In a large skillet over medium heat, melt butter with olive oil.
Season diced chicken with salt and pepper, then sauté until golden brown and cooked through, about 5-7 minutes. Remove chicken and set aside.
In the same skillet, add the onion and garlic. Sauté for 2-3 minutes until fragrant and softened.
Stir in the rice, coating it in the butter and oil, and cook for 1-2 minutes until lightly toasted.
Pour in the chicken broth, bring to a boil, then reduce the heat to low and cover. Simmer for 18-20 minutes until the rice is tender and the broth is absorbed.
Stir in heavy cream, cooked chicken, frozen peas and carrots, Parmesan cheese, and paprika. Cook another 5 minutes until creamy and heated through.
Garnish with fresh parsley before serving.