The stock gained 3.7% following a first quarter report that showed clear upside in net premiums written growth and margin improvement, driven primarily by strong performance in Global Commercial and Personal Insurance segments, as well as favorable reinsurance terms.

• General Insurance net premiums written increased 18% year-over-year on a constant dollar basis, led by Global Commercial Insurance (+21%) and Global Personal Insurance (+11%).
• Global Personal Insurance saw a 410 basis point improvement in its expense ratio and a 570 basis point improvement in its accident year combined ratio, bringing it down to 89.9%.
• Overall General Insurance combined ratio improved significantly, with accident year combined ratio at 86.6% and calendar year combined ratio at 87.3%, representing an 850 basis point improvement year-over-year.
• Adjusted after-tax income per diluted share rose 80% year-over-year to $2.11, with core operating ROE at 12.2%.
• Capital returned to shareholders totaled $760 million, including $519 million in share repurchases; quarterly dividend raised by 11% to $0.50 per share, signaling confidence in the firm’s outlook.