10-KPeriod: FY2025

Chubb Ltd Annual Report, Year Ended Dec 31, 2025

Filed February 27, 2026For Securities:CB

Summary

Chubb Limited (CB) reported a strong financial performance for the year ended December 31, 2025, with net income attributable to Chubb reaching a record $10.31 billion, an increase of 11.2% from the prior year. This growth was driven by robust performance across its Property & Casualty (P&C) and Life insurance segments, along with higher net investment income. Consolidated net premiums written increased by 6.6% to $54.84 billion, reflecting growth in both commercial and consumer P&C lines, and a significant 15.1% increase in the Life Insurance segment. The company's P&C combined ratio improved to 85.7%, indicating solid underwriting profitability, despite a slight increase in catastrophe losses year-over-year, which were partially offset by higher favorable prior period development. Chubb's investment portfolio saw a 9.0% increase in net investment income, reaching a record $6.5 billion, attributed to higher average invested assets. The company also continued its share repurchase program, buying back $3.4 billion in shares during 2025, demonstrating a commitment to returning capital to shareholders. The company's global diversification across 54 countries and territories, coupled with a disciplined underwriting approach, continues to provide stability and resilience. Management highlights effective risk management strategies, including a focus on climate risk and cybersecurity, as integral to its operations.

Financial Highlights

42 data points
Beta

Revenue

$59.40B

Net Income

$10.31B

17.4% Net Margin

EPS (Diluted)

$25.68

Total Assets

$272.33B

Cash & Equivalents

$2.47B

Free Cash Flow

$12.82B

Financial Statements
Beta
Revenue$59.40B
Interest Expense$764.00M
Net Income$10.31B
EPS (Basic)$25.93
EPS (Diluted)$25.68
Shares Outstanding (Basic)397.61M
Shares Outstanding (Diluted)401.51M

Key Highlights

  • 1Record net income attributable to Chubb of $10.31 billion, up 11.2% year-over-year.
  • 2Consolidated net premiums written increased 6.6% to $54.84 billion.
  • 3Life Insurance segment net premiums written grew significantly by 15.1%.
  • 4P&C combined ratio improved to 85.7%, reflecting strong underwriting performance.
  • 5Net investment income reached a record $6.5 billion, driven by higher invested assets.
  • 6The company repurchased $3.4 billion of its common shares in 2025.
  • 7Chubb maintains a diversified business model with operations in 54 countries and territories.

Frequently Asked Questions

Chubb reported a record net income attributable to Chubb of $10.31 billion, an 11.2% increase from the prior year. Consolidated net premiums written grew 6.6% to $54.84 billion. The P&C combined ratio improved to 85.7%, and net investment income reached a record $6.5 billion.

The North America Commercial P&C Insurance segment saw its underwriting income increase by 17.6% and its combined ratio improve to 81.4%. The North America Personal P&C Insurance segment's net premiums written grew 7.5%, though its combined ratio increased to 91.5% due to higher catastrophe losses. The Overseas General Insurance segment reported a 10.8% increase in segment income, with a combined ratio of 85.0%. The Life Insurance segment experienced strong growth with net premiums written up 15.1%, and segment income increased by 13.1%.

Chubb has a strategy of growth through acquisitions, as evidenced by its majority interest in Huatai Insurance Group. The company also focuses on returning capital to shareholders through share repurchases, having repurchased $3.4 billion in common shares in 2025, and has a consistent history of paying dividends. The company also manages its capital structure through debt issuances and maturities.

Key risks include losses from natural and man-made disasters, the accuracy of loss reserve estimations, emerging claim and coverage issues, the ability to procure reinsurance, volatility in investment performance, and potential disruptions from cybersecurity threats and evolving regulatory environments. Climate change and its potential impact on catastrophe frequency and severity are also noted as significant considerations.