Chubb has reported net income of $2.14bn in the first quarter of 2024 (Q1 2024), a 13.3% increase from $1.89bn during the same period in 2023.
The insurer registered a 20.3% surge in core operating income to $2.22bn.
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Two one-time items impacted the net income and core operating income: a $55m incremental deferred tax benefit related to the December 2023 Bermuda tax law, which was partially offset by a $30m ($24m after-tax), contribution to the Chubb Charitable Foundation.
Chubb’s consolidated net premiums written reached $12.22bn, marking a 14.1% year-on-year increase.
In the property and casualty (P&C) segment, net premiums written climbed to $10.58bn from $9.41bn in Q1 2023.
Chubb’s P&C unit reported a 15.4% jump in underwriting income to $1.4bn for the quarter that ended on 31 March 2024.
The life insurance segment also reported positive results, with net premiums written rising by 26.3% to $1.63bn and income from this segment increasing by 9.8% to $268m.
The global reinsurance division experienced a 29.7% jump in net premiums written, reaching $359m, primarily due to growth in property catastrophe exposed business.
Investment income also saw a rise, with pre-tax net investment income up by 25.7% to $1.39bn and adjusted net investment income increasing by 23.5% to $1.48bn.
Chubb’s annualised return on equity stood at 14.3%.
Chubb chairman and CEO Evan Greenberg said: “We began the year with a simply excellent quarter. Core operating income was up double-digit, driven by P&C underwriting income up over 15% with a published combined ratio of 86%, investment income up more than 23% and life insurance income up almost 10%.
“We produced double-digit premium revenue growth from across the globe with strong results in our commercial and consumer P&C and Asia life businesses. Looking forward, we are confident in our ability to continue growing operating earnings at a rapid pace through P&C revenue growth and underwriting margins, investment income and life income.”
