Chubb is “running on all cylinders” despite a 0.8% decline in net income to $US1.29 billion ($1.75 billion) in the second quarter.

It says continued strong growth in the key US market and rate rises in property and casualty (P&C) lines will support the business.

“We wrote more new business while renewing our customers at record retention levels,” Chairman and CEO Even Greenberg said. “Our organisation is running on all cylinders and we’re optimistic about our ability to continue to perform at a high level.”

Gross written premium increased 6.7% to $US9.93 billion ($13.5 billion) in the quarter.

The North America P&C business achieved a 4% rise in net premium written to $US5.05 billion ($6.8 billion), and the combined operating ratio improved to 86% from 86.9%.

The overall P&C combined operating ratio weakened to 88.4% from 88%.