Chubb reported first-quarter net income of $2.32 billion, or $5.88 per share — up 74 per cent on the same period of 2025, driven by lower catastrophe losses and strong premium growth.

Gross premiums written rose 10.7 per cent to $14 billion compared to $12.6 billion in the first quarter of 2025, with property and casualty insurance up 7.2 per cent and life insurance jumping 33.1 per cent.

Core net income of $6.82 per share beat the consensus forecast of analysts by 22 cents.

Evan Greenberg, Chubb’s chairman and chief executive officer, acknowledged challenging market conditions, noting that “both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace”.

In response, Chubb reduced exposures in its Major Accounts and E&S divisions by non-renewing a substantial percentage of shared and layered property business while purchasing additional reinsurance.

Despite the softening market, Mr Greenberg expressed confidence: “Chubb’s diversification, market-leading presence and capabilities, and operating discipline provide us with greater resilience.

“We have many sources of opportunity, and from what I see I remain confident in our ability to continue generating strong growth in operating earnings, and double-digit growth in EPS and tangible book value.”

The earnings improvement was aided by a sharp reduction in catastrophe losses. Pre-tax net catastrophe losses totalled $500 million, compared to $1.64 billion in the prior year quarter, which included $1.47 billion from the devastating California wildfires.

Core operating income reached $2.69 billion, or $6.82 per share, up 80.6 per cent from $1.49 billion in Q1 2025. The company achieved an annualised core operating return on tangible equity of 20.6 per cent and core operating return on equity of 14 per cent.

P&C net premiums written totalled $11.72 billion, up 7.2 per cent year-over-year. North America premiums increased 4.1 per cent, with personal insurance growing 8.3 per cent and commercial insurance up 2.8 per cent.

Overseas General Insurance showed particularly strong growth of 14.4 per cent, including 20.5 per cent growth in consumer insurance and 10.8 per cent in commercial insurance. Latin America, Europe and Asia posted growth of 17.8 per cent, 15.8 per cent and 12.1 per cent, respectively.

P&C underwriting income surged to $1.79 billion from $441 million in the prior year, reflecting both the reduced catastrophe activity and solid underlying performance. The company reported $286 million in favourable prior period development compared to $255 million a year earlier.

Life Insurance net premiums written increased 33.1 per cent to $2.29 billion, with International Life up 36.8 per cent. Segment income rose 8.5 per cent to $316 million, with International Life income growing 14.5 per cent.

Pre-tax net investment income reached a record $1.71 billion, up 9.5 per cent, while adjusted net investment income hit $1.84 billion, also a record and up 10.1 per cent year-over-year.

Book value per share increased 15.8 per cent to $189.93 from March 31, 2025, while tangible book value per share rose 21.5 per cent to $126.65. The company returned $1.52 billion to shareholders through share repurchases of $1.14 billion and dividends of $380 million.