Chubb Reporte Second Quarter Per Share Net Income of $7.35, Up 34.6%, and Record Per Share Core Operating Income of $6.14, Up 14.1%; Consolidated Net Premiums Written of $14.2 Billion, Up 6.3%, or 7.1% in Constant Dollars, with P&C and Life Insurance

• Net income was $2.97 billion, up 33.1%, and core operating income was a record $2.48 billion, up 12.9%.
• P&C net premiums written were $12.39 billion, up 5.2%, or 5.8% in constant dollars.
  • Global P&C net premiums written, which exclude Agriculture, were up 5.8%, or 6.4% in constant dollars.
    • North America was up 5.3%, including growth of 9.1% in personal insurance and 4.1% in commercial insurance. Middle market and small commercial were up 8.5%, with P&C lines up 10.2% and financial lines up 2.7%, and major accounts retail and specialty were up 1.5%, including property-related lines down 4.2%, casualty up 12.0% and financial lines up 4.4%.
    • Overseas General was up 8.5%, or 10.2% in constant dollars, including growth of 15.3% in consumer insurance and 6.8% in commercial insurance; Latin America, Asia, and Europe, were up 17.3%, 12.7% and 8.2%, respectively.
  • North America Agriculture was down 3.3%, driven by lower commodity prices.
• P&C underwriting income was a record $1.63 billion, up 15.0%, with a combined ratio of 85.6%. P&C current accident year underwriting income excluding catastrophe losses was a record $2.01 billion, up 11.4% over prior year, with a combined ratio of 82.3%.
• Life Insurance net premiums written were $1.80 billion, up 14.1%, or 17.3% in constant dollars, and segment income was $305 million, up 10.4%, or 15.3% in constant dollars.
• Pre-tax net investment income was a record $1.57 billion, up 6.8%, and adjusted net investment income was $1.69 billion, up 7.9%.
• Annualized return on equity (ROE) was 17.6%. Annualized core operating return on tangible equity (ROTE) was 21.0% and annualized core operating ROE was 13.9%.

Chubb Limited (NYSE: CB) has reported net income for the quarter ended June 30, 2025 of $2.97 billion, or $7.35 per share, and core operating income of $2.48 billion, or $6.14 per share. Book value per share and tangible book value per share increased 6.1% and 8.0%, respectively, from March 31, 2025 and now stand at $174.07 and $112.64. Book value was favorably impacted by after-tax net realized and unrealized gains of $1.54 billion in Chubb's investment portfolio and $700 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 3.4% and 4.5%, from March 31, 2025.

For the six months ended June 30, 2025, net income was $4.30 billion, or $10.63 per share, and core operating income was $3.97 billion, or $9.82 per share. Book value per share and tangible book value per share increased 9.0% and 12.2%, from December 31, 2024. Book value was favorably impacted by after-tax net realized and unrealized gains of $2.37 billion in Chubb's investment portfolio and $1.00 billion of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 4.4% and 6.1%, from December 31, 2024.

For the six months ended June 30, 2025 and 2024, the tax expenses (benefits) related to the table above were $55 million and $(76) million, respectively, for adjusted net realized gains and losses and other; $(16) million and nil for market risk benefits gains and losses; and $937 million and $960 million for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "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.

"We produced a record $2.5 billion in core operating income, up nearly 13% from a year ago, with operating EPS up 14%, driven by record underwriting and strong investment income, and double-digit growth in life income. In the quarter, tangible book value growth, our primary measure of shareholder wealth creation, was 23.7% per share from a year ago, while our annualized core operating return on tangible equity was 21% for the quarter.

"Record underwriting income on both a published and current accident year basis was supported by good premium growth and underwriting margin improvement. We produced underwriting income of $1.6 billion, up 15% from a year ago, leading to a combined ratio of 85.6%, more than a percentage point better than last year and supported by a 1.5-point improvement in the current accident year loss ratio. Adjusted investment income of nearly $1.7 billion was up almost 8%.

"Global P&C premiums grew 5.8%, or 6.4% in constant dollars. Premiums in North America were up 5.3%, excluding agriculture, with 9.1% growth in personal insurance and 4.1% growth in commercial. In our Overseas General division, premiums were up 10.2% in constant dollars, with commercial business up about 7% and consumer lines up more than 15%. Our international regions all performed well, with Asia up 12.7%, Latin America up 17.3% and Europe up 8.2%.

"The commercial P&C underwriting environment for large account retail and E&S property-related business has grown much more competitive with rates dropping though terms and conditions remain steady. On the other hand, in the middle market and small commercial P&C segment, where we are a market leader, property market conditions remain disciplined and orderly. Casualty continues to firm in all areas that require rate – retail and E&S, both large account and middle-market. We are disciplined underwriters, and our growth patterns reflect market conditions. As I observed at the beginning of the year, about 80% of our businesses globally have good growth prospects, and we are capitalizing on a wide range of opportunities. I have great confidence in our ability to grow revenue and operating income at a superior rate, CATs and FX notwithstanding."

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