July 22 (Reuters) - Insurance company Chubb

reported a rise in second-quarter profit on Tuesday, helped by

improved underwriting performance and investment returns.

Macroeconomic volatility and the unpredictable impact of

severe weather events, particularly wildfires and hurricanes,

have sustained demand for risk mitigation offered by insurance

products.

Stronger underwriting reflects an insurer's ability to price

risk effectively, bolstering profits despite higher claims.

The insurer's net investment income surged 6.8% to a record

$1.57 billion during the reported quarter.

Chubb's global P&C (property and casualty) net premiums

written, excluding agriculture, increased 5.8% to $11.66 billion

for the three months ended June 30.

"We produced a record $2.5 billion in core operating income,

up nearly 13% from a year ago, with operating EPS up 14%, driven

by record underwriting and strong investment income, and

double-digit growth in life income," Chubb CEO Evan Greenberg

said.

Last week, industry bellwether Travelers

exceeded Wall Street profit estimates, also benefiting from

effective underwriting and portfolio management.

Chubb reported a property and casualty combined ratio of

85.6%, compared to 86.8% a year earlier. A ratio below 100%

indicates the insurer earned more in premiums than it paid out

in claims.

The company's core operating income, net of tax, rose to

$2.48 billion, or $6.14 per share, in the quarter, compared with

$2.20 billion, or $5.38 per share, a year earlier.