Chubb Reports Second Quarter Per Share Net Income of $7.35, Up 34.6%, and Record Per Share Core Operating Income of $6.14, Up 14.1%; Consolidated Net Premiums Written of $14.2 Billion, Up 6.3%, or 7.1% in Constant Dollars, with P&C and Life Insurance
Net income was $2.97 billion, up 33.1%, and core operating income was a record $2.48 billion, up 12.9%.
P&C net premiums written were $12.39 billion, up 5.2%, or 5.8% in constant dollars.
Global P&C net premiums written, which exclude Agriculture, were up 5.8%, or 6.4% in constant dollars.
North America was up 5.3%, including growth of 9.1% in personal insurance and 4.1% in commercial insurance. Middle market and small commercial were up 8.5%, with P&C lines up 10.2% and financial lines up 2.7%, and major accounts retail and specialty were up 1.5%, including property-related lines down 4.2%, casualty up 12.0% and financial lines up 4.4%.
Overseas General was up 8.5%, or 10.2% in constant dollars, including growth of 15.3% in consumer insurance and 6.8% in commercial insurance; Latin America, Asia, and Europe, were up 17.3%, 12.7% and 8.2%, respectively.
North America Agriculture was down 3.3%, driven by lower commodity prices.
P&C underwriting income was a record $1.63 billion, up 15.0%, with a combined ratio of 85.6%. P&C current accident year underwriting income excluding catastrophe losses was a record $2.01 billion, up 11.4% over prior year, with a combined ratio of 82.3%.
Life Insurance net premiums written were $1.80 billion, up 14.1%, or 17.3% in constant dollars, and segment income was $305 million, up 10.4%, or 15.3% in constant dollars.
Pre-tax net investment income was a record $1.57 billion, up 6.8%, and adjusted net investment income was $1.69 billion, up 7.9%.
Annualized return on equity (ROE) was 17.6%. Annualized core operating return on tangible equity (ROTE) was 21.0% and annualized core operating ROE was 13.9%.
ZURICH, July 22, 2025 /PRNewswire/ -- Chubb Limited (NYSE:CB) today reported net income for the quarter ended June 30, 2025 of $2.97 billion, or $7.35 per share, and core operating income of $2.48 billion, or $6.14 per share. Book value per share and tangible book value per share increased 6.1% and 8.0%, respectively, from March 31, 2025 and now stand at $174.07 and $112.64. Book value was favorably impacted by after-tax net realized and unrealized gains of $1.54 billion in Chubb's investment portfolio and $700 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 3.4% and 4.5%, from March 31, 2025.
Chubb Limited
Second Quarter Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2025
2024
Change
2025
2024
Change
Net income
$2,968
$2,230
33.1 %
$7.35
$5.46
34.6 %
Adjusted net realized (gains) losses and other,
net of tax
(537)
(63)
NM
(1.33)
(0.15)
NM
Market risk benefits (gains) losses, net of tax
15
29
(48.3) %
0.04
0.07
(42.9) %
Amortization of deferred tax asset from Bermuda law
34
-
NM
0.08
-
NM
Core operating income, net of tax
$2,480
$2,196
12.9 %
$6.14
$5.38
14.1 %
Annualized return on equity (ROE)
17.6 %
14.7 %
Core operating return on tangible equity (ROTE)
21.0 %
21.1 %
Core operating ROE
13.9 %
13.3 %
For the six months ended June 30, 2025, net income was $4.30 billion, or $10.63 per share, and core operating income was $3.97 billion, or $9.82 per share. Book value per share and tangible book value per share increased 9.0% and 12.2%, from December 31, 2024. Book value was favorably impacted by after-tax net realized and unrealized gains of $2.37 billion in Chubb's investment portfolio and $1.00 billion of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 4.4% and 6.1%, from December 31, 2024.
Chubb Limited
Six Months Ended Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2025
2024
Change
2025
2024
Change
Net income
$4,299
$4,373
(1.7) %
$10.63
$10.68
(0.5) %
Adjusted net realized (gains) losses and other,
net of tax
(478)
31
NM
(1.18)
0.08
NM
Market risk benefits (gains) losses, net of tax
93
8
NM
0.23
0.02
NM
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law
55
(55)
NM
0.14
(0.13)
NM
Core operating income, net of tax
$3,969
$4,357
(8.9) %
$9.82
$10.65
(7.8) %
Annualized return on equity (ROE)
12.9 %
14.5 %
Core operating return on tangible equity (ROTE)
16.9 %
21.3 %
Core operating ROE
11.2 %
13.4 %
For the six months ended June 30, 2025 and 2024, the tax expenses (benefits) related to the table above were $55 million and $(76) million, respectively, for adjusted net realized gains and losses and other; $(16) million and nil for market risk benefits gains and losses; and $937 million and $960 million for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a great second quarter. Most all of our businesses and regions of the world contributed to record quarterly results, illustrating the distinctive, diversified nature of our company. Our balance of business, geographically by customer segment and product, is a distinguishing feature of our company.
