Evan G. Greenberg
Chairman and Chief Executive Officer at Chubb
Good morning. We had an excellent start to the year. Core operating income was up double-digit, driven by all three sources of income. P&C underwriting income was up over 15% with a published combined ratio of 86%. Investment income was up more than 23%. And life insurance income was up almost 10%. We produced double-digit premium revenue growth from across the globe with strong results and our commercial and consumer P&C and international life businesses.
Core operating income was up over 20% to $2.2 billion and operating EPS was up nearly 23%, $5.41. As you saw, our earnings and EPS benefited modestly from two one-time items that partially offset each other. Adjusting for these, they were up 18.6% and nearly 21%, $5.33. Again, our P&C underwriting income was up over 15% to $1.4 billion, driven by strong earned premium growth and great underwriting margins. The ex-CAT current accident year combined ratio was 83.7%.
On the investment side, adjusted net investment income of nearly $1.5 billion was up 23.5%. We now have more than $140 billion in invested assets, up over 19% the last two years and our fixed income portfolio yield is 4.9% versus 4.4% a year ago. Our reinvestment rate is currently averaging 6.1%. Our liquidity is very strong and investment income will continue to grow well as we reinvest cash flows at higher rates. Life segment income of $268 million was up 9.8%. Our annualized core operating ROE was 13.7% with a return on tangible equity of nearly 22%. Peter will have some more to say about financial items.
Turning to growth, pricing and the rate environment. Consolidated net premiums for the company increased over 14%. For global P&C, which excludes agriculture, net premiums increased 13.3% in the quarter with commercial up over 11% and consumer up over 19%. P&C premium growth in the quarter again was balanced and broad-based globally between areas of the globe and commercial versus consumer, reflecting favorable underwriting and market conditions overall. Life insurance premiums and deposits were up over 39%, driven by our business in Asia and came from a number of countries and distribution channels. Huatai contributed 2.9 and 20.6 percentage points respectively to the global P&C and life growth results.
In terms of the commercial P&C rate environment, overall conditions were quite favorable in both property and casualty. And price increases exceeded loss costs, while rate decreases in financial lines slowed. So starting with North America, premiums, excluding agriculture, were up over 10% and consisted of 12.3% growth in personal insurance and about 9.5% growth in commercial. P&C lines up 13% and financial lines down about 7.5%.
If we adjust the P&C growth to the net impact from two items in the major accounts division, P&C lines normalized growth is a very strong 11.6%. The two items were an unusually large structured transaction we wrote, partially offset by the previously discussed corrective underwriting actions in primary and excess casualty that are continuing to wind down over the next few quarters. By the way, that large structured transaction negatively impacted North America commercial's combined ratio by over a half a point with the loss ratio impacted by over a point. Excluding this impact, unmasks the current accident year combined ratio run rate. Supporting North America P&C growth was record new business of over $1.2 billion and a very strong renewal retention on a policy count basis of 84.7%, both speak to the tone of the market and our excellent operating performance.
Premiums in our major accounts and specialty division increased 12% with our large account retail business up 12% and our E&S business up about 10.5%. Premiums in our middle market division increased about 7% with P&C lines up 10.6% and financial lines down 6.5%. Again, the P&C market environment in North America overall is quite favorable and rational, financial lines aside. Pricing increased 12.8%, including rate of 9.4%, an exposure change that acts like rate of 3.1%. From our very large middle market business to small commercial to personal lines and driven by both property and casualty, we saw the best rates in pricing overall that we've seen in the last four to five quarters. It was one of the best quarters for large account casualty pricing.
In our North America business rate increases for property and casualty exceeded loss cost trends, let alone pricing which was even stronger. So let me provide a bit more color around rates and pricing. Property pricing was up 13% with rates up 7.8% and exposure change of 4.8%. Casualty pricing in North America was up 13.1% with rates up 10.9% and exposure up 2%. And in workers' comp, which includes both primary comp and large account risk management, pricing was up 4.8% with rates up 0.2% and exposure up 4.6%. Loss costs in North America are relatively stable and in line with what we contemplate in our loss specs. We are trending loss costs at 6.8%, short-tail classes at 5.3% and long-tail excluding comp at 7.6%. We're trending our first dollar workers' comp book at 4.6%.
For financial lines, the underwriting environment in a number of classes, in a word, is simply dumb. Rates continue to decline, albeit at a slower pace. We are of course trading growth for underwriting margin and income where we need to. In the quarter, rates and pricing for North America financial lines in aggregate were down 3% and 2.7% respectively. We are trending financial lines loss costs at just over 5%.
On the consumer side of North America, our high net worth personalized business had another outstanding quarter. This is a powerhouse business. Over $5.5 billion in premium last year and it grew over 12% in the quarter with new business growth of nearly 35%. It speaks to a franchise and a class of its own in terms of service and capability. Premium growth for our true high net worth premier and signature segments, the group that demands the most underwriting and servicing, grew 16.5%. In our homeowners business, we achieved pricing of 17% in the quarter, while our selected loss cost trend remains steady at 10.5%. While the small quarter, our agriculture business had a very good underwriting result as the '23 crop year turned out a bit better than we projected.
Turning to our international general insurance operations. Net premiums were up 17.5% with 16.7% in constant dollars. Our international commercial business grew 11.4%, while our consumer was up over 26%. Growth this quarter was geographically diverse with all major regions contributing, which again illustrates the true global nature of the company. Asia led the way with premiums up 40%. Excluding Huatai's contribution, premiums were up 7.7%. Latin America had a strong quarter with premiums up about 13%, while the continent of Europe grew 10.3%.
We continue to achieve positive rate to exposure across our international commercial portfolio with retail property and casualty lines pricing up 5.5% and financial lines pricing down 2.3%. Loss cost inflation across our international retail commercial portfolio is trending at 5.8% with P&C lines trending 6.1% and financial lines trending 4.8%. Within our international consumer P&C business, our personal lines division had an exceptional quarter with constant dollar growth of 47%, led by Asia and Latin America. By the way, the modest increase in Overseas General's ex-CAT current accident year, combined ratio this quarter was primarily due to the consolidation of our China business.
In our international life insurance business, which is overwhelmingly Asia, premium and deposits were up over 50% in constant dollar with strong contributions from Taiwan, Hong Kong, China and Korea. Excluding Huatai Life, premiums and deposits were up over 10%. Depending on the country, growth was driven by tight agency, brokerage and direct marketing distribution channels. Lastly, Global Re had a strong quarter with premium growth of almost 30% and a combined ratio of 76.9%. We allocate incrementally more CAT capacity to our reinsurance business and grew both our CAT access and risk property portfolios in particular this quarter.
In summary, we had an excellent quarter and start to the year. We remain well positioned to continue producing outstanding results through the balance of the year and beyond. We remain confident in our ability to continue growing operating earnings at a rapid pace through P&C revenue growth and underwriting margins, investment income and life income.
And I'm going to turn it over to Peter and then we're going to come back and we're going to take your questions.
