10-QPeriod: Q2 FY2025

Chubb Ltd Quarterly Report for Q2 Ended Jun 30, 2025

Filed July 28, 2025For Securities:CB

Summary

Chubb Limited reported a strong financial performance for the second quarter and first half of 2025. Net income attributable to Chubb increased significantly year-over-year for the quarter, driven by robust growth in both its Property & Casualty (P&C) underwriting income and Life Insurance segments, alongside higher income from private equity investments. Consolidated net premiums written also saw a healthy increase, with notable growth across both commercial and personal P&C lines, as well as strong performance in the Life Insurance segment, particularly in Asia and the U.S. worksite business. The company's investment income also grew, supported by higher average invested assets. Chubb completed the acquisition of Liberty Mutual's insurance business in Thailand and increased its ownership stake in Huatai Group. The P&C combined ratio remained favorable, though impacted by higher catastrophe losses in the first half of the year, partially offset by strong prior period development. The company also announced an increase in its quarterly dividend and continued its share repurchase program, demonstrating a commitment to returning capital to shareholders.

Financial Highlights

39 data points
Beta

Revenue

$14.84B

Net Income

$2.97B

20.0% Net Margin

EPS (Diluted)

$7.35

Total Assets

$261.56B

Cash & Equivalents

$2.37B

Free Cash Flow

$3.55B

Financial Statements
Beta
Revenue$14.84B
Interest Expense$181.00M
Net Income$2.97B
EPS (Basic)$7.42
EPS (Diluted)$7.35
Shares Outstanding (Basic)399.89M
Shares Outstanding (Diluted)403.85M

Key Highlights

  • 1Net income attributable to Chubb increased by 33.1% to $2.97 billion for the three months ended June 30, 2025, compared to $2.23 billion in the prior year period.
  • 2Consolidated net premiums written grew by 6.3% to $14.20 billion for the quarter, or 7.1% in constant dollars, driven by broad-based growth across P&C and Life insurance segments.
  • 3P&C underwriting income saw significant growth, contributing to a P&C combined ratio of 85.6% for the quarter, a slight improvement from 86.8% in the prior year.
  • 4Life Insurance segment income increased by 10.4% to $305 million for the quarter, benefiting from premium growth and higher net investment income.
  • 5The company completed the acquisition of Liberty Mutual's P&C insurance business in Thailand for $321 million on April 1, 2025.
  • 6Chubb increased its aggregate ownership interest in Huatai Group to approximately 87.2% through incremental ownership interests acquired in Q2 2025.
  • 7The company repurchased $676 million of common shares during the quarter and announced a new $5.0 billion share repurchase authorization, effective July 1, 2025.

Frequently Asked Questions

Chubb's net income attributable to Chubb increased by 33.1% to $2.97 billion for the three months ended June 30, 2025, compared to $2.23 billion in the same period last year. For the six months ended June 30, 2025, net income attributable to Chubb was $4.30 billion, a slight decrease of 1.7% from $4.37 billion in the prior year period.

Consolidated net premiums written increased by 6.3% to $14.20 billion for the three months ended June 30, 2025, and by 4.9% to $26.84 billion for the six months ended June 30, 2025. This growth was driven by increases across both P&C and Life insurance segments, with particular strength noted in commercial casualty and personal lines for P&C, and international life operations for the Life segment.

For the three months ended June 30, 2025, net catastrophe losses increased to $630 million compared to $580 million in the prior year, while favorable prior period development also increased to $249 million from $192 million. For the six months ended June 30, 2025, net catastrophe losses rose to $2.27 billion from $1.02 billion, and favorable prior period development increased to $504 million from $399 million. While catastrophe losses increased, particularly due to California wildfire losses, the favorable prior period development provided a partial offset.