Chubb has reported third-quarter net income of $US1.23 billion ($1.73 billion), compared with a net loss of $US70 million ($98.67 million) in the corresponding period last year.

Pre-tax catastrophe losses were $US450 million ($634.33 million), down from $US1.89 billion ($2.66 billion), while the combined operating ratio for the year to date is 88.2%, improving from 88.5%.

“As a global insurer with operations in 54 countries, we experienced an active quarter for natural catastrophes around the world, and Chubb’s underwriting excellence once again distinguished the company,” Chairman and CEO Evan Greenberg said.

“The quality and balance of our earnings this quarter were evident, with property and casualty (P&C) underwriting income of $US669 million ($943 million) and net investment income of $US883 million ($1.24 billion).  

“Global P&C net premium written, which excludes agriculture, increased 4% in the quarter in constant dollars. We had good growth in our US commercial P&C divisions and simply excellent growth in our international P&C business.”