Chubb’s post-merger integration is progressing better than expected, with third-quarter net income rising to $US1.36 billion ($1.78 billion) from $US528 million ($691.77 million) in the corresponding period last year.

Gross written premium increased to $US9.48 billion ($6.52 billion) in the three months to September 30 from $US6.35 billion ($8.32 billion), but the property and casualty (P&C) combined operating ratio weakened slightly to 86% from 85.9%.

The insurer has raised its annualised cost savings forecast to $US800 million ($1.05 billion) by the end of 2018 from $US750 million ($982.61 million) previously, as integration with Zurich-based Ace proceeds ahead of schedule.

Ace acquired US-based Chubb for $US28.3 billion ($37.08 billion), creating the world’s largest publicly traded P&C insurer on completion in January, with the new entity trading as Chubb.

“Chubb had an excellent quarter… and exceptionally strong underwriting results,” Chairman and CEO Evan Greenberg said.

“We are in good shape with our integration-related efficiency efforts. We will trade revenue for underwriting discipline all day long.

“We believe growth will improve as the impact from the underwriting actions dissipates and the power and capabilities of the new Chubb gain more steam. We are already seeing evidence of the effect our enhanced capability is having on revenue generation.”

For the nine months to September 30 net income grew to $US2.53 billion ($3.31 billion) from $US2.15 billion ($2.82 billion), and the P&C combined operating ratio deteriorated to 89% from 87.2%.