Chubb Reports First Quarter Per Share Net Income and Core Operating Income of $3.29 and $3.68, Respectively; Consolidated Net Premiums Written of $12.6 Billion, Up 5.7% in Constant Dollars, with P&C and Life Insurance Up 5.0% and 10.3%; P&C Combined Ratio of 95.7%, or 82.3% Excluding Catastrophe Losses and Prior Period Development
Chubb (CB) reported Q1 2025 financial results with net income of $1.33 billion ($3.29 per share) and core operating income of $1.49 billion ($3.68 per share). Consolidated net premiums written reached $12.6 billion, up 5.7% in constant dollars.
The quarter was significantly impacted by catastrophe losses of $1.64 billion, primarily from California wildfires ($1.47 billion). The P&C combined ratio was 95.7%, or 82.3% excluding catastrophe losses. P&C net premiums written grew 5.0% in constant dollars to $10.93 billion.
Key highlights include:
- Life Insurance net premiums up 10.3% in constant dollars to $1.72 billion
- Pre-tax net investment income increased 12.2% to $1.56 billion
- Book value per share increased 2.7% to $164.01
- Total capital returned to shareholders: $751 million via share repurchases ($385 million) and dividends ($366 million)
Chubb (CB) ha riportato i risultati finanziari del primo trimestre 2025 con un utile netto di 1,33 miliardi di dollari (3,29 dollari per azione) e un utile operativo core di 1,49 miliardi di dollari (3,68 dollari per azione). Il premio netto consolidato scritto ha raggiunto i 12,6 miliardi di dollari, con un aumento del 5,7% a tassi di cambio costanti.
Il trimestre è stato fortemente influenzato da perdite da catastrofi pari a 1,64 miliardi di dollari, principalmente dovute agli incendi in California (1,47 miliardi di dollari). Il rapporto combinato P&C è stato del 95,7%, o del 82,3% escludendo le perdite da catastrofi. Il premio netto scritto P&C è cresciuto del 5,0% a tassi di cambio costanti, raggiungendo i 10,93 miliardi di dollari.
Principali punti salienti:
- Premi netti assicurativi vita in aumento del 10,3% a tassi di cambio costanti, a 1,72 miliardi di dollari
- Reddito netto da investimenti ante imposte aumentato del 12,2%, a 1,56 miliardi di dollari
- Valore contabile per azione aumentato del 2,7%, a 164,01 dollari
- Capitale totale restituito agli azionisti: 751 milioni di dollari tramite riacquisto di azioni (385 milioni) e dividendi (366 milioni)
Chubb (CB) informó los resultados financieros del primer trimestre de 2025 con un ingreso neto de 1,33 mil millones de dólares (3,29 dólares por acción) y un ingreso operativo básico de 1,49 mil millones de dólares (3,68 dólares por acción). Las primas netas consolidadas emitidas alcanzaron los 12,6 mil millones de dólares, un aumento del 5,7% en dólares constantes.
El trimestre se vio significativamente afectado por pérdidas por catástrofes de 1,64 mil millones de dólares, principalmente por incendios forestales en California (1,47 mil millones de dólares). El índice combinado de P&C fue del 95,7%, o del 82,3% excluyendo las pérdidas por catástrofes. Las primas netas emitidas de P&C crecieron un 5,0% en dólares constantes, alcanzando los 10,93 mil millones de dólares.
Puntos destacados clave:
- Primas netas de seguros de vida aumentaron un 10,3% en dólares constantes, hasta 1,72 mil millones de dólares
- Ingresos netos por inversiones antes de impuestos aumentaron un 12,2%, hasta 1,56 mil millones de dólares
- Valor en libros por acción aumentó un 2,7%, hasta 164,01 dólares
- Capital total devuelto a los accionistas: 751 millones de dólares mediante recompras de acciones (385 millones) y dividendos (366 millones)
Chubb (CB)는 2025년 1분기 재무 실적을 발표했으며, 순이익은 13억 3천만 달러(주당 3.29달러), 핵심 영업이익은 14억 9천만 달러(주당 3.68달러)를 기록했습니다. 연결 순보험료는 126억 달러로, 환율 변동을 고려한 실질 기준으로 5.7% 증가했습니다.
이번 분기는 주로 캘리포니아 산불(14억 7천만 달러)로 인한 재해 손실 16억 4천만 달러의 큰 영향을 받았습니다. 손해보험(P&C) 결합비율은 95.7%였으며, 재해 손실을 제외하면 82.3%였습니다. 손해보험 순보험료는 환율 변동을 감안해 5.0% 증가한 109억 3천만 달러를 기록했습니다.
