Chubb Ltd(NYSE: CB) has reported 149.2 percent growth in the net income to $1093 million in the first quarter of FY 17   and 15.3 percent growth in the operating income to $1,175 million. The operating grew due to the both strong P&C underwriting income, up 28%, and adjusted net investment income, which was up 9%. Chubb adjusted earnings per share for the 1Q 2017 is of $2.48, beating the analysts’ estimates for the adjusted earnings per share of $2.42. The company had reported the adjusted revenue growth of 11.9 percent to $6.71 billion in the first quarter of FY 17, beating the analysts’ estimates for revenue of $6.30 billion.

Moreover, the property and casualty (P&C) combined ratio was 87.5% for the first quarter. The book value per share has increased 1.7% and tangible book value per share has increased 3.1% from December 31st, 2016 and now stand at $105.35 and $62.52, respectively. The total pre-tax catastrophe losses were $206 million compared with $258 million last year. The adjusted net investment income grew 9 percent to $836 million in the first quarter. The annualized ROE and operating ROE were 9.0% and 9.9%, respectively in 1Q 2017.

Furthermore, the underwriting income growth was due to the combined ratios that were strong in the quarter on both a calendar and accident year basis in spite of elevated natural catastrophe losses and a one-time reserve charge related to the change in the Ogden discount rate in the U.K. The underwriting margins are benefiting in particular from expense efficiencies generated from the merger. The P&C underwriting income in the first quarter of 2016, was negatively impacted by $64 million of purchase accounting adjustments related to the Chubb Corp acquisition, that will not repeat in 2017 or thereafter.

Additionally, Chubb had repurchased shares of totaled $140 million, or approximately 1.0 million shares, during the first quarter 2017. The company has repurchased an additional $60 million of common shares through April 25th, 2017.

The net loss reserves have decreased $153 million in the first quarter primarily reflecting seasonality in the company’s crop insurance business and favorable prior period reserve development.

Chubb stock has risen 14.94% in the last one year (source: Google Finance). Five analysts recommend an average price target of $147.50, which is a further upside of 7.57%.