10-QPeriod: Q3 FY2025

Chubb Ltd Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 27, 2025For Securities:CB

Summary

Chubb Limited reported a strong third quarter of 2025, with net income attributable to Chubb increasing by 20.5% to $2.8 billion compared to the prior year. This growth was fueled by a significant increase in net premiums written across most segments, particularly in the Life Insurance and North America Personal P&C Insurance lines. The company demonstrated robust underwriting performance, with a P&C combined ratio of 81.8%, benefiting from lower catastrophe losses and favorable prior period development. Investment income also saw a healthy increase of 9.3% due to higher average invested assets. Financially, Chubb maintained a solid balance sheet with total assets of $270.2 billion and total Chubb shareholders' equity of $71.9 billion. The company continued its capital return strategy, repurchasing $1.2 billion in common shares during the quarter and increasing its quarterly dividend. Management highlighted strategic acquisitions, including Liberty Mutual's P&C insurance business in Thailand, which are expected to support long-term growth. Overall, Chubb delivered a financially sound quarter with positive momentum across its diversified business segments.

Financial Highlights

39 data points
Beta

Revenue

$16.15B

Net Income

$2.80B

17.3% Net Margin

EPS (Diluted)

$6.99

Total Assets

$270.21B

Cash & Equivalents

$2.45B

Free Cash Flow

$3.64B

Financial Statements
Beta
Revenue$16.15B
Interest Expense$197.00M
Net Income$2.80B
EPS (Basic)$7.05
EPS (Diluted)$6.99
Shares Outstanding (Basic)397.34M
Shares Outstanding (Diluted)400.87M

Key Highlights

  • 1Net income attributable to Chubb increased 20.5% to $2.8 billion for the three months ended September 30, 2025.
  • 2Consolidated net premiums written grew 7.5% to $14.87 billion.
  • 3P&C combined ratio improved to 81.8% due to lower catastrophe losses and favorable prior period development.
  • 4Net investment income rose 9.3% to $1.65 billion, driven by higher average invested assets.
  • 5The company repurchased $1.2 billion of common shares during the quarter.
  • 6Acquisition of Liberty Mutual's P&C insurance business in Thailand completed on April 1, 2025.
  • 7The company announced an increased quarterly dividend of $0.97 per share.

Frequently Asked Questions

Revenue growth was primarily driven by an increase in net premiums written across most segments. The Life Insurance segment saw a significant 24.6% increase, while North America Personal P&C Insurance grew by 8.1%. This was supported by strong new business, retention, and positive rate and exposure increases in the P&C lines, along with favorable growth in international life operations.

Catastrophe losses were significantly lower in the third quarter of 2025 compared to the prior year, contributing to an improved P&C combined ratio. Favorable prior period development also positively impacted the results, particularly in short-tail lines driven by property and marine. For the nine months, while catastrophe losses were higher primarily due to California wildfire losses, this was largely offset by increased favorable prior period development.

Chubb maintained a strong financial position with total assets of $270.2 billion and total Chubb shareholders' equity of $71.9 billion as of September 30, 2025. The ratio of financial debt to total capitalization was 19.2%, indicating a conservative leverage profile. The company also completed several debt transactions, including issuing senior notes and Chinese yuan bonds, and repaid maturing debt.

Chubb announced an increased quarterly dividend of $0.97 per share, reflecting a consistent commitment to returning capital to shareholders. The company also has a new share repurchase authorization of up to $5.0 billion, and repurchased $1.2 billion of common shares during the third quarter. Approximately $3.5 billion of the repurchase authorization remained at the end of October 2025.