주요 내용은 다음과 같습니다:
- 생명보험 순보험료는 환율 변동을 고려해 10.3% 증가한 17억 2천만 달러
- 세전 순투자수익은 12.2% 증가한 15억 6천만 달러
- 주당 장부가치는 2.7% 상승한 164.01달러
- 주주에게 반환된 총 자본: 자사주 매입(3억 8천 5백만 달러)과 배당금(3억 6천 6백만 달러)을 통해 7억 5천 1백만 달러
Chubb (CB) a publié ses résultats financiers du premier trimestre 2025 avec un bénéfice net de 1,33 milliard de dollars (3,29 dollars par action) et un résultat opérationnel de base de 1,49 milliard de dollars (3,68 dollars par action). Les primes nettes consolidées émises ont atteint 12,6 milliards de dollars, en hausse de 5,7 % en dollars constants.
Le trimestre a été fortement impacté par des pertes liées à des catastrophes de 1,64 milliard de dollars, principalement dues aux incendies de forêt en Californie (1,47 milliard de dollars). Le ratio combiné P&C s’est établi à 95,7 %, ou 82,3 % hors pertes liées aux catastrophes. Les primes nettes émises en P&C ont augmenté de 5,0 % en dollars constants, atteignant 10,93 milliards de dollars.
Points clés à retenir :
- Primes nettes en assurance vie en hausse de 10,3 % en dollars constants, à 1,72 milliard de dollars
- Revenu net d’investissement avant impôts en hausse de 12,2 %, à 1,56 milliard de dollars
- Valeur comptable par action en hausse de 2,7 %, à 164,01 dollars
- Capital total restitué aux actionnaires : 751 millions de dollars via rachats d’actions (385 millions) et dividendes (366 millions)
Chubb (CB) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 1,33 Milliarden US-Dollar (3,29 US-Dollar je Aktie) und einem Kernbetriebsergebnis von 1,49 Milliarden US-Dollar (3,68 US-Dollar je Aktie). Die konsolidierten Netto-Prämieneinnahmen erreichten 12,6 Milliarden US-Dollar, ein Anstieg von 5,7 % bei konstanten Wechselkursen.
Das Quartal wurde erheblich durch Katastrophenschäden in Höhe von 1,64 Milliarden US-Dollar beeinträchtigt, hauptsächlich durch Waldbrände in Kalifornien (1,47 Milliarden US-Dollar). Die kombinierte Schaden- und Unfallquote (P&C) lag bei 95,7 %, beziehungsweise bei 82,3 % ohne Katastrophenschäden. Die Netto-Prämieneinnahmen im Bereich P&C stiegen bei konstanten Wechselkursen um 5,0 % auf 10,93 Milliarden US-Dollar.
Wichtige Highlights:
- Netto-Prämieneinnahmen der Lebensversicherung stiegen bei konstanten Wechselkursen um 10,3 % auf 1,72 Milliarden US-Dollar
- Das Vorsteuer-Nettoanlageergebnis erhöhte sich um 12,2 % auf 1,56 Milliarden US-Dollar
- Der Buchwert je Aktie stieg um 2,7 % auf 164,01 US-Dollar
- Insgesamt an Aktionäre zurückgeführtes Kapital: 751 Millionen US-Dollar durch Aktienrückkäufe (385 Millionen) und Dividenden (366 Millionen)
- Net investment income up 12.2% to $1.56 billion
- Life Insurance segment income increased 8.6% to $291 million
- Book value per share grew 2.7% to $164.01
- Strong premium growth of 5.7% in constant dollars
- Current accident year combined ratio excluding catastrophes improved to 82.3%
- Net income declined 37.9% to $1.33 billion
- Catastrophe losses increased significantly to $1.64 billion
- Combined ratio deteriorated to 95.7% from 86.0%
- North America Personal P&C combined ratio spiked to 159.5%
- Core operating income decreased 31.1% to $1.49 billion
Insights
Chubb's Q1 shows major wildfire losses impacting profits despite solid premium growth and strong underlying business performance.
Chubb's Q1 2025 results present a nuanced picture dominated by significant catastrophe losses. Net income declined
Despite these significant headwinds, the underlying business demonstrates considerable strength. The P&C combined ratio of
Premium growth remained robust with consolidated net premiums written increasing
Investment income continues to be a significant profit driver, with adjusted net investment income of
Despite the catastrophe losses, Chubb maintained its commitment to shareholder returns, with
CEO Greenberg's commentary acknowledged economic uncertainty, trade tensions, and recession risks while maintaining confidence in delivering double-digit growth in operating income and EPS going forward. This performance demonstrates Chubb's ability to absorb significant catastrophe losses while maintaining financial strength across its diversified global platform.
