The Chubb Corp. scored record first quarter results as net income increased 30 percent on the strength of higher rates, strong underwriting performance and low catastrophe losses.

First-quarter net income was up $150 million to $656 million on net premiums written of more than $3 billion, which increased 4 percent over the same period last year.

Its three operating segments—Personal, Commercial and Specialty—produced profitable growth with combined ratios well below 90. The company's consolidated combined ratio of 84.6 was 5.6 points lower than the 2012 first quarter.

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