Chubb Limited Bärengasse 32 CH-8001 Zurich Switzerland		www.chubb.com @Chubb

 

News Release

Chubb Reports 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 Up

5.8% and 17.3%, Respectively; P&C Combined Ratio of 85.6%

 

●

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%.

ZURICH – July 22, 2025 – Chubb Limited (NYSE: CB) today 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.

 

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Chubb Limited News Release

 

 

Chubb Limited

Second 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			$2,968				$2,230				33.1%								$7.35				$5.46				34.6%
Adjusted net realized (gains) losses and other, net of tax			(537)				(63)				NM								(1.33)				(0.15)				NM
Market risk benefits (gains) losses, net of tax			15				29				(48.3)%								0.04				0.07				(42.9)%
Amortization of deferred tax asset from Bermuda law			34				-				NM								0.08				-				NM
Core operating income, net of tax			$2,480				$2,196				12.9%								$6.14				$5.38				14.1%
Annualized return on equity (ROE)			17.6%				14.7%
Core operating return on tangible equity (ROTE)			21.0%				21.1%
Core operating ROE			13.9%				13.3%

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.

Chubb Limited

Six 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			$4,299				$4,373				(1.7)%								$10.63				$10.68				(0.5)%
Adjusted net realized (gains) losses and other, net of tax			(478)				31				NM								(1.18)				0.08				NM
Market risk benefits (gains) losses, net of tax			93				8				NM								0.23				0.02				NM
Amortization of deferred tax asset (2025) and non- recurring tax benefit (2024) from Bermuda law			55				(55)				NM								0.14				(0.13)				NM
Core operating income, net of tax			$3,969				$4,357				(8.9)%								$9.82				$10.65				(7.8)%
Annualized return on equity (ROE)			12.9%				14.5%
Core operating return on tangible equity (ROTE)			16.9%				21.3%
Core operating ROE			11.2%				13.4%

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.

 

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Chubb Limited News Release

 

 

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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Chubb Limited News Release

 

 

Operating highlights for the quarter ended June 30, 2025 were as follows:

 

 

●

Consolidated net premiums earned increased 6.8%, or 7.7% in constant dollars. P&C net premiums

earned increased 5.7%, or 6.3% in constant dollars.

 

●

Operating cash flow was $3.55 billion and adjusted operating cash flow was $3.23 billion.

 

●

Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums,

were $630 million (5.5 percentage points of the combined ratio) and $510 million, compared with $580

million (5.4 percentage points of the combined ratio) and $482 million, last year. Total North America

P&C Insurance and Overseas General pre-tax catastrophe losses were $372 million and $252 million,

respectively, compared with $423 million and $157 million, last year.

 

●

Total pre-tax and after-tax favorable prior period development were $249 million and $196 million,

compared with $192 million and $167 million, last year.

 

●

Total capital returned to shareholders was $1.06 billion, comprising share repurchases of $676 million at

an average purchase price of $289.12 per share and dividends of $388 million.

 

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Chubb Limited News Release

 

 

Details of financial results by business segment are available in the Chubb Limited Financial Supplement.

Key segment items for the quarter ended June 30, 2025 are presented below: 

 

Chubb Limited		Q2				Q2
(in millions of U.S. dollars except for percentages)		2025				2024				Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written		$	8,394			$	8,035				4.5%
Combined ratio			81.7%				84.0%
Current accident year combined ratio excluding catastrophe losses			79.7%				81.0%
North America Commercial P&C Insurance
Net premiums written		$	5,723			$	5,501				4.1%
Major accounts retail and excess and surplus (E&S) wholesale		$	3,578			$	3,524				1.5%
Middle market and small commercial		$	2,145			$	1,977				8.5%
Combined ratio			83.5%				82.9%
Current accident year combined ratio excluding catastrophe losses			81.1%				80.7%
North America Personal P&C Insurance
Net premiums written		$	1,938			$	1,776				9.1%
Combined ratio			73.5%				83.5%
Current accident year combined ratio excluding catastrophe losses			72.2%				78.6%
North America Agricultural Insurance
Net premiums written		$	733			$	758				(3.3)%
Combined ratio			89.1%				94.4%
Current accident year combined ratio excluding catastrophe losses			88.8%				89.1%
Overseas General Insurance
Net premiums written (increase of 10.2% in constant dollars)		$	3,620			$	3,334				8.5%
Commercial P&C (increase of 6.8% in constant dollars)		$	2,077			$	1,957				6.0%
Consumer P&C (increase of 15.3% in constant dollars)		$	1,543			$	1,377				12.2%
Combined ratio			90.3%				88.2%
Current accident year combined ratio excluding catastrophe losses			85.4%				85.3%
Global Reinsurance
Net premiums written (decrease of 7.8% in constant dollars) (1)		$	380			$	411				(7.6)%
Combined ratio			71.0%				72.7%
Current accident year combined ratio excluding catastrophe losses			73.5%				77.4%
Life Insurance
Net premiums written (increase of 17.3% in constant dollars)		$	1,802			$	1,580				14.1%
Segment income (increase of 15.3% in constant dollars)		$	305			$	276				10.4%

 

(1)

Net premiums written growth was adversely impacted by 9.1 percentage points from a large one-off structured transaction in the prior year.

