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Chubb has reported net income of $1.33bn for the first quarter of 2025 (Q1 2025), a 37.9% decline compared with the same period last year.
The insurer's after-tax core operating income declined 31.1% year-over-year to $1.49bn.
Chubb reported $1.64bn in pre-tax catastrophe losses for Q1, largely driven by $1.47bn from California wildfires – up from $435m a year ago.
After-tax losses totalled $1.30bn, or $3.21 per share, the company said in its press statement.
Chubb CEO and chairman Evan Greenberg said: "We had a good first quarter that was overshadowed by the significant catastrophe losses we incurred from the California wildfires.
"There is currently a great deal of uncertainty and confusion surrounding our government's approach to trade, and it is impacting business and consumer confidence as well as our image abroad. The odds of recession have risen substantially, and higher inflation appears all but certain; to what degree is an open question.”
During the quarter, the insurer’s gross premiums written increased by 4.7%, reaching $15.1bn compared with $14.4bn a year ago.
Net premiums written grew by 3.5%, totalling $12.6bn, while net premiums earned also rose by 3.6%, amounting to $12bn.
The property and casualty (P&C) underwriting income amounted to $441m, resulting in a combined ratio of 95.7%.
Excluding catastrophe losses, P&C current accident year underwriting income reached $1.83bn, reflecting a 12.2% increase compared with the previous year, with a combined ratio of 82.3%.
P&C net premiums written totalled $10.93bn, representing an increase of 3.2%, or 5% on a constant dollar basis.
In North America, premiums rose by 3.4%, although growth was impacted by two one-time items: reinstatement premiums associated with the California wildfires in personal insurance, and an unusually large volume of structured transactions recorded in the prior year within commercial insurance, the insurer said.
Excluding these factors, North America achieved growth of 6.4%, including a 10.1% increase in personal insurance and a 5.3% increase in commercial insurance. P&C lines rose 6.4%, while financial lines declined 1.3%.
Overseas General posted a 1.8% increase in net premiums written, or 6.5% in constant dollars. This included growth of 5% in consumer insurance and 7.3% in commercial insurance.
P&C lines grew by 9.3%, while financial lines decreased by 1.6%. Regionally, premium growth was 6.1% in Latin America, 6.1% in Asia and 5.5% in Europe, the company added.
Life Insurance net premiums written totalled $1.72bn, reflecting a 5.3% increase, or 10.3% growth on a constant dollar basis. Segment income rose to $291m, representing an increase of 8.6%, or 15.7% in constant dollars.