Chubb reported net income of US$2.80 billion for the third quarter ended September 30, 2025, with core operating income reaching US$3.00 billion.
The company’s book value rose 4.7% to US$182.22, while tangible book value increased 6.6% to US$120.13. These figures reflect after-tax net realised and unrealised gains of US$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 totalled US$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 US$2.97 billion, up 33.1% year over year, and core operating income of US$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 US$2.26 billion, up 55.0%, with a combined ratio of 81.8%. Excluding catastrophe losses, current accident year underwriting income was US$2.18 billion, up 10.3%, with a combined ratio of 82.5%.
Pre-tax catastrophe losses for the quarter were US$285 million, compared to US$765 million in the prior year period. For the first nine months of 2025, pre-tax catastrophe losses totalled US$2.56 billion, up from US$1.78 billion a year earlier.
The quarter saw pre-tax favourable prior period development of US$361 million, compared to US$244 million last year. Life insurance net premiums written were US$1.93 billion, up 24.6%, and segment income was US$324 million, up 14.2%. Pre-tax net investment income reached US$1.65 billion, up 9.3%, while adjusted net investment income was US$1.78 billion, up 8.3%.
Annualised return on equity (ROE) was 15.9%. Annualised core operating return on tangible equity (ROTE) was 24.5%, and annualised 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 US$3.64 billion, while adjusted operating cash flow was US$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.
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