Chubb (CB) Q4 2025 earnings summary

Executive summary

• Achieved record earnings and net income for Q4 and full year 2025, with strong contributions from all business segments and geographies.

• Global leader in P&C insurance with a market cap of $122.1 billion, operations in 54 countries, and 43% of business outside the U.S.

• Core operating income for Q4 was nearly $3 billion ($7.52 per share), up over 21% year-over-year.

• Exceptional financial strength, with core operating companies rated AA (S&P) and A++ (AM Best).

• Record P&C combined ratio of 81.2% for Q4 and 85.7% for the year, reflecting strong underwriting.

Financial highlights

• Full-year operating income just shy of $10 billion ($24.79 per share), up 9% and 11% year-over-year.

• Net premiums written for Q4 were $13.1B, up 8.9%; full-year premiums were $54.8B, up 6.6%.

• Adjusted net investment income rose 9% to almost $7 billion for the year.

• Book value per share increased 18% to $188.59; tangible book value per share rose 25.7% to $126.22.

• Cash and invested assets exceeded $171 billion; total assets $272.3 billion; book value nearly $74 billion at year-end.

• Returned $4.9 billion to shareholders in 2025, including $3.4 billion in share repurchases and $1.5 billion in dividends.

Outlook and guidance

• Confident in ability to generate strong growth in operating earnings and double-digit EPS and tangible book value growth in 2026, excluding CATs and FX.

• Expect Q1 2026 adjusted net investment income between $1.81-$1.84 billion.

• Annual core operating effective tax rate for 2026 projected at 19.5%-20%.

• Maintains a conservative investment philosophy with 80% of the portfolio in fixed maturity securities, average credit quality of A.

• Stable outlook from all major rating agencies, reflecting strong balance sheet and risk management.