Chubb breaks host of records in first quarter


Chubb breaks host of records in first quarter

Evan Greenberg, chairman and CEO, Chubb

Evan Greenberg, chairman and CEO of Chubb, says the company is “off to a great start” despite a decrease in its net income in the first quarter of this year. Chubb achieved record operating earnings and underwriting results, double-digit commercial premium growth accompanied by rate increases in excess-of-loss cost, as well as growing momentum in its consumer businesses globally.

Consolidated net premiums written in the quarter ended 31 March rose 6% year-on-year, but net income of $1.97 billion was a 14% decrease from $2.3 billion in the same period of 2021. Core operating income, however, grew 44% to $1.6 billion.

Global P&C net premiums written, which exclude agriculture, were up 9%, driven by growth in commercial lines of 12% and consumer lines of 8%. P&C underwriting income increased by 106% to $1.3 billion from $622 million.

The P&C combined ratio was 84.3% compared with 91.8% in Q1 2021, and the current accident year P&C combined ratio, excluding catastrophe losses, was 83.5% compared with 85.2% in the previous first quarter.

Growth is “steadily recovering” in Chubb’s international consumer lines, Greenberg said, with personal lines premiums up 10% and personal accident and supplemental health premiums up nearly 9% in “constant dollars”. Its US high net worth personal lines business had an “excellent” quarter, he added, with growth of over 7%.

On the asset side, adjusted net investment income was slightly more than $900 million for the quarter and, given rising interest rates and widening spreads, Chubb expects this result to "increase from there", Greenberg said.

“We are off to a great start to the year, and I remain optimistic and confident in our ability to outperform,” he added.

Chubb, financial results

Bermuda Re