Companies /Financial Services

Chubb Ltd

NYSE: CB Insurance - Property & Casualty
$338.31
▼ $5.46 (−1.59%) today
Markets closed · 3:37am ET

Q3 2025 Earnings

Reported Oct 21, 2025, 4:19pm ET · SEC source
$7.49
Beat +21.78%
EPS · est. $6.15
$14.4B
Beat +10.93%
Revenue · est. $12.9B
+9.2%
Beating market
CB vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−1%0+1%+2%Oct 21Oct 22report 4:19pm ETearnings−0.5%+1.1%
−1%0+1%+2%Oct 21Oct 22earnings−0.5%+1.1%
CB +1.1%S&P 500 −0.5%
−1%0+1%Oct 21Oct 22report 4:19pm ETearnings−0.8%+1.1%
−1%0+1%Oct 21Oct 22earnings−0.8%+1.1%
CB +1.1%NASDAQ −0.8%
0+2%+4%Oct 20Oct 29report 4:19pm ETearnings+2.2%+3.2%
0+2%+4%Oct 20Oct 29earnings+2.2%+3.2%
CB +3.2%S&P 500 +2.2%
−2%0+2%+4%Oct 20Oct 29report 4:19pm ETearnings+3.9%+3.2%
−2%0+2%+4%Oct 20Oct 29earnings+3.9%+3.2%
CB +3.2%NASDAQ +3.9%
+2.70%
Day of report
+2.32%
Next session
+0.54%
One week
+7.87%
30 days

S&P 500 over the same 30 days: −1.31%.

Did CB Beat Earnings? Q3 2025 Results

Chubb delivered a blowout third quarter for the three months ending September 2025, posting core operating earnings per share of $7.49, a 21.78% beat against the $6.15 consensus estimate, while revenue of $14.36 billion cleared expectations by 10.93% despite slipping 4.9% year-over-year. The driving force behind the outperformance was a record P&C combined ratio of 81.8%, roughly six points better than the prior year, reflecting both lighter catastrophe losses of $285 million pre-tax and robust underlying underwriting discipline that lifted current accident year income excluding catastrophes by 10.3% to a record $2.18 billion. Record adjusted net investment income of $1.78 billion and a 24.6% surge in life insurance premiums added further breadth to the quarter's strength. Looking ahead, CEO Evan Greenberg signaled confidence in sustaining double-digit EPS and book value growth, with accelerated share buybacks expected given what management views as a stock trading below intrinsic value. The results arrive alongside a planned leadership transition, with President and COO John Keogh set to assume additional responsibility for North America Insurance following a senior retirement at year-end.

Key Takeaways
  • Record P&C combined ratio of 81.8%, improving nearly six percentage points year-over-year
  • Significantly lower catastrophe losses of $285 million pre-tax vs. $765 million in prior year
  • Favorable prior period reserve development of $361 million pre-tax vs. $244 million prior year
  • Record adjusted net investment income of $1.776 billion, up 8.3%
  • Broad-based premium growth across all segments and geographies
  • Current accident year loss ratio improvement driving underwriting margin expansion
  • Strong life insurance premium growth of 24.6% driven by international life

“We had a simply outstanding quarter. The results again put a point on the broad-based, diversified nature of our company geographically, by customer segment both and within commercial and consumer, by product and distribution channel. Core operating income of $3 billion was a record, up 29%, driven by record underwriting and investment income and double-digit growth in life income.”

Chubb CEO, on the earnings call

Forward Guidance & Outlook

CEO Evan Greenberg expressed confidence that Chubb will maintain superior earnings growth, including double-digit growth in EPS, book value, and tangible book value, with core operating ROE increasing to 14% plus over the medium term, catastrophes and foreign exchange notwithstanding. He noted that financial, economic, and fiscal conditions favor continued attractive fixed income and alternative investment portfolio returns on Chubb's growing invested asset base. Greenberg also signaled that increased share buyback activity will continue given the company's earning power and the stock trading below intrinsic value.

CB YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$5.0B$10.0B$15.0B$15.1B$14.4BRevenue$2.3B$2.8BNet Income$3.0B$2.3BOperating Income
$0$5.0B$10.0B$15.0BRevenueNet IncomeOperating Income

CB Revenue by Segment

North America Commercial P&C Insurance$5.7B+2.9%
Overseas General Insurance$3.7B+9.7%
Major Accounts & Specialty
Major accounts retail and E&S wholesale$3.4B+2.5%
Property and other short-tail lines$2.4B+4.9%
Overseas General - Commercial P&C$2.1B+5.8%
Commercial casualty$2.6B+3.1%
Life Insurance$1.9B+24.6%

CB Revenue by Geography

EMEA
Asia$1.5B+14.3%
Europe$1.4B+4.8%
Latin America$775.0M+10.6%

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