Chubb (NYSE:CB) posted second-quarter core operating income of $6.14 per share, beating the Street’s estimate of $5.96, as the insurer reported record underwriting income and solid investment gains. Revenue came in at $14.2 billion, slightly ahead of the $14.16 billion consensus.
Core operating income rose 12.9% year-over-year to $2.48 billion, fueled by a 15% jump in underwriting income to $1.63 billion. The combined ratio improved to 85.6% from 86.8% a year ago, reflecting enhanced underwriting profitability.
Adjusted investment income grew nearly 8% to $1.7 billion. The insurer also returned $1.06 billion to shareholders during the quarter, with $676 million in share buybacks and $388 million in dividends.