"We produced a record $2.5 billion in core operating income, up nearly 13% from a year ago, with operating EPS up 14%, driven by record underwriting and strong investment income, and double-digit growth in life income. In the quarter, tangible book value growth, our primary measure of shareholder wealth creation, was 23.7% per share from a year ago, while our annualized core operating return on tangible equity was 21% for the quarter.
"Record underwriting income on both a published and current accident year basis was supported by good premium growth and underwriting margin improvement. We produced underwriting income of $1.6 billion, up 15% from a year ago, leading to a combined ratio of 85.6%, more than a percentage point better than last year and supported by a 1.5-point improvement in the current accident year loss ratio. Adjusted investment income of nearly $1.7 billion was up almost 8%.
"Global P&C premiums grew 5.8%, or 6.4% in constant dollars. Premiums in North America were up 5.3%, excluding agriculture, with 9.1% growth in personal insurance and 4.1% growth in commercial. In our Overseas General division, premiums were up 10.2% in constant dollars, with commercial business up about 7% and consumer lines up more than 15%. Our international regions all performed well, with Asia up 12.7%, Latin America up 17.3% and Europe up 8.2%.
"The commercial P&C underwriting environment for large account retail and E&S property-related business has grown much more competitive with rates dropping though terms and conditions remain steady. On the other hand, in the middle market and small commercial P&C segment, where we are a market leader, property market conditions remain disciplined and orderly. Casualty continues to firm in all areas that require rate, retail and E&S, both large account and middle-market. We are disciplined underwriters, and our growth patterns reflect market conditions. As I observed at the beginning of the year, about 80% of our businesses globally have good growth prospects, and we are capitalizing on a wide range of opportunities. I have great confidence in our ability to grow revenue and operating income at a superior rate, CATs and FX notwithstanding."
Operating highlights for the quarter ended June 30, 2025 were as follows:
Chubb Limited
Q2
Q2
(in millions of U.S. dollars except for percentages)
2025
2024
Change
Consolidated
Net premiums written (increase of 7.1% in constant dollars)
$
14,196
$
13,360
6.3 %
P&C
Net premiums written (increase of 5.8% in constant dollars)
$
12,394
$
11,780
5.2 %
Underwriting income
$
1,631
$
1,418
15.0 %
Combined ratio
85.6 %
86.8 %
Current accident year underwriting income excluding catastrophe losses
$
2,012
$
1,806
11.4 %
Current accident year combined ratio excluding catastrophe losses
82.3 %
83.2 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 6.4% in constant dollars)
$
11,661
$
11,022
5.8 %
Underwriting income
$
1,566
$
1,383
13.2 %
Combined ratio
85.4 %
86.3 %
Current accident year underwriting income excluding catastrophe losses
$
1,946
$
1,738
12.0 %
Current accident year combined ratio excluding catastrophe losses
81.9 %
82.8 %
Life Insurance
Net premiums written (increase of 17.3% in constant dollars)
$
1,802
$
1,580
14.1 %
Segment income (increase of 15.3% in constant dollars)
$
305
$
276
10.4 %
Consolidated net premiums earned increased 6.8%, or 7.7% in constant dollars. P&C net premiums earned increased 5.7%, or 6.3% in constant dollars.
Operating cash flow was $3.55 billion and adjusted operating cash flow was $3.23 billion.
Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $630 million (5.5 percentage points of the combined ratio) and $510 million, compared with $580 million (5.4 percentage points of the combined ratio) and $482 million, last year. Total North America P&C Insurance and Overseas General pre-tax catastrophe losses were $372 million and $252 million, respectively, compared with $423 million and $157 million, last year.
Total pre-tax and after-tax favorable prior period development were $249 million and $196 million, compared with $192 million and $167 million, last year.
Total capital returned to shareholders was $1.06 billion, comprising share repurchases of $676 million at an average purchase price of $289.12 per share and dividends of $388 million.
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended June 30, 2025 are presented below:
Chubb Limited
Q2
Q2
