Chubb has recorded a 10.9% rise in first-quarter underwriting income to $US712 million ($1.01 billion), but net income fell 3.9% to $US1.04 billion ($1.48 billion).

CEO Evan Greenberg is pleased with the result, saying the business had a strong quarter with property and casualty premium up more than 5%.

In a “very good” March quarter, “we grew premiums globally… and took advantage of an improved pricing environment”, he says.

Chubb is increasing its stake in China’s Huatai Insurance Group, marking a “major milestone” for the business, he says. It also signed a 15-year exclusive distribution agreement with Banco de Chile during the quarter.

“Initiatives such as these add to our global presence and position us to grow well into the future,” Mr Greenberg said.

First-quarter property and casualty net premium grew 2.9% to $US6.7 billion ($9.6 billion) and the combined operating ratio improved to 89.2% from 90.1%. Pre-tax catastrophe losses fell to $US250 million ($356 million) from $US380 million ($541 million).