Chubb says it has achieved record first-quarter operating earnings and underwriting results, supported by stronger premiums and growing momentum in its consumer business globally.

Net income was $US1.97 billion ($2.79 billion) compared with $US2.3 billion ($3.3 billion) a year earlier, while core operating income rose to $US1.64 billion ($2.32 billion) from $US1.14 billion ($1.61 billion).

Chairman and CEO Evan Greenberg says property and casualty (P&C) underwriting income more than doubled to a record $US1.28 billion ($1.81 billion), while the combined operating ratio improved to 84.3%.

“Global P&C premiums, which exclude agriculture, increased 10.7% in constant dollars in the quarter, with commercial up 12% and consumer up 8%, though on a published basis growth was impacted by the increased strength of the dollar,” he said.

“In our international consumer lines, growth is steadily recovering, with personal lines premiums up 10% and personal accident and supplemental health premiums up 8.6% in constant dollars.”

The US high net worth personal lines business grew 7.4%.

Total pre-tax P&C catastrophe losses were $US333 million ($471 million) compared with $US700 million ($991 million) last year.

Mr Greenberg says on the asset side of the balance sheet, adjusted net investment income was just over $US900 million ($1.3 billion) for the quarter.

“Given rising interest rates and widening spreads, we expect investment income to increase from here,” he said.