Chubb Reports Q1 Net Income Drop; Sees ‘Meaningful’ Coronavirus Impact Ahead

Chubb said that the coronavirus pandemic’s effects on its bottom line were relatively benign in the 2020 first quarter. But all bets are off for the months ahead.

The global property/casualty insurer reported net income of $252 million, or $0.55 per share during the 2020 first quarter, which was down from more than $1 billion, or $2.25 per share a year ago. Chubb attributed the results in large part to financial market volatility in the credit, equity and foreign exchange markets, though its underwriting income grew across the board.