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.”