Chubb has posted a 74.3% rise in net income to $US2.32 billion ($3.23 billion) for the first quarter.

The insurer says its property and casualty business contributed underwriting income of $US1.79 billion ($2.49 billion), up sharply from $US441 million ($614 million) a year earlier.

“Our underwriting performance in the quarter was excellent,” chairman and CEO Evan Greenberg said.

“Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth.”

Pre-tax net catastrophe losses fell to $US500 million ($696 million) from $US1.64 billion ($2.28 billion) a year earlier, when $US1.47 billion ($2.04 billion) was attributed to California wildfires.

P&C net premium written grew 7.2% to $US11.72 billion ($16.33 billion) and the division’s combined operating ratio improved to 84% from 95.7%.

North American P&C net premium written increased 4.1% to $US6.89 billion ($9.6 billion) and overseas general insurance chipped in $US4.47 billion ($6.23 billion), up 14.4%.