In its full-year 2025 and Q4 results, Chubb reported record P&C underwriting income of $6.53 billion, an 11.6% increase over 2024, alongside a record-low combined ratio of 85.7%.
Evan G. Greenberg, Chubb’s Chairman and CEO, hailed 2025 as a great year, highlighting strong contributions across the firm’s operations.
“Our consistent and enduring performance reflects the broadly diversified, global nature of our business,” he added.
For the full-year 2025, P&C net premiums written reached $47.56 billion, up 5.4% from 2024.
By region, North America grew 4.7%, including a 7.5% rise in personal insurance and 3.9% in commercial insurance. Overseas General increased 7.5%, driven by an 11% gain in consumer insurance and 5.2% in commercial insurance. Growth in key international markets was also strong, with Asia up 10.7%, Latin America 6.3%, and Europe 5.9%.
Total pre-tax catastrophe losses in 2025 were $2.92 billion, compared with $2.39 billion in 2024; however, total pre-tax favourable prior period development was $1.13 billion, up from $856 million.
In Chubb’s Life Insurance segment, net premiums written were $7.28 billion, up 15.1% from 2024, while segment income reached a record $1.24 billion, up 13.1%.
Chubb’s total net income for 2025 was $10.31 billion, or $25.68 per share, and core operating income was $9.95 billion, or $24.79 per share.
Pre-tax net investment income was $6.47 billion, up 9% from 2024, and adjusted net investment income was $6.95 billion, also up 9%—both records.
Greenberg commented, “Our full-year results in virtually every category were the best in our company’s history. Notably, these results were achieved in spite of full-year CAT losses being modestly higher than the prior year, substantially driven by the California wildfires in the first quarter.
“While commercial insurance market conditions continue to grow incrementally more competitive, we see many opportunities for growth given our broad diversification by geography, product, commercial and consumer customer segments, and distribution channel.
“In fact, at January 1, conditions were a bit more favourable than we had anticipated, and while early, we’ve had a good start to the year.
“We anticipate an excellent ’26 with strong growth in operating earnings and double-digit growth in EPS and tangible book value, macro conditions notwithstanding.”
For Q4 2025 alone, Chubb’s P&C underwriting income was $2.20 billion, up 39.6% from Q4 2024, with a record-low combined ratio of 81.2%. P&C net premiums written in Q4 2025 were $11.31 billion, up 7.7% from Q4 2024.
Meanwhile, Life Insurance net premiums written in Q4 2025 were $1.83 billion, up 16.9% from Q4 2024, and the segment’s income rose 19.3% to $322 million.
Total pre-tax catastrophe losses in Q4 2025 were $365 million, down from $607 million in Q4 2024, and total pre-tax favourable prior period development was $268 million, up from $213 million in the same period of 2024.
