Premiums in the global insurance market might be softening, but the trend doesn’t seem to have had an adverse effect on profit. In fact, most companies have reported substantial increases in first-half earnings.

Chubb Corporation’s second-quarter net profit increased 41% on last year’s figure to $US356.1 million. The group’s operating income increased 43% during the period to a record $US341 million.

Bermuda-based Ace said its quarterly earnings were boosted by growing premiums. Net income for the second quarter reached $US413 million, compared with $US371 million for the corresponding period last year.

International broker Marsh & McLennan reported consolidated revenue of $US6.25 billion for the first six months of 2004, an increase of 9.3% over the same period last year. Net income rose 3.3% to $US835 million.

Arthur J Gallagher managed double-digit growth despite the softening market. Revenue from brokerage and risk management increased almost 12% to $US610.2 million. Total company revenue rose 31.2% in the first half to $US720.4 million. Profit rose 76.7% to $US85 million.