Chubb Ltd Quarterly Report for Q1 Ended Mar 31, 2025

Summary

Chubb Ltd. reported a net income attributable to Chubb of $1.33 billion for the three months ended March 31, 2025, a decrease from $2.14 billion in the prior year period. This decline was primarily driven by a significant increase in catastrophe losses, particularly from California wildfires which amounted to $1.47 billion, compared to $435 million in the prior year. The P&C combined ratio consequently rose to 95.7% from 86.0% year-over-year. Despite the impact of higher catastrophe losses, the company demonstrated resilience with net premiums written increasing by 3.5% to $12.65 billion, and 5.7% in constant dollars, reflecting growth across most segments. Net investment income also saw a healthy increase of 12.2% to $1.56 billion, benefiting from higher average invested assets and reinvestment rates. The company continues to manage its capital effectively, with ongoing share repurchases and consistent dividend payments, signaling confidence in its future financial performance.

Key Highlights

• 1Net income attributable to Chubb decreased by 37.9% to $1.33 billion due to a significant increase in catastrophe losses.
• 2Total pre-tax catastrophe losses surged to $1.64 billion, primarily driven by $1.47 billion in California wildfire losses.
• 3The P&C combined ratio deteriorated to 95.7% from 86.0% in the prior year, largely due to catastrophe events.
• 4Consolidated net premiums written grew by 3.5% to $12.65 billion (5.7% in constant dollars), indicating continued business expansion.
• 5Net investment income increased by 12.2% to $1.56 billion, supported by higher invested assets and favorable reinvestment rates.
• 6The company repurchased $385 million of its common shares and maintained its quarterly dividend of $0.91 per share.
• 7Acquisition of Liberty Mutual's P&C insurance businesses in Thailand and Vietnam is underway, with Thailand completed on April 1, 2025.

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