Chubb unveils Q1 results

Major property and casualty (P&C) insurer Chubb has published its financial results for the first three months of 2022, and chair and chief executive Evan Greenberg says the company is “off to a great start” despite a decrease in net income.

In the first quarter, Chubb posted a net income of $1.97 billion. For the same period in 2021, the corresponding amount was $2.3 billion. Core operating income, meanwhile, grew 43.6% to $1.64 billion.

In terms of underwriting income, here’s how Chubb performed in the three-month span:

Source

Underwriting income/(loss) Q1 2022

Underwriting income/(loss) Q1 2021

North America commercial P&C insurance

$779 million

$346 million

North America personal P&C insurance

$205 million

$58 million

North America agricultural insurance

$52 million

$10 million

Overseas general insurance

$291 million

$281 million

Global reinsurance

$49 million

$7 million

Corporate

$(93 million)

$(80 million)

Life insurance

$(14 million)

$(27 million)

Total consolidated

$1.27 billion

$595 million

Greenberg commented: “We had an excellent start to the year with record operating earnings and underwriting results, double-digit commercial premium growth accompanied by rate increases in excess of loss cost, and growing momentum in our consumer businesses globally.”

“Core operating income per share of $3.82 was up 52%, P&C underwriting income more than doubled, and our P&C combined ratio was 84.3% – all records.”

The CEO, who expects investment income to grow amid rising interest rates and widening spreads, added: “We are off to a great start to the year, and I remain optimistic and confident in our ability to outperform.”