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CHUBB ° Chubb Limited Bärengasse 32 CH - 8001 Zurich Switzerland www.chubb.com @Chubb News Release Chubb Reports First Quarter Per Share Net Income and Core Operating Income of $ 5.07 and $ 2.52 , Respectively , Including Net Catastrophe Losses Per Share of $ 1.26 Versus $ 0.44 Prior Year ; Consolidated Net Premiums Written Up 8.6 % , with Commercial P & C Lines Globally Up 15.6 % Net income was $ 2.30 billion versus $ 252 million prior year , and core operating income was $ 1.14 billion versus $ 1.22 billion prior year . P & C net premiums written were up 9.7 % globally , comprising 15.6 % positive growth in commercial P & C lines and 2.5 % negative growth in consumer lines . Foreign exchange had a positive impact on P & C net premiums written growth of 1.6 percentage points in the quarter . The P & C combined ratio was 91.8 % compared with 89.1 % prior year . P & C current accident year underwriting income excluding catastrophe losses was up 26.1 % , leading to a P & C current accident year combined ratio excluding catastrophe losses of 85.2 % compared with 87.5 % prior year . The 2.3 percentage points of margin improvement comprised 1.0 percentage point in the loss ratio and 1.3 percentage points in the expense ratio . Pre - tax and after - tax P & C catastrophe losses , net of reinsurance and including reinstatement premiums , were $ 700 million and $ 570 million , respectively , compared with $ 237 million and $ 199 million , respectively , prior year . The current quarter included $ 657 million pre - tax of storm losses in the U.S. There was no change to the previously reported aggregate P & C COVID - 19 losses , the majority of which remains as incurred but not reported ( IBNR ) . Pre - tax net investment income was $ 863 million compared with $ 861 million prior year , and adjusted net investment income was $ 930 million compared with $ 917 million prior year . Annualized return on equity ( ROE ) and core operating ROE were 15.5 % and 8.2 % , respectively . Annualized core operating return on tangible equity was 12.8 % . ChubbⓇ , Chubb logoⓇ and Chubb . Insured.SM are trademarks of Chubb . ZURICH - April 27 , 2021 - Chubb Limited ( NYSE : CB ) today reported net income for the quarter ended March 31 , 2021 of $ 2.30 billion , or $ 5.07 per share , mpared with $ 252 million , or $ 0.55 per share , for the same quarter last year . Core operating income was $ 1.14 billion , or $ 2.52 per share , compared with $ 1.22 billion , or $ 2.68 per share , for the same quarter last year . Book and tangible book value per share decreased 0.4 % and 0.6 % , respectively , from December 31 , 2020 and now stand at $ 131.37 and $ 87.16 , respectively . Book value was unfavorably impacted by total after - tax net realized and unrealized losses of $ 737 million , including a $ 1.1 billion loss in the investment portfolio , principally due to rising interest rates , partially offset by a gain of $ 275 million in the company's variable annuity reinsurance portfolio . 1