Chubb profit declines in first quarter

Chubb Ltd. reported 2019 first-quarter net income of $1.04 billion, a 3.9% decline from the comparable period a year ago, after markets closed Tuesday.

Net premiums written for its property/casualty operations increased 2.9%, to $6.73 billion, and the combined ratio improved to 89.2% vs. 90.1% for the year-ago quarter, Chubb said in a statement.

Net investment income increased 3.7%, to $836 million.

“Chubb had a very good first quarter,” said Chubb Chairman and CEO Evan Greenberg in the statement.  It “took advantage of an improved pricing environment.  In fact, in U.S. commercial lines, London wholesale and certain other international markets, it is the best we have seen in a number of years,” said Mr. Greenberg.

“Commercial (property/casualty) net premiums in North America were up 5% in the quarter, and in our international operations premiums were up 6% in constant dollars.  Growth was broad-based across many of our businesses and territories,” he said.