Chubb reported net income of $2.80 billion for the third quarter ended September 30, 2025, with core operating income reaching $3.00 billion.
The company’s book value rose 4.7% to $182.22, while tangible book value increased 6.6% to $120.13. These figures reflect after-tax net realized and unrealized gains of $884 million in Chubb’s investment portfolio.
Net income grew by 20.5% year over year, and core operating income rose 28.7%. Property and casualty (P&C) net premiums written totaled $12.93 billion, up 5.3%. In North America, P&C net premiums written increased 4.4%, with personal insurance up 8.1% and commercial insurance up 3.5%.
Adjusting for two non-recurring items in 2024, commercial insurance growth was 6.2%. Overseas General P&C net premiums written rose 9.7%, with consumer insurance up 15.5% and commercial insurance up 5.8%. Growth in Asia, Latin America, and Europe was 14.3%, 10.6%, and 4.8%, respectively.
Chubb’s strong third quarter followed a robust Q2, when the company reported net income of $2.97 billion, up 33.1% year over year, and core operating income of $2.48 billion, up 12.9%.
Evan G. Greenberg, chairman and chief executive officer of Chubb Limited, said the quarter’s results highlight the company’s diversified business across geographies, customer segments, products, and distribution channels.
P&C underwriting income in the third quarter reached a record $2.26 billion, up 55.0%, with a combined ratio of 81.8%. Excluding catastrophe losses, current accident year underwriting income was $2.18 billion, up 10.3%, with a combined ratio of 82.5%.
Pre-tax catastrophe losses for the quarter were $285 million, compared to $765 million in the prior year period. For the first nine months of 2025, pre-tax catastrophe losses totaled $2.56 billion, up from $1.78 billion a year earlier.
The quarter saw pre-tax favorable prior period development of $361 million, compared to $244 million last year. Life insurance net premiums written were $1.93 billion, up 24.6%, and segment income was $324 million, up 14.2%. Pre-tax net investment income reached $1.65 billion, up 9.3%, while adjusted net investment income was $1.78 billion, up 8.3%.
Annualized return on equity (ROE) was 15.9%. Annualized core operating return on tangible equity (ROTE) was 24.5%, and annualized core operating ROE was 16.3%.
Consolidated net premiums earned increased 7.4%, or 6.6% in constant dollars. P&C net premiums earned rose 5.0%, or 4.2% in constant dollars. Operating cash flow for the quarter was $3.64 billion, while adjusted operating cash flow was $4.51 billion.
"In sum, Chubb's fundamentals and our positioning are excellent, and our balance sheet, starting with our loss reserves, has never been stronger. I am confident we will maintain superior earnings growth, including double-digit growth in EPS, book and tangible book value, with core operating ROE increasing to 14% plus over the medium term, CATs and FX notwithstanding,” Greenberg said.
Earlier in the quarter, Chubb expanded its global footprint by partnering with Endeavor, a nonprofit supporting high-growth entrepreneurs. This partnership positions Chubb as Endeavor’s first global insurance partner, offering entrepreneurs access to risk management expertise and insurance solutions.
What are your thoughts on this story? Please feel free to share your comments below.
