Chubb mentioned first quarter 2022 web revenue fell to $1.97 billion in contrast with $2.30 billion billion throughout the identical time a 12 months in the past however property/casualty underwriting revenue throughout the interval shot up 106% to a report $1.3 billion.
The P/C mixed ratio for the primary quarter was 84.3 in contrast with 91.8 the prior 12 months. The P/C underwriting revenue and mixed ratio outcomes had been every information, Chubb mentioned.
CEO Evan Greenberg mentioned Chubb achieved “double digit business premium development accompanied by charge will increase in extra of loss price, and rising momentum in our shopper companies globally.” Business premiums elevated 10.5% in North America and 13.6% in worldwide operations. Outcomes excluded the agriculture enterprise, which returned $161 million of premium to the federal authorities below a profit-sharing settlement, Chubb mentioned.
Web premiums written in international P/C went up 8.8% versus the primary quarter 2021.
“In our worldwide shopper strains, development is steadily recovering, with private strains premiums up 10% and private accident and supplemental well being premiums up 8.6% in fixed {dollars}. Our U.S. excessive web price private strains enterprise had a wonderful quarter, with development of seven.4%,” Greenberg added in a press release.
Web funding revenue was $822 million, a drop from $863 million throughout the first quarter the prior 12 months. First quarter pretax P/C disaster losses had been $333 million in contrast with $700 million for the primary quarter 2021.
Supply: Chubb
Subjects
Profit Loss
Underwriting
Property Casualty
Chubb
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