Chubb (CB) Company Report

Total premium revenue reached $56.4 B LTM 9/30/25, up 59% vs. 2020; P&C underwriting income surged to $5.9 B (389% growth) and core operating income to $9.4 B (185% growth)
Core operating ROE improved to 13.2% and ROTE to 20.1%, approaching medium-term targets of 14%+ ROE and 20%+ ROTE
Capital returns: share buybacks rose from $1.5 B in 2019 to $3.0 B LTM 9/30/25; dividends increased 24% to $0.97 per share
Digital transformation aims for ~20% headcount reduction, ~1.5 pts of combined ratio savings, and automation of 85% of underwriting and claims processes within 3–4 years

3 days ago

Presentation

Chubb reports Q4 2025 results

Earnings

Share Buyback

Guidance Update

Core operating income for Q4 was $3 billion or $752 per share, up 22% and 25% year-over-year respectively; full-year 2025 core operating income set a record at $9.9 billion or $24.79 per share, up 9% and 11% respectively.
P&C underwriting income in Q4 was $2.2 billion, up 40%, with a combined ratio of 81.2%; full-year P&C underwriting income was $6.5 billion with a combined ratio of 85.7%.
Net premiums grew 9% in Q4 (P&C +7.7%, Life +17%) and 6.5% for the year (P&C +5.5%, Life +15%).
Adjusted net investment income in Q4 was $1.8 billion (+7.3%), with invested assets of $169 billion at a 5.1% yield; full-year investment income was $6.9 billion (+9%), and Q1 2026 guidance is $1.81–1.84 billion.
Returned $4.9 billion of capital in 2025 (share repurchases of $3.4 billion at $282.57 average price and $1.5 billion in dividends); core operating tax rate for 2026 is guided at 19.5%–20%.

3 days ago

Transcript

Chubb reports Q4 2025 results

Earnings

Share Buyback

Guidance Update

Chubb delivered record Q4 core operating income of nearly $3 billion (up ~22%) or $7.52 per share (up 25%), and full-year core operating income of just under $10 billion ($24.79/share, +11%).
Q4 net premiums grew 9% (P&C +7.7%, life +17%), with a Q4 combined ratio of 81.2% and a full-year combined ratio of 85.7%; full-year net premiums increased 6.5% (P&C +5.5%, life +15%).
Record Q4 adjusted net investment income was $1.8 billion (+7.3%), with full-year investment income of $6.9 billion (+9%) on a $169 billion invested asset base (vs. $151 billion a year ago).
Returned $4.9 billion of capital in FY 2025 ($3.4 billion repurchases at $282.57/share; $1.5 billion dividends); expects Q1 2026 adjusted net investment income of $1.81–$1.84 billion and annual effective tax rate of 19.5–20%.
Q4 core operating ROE was 15.9%, core operating ROTE 23.5%, full-year operating cash flow $13.9 billion, and book value per share (ex-AOCI) grew 11% (tangible book +15.5%).

3 days ago

Transcript

Chubb reports Q4 2025 results

Earnings

Record Q4 and full-year core operating income: Q4 core operating income of nearly $3 billion or $752 per share (up 22% core, 25% EPS); FY core operating income of ~$10 billion or $24.79 per share (up 9% core, 11% EPS)
P&C underwriting strength: Q4 P&C underwriting income of $2.2 billion (up 40%) with a record low combined ratio of 81.2%; current accident year CR of 80.4% (80.9% excluding agriculture)
Robust investment performance: Q4 adjusted net investment income of $1.81 billion (up 7.3%); FY NII of $6.9 billion (up 9%); invested assets at $169 billion
Solid premium growth: Q4 net premiums up 9% (P&C +7.7%, life +17%); FY premiums up 6.5% (P&C +5.5%, life +15%)

3 days ago

Transcript

Chubb reports Q4 2025 earnings

Earnings

Quarter net income of $3.21 billion (up 24.7%) and core operating income of $2.98 billion (up 21.7%).
Consolidated Q4 net premiums written of $13.1 billion (up 8.9%) and record P&C combined ratio of 81.2%.
Full-year 2025 net income of $10.31 billion (up 11.2%), core operating income of $9.95 billion (up 8.9%), and consolidated net premiums written of $54.8 billion (up 6.6%); record P&C combined ratio of 85.7%.
Annualized return on equity of 17.6% and core operating return on tangible equity of 23.5%.

