Chubb posted record quarterly earnings for the three months ended December 31, 2025, with net income of US$3.21 billion and core operating income of US$2.98 billion – figures that underscore the insurer's resilience amid what its chief executive described as an "incrementally more competitive" commercial insurance market.
Net income per share rose 28.0% year-on-year to US$8.10, while core operating income per share climbed 24.9% to US$7.52. The results cap a year of consistent performance for the insurer, which in Q3 2025 posted net income of US$2.80 billion and P&C underwriting income of US$2.26 billion – a 55.0% annual increase.
Pre-tax catastrophe losses that quarter were US$285 million, down sharply from US$765 million a year earlier.
Evan G. Greenberg (pictured above), chairman and chief executive officer, said the company sees opportunities for growth given its diversification across geographies, products, and distribution channels.
Conditions at January 1 were "a bit more favourable than we had anticipated," he added, noting that Chubb expects double-digit growth in earnings per share and tangible book value in 2026, subject to macroeconomic conditions.
Property and casualty net premiums written totalled US$11.31 billion for the quarter, up 7.7% year-on-year. North America grew 6.6%, with commercial insurance up 6.7% and personal lines up 6.1%. Overseas General posted stronger growth of 10.8%, driven by an 18.7% surge in consumer insurance.
P&C underwriting income reached US$2.20 billion – a 39.6% increase – with a combined ratio of 81.2%. Pre-tax catastrophe losses fell to US$365 million from US$607 million in the prior year quarter, while favourable prior period development came in at US$268 million, up from US$213 million.
Life insurance premiums rose 16.9% to US$1.83 billion, with segment income up 19.3% to US$322 million. Pre-tax net investment income grew 8.0% to US$1.69 billion, while after-tax investment gains of US$288 million helped lift book value per share to US$188.59 – a 3.5% increase from September 30.
The company posted an annualised return on equity of 17.6% and core operating ROE of 15.9%.
For the full year, net income per share reached US$25.68, up 13.1%, while core operating income per share rose 10.8% to US$24.79. P&C net premiums written totalled US$47.56 billion, up 5.4%, with underwriting income of US$6.53 billion and a combined ratio of 85.7%.
Among US-listed commercial P&C insurers of comparable scale, Travelers Companies offers a useful benchmark given its similar focus on commercial and personal lines.
Travelers reported Q4 net income of US$2.5 billion – below Chubb's US$3.21 billion – but posted a tighter combined ratio of 80.2% and significantly lower catastrophe losses of US$95 million. Travelers' full-year core ROE of 19.4% also outpaced Chubb's 15.9%.
