A great quarter caps off a great year for the insurer
Chubb Limited said it earned $3.21 billion in net income in the fourth quarter of 2025, up 24.7% from a year earlier, and reported core operating income of $2.98 billion, up 21.7%, as underwriting income, life income, and investment income increased.
In prepared remarks, CEO Evan G. Greenberg said: “We had a great quarter and a great year, with very strong contributions from all areas of the company.” He said 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.”
“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%”
A look at some of the key results
For the full year, Chubb reported record net income of $10.31 billion, up 11.2%, and record core operating income of $9.95 billion, up 8.9%. The insurer also posted what it described as record low property-and-casualty combined ratios for both the quarter and the year.
In the quarter, Chubb said net income was $8.10 per share, up 28.0%, while core operating income was $7.52 per share, up 24.9%. The company said both per-share results were records.
Premiums grew across both major businesses. Chubb reported consolidated net premiums written of $13.13 billion, up 8.9%. P&C net premiums written were $11.31 billion, up 7.7%, and life insurance net premiums written were $1.83 billion, up 16.9%.
Within P&C, Chubb said North America net premiums written rose 6.6%, including 6.7% growth in commercial insurance and 6.1% growth in personal insurance. Overseas General net premiums written increased 10.8%, including growth of 18.7% in consumer insurance and 5.6% in commercial insurance. The company also reported growth by region in Overseas General, with Latin America up 14.7%, Asia up 13.0%, and Europe up 7.2%.
Underwriting results improved sharply. Chubb reported P&C underwriting income of $2.20 billion, up 39.6%, and a P&C combined ratio of 81.2%, which it described as a record low. Excluding catastrophe losses, the company reported current accident year underwriting income of $2.29 billion, up 16.5%, and a current accident year combined ratio excluding catastrophe losses of 80.4%, also described as a record low.
Catastrophe losses were lower in the quarter. Chubb reported total pre-tax catastrophe losses of $365 million, compared with $607 million in the prior-year quarter. The company reported total pre-tax favorable prior period development of $268 million, compared with $213 million a year earlier.
Chubb said investment results also reached records. It reported pre-tax net investment income of $1.69 billion, up 8.0%, and adjusted net investment income of $1.81 billion, up 7.3%, which it said were both records. In life insurance, Chubb reported segment income of $322 million, up 19.3%.
For full-year 2025, Chubb reported consolidated net premiums written of $54.84 billion, up 6.6%, including P&C net premiums written of $47.56 billion, up 5.4%, and life insurance net premiums written of $7.28 billion, up 15.1%. The company reported record P&C underwriting income of $6.53 billion, up 11.6%, and a P&C combined ratio of 85.7%, described as a record low. Full-year pre-tax catastrophe losses were $2.92 billion, compared with $2.39 billion in 2024, while pre-tax favorable prior period development was $1.13 billion, compared with $856 million.
Chubb released the results on Feb. 3, 2026, from Zurich.
