Net income was $2.14 billion, up 13.3%, and core operating income was $2.22 billion, up 20.3%. Net income and core operating income were impacted modestly by two one-time items: an incremental deferred tax benefit of $55 million, or $0.14 per share, related to the Bermuda tax law enacted in December 2023, partially offset by a contribution to the Chubb Charitable Foundation of $30 million ($24 million after-tax), or $0.06 per share. Global P&C net premiums written, which excludes Agriculture, were up 13.3%, with commercial insurance up 11.1% and consumer insurance up 19.3%. North America was up 10.1%, including growth of 12.3% in personal insurance and 9.4% in commercial insurance. Overseas General was up 17.5%, with growth of 27.1% in consumer insurance and 12.2% in commercial insurance; Asia, Latin America, and Europe were up 34.7%, 17.5%, and 8.6%, respectively. P&C underwriting income was $1.40 billion, up 15.4%, with a combined ratio of 86.0%. P&C current accident year underwriting income excluding catastrophe losses was $1.63 billion, up 10.3%, with a combined ratio of 83.7%. Life Insurance net premiums written were $1.63 billion, up 26.3%, and segment income was $268 million, up 9.8%. Life Insurance net premiums written and deposits collected were $2.23 billion, up 39.4%. Pre-tax net investment income was $1.39 billion, up 25.7%, and adjusted net investment income was $1.48 billion, up 23.5%. Annualized return on equity (ROE) was 14.3%. Annualized core operating return on tangible equity (ROTE) was 21.9% and annualized core operating ROE was 13.7%. ZURICH, April 23, 2024 /PRNewswire/ -- Chubb Limited (NYSE:CB) today reported net income for the quarter ended March 31, 2024 of $2.14 billion, or $5.23 per share, and core operating income of $2.22 billion, or $5.41 per share. Book value per share and tangible book value per share increased 1.5% and 1.8%, respectively, from December 31, 2023 and now stand at $149.09 and $89.55, respectively. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $622 million in the company's investment portfolio, principally due to the mark-to-market impact in the fixed-income portfolio. Book value per share and tangible book value per share excluding AOCI increased 2.2% and 2.9%, respectively, from December 31, 2023. Chubb Limited First Quarter Summary (in millions of U.S. dollars, except per share amounts and ratios) (Unaudited) (Per Share) 2024 2023 Change 2024 2023 Change Net income $2,143 $1,892 13.3 % $5.23 $4.53 15.5 % Adjusted net realized (gains) losses and other, net of tax 94 (165) NM 0.23 (0.40) NM Market risk benefits (gains) losses, net of tax (21) 115  NM (0.05) 0.28  NM Core operating income, net of tax $2,216 $1,842 20.3 % $5.41 $4.41 22.7 % Annualized return on equity (ROE) 14.3 % 14.6 % Core operating return on tangible equity (ROTE) 21.9 % 19.4 % Core operating ROE 13.7 % 12.6 % Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We began the year with a simply excellent quarter. Core operating income was up double-digit, driven by P&C underwriting income up over 15% with a published combined ratio of 86%, investment income up more than 23%, and life insurance income up almost 10%. We produced double-digit premium revenue growth from across the globe with strong results in our commercial and consumer P&C and Asia life businesses. "Core operating income and EPS were up over 20%, to $2.2 billion, and up nearly 23%, to $5.41, respectively. Earnings modestly benefited from two one-time items that partially offset each other. Adjusting for these, core operating income grew over 18.5%, with operating EPS up nearly 21% to $5.33. Our sources of earnings were well balanced and of an enduring quality: P&C underwriting income of $1.4 billion, driven by strong earned premium growth and great underwriting margins; adjusted net investment income of nearly $1.5 billion; and life segment income of $268 million. "Total company net premiums written increased over 14% in the quarter, with total P&C up 12.5% and Life Insurance up over 26%. Global P&C premiums, which exclude Agriculture, increased 13.3%, with commercial lines up over 11% and consumer lines up 19.3%. Premiums in North America were up over 10%, while in our international retail P&C business, premiums in Asia, Latin