Evan G. Greenberg
Chairman and Chief Executive Officer at Chubb
Good morning. As I mentioned on our last call, I'm coming to you this quarter from Singapore, our regional headquarters for Asia-Pacific. The outlook in Asia for growth across our businesses, Commercial P&C as well as consumer non-life and life, both short and long-term, is significant. The region is simply energizing. We have a large organization of talented executives and a strong diverse capability focused on the execution of a broad set of strategies throughout the region.
As you saw in our press release, we had a simply outstanding quarter. In fact, another record quarter performance with double-digit premium revenue and earnings growth as a result of world-class P&C underwriting results that produced an 85.4% combined ratio, record net investment income and a doubling of our life earnings. Our premium revenue growth was so well spread and broad-based, driven by outstanding double-digit growth in our commercial and consumer P&C businesses in both North America and internationally, and over 100% growth in our life business.
Our annualized core operating ROE was 13.8%, with a return on tangible equity of 21%. Core operating income topped $2 billion, up 14% or 16.5% on a per share basis. Both were record results. For the first six months, we produced operating earnings of $3.9 billion or $9.32 per share, up 13% and 15.8%, respectively.
Our underwriting performance resulted from a combination of strong premium growth, excellent current accident year margins with a combined ratio of 83.3%, and favorable prior period reserve development, particularly in North America.
On the investment side, record adjusted net investment income of $1.2 billion was up $290 million or 31% over prior year. Our portfolio yield is now 4% versus 3.2% a year ago, with our reinvestment rate averaging 5.8%. Our investment income run rate will continue to grow as we reinvest cash flow at higher rates and compound income without changing our risk profile.
And then life earnings doubled to $254 million, driven by our business in Asia, which is overwhelmingly supplemental A&H.
Peter will have more to say about financial items, including Cats, prior period development, investment income, book value and ROE.
Now turning to more color around growth, pricing and the rate environment. Consolidated net written premiums for the company increased 16.1% in the quarter on a published basis or 16.8% in constant dollars, made up of 10.5% growth in our P&C business globally and almost 130% in life premiums.
Global P&C premium growth in the quarter was very well-balanced and broad-based. In fact, our strongest quarter for growth since the third quarter of '21. North America, Asia-Pac and Europe all produced double-digit growth. It's worth noting, since 2019, we've grown our commercial P&C business by 50%.
In terms of the commercial P&C rate environment, rates and price increases in property and casualty lines were strong in the quarter in both North America and internationally, while financial lines globally continued to soften. We have been diligent about staying on top of loss costs and our positive prior year reserve development reflects a steady conservative approach to reserving.
Beginning with North America. Commercial premiums, excluding ag, were up 10.5%. P&C growth was 14%, excluding financial lines, while financial lines premiums decreased, reflecting a disciplined response to the underwriting environment. Total premium in our E&S business, the Westchester, grew 12%, while our major accounts division grew 14% or 11%, excluding loss portfolio transfers. In our middle market division, premiums were up 5% with P&C growth of 9%. Our middle market workers' comp book was flat and financial lines premiums in middle market declined about 1.5%.
Overall pricing for total North America commercial lines increased 12.8%, including rate of 8.7% and exposure change of 3.8%. Pricing for commercial property and casualty, excluding financial lines, was up 17.7%.
We are trending loss costs in North America at 6.7%, and it varies by line. In general, we are trending loss costs in short-tail classes at 5.8%; in long-tail, excluding comp, loss costs are trending at 7.3%; and our first dollar workers' comp book is trending at 4.7%.
Let me provide a bit more color around rate and growth. Property pricing was up 31.5%, with rates up 22% and exposure change of 7.8%. Major accounts and E&S property together grew premiums over 40% in the quarter, while middle market property grew 11.4%. Casualty pricing in North America was up 11.3%, with rates up almost 9% and exposure up 2.2%. We grew casualty in the quarter 8%. In workers' comp, which includes both primary comp and large account risk management, pricing was up just over 5%, with rates up 5% and exposure up 4%. Primary workers' comp premiums declined 2.9% in the quarter.
