US insurer Chubb has reported third-quarter net profit of $US541 million ($562 million), up 1.5% on the corresponding period last year.

The combined ratio improved to 85.7% from 86.3%, despite the impact of catastrophes growing to $US92 million ($95.58 million) from $US17 million ($17.66 million) before tax.

Net written premium increased 4% to $US3 billion ($3.12 billion) and net investment gains before tax were $US18 million ($18.7 million), compared with losses of “less than $US1 million ($1.04 million)” in the third quarter of last year.

Chairman, President and CEO John Finnegan says Chubb had “an outstanding third quarter”, with the combined ratio reflecting “the impact of higher rates and strong underwriting performance in all our business units, as well as relatively low catastrophe losses”.

“During the quarter, the market tone in the US remained firm in both our standard commercial and specialty lines business units, where we achieved high-single-digit renewal rate increases and higher retention levels,” he said.