Chubb posted record quarterly earnings for the three months ended December 31, 2025, with net income of $3.21 billion and core operating income of $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 $8.10, while core operating income per share climbed 24.9% to $7.52. The results cap a year of consistent performance for the insurer, which in Q3 2025 posted net income of $2.80 billion and P&C underwriting income of $2.26 billion – a 55.0% annual increase.
Pre-tax catastrophe losses that quarter were $285 million, down sharply from $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 favorable 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 totaled $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 $2.20 billion – a 39.6% increase – with a combined ratio of 81.2%. Pre-tax catastrophe losses fell to $365 million from $607 million in the prior year quarter, while favorable prior period development came in at $268 million, up from $213 million.
Life insurance premiums rose 16.9% to $1.83 billion, with segment income up 19.3% to $322 million. Pre-tax net investment income grew 8.0% to $1.69 billion, while after-tax investment gains of $288 million helped lift book value per share to $188.59 – a 3.5% increase from September 30.
The company posted an annualized return on equity of 17.6% and core operating ROE of 15.9%.
For the full year, net income per share reached $25.68, up 13.1%, while core operating income per share rose 10.8% to $24.79. P&C net premiums written totaled $47.56 billion, up 5.4%, with underwriting income of $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 $2.5 billion – below Chubb's $3.21 billion – but posted a tighter combined ratio of 80.2% and significantly lower catastrophe losses of $95 million. Travelers' full-year core ROE of 19.4% also outpaced Chubb's 15.9%.
