Australia’s rate achievement was a “standout” as Chubb notched up an “outstanding” second quarter, the insurer’s Chairman and CEO Evan Greenberg says.

Globally, Chubb achieved record core operating earnings and underwriting results, with net income surging to $US2.27 billion ($3.09 billion). Commercial property and casualty (P&C) net premiums grew 15.5% in the three months to June 30 - the insurer’s best underlying P&C growth since 2004.

During a call with analysts, Mr Greenberg said that in Chubb’s international general insurance operations, commercial P&C premiums grew “an astonishing” 33%, with Asia-Pacific up over 29%.

“Two territories in particular, the UK and Australia, stand out in terms of rate achievement,” Mr Greenberg said.

In Australia, the two-year cumulative rate increase was 42%.

Globally, Chubb has averaged double-digit commercial P&C growth over the past 10 quarters and growth in both the second quarter and year-to-date were the strongest since 2004.

"We are capitalising on a strong commercial P&C pricing environment in most important regions of the world,” Mr Greenberg said. "I am confident these market conditions will continue.”

"Our company is firing on all cylinders. We are growing our business while we continue to expand underwriting margins. We will continue to outperform.”

Chubb’s global P&C combined ratio was 85.5%, compared with 112.3% a year earlier when it clocked a loss of $US331 million ($450.62 million).

Growth of 21% was achieved in commercial lines excluding agriculture, 11% in agriculture and 6% in P&C consumer lines.

“Chubb had simply an outstanding quarter,” Mr Greenberg said. “We produced the best P&C premium revenue growth globally in over 15 years, powered by our commercial P&C businesses and supported by continued robust commercial P&C pricing.”

The 200 basis point underwriting margin improvement was almost entirely loss ratio-related, he said. Current accident year underwriting income of $US1.2 billion ($1.63 billion) was up 27%.

Quarterly net investment income was a record $US945 million ($1.29 billion), up 10% from a year earlier.