Chubb said first-quarter 2022 net income fell to $1.97 billion compared with $2.30 billion during the same time a year ago, but property/casualty underwriting income during the period shot up 106 percent to a record $1.3 billion.

The P/C combined ratio for the first quarter was 84.3 compared with 91.8 the prior year. The P/C underwriting income and combined ratio results were each records, Chubb said.

CEO Evan Greenberg said Chubb achieved “double-digit commercial premium growth accompanied by rate increases in excess of loss cost, and growing momentum in our consumer businesses globally.” Commercial premiums increased 10.5 percent in North America and 13.6 percent in international operations. Results excluded the agriculture business, which returned $161 million of premium to the federal government under a profit-sharing agreement, Chubb said.

Net premiums written in global P/C went up 8.8 percent versus the first quarter of 2021.

“In our international consumer lines, growth is steadily recovering, with personal lines premiums up 10 percent and personal accident and supplemental health premiums up 8.6 percent in constant dollars. Our U.S. high-net-worth personal lines business had an excellent quarter, with growth of 7.4 percent,” Greenberg added in a statement.

Net investment income was $822 million, a drop from $863 million during the first quarter the prior year. First-quarter pretax P/C catastrophe losses were $333 million compared with $700 million for the first quarter of 2021.

Source: Chubb