Chubb more than doubled its first-quarter net income to $US1.09 billion ($1.46 billion) due to improved operational efficiencies and higher business retentions following its acquisition by and merger with Zurich-based Ace.

Net written premium grew 11.9% to $US6.71 billion ($8.97 billion) in the three months to March 31.

“Our underwriting margins are benefiting in particular from expense efficiencies generated from the merger,” Chairman and CEO Evan Greenberg said. “The market is soft and companies are chasing volume in spite of a difficult underwriting environment. 

“Our premium revenue growth was in line with our expectations and benefitted from strong business retentions and growth in new business over prior year, which was constrained nonetheless due to competitive [property and casualty] conditions globally.”

Property and casualty net written premium grew 12.9% to $US6.19 billion ($8.27 billion) and underwriting income increased 28% to $US783 million ($1.05 billion). The combined operating ratio improved to 87.5% from 90%.