Insurer Chubb booked third-quarter net income 20.5 percent higher than a year ago at $2.8 billion—with record P/C underwriting income of $2.26 billion.

Underwriting income was 55 percent more than the same quarter last year, and the combined ratio was also a record at 81.8.

While Chubb benefitted from much lower catastrophe losses during the third quarter—$285 million pretax compared to $765 million for Q3 2024 ($250 million from Hurricane Helene)—CEO Evan G. Greenberg in a statement said the “real story is our underlying underwriting results, which were excellent,” as well as strong favorable reserve development of $361 million versus $244 million a year ago.

Consolidated net premiums written increased 7.5 percent to about $14.9 billion.

Total North America net premiums written were up 4.4 percent to about $8.9 billion, with a NPW increase of about 8.1 percent in North America personal lines, where the combined ratio was 65.1 compared to 81.3 in Q3 2024.

North American commercial NPW was up 2.9 percent to about $5.7 billion, with 3.6 percent NPW growth in middle market and small commercial. The combined ratio improved 5 points to 81.5. Excluding catastrophes, the North American P/C combined ratio was flat at 80.8.

Chubb said middle market and small commercial NPW was up 6.9 percent excluding workers compensation premium adjustments made every year in Q3. P/C lines grew 8.7 percent and financial lines grew 0.6 percent.