Chubb said first-quarter 2022 net income fell to $1.97 billion from $2.30 billion in the same period a year ago, but P&C underwriting income in the period jumped 106% to a record $1.3 billion.
The combined P/C ratio for the first quarter was 84.3 compared to 91.8 the previous year. Underwriting P/C income and combined ratio results were both record highs, Chubb said.
CEO Evan Greenberg said Chubb achieved “double-digit growth in commercial premiums accompanied by rate increases exceeding the cost of losses and growing momentum in our consumer businesses globally.” Commercial premiums increased by 10.5% in North America and by 13.6% internationally. The results exclude the farming company, which repaid $161 million in premiums to the federal government under a profit-sharing agreement, Chubb said.
Net premiums written in global P/C increased by 8.8% compared to the first quarter of 2021.
“In our international consumer lines, growth is steadily picking up, with personal insurance premiums up 10% and personal accident and complementary health premiums up 8.6% in constant dollars. Our U.S. high net worth insurance business had an excellent quarter, growing 7.4%,” Greenberg added in a statement.
Net investment income was $822 million, down from $863 million in the first quarter last year. Catastrophic first-quarter pretax P/C losses were $333 million, compared to $700 million for the first quarter of 2021.
Lost Profit Underwriting Property Damage Chubb
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