Chubb Limited has reported first-quarter net income of $1.04 billion, or $2.25 per share, down from $1.08 billion, or $2.30 per share, a year ago.

Adjusted for non-recurring costs, its core operating income was $1.17 billion, or $2.54 per share, an improvement of 20 cents year-on-year. That beat the $2.49 average estimate of analysts surveyed by Zacks Investment Research.

Chubb’s property and casualty combined ratio improved to 89.2 per cent, from 90.1 per cent, while its pre-tax net investment income was $836 million.

Evan Greenberg, chief executive officer of Chubb Limited, said: “Chubb had a very good first quarter. We grew premiums globally over 5 per cent in constant dollars and took advantage of an improved pricing environment. In fact, in US commercial lines, London wholesale and certain other international markets, it is the best we have seen in a number of years.

“Shareholder returns were quite strong with book and tangible book value per share growth of 4.3 per cent and 6.9 per cent, and core operating and tangible ROE [return on equity] of 9.2 per cent and 15.1 per cent, respectively.”

Mr Greenberg added: “As announced in the quarter, following government approval, we are increasing our ownership stake in Huatai Insurance Group in China, which converts the company to a foreign invested enterprise and is a major milestone on the path to our goal of majority ownership.

“In the quarter, we also signed a 15-year exclusive distribution agreement with Banco de Chile. Initiatives such as these add to our global presence and position us to grow well into the future.”

The Zurich-based company, which has offices in Bermuda, reported year-on-year increases in P&C underwriting income and net premiums written. Pre-tax catastrophe losses were $250 million, down from $380 in the same period of 2018.