Revenue growth was supported by premiums earned and investment income
Total revenues increased 6.6% year over year to $15.8B in 2026-Q2. Net premiums earned rose 5.8% to $13.9B, while net investment income increased 12.3% to $1.76B, primarily due to higher average invested assets.
P&C underwriting profitability improved as catastrophe losses declined
The P&C combined ratio improved to 83.8% from 85.6%, principally reflecting lower catastrophe losses. Pre-tax catastrophe losses were $475M, down from $630M; the accident-year combined ratio excluding catastrophe losses was essentially stable at 82.2% versus 82.3%.
North America Personal P&C and Overseas General were major earnings contributors
North America Personal P&C segment income increased 29.9% to $728M, with its combined ratio improving 6.2 points to 67.3%. Overseas General segment income increased 67.2% to $995M, aided by lower catastrophe losses, favorable prior-period development, and premium growth across Europe, Asia, and Latin America.