Chubb has recorded net income of $US2.14 billion ($3.27 billion) for the first quarter, up 13.3% from a year earlier.

The US insurer says the January-March result was driven by its property and casualty (P&C) business. Strong results from its Asia life business also contributed.

“We began the year with a simply excellent quarter … driven by P&C underwriting income up over 15% … We produced double-digit premium revenue growth from across the globe, with strong results in our commercial and consumer P&C and Asia life businesses,” Chairman and CEO Evan Greenberg said. “In sum, we had a very strong start to the year.

“Looking forward, we are confident in our ability to continue growing operating earnings at a rapid pace through P&C revenue growth and underwriting margins, investment income and life income.”

P&C underwriting income surged 15.4% to $US1.4 billion ($2.14 billion) and net premium written grew 12.4% to $US10.59 billion ($16.18 billion).

The overseas general insurance division achieved a 17.5% rise in net premium written to $US3.84 billion ($5.87 billion). Commercial P&C net premium written went up 12.2% to $US2.35 billion ($3.59 billion) and consumer P&C increased 27.1% to $US1.49 billion ($2.27 billion).

“In our overseas general division, both our consumer and commercial businesses performed well in the quarter … Asia was a standout,” Mr Greenberg said. “Retail commercial P&C lines pricing across our international business was favourable and our portfolio is well priced.”

North America P&C net premium written improved 8.8% to $US6.39 billion ($9.76 billion), including a 9.4% rise in commercial premium to $US4.69 billion ($7.16 billion) and 12.3% increase in personal P&C premium to $US1.46 billion ($2.22 billion).