Net income per share was $8.10, up 28.0%, and core operating income per share was $7.52, up 24.9%. Both were records.
P&C net premiums written were $11.31 billion, up 7.7%. North America was up 6.6%, including growth of 6.7% in commercial insurance and 6.1% in personal insurance. Overseas General was up 10.8%, including growth of 18.7% in consumer insurance and 5.6% in commercial insurance; Latin America, Asia, and Europe were up 14.7%, 13.0%, and 7.2%, respectively.
P&C underwriting income was $2.20 billion, up 39.6%, with a record low combined ratio of 81.2%. P&C current accident year underwriting income excluding catastrophe losses was a record $2.29 billion, up 16.5%, with a record low combined ratio of 80.4%.
Total pre-tax catastrophe losses were $365 million compared with $607 million last year. Total pre-tax favorable prior period development was $268 million compared with $213 million last year.
Life Insurance net premiums written were $1.83 billion, up 16.9%, and segment income was $322 million, up 19.3%.
Pre-tax net investment income was $1.69 billion, up 8.0%, and adjusted net investment income was $1.81 billion, up 7.3%. Both were records.
Annualized return on equity (ROE) was 17.6%. Annualized core operating return on tangible equity (ROTE) was 23.5% and annualized core operating ROE was 15.9%.
YEAR
Net income per share was $25.68, up 13.1%, and core operating income per share was $24.79, up 10.8%. Both were records.
P&C net premiums written were $47.56 billion, up 5.4%. North America was up 4.7%, including growth of 7.5% in personal insurance and 3.9% in commercial insurance. Overseas General was up 7.5%, including growth of 11.0% in consumer insurance and 5.2% in commercial insurance; Asia, Latin America, and Europe were up 10.7%, 6.3%, and 5.9%, respectively.
P&C underwriting income was a record $6.53 billion, up 11.6%, with a record low combined ratio of 85.7%. P&C current accident year underwriting income excluding catastrophe losses was a record $8.32 billion, up 12.7%, with a record low combined ratio of 81.9%.
Total pre-tax catastrophe losses were $2.92 billion compared with $2.39 billion last year. Total pre-tax favorable prior period development was $1.13 billion compared with $856 million last year.
Life Insurance net premiums written were $7.28 billion, up 15.1%, and segment income was a record $1.24 billion, up 13.1%.
Pre-tax net investment income was $6.47 billion, up 9.0%, and adjusted net investment income was $6.95 billion, up 9.0%. Both were records.
ROE was 15.0%. Core operating ROTE was 20.5% and core operating ROE was 13.7%.
ZURICH, Feb. 3, 2026 /PRNewswire/ --Chubb Limited (NYSE:CB) today reported net income for the quarter ended December 31, 2025 of $3.21 billion, or $8.10 per share, and core operating income of $2.98 billion, or $7.52 per share. Book value per share and tangible book value per share increased 3.5% and 5.1%, respectively, from September 30, 2025 and now stand at $188.59 and $126.22. Book value was favorably impacted by after-tax net realized and unrealized gains of $288 million in Chubb's investment portfolio. Book value per share and tangible book value per share excluding AOCI increased 3.4% and 4.8%, from September 30, 2025.
Chubb LimitedFourth Quarter Summary(in millions of U.S. dollars, except per share amounts and ratios)(Unaudited)
(Per Share)
Q4
2025
Q4
2024
Change
2025
2024
Change
Net income
$3,210
$2,575
24.7 %
$8.10
$6.33
28.0 %
Adjusted net realized (gains) losses and other,
net of tax
(351)
(41)
NM
(0.89)
(0.11)
NM
Integration expenses and severance, net of tax
58
15
NM
0.15
0.04
NM
Market risk benefits (gains) losses, net of tax
32
(98)
NM
0.08
(0.24)
NM
Amortization of deferred tax asset from Bermuda law
33
-
NM
0.08
-
NM
Core operating income, net of tax
$2,982
$2,451
21.7 %
$7.52
$6.02
24.9 %
Annualized return on equity (ROE)
17.6 %
15.9 %
Core operating return on tangible equity (ROTE)
23.5 %
22.0 %
Core operating ROE
15.9 %
14.3 %
For the year ended December 31, 2025, net income was $10.31 billion, or $25.68 per share, and core operating income was $9.95 billion, or $24.79 per share. Book value per share and tangible book value per share increased 18.0% and 25.7%, from December 31, 2024. Book value was favorably impacted by after-tax net realized and unrealized gains of $3.54 billion in Chubb's investment portfolio and $724 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 11.0% and 15.5%, from December 31, 2024.
Chubb LimitedFull Year Summary(in millions of U.S. dollars, except per share amounts and ratios)(Unaudited)
(Per Share)
FY
2025
FY
2024
Change
2025
2024
Change
Net income
$10,310
$9,272
11.2 %
$25.68
$22.70
13.1 %
Adjusted net realized (gains) losses and other,
net of tax
(786)
(247)
NM
(1.96)
(0.61)
NM
Integration expenses and severance, net of tax
61
32
90.6 %
0.15
0.08
87.5 %
Market risk benefits (gains) losses, net of tax
245
140
75.0 %
0.61
0.34
79.4 %
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law
124
(55)
NM
0.31
(0.13)
NM
Core operating income, net of tax
$9,954
$9,142
8.9 %
$24.79
$22.38
10.8 %
Annualized return on equity (ROE)
15.0 %
15.0 %
Core operating return on tangible equity (ROTE)
20.5 %
21.5 %
Core operating ROE
13.7 %
13.8 %
For the years ended December 31, 2025 and 2024, the tax expenses (benefits) related to the table above were $(54) million and $(141) million, respectively for adjusted net realized gains and losses and other; $(17) million and $(7) million for integration expenses and severance; $(43) million and nil for market risk benefits gains and losses, and $2.40 billion and $2.01 billion for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "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.
