Chubb has reported a net income of $518m, or $1.59 per share, for the second quarter of 2010 compared to $551m, or $1.54 per share, for the comparable period in 2009.

Chubb’s operating income was $460m compared to $533m for the same period prior year.

Net written premiums for the second quarter was $2.9bn, an increase of 1% from $2.8bn for the same quarter last year.

Chubb chairman, president and CEO John Finnegan said that the results were again driven by underwriting performance in each of the firm’s business units, producing an overall combined ratio excluding catastrophes of 83.5%, which is consistent with first quarter performance, resulting in a combined ratio excluding catastrophes of 82.4% for the first six months of 2010.

Chubb expects a combined ratio between 90% and 92% for the year, which is based on revised combined ratio assumptions of 94% to 96% for Chubb Personal Insurance, 93% to 95% for Chubb Commercial Insurance and 82% to 84% for Chubb Specialty Insurance.

Chubb is a provider of property and casualty insurance for personal and commercial customers worldwide.