First-quarter net income at Chubb Ltd. fell several percentage points to about $1.9 billion as catastrophe losses evened gains in premiums written.

P&C underwriting income was about $1.21 billion, down 5.5 percent from about $1.28 billion the prior year first quarter. The total P&C combined ratio came in at 86.3 for Q1, up two points from Q1 2022. Excluding catastrophe losses, Q1 P&C underwriting income was up 7.2 percent to about $1.48 billion and the combined ratio was relatively flat compared to the prior year, at 83.4.

The North America personal P&C segment turned in a Q1 combined ratio of 93.9 – 10.4 points higher than the year before. Half of the increase, Chubb said, was caused by higher catastrophe losses in the quarter. Catastrophe losses for the first three months were $458 million pre-tax and $382 million after tax, compared to $333 million and $290 million, respectively, during the same time a year ago.

The remaining increase in the personal P&C combined ratio was mostly due to a release of reserves from Q4 2022 to account for loss activity “attributable to the indirect effects of COVID-related economic slowdown.”

Q1 consolidated net premiums written were up 16.6 percent to $10.7 billion. Net premiums in North America P&C were up 11.3 percent to about $5.88 billion.

Core operating income was up 11.8 percent to $1.84 billion.

“In sum, we had a strong start to the year with good momentum heading into the second quarter,” said Evan G. Greenberg, chairman and CEO. “Overall, the fundamentals for our business are excellent.”