Chubb Q1 2025 earnings summary

Chubb Limited reported first quarter 2025 results with steady core operating performance, despite significant catastrophe losses.

Highlights
Net income: 1.33 billion dollars or 3.29 dollars per share
Core operating income: 1.49 billion dollars or 3.68 dollars per share
Total net premiums written: 12.6 billion dollars, up 5.7 percent in constant dollars
P&C combined ratio: 95.7 percent, or 82.3 percent excluding catastrophe losses and prior period development

Catastrophe and reserve activity
Pre-tax catastrophe losses: 1.64 billion dollars, or 15.9 percentage points of the combined ratio, including 1.47 billion dollars from California wildfires
After-tax catastrophe losses: 1.30 billion dollars, or 3.21 dollars per share
Favorable prior period development: 255 million dollars pre-tax, 204 million dollars after-tax

P&C insurance results
P&C net premiums written: 10.93 billion dollars, up 3.2 percent (5.0 percent in constant dollars)
North America P&C premiums adjusted for one-time items: up 6.4 percent
Overseas General P&C premiums: up 1.8 percent (6.5 percent in constant dollars)
Current accident year underwriting income excluding catastrophe losses: 1.83 billion dollars, up 12.2 percent

Life insurance
Life insurance net premiums written: 1.72 billion dollars, up 5.3 percent (10.3 percent in constant dollars)
Life insurance segment income: 291 million dollars, up 8.6 percent (15.7 percent in constant dollars)

Investments
Pre-tax net investment income: 1.56 billion dollars, up 12.2 percent
Adjusted net investment income: 1.67 billion dollars, up 12.7 percent

Return metrics
Annualized return on equity: 8.2 percent
Core operating return on equity: 8.6 percent
Core operating return on tangible equity: 13.0 percent

Capital and book value
Book value per share: 164.01 dollars, up 2.7 percent since December 31, 2024
Tangible book value per share: 104.27 dollars, up 3.9 percent
Book value positively impacted by 825 million dollars of investment gains and 302 million dollars of foreign currency gains

Chubb delivered resilient results with core strength in underwriting and investment income, though headline earnings were impacted by large catastrophe losses, especially from the California wildfires.

Chubb Limited (NYSE: CB) will hold its first quarter earnings conference call on Wednesday, April 23, 2025, at 8:30 a.m. Eastern.


The company expects to issue its first quarter earnings release and financial supplement after the market closes on Tuesday, April 22, 2025. These documents will be available on the company's investor website at investors.chubb.com.

Chubb Limited Completes Share Capital Reduction
Zurich, Switzerland – March 7, 2025 – Chubb Limited (NYSE: CB) has successfully completed a share capital reduction of CHF 3,759,282.50, following the cancellation of 7,518,565 treasury shares repurchased in 2024. This capital reduction was finalized upon registration with the Commercial Register of the Canton of Zurich, Switzerland.

Key Highlights of the Capital Reduction:
Total Reduction: CHF 3,759,282.50
Cancelled Treasury Shares: 7,518,565
Par Value per Share: CHF 0.50
Previous Share Capital: CHF 209,812,993 (419,625,986 shares)
New Share Capital: CHF 206,053,710.50 (412,107,421 shares)
This action was carried out under the authorized share capital band provision in Chubb’s Articles of Association, which was approved by shareholders during the 2024 Annual General Meeting.

Impact and Rationale:
Optimized Capital Structure: The reduction streamlines the company’s capital structure and enhances financial efficiency.
Consistent with Shareholder Approvals: The move aligns with Chubb's long-term capital management strategy, as approved by shareholders.
No Change to Shareholder Ownership: The cancellation only affects treasury shares and does not impact existing shareholders' proportional ownership.
Amendment to Articles of Association:
Chubb’s Article 3 has been officially amended to reflect the new share capital structure. A copy of the amended Articles of Association is available as Exhibit 3.1 in the company’s Form 8-K filing.

Chubb Limited announced that its Board of Directors will recommend an increase in its quarterly dividend at the 2025 Annual General Meeting, marking the 32nd consecutive annual increase. The proposed dividend will be $3.88 per share annually, paid in four quarterly installments of $0.97 per share, up from the current $0.91 per share.

Additionally, the Board declared a quarterly dividend of $0.91 per share, payable on April 4, 2025, to shareholders of record as of March 14, 2025. This will be the fourth and final installment of the dividend approved by shareholders in May 2024.

Chubb operates in 54 countries, offering a range of insurance products, including property and casualty, personal accident, supplemental health, reinsurance, and life insurance. The company is listed on the NYSE under the ticker CB and is part of the S&P 500 index.

Chubb cautioned that forward-looking statements in the announcement are subject to risks and uncertainties, including potential capital constraints or extraordinary events that could impact dividend payments. More details are available in Chubb’s filings with the Securities and Exchange Commission.

Chubb Limited announced leadership changes in its Europe, Middle East, and Africa (EMEA) and North America divisions. Ana Robic, currently Division President of Personal Risk Services (PRS) North America, has been appointed Regional President of EMEA, succeeding David Furby, who has been named Executive Chairman of the region. Robic will oversee Chubb’s European business, including the UK, continental Europe, Chubb Global Markets, the Middle East, and Africa.

Melissa Scheffler, currently Chief Operating Officer of PRS North America, will succeed Robic as Division President of PRS and has been promoted to Vice President of Chubb Group. Both appointments take effect on April 1, pending regulatory approvals.

Chubb executives praised the promotions, highlighting Robic’s leadership in PRS and Furby’s contributions to the company's growth in Europe over the past seven years. Chubb continues to emphasize talent mobility and leadership development within its global operations.

Chubb Limited (NYSE: CB) reported strong financial results for the fourth quarter and full year of 2024. The company achieved record net income per share of $6.33 for the quarter and $22.70 for the full year, while core operating income per share reached $6.02 for the quarter and $22.51 for the year. Global Property & Casualty (P&C) net premiums written increased 6.7% for the quarter and 9.6% for the year, with a P&C combined ratio of 85.7% and 86.6%, respectively.

For the fourth quarter, net income was $2.58 billion, with pre-tax catastrophe losses of $607 million, including $309 million from Hurricane Milton. Life Insurance net premiums written grew by 8.5% in constant dollars. Chubb's pre-tax net investment income reached a record $1.56 billion, up 14.0% year-over-year.

For the full year, net income reached a record $9.27 billion, while core operating income was $9.20 billion. P&C underwriting income rose to $5.85 billion with a combined ratio of 86.6%. The company also reported record investment income of $5.93 billion, up 20.1%.

Chairman and CEO Evan Greenberg highlighted strong underwriting and investment performance, a favorable market outlook, and confidence in double-digit growth in operating earnings and EPS in 2025. Chubb also announced a total capital return to shareholders of $3.48 billion for the year, including $2.02 billion in share repurchases and $1.46 billion in dividends.

The company will hold a conference call on January 29, 2025, at 8:30 a.m. Eastern Time. Further financial details and segment results are available in Chubb’s investor relations section.