Chubb’s property and casualty business posted stronger third-quarter earnings as increased premiums cushioned the impact of higher catastrophe losses.

P&C underwriting income rose 11.7% to $US1.46 billion ($2.22 billion) and net premium grew 5.4% to $US12.28 billion ($18.66 billion).

Pre-tax catastrophe losses were $US765 million ($1.16 billion) – including $US250 million ($380 million) from Hurricane Helene – compared with $US670 million ($1.01 billion) a year earlier.

“Our P&C underwriting results in the quarter were excellent, with strong contributions from all divisions, though it was an active quarter for industry-wide catastrophe losses,” chairman and CEO Evan Greenberg said.

“Commercial P&C underwriting conditions globally, including North America … are favourable in both property and casualty.”

North America P&C net premium written grew 4.6% to $US8.56 billion ($13.03 billion) and the overseas general insurance division’s net premium written improved 4.9% to $US3.37 billion ($5.13 billion).

Overall net income, including contributions from the life business, gained 13.8% to $US2.23 billion ($3.39 billion) in the third quarter.

For the nine months to September, net income and core operating income reached a record $US6.7 billion ($10.18 billion) and $US6.75 billion ($10.26 billion), up 16.9% and 13.8% respectively.