(Reuters) – Insurance company Chubb posted a rise in third-quarter profit on Tuesday, helped by strong underwriting gains in its property and casualty (P&C) segment and higher returns on its investments.
Global P&C net written premiums rose 7.6% in the quarter ended Sept. 30, driven by commercial lines and consumer lines premium growth of 8.1% and 9.4%, respectively.
The insurance sector has benefited from growing hopes of a soft landing for the economy and a strong labor market, which has revived spending on insurance policies.
The insurer’s adjusted net investment income was $1.64 billion, up 15.9% from the previous year.
A market rally has also helped insurance firms that invest a portion of their profits across asset classes rake up higher returns.
Chubb’s core operating income was $5.72 per share for the quarter ended Sept. 30, versus expectations of $4.98, according to LSEG data.
The earnings mirror results at peers, which have also seen a boost in their results due to expectations of a soft landing for the U.S. economy and strong underwriting gains across various segments.
U.S.-listed shares of the Zurich-based insurer was up about 1% at $290 in extended trading.
(Reporting by Atharva Singh; Editing by Shailesh Kuber)
