Chubb Ltd. posted higher first-quarter net income on higher income in both the life and property/casualty segments and a double-digit rise in net investment income.
First-quarter net income rose to $2.14 billion from $1.89 billion a year ago. Consolidated net premiums written rose to $12.22 billion from $10.71 billion. The property/casualty combined ratio improved to 86.0 from 86.3.
“Core operating income was up double-digit, driven by (property/casualty) 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%,” Evan G. Greenberg, chairman and chief executive officer, said in a statement. “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.”
Chubb recently said it agreed to acquire Healthy Paws, a U.S.-based managing general agent specializing in pet insurance, from Aon plc.
The deal will allow Chubb to expand in a niche market with substantial growth potential, the insurer said at the time.
Terms of the transaction were not disclosed, Chubb said. It is expected to close in the second quarter.
Underwriting entities of Chubb Ltd. have current Best’s Financial Strength Ratings ranging from A++ (Superior) to A- (Excellent).