US-based insurer Chubb has reported a rise in net income from $US470 million ($620 million) to $US672 million ($887 million) for the first quarter of this year. 

Operating income increased by $US162 million ($214 million) to $US603 million ($796 million) for the quarter, as net written premiums declined 4% to $US2.9 billion ($38 billion). The combined loss and expense ratio improved to 82.9% from 89.4% previously.

Chubb CEO John Finnegan says the quarter was by far the most profitable in Chubb’s history, as all three of its insurance businesses made substantial contributions to the bottom line.