Property/casualty rates continued to increase in the first quarter while rate decreases in financial lines slowed, Chubb Ltd.’s top executive said Wednesday, after the insurer reported higher profit and double-digit premium growth.

Evan G. Greenberg, chairman and CEO, said on Chubb’s earnings call that the company saw the best rates and pricing overall that it’s seen in the last four to five quarters.

It was one of the best quarters for large account casualty rates and pricing, Mr. Greenberg said.

Chubb reported Tuesday after markets closed first-quarter net income of $2.14 billion, up 13% from $1.89 billion in the year-earlier period, buoyed by double-digit premium growth driven by rate increases and new business.

Pre-tax net investment income grew 25.7% to $1.39 billion, and the company’s earnings benefited modestly from two one-time items: an incremental deferred tax benefit of $55 million related to Bermuda’s new income tax law and a $30 million contribution to Chubb’s charitable foundation that partially offset the tax benefit.

Consolidated net premiums written rose 14.1% to $12.22 billion, while property/casualty net premiums written increased 12.4% to $10.59 billion, with commercial lines up over 11%.

North America net premiums written increased 8.8% to $6.39 billion, with growth of 9.4% in commercial lines. Chubb’s major accounts retail and excess and surplus wholesale business grew 11.9%.

In Chubb’s global reinsurance business net written premiums rose 29.7% to $359 million, reflecting continued growth in property catastrophe-exposed business. Chubb allocated more catastrophe capacity to its global reinsurance business due to favorable pricing conditions, Mr. Greenberg said.

First-quarter pre-tax catastrophe losses totaled $435 million, compared with $458 million in the year-earlier period.

Chubb’s property/casualty combined ratio was 86%, compared with 86.3% in the year-earlier period.

The company saw double-digit premium growth across the globe, with strong results in its commercial, consumer, property/casualty and international life businesses, Mr. Greenberg said on the earnings call.

In North America, property/casualty pricing increased 12.8%, Mr. Greenberg said.

Property pricing was up 13%, while casualty pricing was up 13.1%. Workers compensation pricing rose by 4.8%.

Financial lines aside, the North American property/casualty market environment is “quite favorable and rational,” Mr. Greenberg said.

In financial lines, the underwriting environment in a number of classes “is simply dumb,” Mr. Greenberg said. “Rates continue to decline, albeit at a slower pace,” he said.

Rates and pricing for North America financial lines in the aggregate in the quarter were down 3% and 2.7%, respectively, Mr. Greenberg said.