April 23 (Reuters) - Insurance company Chubb posted a rise in first-quarter profit on Tuesday, helped by higher returns from its investments and stronger underwriting.
The insurance sector has benefited from the growing hopes of a soft landing for the economy and a tight labor market, which has revived spending on insurance policies.
Chubb's net written premiums rose 14.1% to $12.22 billion in the first quarter, from $10.71 billion a year ago.
A market rally has also helped insurance firms that invest a portion of their profits across asset classes rake up higher returns.
Chubb's pre-tax net investment income rose to $1.39 billion from $1.11 billion in the year-ago period.
The company reported a current accident year combined ratio, excluding catastrophe losses, of 83.7%, compared with 83.4% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.
The insurer's core operating income rose to $2.22 billion, or $5.41 per share, for the quarter ended March 31, from $1.84 billion, or $4.41 apiece, a year ago.
(Reporting by Pritam Biswas in Bengaluru; Editing by Alan Barona)