Chubb’s Q1 profit rises on strong investment returns, underwriting

(Reuters) — Chubb Ltd. Tuesday reported a rise in first-quarter profit, helped by higher returns from its investments and stronger underwriting.

Chubb said after markets closed that its net written premiums rose 14.1% to $12.22 billion in the first quarter, from $10.71 billion in the year-earlier period.

Pre-tax net investment income climbed to $1.39 billion, from $1.11 billion in last year’s first quarter.

The insurer’s first-quarter core operating income rose to $2.22 billion, or $5.41 per share, from $1.84 billion, or $4.41 per share, in the year-earlier period.

Chubb reported a current accident year combined ratio, excluding catastrophe losses, of 83.7%, compared with 83.4% a year earlier. A ratio below 100% means the insurer took in more in premiums than it paid out in claims.