"For the quarter, double-digit growth in underwriting and life income, together with record investment income, led to operating income increasing 21.7% and on a per share basis up almost 25%. Total company net premiums grew nearly 9%, with P&C up 7.7% and Life up about 17%. This was, in fact, a faster growth rate than our full-year average of 6.6%. P&C underwriting income was up 40% to $2.2 billion with a record combined ratio of 81.2%, supported by low CATs, strong prior period reserve development and a record low current accident year combined ratio of 80.4%, reflecting the strength of our businesses from around the globe. Adjusted investment income was up 7.3% to $1.8 billion, and life income was up 19.3%.
"Our full-year results in virtually every category were the best in our company's history. Record operating income was just shy of $10 billion, or $24.79 per share, up about 9% and 11%, respectively. All three major sources of income for our company produced record results last year: P&C underwriting income was up 11.6% with an all-time-low combined ratio of 85.7%. Adjusted investment income rose 9%, with strong returns in both our public fixed income and private portfolios. Life insurance income was up over 13%. Notably, these results were achieved in spite of full-year CAT losses being modestly higher than prior year, substantially driven by the California wildfires in the first quarter.
"For the year, again, we grew total company premiums over 6.5%, with P&C up about 5.5%, including growth of 9.2% in personal insurance and 4.0% in commercial insurance, and life up over 15%. Our core operating ROE was 13.7% and our return on tangible equity was 20.5%. Per-share book and tangible book value, our most important measures of wealth creation, grew 18% and 25.7%, respectively.
"While commercial insurance market conditions continue to grow incrementally more competitive, we see many opportunities for growth given our broad diversification by geography, product, commercial and consumer customer segments and distribution channel. In fact, at January 1, conditions were a bit more favorable than we had anticipated, and while early, we've had a good start to the year. We anticipate an excellent '26 with strong growth in operating earnings and double-digit growth in EPS and tangible book value, macro conditions notwithstanding."
Operating highlights for the quarter ended December 31, 2025 were as follows:
Chubb Limited
Q4
Q4
(in millions of U.S. dollars except for percentages)
2025
2024
Change
Consolidated
Net premiums written (increase of 8.3% in constant dollars)
$
13,134
$
12,058
8.9 %
P&C
Net premiums written (increase of 6.9% in constant dollars)
$
11,309
$
10,497
7.7 %
Underwriting income
$
2,197
$
1,575
39.6 %
Combined ratio
81.2 %
85.7 %
Current accident year underwriting income excluding catastrophe losses
$
2,294
$
1,969
16.5 %
Current accident year combined ratio excluding catastrophe losses
80.4 %
82.2 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 5.7% in constant dollars)
$
10,850
$
10,180
6.6 %
Underwriting income
$
1,979
$
1,448
36.8 %
Combined ratio
82.1 %
86.2 %
Current accident year underwriting income excluding catastrophe losses
$
2,130
$
1,917
11.2 %
Current accident year combined ratio excluding catastrophe losses
80.9 %
81.7 %
Life Insurance
Net premiums written (increase of 18.3% in constant dollars)
$
1,825
$
1,561
16.9 %
Segment income (increase of 22.1% in constant dollars)
$
322
$
270
19.3 %
Consolidated net premiums earned increased 7.4%, or 6.8% in constant dollars. P&C net premiums earned increased 6.2% or 5.3% in constant dollars.
Operating cash flow was $4.06 billion and adjusted operating cash flow was $4.17 billion.
Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $365 million (3.0 percentage points of the combined ratio) and $292 million, compared with $607 million (5.5 percentage points of the combined ratio) and $515 million, last year.
Total pre-tax and after-tax favorable prior period development were $268 million and $220 million, compared with $213 million and $196 million, last year.
Total capital returned to shareholders was $1.48 billion, comprising share repurchases of $1.10 billion at an average purchase price of $282.96 per share and dividends of $381 million.
Operating highlights for the year ended December 31, 2025 were as follows:
Chubb Limited
FY
FY
(in millions of U.S. dollars except for percentages)
2025
2024
Change
Consolidated
Net premiums written (increase of 7.0% in constant dollars)
$
54,842
$
51,468
6.6 %
P&C
Net premiums written (increase of 5.6% in constant dollars)
$
47,563
$
45,142
5.4 %
Underwriting income
$
6,528
$
5,850
11.6 %
Combined ratio
85.7 %
86.6 %
Current accident year underwriting income excluding catastrophe losses
$
8,316
$
7,381
12.7 %
Current accident year combined ratio excluding catastrophe losses
81.9 %
83.1 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 5.4% in constant dollars)
$
44,637
$
42,439
5.2 %
Underwriting income
$
6,011
$
5,496
9.4 %
Combined ratio
86.0 %
86.6 %
Current accident year underwriting income excluding catastrophe losses
$
7,896
$
7,071
11.7 %
Current accident year combined ratio excluding catastrophe losses
81.7 %
82.7 %
