also recorded a combined ratio of 92.8%, compared with the 95.3% recorded for the second quarter of the previous year.
“We are delighted with our continued strong financial performance,” said Chubb chairman, president and chief executive officer John D. Finnegan.
“Operating income per share was the highest of any quarter in Chubb's history, reflecting strong premium growth, favourable loss experience and successful expense control initiatives.
“These results, following record first quarter results, validate our focus on executing our core property and casualty strategy of maintaining underwriting discipline, growing the business profitably by leveraging strong producer relationships, and reducing our expense structure.”
Property and casualty net written premiums in the second quarter of 2004 grew 12% both inside and outside the US. Expressed in local currencies, non-US premiums grew 5%. Premiums for Chubb Re accounted for 2% of Chubb's 12% worldwide growth.
Catastrophe losses for the 2004 second quarter (excluding the reserve release related to the September 11th attack) were $45.7m, accounting for 1.6% of the combined ratio. In the second quarter of 2003, catastrophe losses were $70.6m, representing 2.8% of the combined ratio.
Second quarter operating income for 2004 includes an after-tax loss of $2m or $0.01 per share for the non-insurance business of Chubb Financial Solutions, compared to a loss of $4m or $0.02 per share in the second quarter of 2003.
