Chubb Limited ended the second quarter of 2025 with net income of $2.97 billion, or $7.35 per share, up 33.1% from the same period last year. The company also posted a record $2.48 billion in core operating income, or $6.14 per share, up 12.9%.
Consolidated net premiums written for the quarter totalled $14.2 billion, a 6.3% increase, or 7.1% in constant dollars. Property and casualty (P&C) premiums contributed $12.39 billion, up 5.2%, while life insurance premiums reached $1.80 billion, a 14.1% increase.
In North America, P&C premiums rose 5.3%, with personal lines up 9.1% and commercial lines up 4.1%. Middle market and small commercial segments grew 8.5%, supported by a 10.2% rise in P&C lines and 2.7% growth in financial lines. Major accounts and specialty businesses were up 1.5%. Overseas General premiums increased 8.5%, or 10.2% in constant dollars, led by 15.3% growth in consumer insurance and 6.8% in commercial. Latin America, Asia, and Europe recorded increases of 17.3%, 12.7%, and 8.2%, respectively.
Agricultural insurance in North America posted a 3.3% decline in net premiums written, attributed to weaker commodity prices.
Underwriting income in the P&C segment reached $1.63 billion, a 15.0% increase, resulting in a combined ratio of 85.6%. Excluding catastrophe losses, current accident year underwriting income was $2.01 billion, with a combined ratio of 82.3%.
Pre-tax net investment income was $1.57 billion, while adjusted net investment income rose 7.9% to $1.69 billion. Operating cash flow reached $3.55 billion, with adjusted cash flow at $3.23 billion.
Total catastrophe losses before tax were $630 million, compared to $580 million the previous year. Favorable prior period reserve development reached $249 million pre-tax.
Chubb reported a 6.1% increase in book value per share to $174.07, while tangible book value per share increased 8.0% to $112.64. Gains in investment assets and foreign exchange contributed to this growth. Annualised return on equity was 17.6%. Core operating return on tangible equity was 21.0%, and core operating return on equity was 13.9%.
The company returned $1.06 billion to shareholders through $676 million in share buybacks and $388 million in dividends.
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