Reports Record Q2-2025 Operating Income
- Net income of $2.97 billion, up 33.1%; Core operating income of $2.48 billion, up 12.9%
- Consolidated net premiums written rose 6.3% to $14.2 billion
- P&C combined ratio improved to 85.6%
- Life insurance net premiums written up 14.1%
- Personal P&C in North America up 9.1%; Middle market and small commercial up 8.5%
Chubb Limited (NYSE: CB) reported strong second quarter results for 2025, posting record core operating income and solid premium growth across nearly all business lines. For the quarter ending June 30, 2025, net income was $2.97 billion ($7.35 per share), up 33.1% from the prior year, while core operating income rose 12.9% to $2.48 billion ($6.14 per share).
Chairman and CEO Evan Greenberg described the quarter as “great,” noting broad-based performance across business segments and geographies. “Most all of our businesses and regions of the world contributed to record quarterly results, illustrating the distinctive, diversified nature of our company,” he said.
Property & Casualty Results
Chubb’s global P&C net premiums written reached $12.39 billion, up 5.2%, or 5.8% in constant dollars. P&C underwriting income hit a record $1.63 billion, a 15% increase, with a combined ratio of 85.6%—an improvement of 1.2 points from Q2 2024.
Excluding catastrophe losses, current accident year P&C underwriting income was $2.01 billion, up 11.4%, with a combined ratio of 82.3%. Favorable prior-period reserve development added $249 million pre-tax to underwriting results, while catastrophe losses, net of reinsurance, totaled $630 million.
North America P&C Insurance premiums rose 4.5% to $8.39 billion. Within this:
- North America Commercial P&C grew 4.1%, with middle market and small commercial business increasing 8.5%.
- North America Personal P&C rose 9.1%, and reported a standout combined ratio of 73.5%.
- Agricultural Insurance declined 3.3%, reflecting lower commodity prices.
“The commercial P&C underwriting environment for large account retail and E&S property-related business has grown much more competitive,” Greenberg said. “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.”
Overseas General P&C premiums increased 8.5%, or 10.2% in constant dollars. This included 15.3% growth in consumer insurance and 6.8% growth in commercial lines. Growth was strongest in Latin America (+17.3%), Asia (+12.7%), and Europe (+8.2%).
Life Insurance and Investment Income
Life Insurance premiums climbed 14.1% to $1.80 billion, or 17.3% in constant dollars, with segment income up 10.4% to $305 million. Growth was led by 17.8% in International Life and 18.1% in Combined Insurance North America.
Chubb also posted record pre-tax net investment income of $1.57 billion, up 6.8%. Adjusted investment income reached $1.69 billion, a 7.9% increase.
Capital and Returns
- Return on equity (ROE) for the quarter was 17.6%
- Core operating ROE was 13.9%, while core operating ROTE stood at 21.0%
- Book value per share increased 6.1% from Q1 2025 to $174.07
- Tangible book value per share rose 8.0% to $112.64
Chubb returned $1.06 billion to shareholders through $676 million in share repurchases (at an average price of $289.12 per share) and $388 million in dividends.
Outlook
Greenberg concluded, “We are disciplined underwriters, and our growth patterns reflect market conditions. 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.”
For a detailed financial breakdown by segment, including disclosures on reserves, investment portfolio, and reinsurance, refer to Chubb’s financial supplement available at investors.chubb.com.
