By Jeffrey T. Lewis
Chubb Ltd. said Tuesday its profit rose in the third quarter, helped by strong premium revenue growth and underwriting results.
The insurance company /zigman2/quotes/209397502/composite CB +0.60% reported net income of $1.83 billion, up from $1.19 billion in the third quarter of 2020. Earnings per share rose to $4.18 from $2.63 and core operating income per share increased to $2.64 from $2 a year ago.
Chubb said consolidated net premiums written rose 15.8% in the three months through September compared with a year earlier. Property and casualty net premiums written rose nearly 17% in the period, the company’s strongest organic growth since 2004, according to Chief Executive Evan G. Greenberg.
Chubb had underwriting income of $617 million in the quarter, up 58% from a year earlier, despite $1.1 billion of catastrophe losses, Mr. Greenberg said.
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