 

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Chubb Limited News Release

 

 

●

North America Commercial P&C Insurance: The combined ratio and the current accident year combined

ratio excluding catastrophe losses increased 0.6 percentage points and 0.4 percentage points,

respectively, with the underlying loss ratio flat and an increase in the expense ratio primarily reflecting

one-off benefits in the prior year and a change in the mix of business.

 

●

North America Personal P&C Insurance: The current accident year combined ratio excluding

catastrophe losses decreased 6.4 percentage points, including loss ratio improvement (5.4 points) and

expense ratio improvement (1.0 point).

 

●

North America Agricultural Insurance: Net premiums written declined 3.3% due to lower commodity

prices in the company’s crop insurance business.

 

●

Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses was

relatively flat reflecting loss ratio improvement offset by changes in mix of business to higher consumer

lines.

 

●

Life Insurance: Net premiums written were $1.80 billion, up 14.1%, or 17.3% in constant dollars, with

growth of 17.8% in International Life and 18.1% in Combined Insurance North America. International life

segment income was $239 million, up 3.2%, or 8.5% in constant dollars.

 

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Chubb Limited News Release

 

 

All comparisons are with the same period last year unless otherwise specifically stated.

Please refer to the Chubb Limited Financial Supplement, dated June 30, 2025, which is posted on Chubb’s

investor relations website, investors.chubb.com, in the Financials section for more detailed information on

individual segment performance, together with additional disclosure on reinsurance recoverable, loss

reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its second quarter earnings conference call on Wednesday, July 23, 2025, at 8:30

a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by

dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please

refer to the Chubb website under Events and Presentations for details. A replay will be available after the call

at the same location. To listen to the replay, please click here to register and receive dial-in numbers.

In this release, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as

required, except for core operating income, net income, book value, tangible book value, ROE, per share

data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-

controlling interest.

Prior period core operating income and related metrics have been redefined to reflect the definition of core

operating income adopted in Q1 2025, which excludes the non-recurring tax benefit related to the enactment

of Bermuda’s income tax law in 2023. Refer to “Regulation G – Non-GAAP Financial Measures” below for

more information.

About Chubb

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides

commercial and personal property and casualty insurance, personal accident and supplemental health

insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its

extensive product and service offerings, broad distribution capabilities, exceptional financial strength and

local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE:

CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide.

Additional information can be found at: www.chubb.com.

Investor Contact

Karen Beyer: (212) 827-4445; karen.beyer@chubb.com

Media Contact

mediarelations@chubb.com

 

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Chubb Limited News Release

 

 

Regulation G – Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which

may be defined differently by other companies, are important for an understanding of our overall results of operations

and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with

generally accepted accounting principles (GAAP).

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of

foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in

exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these

exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined

by assuming constant foreign exchange rates between periods by translating prior period results using the same local

currency exchange rates as the comparable current period.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on

acquired invested assets from certain acquisitions of $4 million in both Q2 2025 and Q2 2024, and including investment

income of $115 million and $91 million in Q2 2025 and Q2 2024, from partially owned investment companies (private

equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method.

The amortization of the fair value adjustment on acquired invested assets was $6 million and $9 million for the six

months ended June 30, 2025 and 2024, and the investment income from private equity partnerships was $222 million

and $177 million for the six months ended June 30, 2025 and 2024. The mark-to-market movement on these private

equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is

meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of

our lines of business.

Adjusted net realized gains (losses) and other, net of tax, includes net realized gains (losses) and net realized gains (losses)

recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on

crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating

policies related to the policyholders’ share of gains and losses. The crop derivatives were purchased to provide economic

benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing

impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting

operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss

expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating

policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects

the economics of the liabilities and the underlying investments supporting those liabilities. Other includes integration

expenses and the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain

acquisitions. See Core operating income, net of tax for further description of these items.

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and

loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned.

We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of

certain factors, including net investment income, other income (expense), interest expense, amortization expense of

purchased intangibles, integration expenses, amortization of fair value of acquired invested assets and debt, income tax

expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to

exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe

losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical

reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the

understanding of our results of operations by highlighting the underlying profitability of our insurance business.

References in this release to “current accident year” metrics exclude catastrophe losses and prior period development,

unless stated otherwise.

 

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Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb

net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this

paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our

results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net

realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily

influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the

amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions

due to the size and complexity of these acquisitions. We also exclude integration expenses, which include legal and

professional fees and all other costs directly related to acquisition integration activities. The costs are not related to the

ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition

of segment income. We believe these integration expenses are not indicative of our underlying profitability, and

excluding these integration expenses facilitates the comparison of our financial results to our historical operating results.

Additionally, we exclude the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in

2023 and adjusted in 2024 and subsequent years’ amortization of the related deferred tax asset, which we believe

provides investors with a better view of our operating performance, enhances the understanding of the trends in the

underlying business, improves comparability between periods and provides increased transparency compared to the

prior presentation of the non-recurring tax benefit. References to core operating income measures mean net of tax,

whether or not noted.

