Consolidated net premiums written reached USD 12.6 billion, up 5.7% in constant dollars, with P&C and life insurance up 5.0% and 10.3%. Operating cash flow was USD 1.57 billion and adjusted operating cash flow was USD 2.00 billion. Total capital returned to shareholders was USD 751 million.
The key takeaways of the report include:
- Net income and core operating income were USD 1.33 billion and USD 1.49 billion, respectively, vs USD 2.14 billion and USD 2.16 billion last year.
- Total pre-tax net catastrophe losses were USD 1.64 billion, or 15.9 percentage points of the combined ratio, and include USD 1.47 billion from the California wildfires, compared with USD 435 million, or 4.4 percentage points of the combined ratio, last year. Total after-tax net catastrophe losses were USD 1.30 billion.
- Total pre-tax and after-tax favorable prior period development were USD 255 million and USD 204 million, compared with USD 207 million and USD 168 million, last year.
- P&C underwriting income was USD 441 million with a combined ratio of 95.7%. P&C current accident year underwriting income excluding catastrophe losses was USD 1.83 billion, up 12.2% over prior year, with a combined ratio of 82.3%.
- P&C net premiums written were USD 10.93 billion, up 3.2%, or 5.0% in constant dollars. North America was up 3.4% with growth impacted by two one-time items: reinstatement premiums related to the California wildfires in personal insurance, and unusually large structured transactions written in the prior year in commercial insurance.
- Life Insurance net premiums written were USD 1.72 billion, up 5.3%, or 10.3% in constant dollars, and segment income was USD 291 million, up 8.6%, or 15.7% in constant dollars.
- Pre-tax net investment income was USD 1.56 billion, up 12.2%, and adjusted net investment income was USD 1.67 billion, up 12.7%.
- Annualized return on equity (ROE) was 8.2%. Annualized core operating return on tangible equity (ROTE) was 13.0% and annualized core operating ROE was 8.6%.
Chubb Limited | |||||||
First Quarter Summary | |||||||
(in millions of U.S. dollars, except per share amounts and ratios) | |||||||
(Unaudited) | |||||||
(Per Share) | |||||||
2025 | 2024 | Change | 2025 | 2024 | Change | ||
Net income | $1,331 | $2,143 | (37.9) % | $3.29 | $5.23 | (37.1) % | |
Adjusted net realized (gains) losses and other, net of tax | 59 | 94 | (37.2) % | 0.15 | 0.23 | (34.8) % | |
Market risk benefits (gains) losses, net of tax | 78 | (21) | NM | 0.19 | (0.05) | NM | |
Amortization of deferred tax asset (2025) and non- recurring tax benefit (2024) from Bermuda law | 21 | (55) | NM | 0.05 | (0.14) | NM | |
Core operating income, net of tax | $1,489 | $2,161 | (31.1) % | $3.68 | $5.27 | (30.2) % | |
Annualized return on equity (ROE) | 8.2 % | 14.3 % | |||||
Core operating return on tangible equity (ROTE) | 13.0 % | 21.3 % | |||||
Core operating ROE | 8.6 % | 13.4 % |
Chubb Limited | Q1 | Q1 | |||
(in millions of U.S. dollars except for percentages) | 2025 | 2024 | Change | ||
Consolidated | |||||
Net premiums written (increase of 5.7% in constant dollars) | $ | 12,646 | $ | 12,221 | 3.5 % |
P&C | |||||
Net premiums written (increase of 5.0% in constant dollars) | $ | 10,926 | $ | 10,588 | 3.2 % |
Underwriting income | $ | 441 | $ | 1,400 | (68.5) % |
Combined ratio | 95.7 % | 86.0 % | |||
Current accident year underwriting income excluding catastrophe losses | $ | 1,827 | $ | 1,628 | 12.2 % |
Current accident year combined ratio excluding catastrophe losses | 82.3 % | 83.7 % | |||
Global P&C (excludes Agriculture) | |||||
Net premiums written (increase of 4.8% in constant dollars) | $ | 10,650 | $ | 10,339 | 3.0 % |
Underwriting income | $ | 387 | $ | 1,344 | (71.2) % |
Combined ratio | 96.2 % | 86.3 % | |||
Current accident year underwriting income excluding catastrophe losses | $ | 1,791 | $ | 1,597 | 12.2 % |
Current accident year combined ratio excluding catastrophe losses | 82.4 % | 83.8 % | |||
Life Insurance | |||||
Net premiums written (increase of 10.3% in constant dollars) | $ | 1,720 | $ | 1,633 | 5.3 % |
Segment income (increase of 15.7% in constant dollars) | $ | 291 | $ | 268 | 8.6 % |
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