Chubb reports Q1 core EPS $6.82, consensus $6.60

Reports Q1 consolidated net premiums $14.01B vs. $12.65B last year. Evan Greenberg, Chairman and Chief Executive Officer of Chubb (CB) Limited, commented: “We had an excellent quarter and start to the year, which speaks to the strength and resilience of our company in a period of elevated uncertainty. Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth. Strong growth in P&C underwriting income, investment income and life income led to core operating earnings of $2.7 billion, or $6.82 per share, both up more than 80% over the prior year first quarter, which was impacted by the California wildfires. Excluding CATs, core operating income was up 10.7% and EPS was up 13.5%. Tangible book value per share grew 21.5%. Our underwriting performance in the quarter was excellent. P&C underwriting income was $1.8 billion, with a combined ratio of 84%. On a current accident year basis excluding CATs, underwriting income grew 9.8%, with a combined ratio of 82.1%. And on the investment side of our business, adjusted net investment income of $1.8 billion was up more than 10%.”