Insurer Chubb's Q1 profit rises on strong investment returns, underwriting

Chubb

23/04/2024 22:49

April 23 (Reuters) - Insurance company Chubb  CB.BN 
posted a rise in first-quarter profit on Tuesday, helped by
higher returns from its investments and stronger underwriting. 
    The insurance sector has benefited from the growing hopes of
a soft landing for the economy and a tight labor market, which
has revived spending on insurance policies. 
    Chubb's net written premiums rose 14.1% to $12.22 billion in
the first quarter, from $10.71 billion a year ago.  
    A market rally has also helped insurance firms that invest a
portion of their profits across asset classes rake up higher
returns.
    Chubb's pre-tax net investment income rose to $1.39 billion
from $1.11 billion in the year-ago period. 
    The company reported a current accident year combined ratio,
excluding catastrophe losses, of 83.7%, compared with 83.4% a
year earlier. A ratio below 100% means the insurer earned more
in premiums than it paid out in claims. 
    The insurer's core operating income rose to $2.22 billion,
or $5.41 per share, for the quarter ended March 31, from $1.84
billion, or $4.41 apiece, a year ago.
     
     
     
     

 (Reporting by Pritam Biswas in Bengaluru; Editing by Alan
Barona)
 ((mailto:Pritam.Biswas@thomsonreuters.com;))