P&C net premiums written were $12.93 billion, up 5.3%. North America was up 4.4%, including growth of 8.1% in personal insurance and 3.5% in commercial insurance, or 6.2% adjusting for the impact of two non-recurring items that benefited 2024. Overseas General was up 9.7%, including growth of 15.5% in consumer insurance and 5.8% in commercial insurance; Asia, Latin America, and Europe were up 14.3%, 10.6% and 4.8%, respectively.
P&C underwriting income was a record $2.26 billion, up 55.0%, with a record combined ratio of 81.8%. P&C current accident year underwriting income excluding catastrophe losses was a record $2.18 billion, up 10.3% over prior year, with a combined ratio of 82.5%.
Total pre-tax catastrophe losses in the quarter were $285 million compared with $765 million last year, and $2.56 billion for the nine months compared with $1.78 billion last year.
Total pre-tax favorable prior period development was $361 million compared with $244 million last year.
Life Insurance net premiums written were $1.93 billion, up 24.6%, and segment income was $324 million, up 14.2%.
Pre-tax net investment income was $1.65 billion, up 9.3%, and adjusted net investment income was $1.78 billion, up 8.3%. Both were records.
Annualized return on equity (ROE) was 15.9%. Annualized core operating return on tangible equity (ROTE) was 24.5% and annualized core operating ROE was 16.3%.
ZURICH, Oct. 21, 2025 /PRNewswire/ -- Chubb Limited (NYSE:CB) today reported net income for the quarter ended September 30, 2025 of $2.80 billion, or $6.99 per share, and core operating income of $3.00 billion, or $7.49 per share. Book value per share and tangible book value per share increased 4.7% and 6.6%, respectively, from June 30, 2025 and now stand at $182.22 and $120.13. Book value was favorably impacted by after-tax net realized and unrealized gains of $884 million in Chubb's investment portfolio. Book value per share and tangible book value per share excluding AOCI increased 2.8% and 3.8%, from June 30, 2025.
Chubb Limited
Third Quarter Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2025
2024
Change
2025
2024
Change
Net income
$2,801
$2,324
20.5 %
$6.99
$5.70
22.6 %
Adjusted net realized (gains) losses and other,
net of tax
46
(220)
NM
0.11
(0.54)
NM
Market risk benefits (gains) losses, net of tax
120
230
(47.8) %
0.30
0.56
(46.4) %
Amortization of deferred tax asset from Bermuda law
36
-
NM
0.09
-
NM
Core operating income, net of tax
$3,003
$2,334
28.7 %
$7.49
$5.72
30.9 %
Annualized return on equity (ROE)
15.9 %
14.7 %
Core operating return on tangible equity (ROTE)
24.5 %
21.7 %
Core operating ROE
16.3 %
13.9 %
For the nine months ended September 30, 2025, net income was $7.10 billion, or $17.61 per share, and core operating income was $6.97 billion, or $17.29 per share. Book value per share and tangible book value per share increased 14.1% and 19.7%, from December 31, 2024. Book value was favorably impacted by after-tax net realized and unrealized gains of $3.25 billion in Chubb's investment portfolio and $963 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 7.3% and 10.1%, from December 31, 2024.
Chubb Limited
Nine Months Ended Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2025
2024
Change
2025
2024
Change
Net income
$7,100
$6,697
6.0 %
$17.61
$16.38
7.5 %
Adjusted net realized (gains) losses and other,
net of tax
(432)
(189)
128.6 %
(1.07)
(0.46)
132.6 %
Market risk benefits (gains) losses, net of tax
213
238
(10.5) %
0.53
0.58
(8.6) %
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law
91
(55)
NM
0.22
(0.14)
NM
Core operating income, net of tax
$6,972
$6,691
4.2 %
$17.29
$16.36
5.7 %
Annualized return on equity (ROE)
13.9 %
14.3 %
Core operating return on tangible equity (ROTE)
19.5 %
21.3 %
Core operating ROE
13.0 %
13.5 %
For the nine months ended September 30, 2025 and 2024, the tax expenses (benefits) related to the table above were $50 million and $(76) million, respectively, for adjusted net realized gains and losses and other; $(38) million and nil for market risk benefits gains and losses; and $1.71 billion and $1.46 billion for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "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. Our core operating EPS was also a record, $7.49 per share, up 31%.
