US insurer Chubb has posted increased earnings for the second quarter, buoyed by its core property and casualty (P&C) business. 

Net income, as adjusted, surged 50.7% to $US1.79 billion ($2.68 billion) from a year earlier and for the half-year to June net income rose 17.2% to $US3.68 billion ($5.52 billion). 

Consolidated net premiums written grew 16.1% to $US11.95 billion ($17.9 billion) in the second quarter, with the P&C division achieving a 9.8% rise to $US10.68 billion ($16 billion). 

“We had another simply outstanding quarter – in fact, a record, which contributed to a record six months,” Chairman and CEO Evan Greenberg said. 

“We have a lot of momentum heading into the second half. As I look ahead, we remain confident in our ability to continue the pattern of growth in revenue and earnings, and, in turn, drive double-digit [earnings per share] growth.” 

P&C premiums in North America grew 10.6% in the second quarter, with the consumer business up 10.8% to $US1.58 billion ($2.37 billion) and commercial business up 10.5% to $US5.15 billion ($7.73 billion) or 14% excluding financial lines. 

The Overseas General division’s premiums grew 10.9% in constant dollars to $US2.88 billion ($4.32 billion), with strong growth of 17.4% in Asia and 10.5% in Europe. 

Mr Greenberg says the level of rate increases overall in North America commercial P&C accelerated in the quarter to 8.7%, or 12.6% excluding financial lines. The growth was driven by both property and casualty lines of business rises of 22% and 8.9% respectively. 

“Price increases, which take into account exposure, were even greater,” he said