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Chubb (CB) FY2025 results: revenue $59.4 billion, up 6.5% on the year

Chubb Ltd. (CB) reported revenue of $59.4 billion for fiscal 2025, the year ended 31 December 2025, up 6.5% on the year before. Net income was $10.3 billion, up 11.2%, and diluted earnings per share $25.68. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$59.4 billion
+6.5% on the year
FY2018FY2025
Operating margin
22.0%
20.5% a year earlier
FY2018FY2025
Net income
$10.3 billion
+11.2% on the year
FY2018FY2025
Diluted EPS
$25.68
+13.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 new.

  • Per-share income reached records: Net income per share was $8.10 and core operating income per share was $7.52, up 28.0% and 24.9%. Management described both as records for the quarter.
  • P&C underwriting income rose 39.6%: P&C underwriting income was $2.20 billion, compared with $1.58 billion a year earlier. Management attributed the result to low catastrophe losses and prior period reserve development.
  • Current-year underwriting excluding catastrophes: Current accident year underwriting income excluding catastrophe losses was $2.29 billion, up 16.5%. Its combined ratio was 80.4%, against 82.2% a year earlier.
  • Commercial market growing more competitive: Management said commercial market conditions continue to grow incrementally more competitive. It cited growth from diversification by geography, product, customer segment and channel.
  • Quarterly capital returned $1.48 billion: Share repurchases were $1.10 billion at an average price of $282.96 per share. Dividends were $381 million for the quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

Chubb Limited is a Swiss-incorporated holding company, headquartered in Zurich, sitting above a global insurance and reinsurance group. It writes commercial and consumer property and casualty cover, personal accident and supplemental health, reinsurance, and life insurance, in 54 countries and territories. It was incorporated in 1985, opening its first office in Bermuda that year, and it still operates there.

Chubb Ltd., the 10-K for 2025

Chubb Limited is a Swiss-incorporated holding company, headquartered in Zurich, sitting above a global insurance and reinsurance group. It writes commercial and consumer property and casualty cover, personal accident and supplemental health, reinsurance, and life insurance, in 54 countries and territories. It was incorporated in 1985, opening its first office in Bermuda that year, and it still operates there.

What it writes

On the commercial side, insurance alongside risk management programmes, loss control, engineering and complex claims handling. The specialist lines run from directors and officers cover and financial lines through various speciality-casualty and umbrella and excess casualty lines, to niche areas including aviation and energy. On the consumer side, homeowners, motor, valuables, umbrella liability and recreational marine. In selected countries it also sells personal accident, supplemental health and life insurance to individuals.

Where the money comes from

The filing names three sources of earnings and it is worth reading them as three separate businesses: property and casualty underwriting income, investment income, and life segment income.

How it says it underwrites

This is the part of Chubb's filing that reads least like boilerplate, so it is worth reporting as the company puts it. Chubb describes itself as an underwriting company that emphasises quality of underwriting rather than volume of business or market share, and states that its underwriting strategy is to manage risk through consistent, disciplined pricing and risk selection. It says that approach, together with writing a number of less cyclical product lines, has given it flexibility and stability through market cycles.

The machinery behind that claim, again as the company sets it out: clearly defined underwriting authorities, standards and guidelines in each local operation and global profit centre, with an underwriting audit function; global product boards to keep the approach consistent across countries; and a business review structure intended to control risk quality and the use of policy limits, terms and conditions. The company states its long-term strategy focuses on sustained growth in book value through a combination of underwriting and investment results.

How it got this shape

Chubb says it has grown through higher premium volume, wider product range, wider geography, and acquisitions. Two are named. In 2022 it bought Cigna's business in several Asian markets, which expanded the personal accident, supplemental health and life side. Then on 1 July 2023 a series of incremental purchases gave it a controlling majority of Huatai Insurance Group, a Chinese financial services holding company with separate property and casualty, life and asset management subsidiaries. At the end of 2025 its ownership of Huatai Group stood at about 87.2 percent.

From Chubb's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue59,40255,75349,735+6.5%
Operating income13,04411,4559,526+13.9%
Operating margin22.0%20.5%19.2%
Interest expense764741672+3.1%
Pre-tax income13,04411,4559,526+13.9%
Income tax2,4221,815511+33.4%
Effective tax rate18.6%15.8%5.4%
Net income10,3109,2729,028+11.2%
Net margin17.4%16.6%18.2%
Diluted EPS$25.68$22.70$21.80+13.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow12,81616,18212,632-20.8%
Cash from investing-11,260-13,923-7,648
Cash from financing-1,850-2,181-4,489
Buybacks3,6941,8012,411+105.1%
Dividends paid1,5051,4361,394+4.8%
Dividend per share$3.82$3.59$3.41+6.4%
Diluted shares, weighted402m408m414m-1.7%
Shares outstanding at period end391m401m405m-2.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity73,75764,02159,507+15.2%
Non-controlling interest6,0224,3734,184+37.7%
Short-term borrowings1,4998001,460+87.4%
Debt15,72814,37913,035+9.4%
Other liabilities175,321162,975152,496+7.6%
Total liabilities and equity272,327246,548230,682+10.5%
Fixed assets3,5003,1002,900+12.9%
Goodwill20,20719,57919,686+3.2%
Intangible assets6,2416,3776,775-2.1%
Securities held for sale or to maturity122,680110,363106,571+11.2%
Loans2,4112,6282,553-8.3%
Cash and equivalents2,4702,5492,621-3.1%
Other assets114,818101,95289,576+12.6%
Total assets272,327246,548230,682+10.5%

10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.