Chubb followed up a challenging first quarter due to the California wildfires with second-quarter net income of nearly $3 billion, up about 33 percent compared to the same quarter a year ago.

Second-quarter P/C underwriting income was up 15 percent to a record $1.6 billion, with a combined ratio of 85.6. Total after-tax favorable prior year development was $196 million, compared with $167 million last year.

Catastrophe losses during Q2 were $510 million after tax—higher than the $482 million in catastrophe losses absorbed a year ago but far less than $1.3 billion in catastrophe losses after tax, mostly from the wildfires, booked in Q1 2025, which dropped net income 38 percent.

CEO Evan G. Greenberg said Chubb’s Q2 underwriting result “was supported by good premium growth and underwriting margin improvement.”

Consolidated net premiums written increased 6.3 percent to about $14.2 billion.

Total North America net premiums written were up 4.5 percent to about $8.4 billion, with a NPW increase of about 9 percent in North America personal lines, where the combined ratio was 73.5—a 10-point improvement over Q2 2024 and far better than 159.5 turned in for Q1 2025.

North American commercial NPW was up 4.1 percent to about $5.7 billion, with 8.5 percent NPW growth in middle-market and small commercial.

“The commercial P/C underwriting environment for large account retail and E&S property-related business has grown much more competitive with rates dropping, though terms and conditions remain steady,” said Greenberg. “On the other hand, in the middle-market and small commercial P/C segment…property market conditions remain disciplined and orderly.”

For the first half of 2025, net income is about $4.3 billion, down from $4.4 billion recorded at June 30 last year. P/C underwriting income is down 26 percent to about $2.1 billion for H1 2025, and the combined ratio stands at 90.4 compared to 86.4 at this time a year ago.