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP

financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the

average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current

discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of

tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill

and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity

by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of

these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it

measures the performance of our operations without the impact of goodwill and other intangible assets.

P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense

ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.

P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses

and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting

performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the

operating results of Chubb’s Life Insurance and North America Agricultural Insurance segments. The agriculture

insurance business is a different business in that it is a public sector and private sector partnership in which insurance

rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb’s P&C insurance business. We

believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb’s

global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance

and Life Insurance segments because the results of these businesses do not always correlate with the results of our global

P&C operations.

Tangible book value per common share is Chubb shareholders’ equity less Chubb goodwill and other intangible assets,

net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of

our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less

meaningful.

 

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Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss)

(AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from

period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying

growth in book and tangible book value.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing

activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required

under consolidation accounting. Because these entities are investment companies, we are required to retain the

investment company presentation in our consolidated results, which means, we include the net investing activities of

these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of

consolidated investment companies from our operating cash flow as they may distort a reader’s analysis of our

underlying operating cash flow related to the core insurance company operations. These net investing activities are more

appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly,

we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.

Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected

on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated

statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life

insurance business because life deposits are an important component of production and key to our efforts to grow our

business.

See the reconciliation of Non-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures

should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income,

book value, return on equity, and net investment income.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, pricing,

growth opportunities, economic and market conditions, and our expectations and intentions and other

statements that are not historical facts, reflect our current views with respect to future events and financial

performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act

of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially,

including without limitation, the following: competition, pricing and policy term trends, the levels of new and

renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss

experience, uncertainties in the reserving or settlement process, integration activities and performance of

acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial,

legislative, regulatory and other governmental developments, litigation tactics and developments, investigation

developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit

developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war,

economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities

including acquisitions and our ability to achieve them, as well as management’s response to these factors, and

other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned

not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they

are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a

result of new information, future events or otherwise.

 

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Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)

 

		June 30 2025				December 31 2024
Assets
Investments		$	158,314			$	150,650
Cash and restricted cash			2,371				2,549
Insurance and reinsurance balances receivable			16,778				14,426
Reinsurance recoverable on losses and loss expenses			19,595				19,777
Goodwill and other intangible assets ($25,908 and $25,219 represents Chubb portion as of 6/30/2025 and 12/31/2024, respectively)			26,575				25,956
Other assets			37,930				33,190
Total assets		$	261,563			$	246,548
Liabilities
Unpaid losses and loss expenses		$	86,376			$	84,004
Unearned premiums			26,519				23,504
Other liabilities			74,221				70,646
Total liabilities			187,116				178,154
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI			75,453				72,665
Accumulated other comprehensive income (loss) (AOCI)			(6,058)				(8,644)
Chubb shareholders’ equity			69,395				64,021
Noncontrolling interests			5,052				4,373
Total shareholders’ equity			74,447				68,394
Total liabilities and shareholders’ equity		$	261,563			$	246,548
Book value per common share		$	174.07			$	159.77
Tangible book value per common share		$	112.64			$	100.38
Book value per common share, excl. AOCI		$	189.27			$	181.34
Tangible book value per common share, excl. AOCI		$	125.80			$	118.57

 

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		11

Chubb Limited News Release

 

 

Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
		Three Months Ended June 30								Six Months Ended June 30
		2025				2024				2025				2024
Gross premiums written		$	17,276			$	16,491			$	32,381			$	30,916
Net premiums written			14,196				13,360				26,842				25,581
Net premiums earned			13,125				12,292				25,125				23,875
Losses and loss expenses			6,572				6,431				13,468				12,158
Policy benefits			1,406				1,219				2,633				2,399
Policy acquisition costs			2,415				2,226				4,728				4,433
Administrative expenses			1,125				1,094				2,205				2,164
Net investment income			1,568				1,468				3,129				2,859
Net realized gains (losses)			160				104				44				3
Market risk benefits gains (losses)			(17)				(29)				(109)				(8)
Interest expense			181				182				362				360
Other income (expense):
Gains (losses) from separate account assets			(12)				11				(22)				21
Other			667				99				760				280
Amortization of purchased intangibles			74				80				149				160
Integration expenses			2				7				2				14
Income tax expense			717				490				1,038				832
Net income		$	2,999			$	2,216			$	4,342			$	4,510
Less: NCI income (loss)			31				(14)				43				137
Chubb net income		$	2,968			$	2,230			$	4,299			$	4,373
Diluted earnings per share:
Chubb net income		$	7.35			$	5.46			$	10.63			$	10.68
Core operating income		$	6.14			$	5.38			$	9.82			$	10.65
Weighted average shares outstanding			403.8				408.6				404.3				409.3
P&C combined ratio
Loss and loss expense ratio			59.0%				60.6%				63.1%				59.4%
Policy acquisition cost ratio			18.5%				18.0%				18.9%				18.6%
Administrative expense ratio			8.1%				8.2%				8.4%				8.4%
P&C combined ratio			85.6%				86.8%				90.4%				86.4%
P&C underwriting income		$	1,631			$	1,418			$	2,072			$	2,818

 

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		12