(Reuters) – Insurer Chubb posted second-quarter profit above estimates on Tuesday, helped by higher premiums and better returns on its investments.
The earnings mirror results at peers, which have also seen a boost due to expectations of a soft landing for the economy.
Clients are spending on policies spanning property, casualty and life insurance instead of cutting back, thanks to the confidence in their financial health.
Chubb’s consolidated net premiums written grew 11.8% to $13.4 billion.
Its pre-tax net investment income also rose 28.2% to $1.47 billion due to high interest rates and an equities rally that have helped its bond and stock investments fetch better returns.
Chubb’s net income grew 24.3% to $2.23 billion, or $5.46 per share, for the three months ended June 30. Shares rose 1% in extended trading.
Its core operating income was $5.38 per share, versus expectations of $5.15 apiece, according to LSEG data.
(Reporting by Vedant Vinayak Vichare; Editing by Alan Barona)