America, and the Continent of Europe were up 34.7%, 17.5%, and 12.3%, respectively. Life Insurance premiums and deposits were up over 39%, driven, again, by our business in Asia. "North America's growth consisted of 12.3% in personal insurance, an outstanding result for our Chubb Personal Risk Services business, and about 9.5% growth in commercial, with P&C lines up 13% and financial lines down about 7.5%. Record new business of over $1.2 billion and strong policy count renewal retention of 84.7% add to the excellent results of our North America division and speak to the favorable market tone and our operating capability. "The P&C underwriting environment in North America overall is quite favorable, financial lines aside, with pricing exceeding loss costs, which remained steady. From our large middle market business to small commercial to personal lines, and driven by both property and casualty, we saw the best rates and pricing overall that we have seen in the last four to five quarters. It was also one of the best quarters for large-account casualty rates and pricing. "In our Overseas General division, both our consumer and commercial businesses performed well in the quarter. Asia was a standout, with consumer premiums up 46% and commercial premiums up 23%, supported by the consolidation impact of Huatai in China. Retail commercial P&C lines pricing across our international business was favorable and our portfolio is well priced. "In sum, we had a very strong start to the year. Looking forward, we are confident in our ability to continue growing operating earnings at a rapid pace through P&C revenue growth and underwriting margins, investment income, and life income." Operating highlights for the quarter ended March 31, 2024 were as follows: Chubb Limited Q1 Q1 (in millions of U.S. dollars except for percentages) 2024 2023 Change Consolidated Net premiums written (increase of 14.2% in constant dollars) $ 12,221 $ 10,710 14.1 % P&C Net premiums written (increase of 12.2% in constant dollars) $ 10,588 $ 9,417 12.4 % Underwriting income $ 1,400 $ 1,213 15.4 % Combined ratio 86.0 % 86.3 % Current accident year underwriting income excluding catastrophe losses $ 1,628 $ 1,475 10.3 % Current accident year combined ratio excluding catastrophe losses (1) 83.7 % 83.4 % Global P&C (excludes Agriculture) Net premiums written (increase of 13.0% in constant dollars) $ 10,339 $ 9,124 13.3 % Underwriting income $ 1,344 $ 1,212 10.9 % Combined ratio 86.3 % 86.1 % Current accident year underwriting income excluding catastrophe losses $ 1,597 $ 1,450 10.2 % Current accident year combined ratio excluding catastrophe losses (1) 83.8 % 83.4 % Life Insurance Net premiums written (increase of 29.7% in constant dollars) $ 1,633 $ 1,293 26.3 % Segment income (increase of 12.7% in constant dollars) $ 268 $ 244 9.8 % (1) A large structured transaction written in North America Major Accounts in the current quarter adversely impacted both the P&C and Global P&C ratios by 0.3 percentage points.   Consolidated net premiums earned increased 14.2%, or 14.5% in constant dollars. P&C net premiums earned increased 12.3%, or 12.2% in constant dollars. Operating cash flow was $3.22 billion and adjusted operating cash flow was $3.62 billion. Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $435 million (4.4 percentage points of the combined ratio) and $347 million, respectively, compared with $458 million (5.1 percentage points of the combined ratio) and $382 million, respectively, last year. Total pre-tax and after-tax favorable prior period development were $207 million and $168 million, respectively, compared with $196 million and $149 million, respectively, last year. Total capital returned to shareholders was $666 million, including share repurchases of $316 million at an average purchase price of $258.75 per share, and dividends of $350 million. During the quarter, the company increased its ownership in Huatai Group with the closing of incremental interests totaling approximately 9%, bringing the company's aggregate interest in Huatai Group to approximately 85.5% at March 31, 2024. Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2024 are presented below:  Chubb Limited Q1 Q1 (in millions of U.S. dollars except for percentages) 2024 2023 Change