Chubb, a world leader in insurance, reported net income for the quarter ended March 31, 2025, of USD 1.33 billion, and core operating income of USD 1.49 billion, according to the company’s press release.

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%.

"We had a good first quarter that was overshadowed by the significant catastrophe losses we incurred from the California wildfires. We produced USD 1.5 billion in core operating income, supported principally by excellent underlying underwriting results, double-digit growth in investment income and growing life insurance income. Total company premiums grew 5.7% in constant dollars”, commented Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited. "Our published combined ratio was 95.7% with underwriting income of USD 441 million, a notable result given USD 1.6 billion of catastrophe losses. Excluding CATs, the current accident year combined ratio was 82.3%, a nearly 1.5-point improvement from prior year, with underwriting income up over 12%, adjusted investment income of USD 1.7 billion was up 12.7% and life income was USD 291 million, up 8.6%”, Evan G. Greenberg added.

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 %

Operating highlights for the quarter ended March 31, 2025 were as follows:

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 %