3 days ago

8-K

Chubb reports Q4 2025 and full-year 2025 earnings

Earnings

Q4 2025 net income of $3.21 billion, up 24.7%, and core operating income of $2.98 billion, up 21.7%
Q4 consolidated net premiums written of $13.13 billion, up 8.9%; P&C $11.31 billion, up 7.7%; Life $1.83 billion, up 16.9%
Q4 record P&C combined ratio of 81.2%
Full-year 2025 record net income of $10.31 billion, up 11.2%, and core operating income of $9.95 billion, up 8.9%
Full-year consolidated net premiums written of $54.84 billion, up 6.6%; P&C $47.56 billion, up 5.4%; Life $7.28 billion, up 15.1%; record P&C combined ratio of 85.7%

3 days ago

Press Release

Chubb reports Q3 2025 results

Earnings

Share Buyback

Debt Issuance

Q3 2025 core operating income hit $3.0 billion (+29%), driving EPS of $7.49 (+31%); underwriting income was $2.3 billion (+55%) on an 81.8% combined ratio, while adjusted net investment income reached $1.78 billion (+8.3%).
Total premiums rose 7.5% (consumer +16%, commercial +3.3%), with life insurance premiums up 24.5% and international P&C growth led by Asia (+14%) and Latin America (+10.5%).
Capital management included $1.6 billion returned to shareholders (dividends $385 million; buybacks $1.2 billion) and issuance of $2.2 billion of debt at 4% average cost and 12-year term.
Guidance and outlook: core operating ROE was 24.5% in Q3; Q4 adjusted net investment income is expected at $1.775–1.81 billion, full-year core tax rate at 19.5–20%, and medium-term target core operating ROE of 14+%.

Oct 22, 2025, 12:30 PM

Transcript

Chubb reports Q3 2025 results

Earnings

Share Buyback

Chubb generated $2.80 billion of net income (up 20.5%), or $6.99 per share, and $3.00 billion of core operating income (up 28.7%), or $7.49 per share for Q3 2025.
Consolidated net premiums written were $14.9 billion (up 7.5%), including $12.93 billion of P&C (up 5.3%) and $1.93 billion of life insurance (up 24.6%).
P&C underwriting income reached a record $2.26 billion (up 55.0%) with a combined ratio of 81.8%, and current accident year underwriting income ex-catastrophe was $2.18 billion (up 10.3%) with a combined ratio of 82.5%.
Book value per share rose 4.7% to $182.22, and tangible book value per share increased 6.6% to $120.13 from June 30, 2025.
Total capital returned to shareholders was $1.62 billion, including $1.23 billion in share repurchases (average price $277.67) and $385 million in dividends.

Oct 21, 2025, 8:19 PM

8-K

Chubb reports Q3 2025 earnings

Earnings

Share Buyback

Net income per share of $6.99, up 22.6% year-over-year.
Core operating EPS of $7.49, up 30.9% year-over-year.
Consolidated net premiums written of $14.9 billion, up 7.5%.
Record P&C combined ratio of 81.8%, down from 87.7% a year ago.

Oct 21, 2025, 8:10 PM

Press Release

Chubb Limited launches $1.25 B 4.900% Senior Notes due 2035

Debt Issuance

Chubb INA Holdings LLC, unconditionally guaranteed by Chubb Limited, has agreed to sell $1.25 billion of 4.900% Senior Notes due 2035 in a public offering.
The notes will settle on August 6, 2025 (T+2), mature on August 15, 2035, and pay interest semi-annually on February 15 and August 15, with a long first coupon.
Initial pricing set the public offering price at 99.951% and underwriting purchase price at 99.501%, plus accrued interest.
Redemption provisions include a make-whole call prior to May 15, 2035 (Treasury + 15 bps) and a par call on or after that date; no sinking fund or conversion features.
Joint book-running managers are Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and Wells Fargo Securities, LLC, among others.