"Underwriting income on both a published and current accident year ex-catastrophe basis was supported by solid premium growth and underwriting margin improvement. Published underwriting income of $2.3 billion was up 55% from a year ago, with a record combined ratio of 81.8% -- about six percentage points better than a year earlier. While we benefited from light CAT losses in the quarter, the real story is our underlying underwriting results, which were excellent, and very strong prior period reserve development. Current accident year underwriting income excluding CATs was a record $2.2 billion, up 10%, with a combined ratio of 82.5%, nearly a full-point improvement from prior year, with most all of it coming from loss ratio improvement.
"Adjusted net investment income of $1.8 billion was up 8.3%. Financial, economic and fiscal conditions favor continued attractive fixed income and alternative investment portfolio returns on our growing invested asset.
"Total company premiums grew 7.5%, with P&C up 5.3% and life up over 24.5%. All businesses and regions of the world contributed to growth. North America was up 4.4%, including growth of 8.1% in personal insurance and 3.5% in commercial, or 6.2% excluding the impact of two items that benefited the prior year. Overseas General was up 9.7%, including growth of 15.5% in consumer insurance and 5.8% in commercial insurance; Asia, Latin America and Europe were up 14.3%, 10.6% and 4.8%, respectively. Our balance of business and deep local presence provides us a wide range of opportunities around the world, which supports long-term, profitable growth, and it gives us additional freedom to manage a transitioning commercial P&C cycle with discipline.
"In the quarter, we increased share buybacks since our stock is trading well below intrinsic value. Given our earning power, increased buyback activity will continue, while at the same time we build additional capital and our invested asset base.
"In sum, Chubb's fundamentals and our positioning are excellent, and our balance sheet, starting with our loss reserves, has never been stronger. I am confident we will maintain superior earnings growth, including double-digit growth in EPS, book and tangible book value, with core operating ROE increasing to 14% plus over the medium term, CATs and FX notwithstanding."
Operating highlights for the quarter ended September 30, 2025 were as follows:
Chubb Limited
Q3
Q3
(in millions of U.S. dollars except for percentages)
2025
2024
Change
Consolidated
Net premiums written (increase of 6.8% in constant dollars)
$
14,866
$
13,829
7.5 %
P&C
Net premiums written (increase of 4.7% in constant dollars)
$
12,934
$
12,277
5.3 %
Underwriting income
$
2,259
$
1,457
55.0 %
Combined ratio
81.8 %
87.7 %
Current accident year underwriting income excluding catastrophe losses
$
2,183
$
1,978
10.3 %
Current accident year combined ratio excluding catastrophe losses
82.5 %
83.4 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 4.6% in constant dollars)
$
11,476
$
10,898
5.3 %
Underwriting income
$
2,079
$
1,321
57.3 %
Combined ratio
81.0 %
87.3 %
Current accident year underwriting income excluding catastrophe losses
$
2,029
$
1,819
11.4 %
Current accident year combined ratio excluding catastrophe losses
81.6 %
82.6 %
Life Insurance
Net premiums written (increase of 23.5% in constant dollars)
$
1,932
$
1,552
24.6 %
Segment income (increase of 13.9% in constant dollars)
$
324
$
284
14.2 %
Consolidated net premiums earned increased 7.4%, or 6.6% in constant dollars. P&C net premiums earned increased 5.0%, or 4.2% in constant dollars.
Operating cash flow was $3.64 billion and adjusted operating cash flow was $4.51 billion.
Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, in the quarter were $285 million (2.3 percentage points of the combined ratio) and $226 million, compared with $765 million (6.4 percentage points of the combined ratio) and $629 million, last year. Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, for the nine months were $2.56 billion (7.4 percentage points of the combined ratio) and $2.04 billion, compared with $1.78 billion (5.5 percentage points of the combined ratio) and $1.46 billion, last year.
Total pre-tax and after-tax favorable prior period development were $361 million and $238 million, compared with $244 million and $181 million, last year.
Total capital returned to shareholders in the quarter was $1.62 billion, comprising share repurchases of $1.23 billion at an average purchase price of $277.67 per share and dividends of $385 million. Total capital returned to shareholders for the nine months was $3.43 billion, comprising share repurchases of $2.29 billion at an average purchase ...
