Global insurer Chubb Ltd reported net income of nearly $1.3 billion for the second quarter, in line with profits from the corresponding period last year.

The Swiss-based company with operations in Bermuda posted core operating income of $1.25 billion, or $2.68 per share, beating Wall Street analysts’ consensus forecast of $2.62.

Evan Greenberg, chairman and chief executive officer of Chubb, said the company was seeing the positive price action in certain lines of business.

“We are benefiting from contributions that are only possible because of the scale and capabilities created by today’s Chubb,” Mr Greenberg said.

“This includes a number of growth initiatives, by example, in our North American and international middle market and small commercial divisions, and the level of investment we are making in our digital efforts to improve our competitive profile.

“We are taking advantage of market conditions that continue to improve in the US and some territories outside the US, with commercial property and casualty price increases this quarter in those locations the best we’ve seen in some time.

“We wrote more new business while renewing our customers at record retention levels. In sum, our organisation is running on all cylinders and we’re optimistic about our ability to continue to perform at a high level.”

P&C net premiums written increased 5.6 per cent in the quarter, helped by strong performances in Chubb’s US commercial and personal lines divisions and its Asia and Latin America P&C operations, both of which generated double-digit growth, Mr Greenberg added.

The P&C combined ratio was 88.4 per cent.

Book value per share fell 0.1 per cent and tangible book value per share increased 0.5 per cent from March 31, 2018 and now stand at $109.97 and $66.00, respectively.

Chubb said book value growth was unfavourably impacted by realised and unrealised losses of $407 million after-tax in the company’s investment portfolio, driven by rising interest rates.

In addition, foreign currency movement unfavourably impacted book value by $457 million after tax and tangible book value by $200 million after tax.

Mr Greenberg said: “Chubb’s second quarter after-tax core operating income per share was up over 7 per cent from prior year, driven by excellent underwriting and investment results.

“Our 88.4 per cent P&C combined ratio benefited from current accident year results and positive prior year reserve releases, while adjusted net investment income was up 4 per cent.”

Chubb is the world’s largest publicly traded property and casualty insurance company. Its shares gained 62 cents, or 0.46 per cent in New York Stock Exchange trading yesterday to close on $134.56, giving the company a market capitalisation of $62.7 billion.