Chubb reported strong first quarter results, with significant year-over-year growth in operating income and earnings per share. This was driven by double-digit growth in consolidated net premiums written and a substantial improvement in underwriting profitability, largely due to lower catastrophe losses compared to the prior-year period which included major wildfire impacts.
Key Highlights
- Core operating income grew 80.6% to $2.69 billion, as the P&C combined ratio improved to 84.0% from 95.7% a year ago, beating the 85.2% estimate.
- Consolidated net premiums written increased 10.7% to $14.0 billion, fueled by strong growth in Life Insurance (up 33.1%) and P&C (up 7.2%).
- The current accident year P&C combined ratio excluding catastrophe losses was 82.1%, highlighting continued underlying underwriting discipline.
- Adjusted net investment income reached a record $1.84 billion, an increase of 10.1% year-over-year.