Chubb Limited has reported first quarter net income of $1.89 billion, lower than the $1.95 billion for the same period in the prior year.

Core operating income was a record $1.84 billion, up 11.8 per cent.

Evan G. Greenberg, chairman and chief executive officer commented: "We began the year with a record quarter that included double-digit core operating earnings growth, broad-based double-digit premium revenue growth globally, an 86.3 per cent published combined ratio, net investment income up more than 30 per cent, and life insurance segment income that more than doubled, driven by our Asia life operations.

“In this period of economic uncertainty and financial market volatility, Chubb's business model, capabilities, and ability to deliver provide both a safe haven and long-term growth opportunity for shareholders.

"We grew per share operating earnings 15 per cent on the back of record core operating income. With $1.2 billion in underwriting income and a world-class combined ratio, our P&C underwriting performance was simply excellent in what was an active quarter for natural catastrophes.

“Excluding CATs, our underlying current accident year combined ratio was a record 83.4 per cent. On the investment side, adjusted net investment income was a record $1.2 billion, up $300 million from prior year. Our investment income continues to grow steadily and contribute to our earning power.

"Total company net written premiums increased 16.6 per cent, or 18.3 per cent in constant dollars, which included growth of 11 per cent in our P&C business and 129 per cent in our life division. Growth was balanced and broad-based with double-digit results in North America, Europe and Asia.

“By example, commercial P&C premiums in North America and Europe were both up about 12 per cent in constant dollars, and total P&C in Asia grew about 18.5 per cent.

“In North America, both P&C rate and price increases re-accelerated in the quarter with commercial P&C pricing increasing 11.2 per cent. In our retail international operations, pricing was up about 8 per cent.

"In sum, we had a strong start to the year with good momentum heading into the second quarter. Overall, the fundamentals for our business are excellent. Looking forward, we are confident in our ability to continue growing revenue and operating earnings, which in turn drive EPS, through the three engines of P&C underwriting income, investment income, and life income."