For financial lines, the competitive environment remains aggressive, particularly in D&O, and rates have continued to decline. In the quarter, rates and pricing for North America financial lines in aggregate were down about 4.5%. Our fin lines book shrink 3.7%. Renewal retention for our retail commercial businesses was very strong at 98.5%.
On the consumer side in North America, our high-net-worth personal lines business had another strong quarter, with premiums up almost 11%. Our growth was balanced across a broad range of geographies and our retention was very strong at 104% on a premium basis and over 90% on an account basis. In our homeowners business, we achieved pricing of 14.7%, while the homeowners loss cost trend remained steady at 10.5%.
There is a lot of attention placed on consumer auto experience, so I thought I would comment briefly on it. For us, auto was a small part of our high-net-worth business. And you may have noticed that we had a modest reserve release in our prior year's reserves for our North America personal lines segment in the quarter. This release was primarily in auto, and we are comfortable with our reserves and loss picks for auto.
Turning to our International General Insurance Operations. Net premiums were up 11% in constant dollar or 9.3% after FX. Our International Commercial business grew 12%. Consumer was up 9.5%. Our International Retail business grew over 10.5%, while our London wholesale business grew about 14%. In our International Retail business, growth was led by Asia-Pacific, with premiums up 17.5%, made up of commercial lines growth of over 12% and consumer P&C up more than 23%. Europe produced overall growth of 10.5%, with the continent up more than 12%. We continued to achieve improved rate to exposure across international commercial portfolios. Our retail business pricing was up 8.9%, with rates up 5% and exposure change of 3.7%. While loss costs across our international commercial portfolio are trending at 6.6%.
Our International A&H division had another strong quarter, with premiums up over 16%. In Asia, our A&H business grew 31%, driven by our direct marketing and travel insurance business and the consolidation of Cigna, Thailand. In the UK and Europe, A&H premiums were up 11.5%. And in our International Life business, which is almost entirely Asia, premiums tripled to over $1 billion.
Since I'm here, I want to conclude with a bit more about operations in Asia, which have very strong growth and momentum across our businesses, both consumer non-life and life, and commercial P&C. We have significant opportunity for growth, both short and long-term, in a broad variety of markets across a broad range of customers and distribution channels. Our total premium in the region is about $9 billion and well-balanced with half non-life split 50-50 consumer and commercial, and the other half, life.
Our overall presence and capabilities in North, Southeast Asia and Australia are spread across 11 markets, with distinct and significant areas of growth opportunity in each. Across the region, we have a broad range of product capabilities focused on different customer segments with varied and meaningful distribution strength, including a diverse and growing list of partnerships with financial institutions and e-commerce leaders that give us access to hundreds of millions of consumers. We have strong digital capabilities and a fast-growing digital insurance business, encompassing more of our products. We are the largest direct marketers of insurance, mostly A&H products, to consumers in Asia through both non-life and life companies that are unifying to offer more products to more customers.
From a macro perspective, the region is so dynamic and vast with the diversity of cultures and large economies, some with large young population, some with large aging populations that have a different set of needs. Broadly speaking, in Asia, there is an innovation-oriented mindset, a strong work ethic and a deep dynamism. Supply chains and capital flows are growing deeper across the region. There is growing infrastructure investment. As a result, regional commerce and trade is growing and becoming more connected between Southeast Asia, North Asia, India and Australia. There is a lot to be optimistic about.
In summary, we are having an outstanding year with record quarterly and first half financial results. We are growing exposure in a thoughtful and balanced way and underwriting conditions are favorable in a lot of areas of our business. We have a lot of momentum heading into the second half. And as I look ahead, we again, are confident in our ability to continue this pattern of growth in revenue and earnings, and in turn, drive double-digit EPS growth.
I'm going to turn the call over to Peter, and then we're going to come back and take your questions.
