Chubb Ltd
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.15%.
Did CB Beat Earnings? Q4 2025 Results
Chubb delivered a standout fourth quarter to close out a record 2025, with core operating earnings of $7.52 per share beating the $6.78 consensus by 10.91% as the global insurer posted another milestone period across nearly every financial metric. Revenue came in at $13.53 billion, clearing estimates by a wide margin, though it reflected a 4.6% decline year-over-year. The single most consequential driver of the quarter's strength was underwriting discipline, with Chubb's P&C combined ratio hitting a record low of 81.2%, a sharp improvement from 85.7% a year ago, as catastrophe losses fell to $365 million from $607 million and favorable reserve development widened to $268 million. Consolidated net premiums written rose 8.9% to $13.13 billion, with life insurance premiums accelerating 16.9%. The company returned $4.91 billion to shareholders through buybacks and dividends, and CEO Evan Greenberg signaled that January 2026 renewal conditions were more favorable than anticipated, projecting double-digit EPS and tangible book value growth in the year ahead.
- Record P&C combined ratio of 81.2% in Q4, reflecting low catastrophe losses and strong current accident year performance
- Double-digit growth in underwriting and life insurance income
- Record pre-tax adjusted net investment income of $1.81 billion, up 7.3%
- Broad-based premium growth across all major segments and geographies
- Favorable prior period reserve development of $268 million in Q4
- Personal automobile net premiums written grew 28.8% in Q4
- Overseas General consumer P&C growth of 18.7% driven by Latin America, Asia, and Europe
- Core operating ROE of 15.9% in Q4 and core operating ROTE of 23.5% in Q4
- Full-year favorable prior period development of $1.133 billion
“We had a great quarter and a great year, with very strong contributions from all areas of the company. Our consistent and enduring performance speaks to the broadly diversified global nature of our company.”
Chubb CEO, on the earnings call
Forward Guidance & Outlook
CEO Greenberg indicated that January 1, 2026 renewal conditions were more favorable than anticipated and the company has had a good start to the year. He anticipates an excellent 2026 with strong growth in operating earnings and double-digit growth in EPS and tangible book value, macro conditions notwithstanding. While commercial insurance market conditions continue to grow incrementally more competitive, the company sees many opportunities for growth given its broad diversification by geography, product, customer segments, and distribution channel.
CB YoY Financials
CB Revenue by Segment
CB Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.