By Chubb unveils Q1 results | Insurance Business America
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:
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Source
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Underwriting income/(loss) Q1 2022
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Underwriting income/(loss) Q1 2021
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North America commercial P&C insurance
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$779 million
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$346 million
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|
North America personal P&C insurance
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$205 million
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$58 million
|
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North America agricultural insurance
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$52 million
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$10 million
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Overseas general insurance
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$291 million
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$281 million
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Global reinsurance
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$49 million
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$7 million
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Corporate
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$(93 million)
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$(80 million)
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Life insurance
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$(14 million)
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$(27 million)
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Total consolidated
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$1.27 billion
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$595 million
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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.”
