Chubb Limited reported fourth‑quarter 2025 results that surpassed expectations, delivering net income of $3.21 billion and earnings per share of $8.10. Core operating income reached $2.98 billion, with a core operating EPS of $7.52, representing year‑over‑year increases of 24.7% and 21.7% respectively. The quarter’s performance followed a strong third‑quarter, where net income was $2.80 billion and operating EPS was $7.49, underscoring a clear acceleration in profitability.
Premium activity was robust: consolidated net premiums written rose 8.9% to $13.1 billion, with property‑and‑casualty premiums up 7.7% and life‑insurance premiums up 16.9%. The property‑and‑casualty combined ratio improved to a record 81.2%, while the full‑year ratio settled at 85.7%. Investment gains of $288 million lifted book value per share to $188.59 and tangible book value to $126.22.
Full‑year 2025 figures were equally impressive. Net income totaled $10.31 billion and core operating income reached $9.95 billion, with consolidated net premiums written of $54.8 billion, a 6.6% year‑over‑year rise. Full‑year earnings per share were $25.68, and core operating EPS was $24.79.
The earnings beat was driven by a combination of underwriting strength, disciplined cost management, and favorable investment returns. Lower catastrophe losses and efficient underwriting lowered the property‑and‑casualty loss ratio, while life‑insurance premium growth reflected higher pricing and new product launches. Investment income benefited from a strong market environment and a well‑diversified portfolio.
Looking ahead, CEO Evan Greenberg expressed confidence in 2026, forecasting double‑digit growth in operating earnings and tangible book value. Management projected adjusted net investment income for the first quarter of 2026 between $1.81 billion and $1.84 billion, signaling continued strength in the investment portfolio. The company also returned $4.91 billion to shareholders through share repurchases and dividends.
Headwinds remain in the commercial insurance market, where competition is intensifying, but management highlighted opportunities in diversified geography and distribution channels. Tailwinds include lower catastrophe losses and robust investment income, reinforcing the company’s resilient balance sheet.
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