Chubb posts Q2 results
Chubb reported record net income and core operating income in Q2 2025, supported by strong underwriting results and investment performance across its global operations.
Net income rose 33.1% to $2.97 billion ($7.35 per share), while core operating income reached $2.48 billion ($6.14 per share), up 12.9%. Net premiums written grew 6.3% to $14.2 billion, or 7.1% in constant dollars. P&C premiums rose 5.2% to $12.39 billion, and life insurance premiums increased 14.1% to $1.8 billion.
Chubb’s P&C underwriting income hit a record $1.63 billion, up 15%, with a combined ratio of 85.6%. Excluding catastrophe losses, the combined ratio improved to 82.3%. Investment income also reached a record $1.57 billion, with adjusted net investment income up 7.9% to $1.69 billion.
Book value per share increased 6.1% to $174.07, and tangible book value per share rose 8% to $112.64, driven by $1.54 billion in investment gains and $700 million in FX gains. The company returned $1.06 billion to shareholders through buybacks and dividends.
Chubb’s performance was supported by its diversified portfolio. In North America, personal insurance grew 9.1% and commercial insurance rose 4.1%, while agricultural insurance declined 3.3%. The Overseas General Division saw premiums increase by 8.5%, with notable growth in Asia at 12.7%, Latin America at 17.3%, and Europe at 8.2%.
While competition is increasing in the large account and E&S property market, Chubb continues to benefit from firming rates in casualty and strength in middle-market and small commercial segments. Roughly 80% of its global businesses show strong growth prospects.
“The commercial P&C underwriting environment for large account retail and E&S property-related business has grown much more competitive with rates dropping though terms and conditions remain steady. On the other hand, in the middle market and small commercial P&C segment, where we are a market leader, property market conditions remain disciplined and orderly.” – Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb.
