Companies /Financial Services
Chubb Ltd
NYSE: CB Insurance - Property & Casualty
$358.22
▲ $1.97 (+0.55%) today
Markets open · 1:10pm ET

Chubb (CB) Q2 2025 Earnings

Reported Jul 22, 2025, 4:33pm ET · SEC source
$6.14
Beat +2.91%
EPS · est. $5.97
$13.1B
Beat +4.73%
Revenue · est. $12.5B
+1.0%
Beating market
CB vs S&P since report
6 quarters
Consecutive EPS beats

How Did CB Stock React to Q2 2025 Earnings?

% change · around the report
−4%−2%0+2%Jul 22Jul 23report 4:33pm ETearnings+0.9%−2.5%
−4%−2%0+2%Jul 22Jul 23earnings+0.9%−2.5%
CB −2.5%S&P 500 +0.9%
−4%−2%0+2%Jul 22Jul 23report 4:33pm ETearnings+0.8%−2.5%
−4%−2%0+2%Jul 22Jul 23earnings+0.8%−2.5%
CB −2.5%NASDAQ +0.8%
−4%−2%0+2%Jul 21Jul 30report 4:33pm ETearnings+1.3%−4.1%
−4%−2%0+2%Jul 21Jul 30earnings+1.3%−4.1%
CB −4.1%S&P 500 +1.3%
−4%−2%0+2%Jul 21Jul 30report 4:33pm ETearnings+2.1%−4.1%
−4%−2%0+2%Jul 21Jul 30earnings+2.1%−4.1%
CB −4.1%NASDAQ +2.1%
−3.08%
Day of report
+0.01%
Next session
−1.35%
One week
+2.79%
30 days

S&P 500 over the same 30 days: +1.75%.

Did CB Beat Earnings? Q2 2025 Results

Yes. Chubb reported Q2 2025 earnings of $6.14 a share on Jul 22, 2025, beating the $5.97 consensus estimate by 2.9%. Revenue was $13.1B against a $12.5B estimate.

Chubb delivered a standout second quarter for 2025, posting core operating earnings per share of $6.14 against a consensus estimate of $5.97, a 2.91% beat, while revenue of $13.13 billion cleared the $12.53 billion estimate by 4.73%, even as reported revenue slipped 5.8% year over year. The single most compelling driver was the company's underwriting discipline, with P&C underwriting income climbing 15% to a record $1.63 billion and the combined ratio tightening to 85.6% from 86.8% a year ago. Net income surged 33.1% to $2.97 billion, aided by $1.54 billion in after-tax investment gains, while pre-tax net investment income reached a record $1.57 billion, up 6.8%. Consolidated net premiums written grew 6.3% to $14.20 billion, with particular strength in Latin America, Asia, and middle market commercial lines. CEO Evan Greenberg struck a confident tone on the outlook, noting that roughly 80% of Chubb's global businesses carry strong growth prospects, though he cautioned that large account retail and E&S property markets are facing rate pressure.

Key Takeaways
  • Record P&C underwriting income of $1.63 billion, up 15.0%, with combined ratio of 85.6%
  • Record pre-tax net investment income of $1.57 billion, up 6.8%
  • Strong premium growth in middle market and small commercial (up 8.5%) and North America personal insurance (up 9.1%)
  • Overseas General Insurance growth of 10.2% in constant dollars driven by consumer insurance (up 15.3%)
  • Life Insurance segment income up 15.3% in constant dollars
  • Current accident year loss ratio improvement of 1.5 percentage points
  • North America Personal P&C current accident year combined ratio ex-cats improved 6.4 points
  • Private equity mark-to-market gains of $435 million after-tax in Q2 2025

“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.”

Chubb CEO, on the earnings call

What Was Chubb's Outlook in Q2 2025?

CEO Greenberg expressed great confidence in the company's ability to grow revenue and operating income at a superior rate, catastrophes and foreign exchange notwithstanding. He noted that about 80% of Chubb's businesses globally have good growth prospects. The commercial P&C underwriting environment for large account retail and E&S property-related business has become more competitive with rates dropping, though terms and conditions remain steady. Middle market and small commercial P&C property conditions remain disciplined and orderly, while casualty continues to firm across all areas requiring rate increases.

CB YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$4.0B$8.0B$12.0B$13.9B$13.1BRevenue$2.2B$3.0BNet Income$2.7B$1.6BOperating Income
$0$4.0B$8.0B$12.0BRevenueNet IncomeOperating Income
CB income statement, Q2 2025 versus Q2 2024
Metric Q2 2025 Q2 2024 Year over year
Revenue $13.1B $13.9B −5.8%
Net Income $3.0B $2.2B +33.1%
Operating Income $1.6B $2.7B −39.7%

CB Revenue by Segment

North America Commercial P&C Insurance$5.7B+4.1%
Overseas General Insurance$3.6B+8.5%
Major Accounts & Specialty$3.6B+1.5%
Major accounts retail and E&S wholesale
Property and other short-tail lines$2.8B+1.9%
Overseas General - Commercial P&C
Commercial casualty$2.4B+10.9%
Middle Market and Small Commercial$2.1B+8.5%

CB Revenue by Geography

EMEA$1.5B+9.9%
Asia$1.3B+11.8%
Europe
Latin America$743.0M+6.6%

Figures from SEC filings and company reports. Not investment advice.