- Net income and core operating income were
$1.33 billion $1.49 billion $2.14 billion $2.16 billion $36 million $0.09 - Total pre-tax net catastrophe losses were
$1.64 billion $1.47 billion California wildfires, compared with$435 million $1.30 billion $3.21 - Total pre-tax and after-tax favorable prior period development were
$255 million $204 million $207 million $168 million - P&C underwriting income was
$441 million 95.7% . P&C current accident year underwriting income excluding catastrophe losses was$1.83 billion 12.2% over prior year, with a combined ratio of82.3% . - P&C net premiums written were
$10.93 billion 3.2% , or5.0% in constant dollars.North America was up3.4% with growth impacted by two one-time items: reinstatement premiums related to theCalifornia wildfires in personal insurance, and unusually large structured transactions written in the prior year in commercial insurance. Excluding both,North America was up6.4% , including growth of10.1% in personal insurance and5.3% in commercial insurance, with P&C lines up6.4% and financial lines down1.3% . Overseas General was up1.8% , or6.5% in constant dollars, including growth of5.0% in consumer insurance and7.3% in commercial insurance, with P&C lines up9.3% and financial lines down1.6% ;Latin America ,Asia , andEurope , were up6.1% ,6.1% , and5.5% , respectively. - Life Insurance net premiums written were
$1.72 billion 5.3% , or10.3% in constant dollars, and segment income was$291 million 8.6% , or15.7% in constant dollars. - Pre-tax net investment income was
$1.56 billion 12.2% , and adjusted net investment income was$1.67 billion 12.7% . - Annualized return on equity (ROE) was
8.2% . Annualized core operating return on tangible equity (ROTE) was13.0% and annualized core operating ROE was8.6% .
Chubb Limited | |||||||
First Quarter Summary | |||||||
(in millions of | |||||||
(Unaudited) | |||||||
(Per Share) | |||||||
2025 | 2024 | Change | 2025 | 2024 | Change | ||
Net income | (37.9) % | (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- | 21 | (55) | NM | 0.05 | (0.14) | NM | |
Core operating income, net of tax | (31.1) % | (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 % | |||||
Core operating income was redefined to exclude the impact of the non-recurring tax benefit related to the enactment of
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a good first quarter that was overshadowed by the significant catastrophe losses we incurred from the
"Our published combined ratio was
"Our income and premium revenue this quarter were impacted by foreign exchange due to a strong dollar, which has since weakened considerably. Premiums were also impacted by two one-time items in our
"In terms of the commercial P&C underwriting environment, large account admitted and E&S property continued to grow more competitive while casualty is firm and responding to the loss-cost environment. In middle market and small commercial, both admitted and E&S, underwriting conditions remain favorable across both property and casualty lines of business.
"As I observed at the beginning of the year, about
"In sum, I have confidence in what we can control, and I expect we will continue to grow operating income and EPS at a double-digit rate, CATs and FX notwithstanding."
Operating highlights for the quarter ended March 31, 2025 were as follows:
Chubb Limited | Q1 | Q1 | |||
(in millions of | 2025 | 2024 | Change | ||
Consolidated | |||||
Net premiums written (increase of | $ | 12,646 | $ | 12,221 | 3.5 % |
P&C | |||||
Net premiums written (increase of | $ | 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 | $ | 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 | $ | 1,720 | $ | 1,633 | 5.3 % |
Segment income (increase of | $ | 291 | $ | 268 | 8.6 % |
- Consolidated net premiums earned increased
3.6% , or5.7% in constant dollars. P&C net premiums earned increased3.3% , or5.0% in constant dollars. - Operating cash flow was
$1.57 billion $2.00 billion - Total capital returned to shareholders was
$751 million $385 million $286.18 $366 million
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2025 are presented below:
Chubb Limited | Q1 | Q1 | |||
(in millions of | 2025 | 2024 | Change | ||
Total North America P&C Insurance | |||||
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance) | |||||
Net premiums written | $ | 6,615 | $ | 6,394 | 3.4 % |
Combined ratio | 99.8 % | 85.6 % | |||
Current accident year combined ratio excluding catastrophe losses | 79.7 % | 81.4 % | |||
North America Commercial P&C Insurance | |||||
Net premiums written (increase of | $ | 4,787 | $ | 4,689 | 2.1 % |
Major accounts retail and excess and surplus (E&S) wholesale | $ | 2,731 | $ | 2,779 | (1.7) % |
(excluding unusually large structured transactions, | |||||
Middle market and small commercial | $ | 2,056 | $ | 1,910 | 7.6 % |
Combined ratio | 82.1 % | 85.9 % | |||
Current accident year combined ratio excluding catastrophe losses | 81.3 % | 82.0 % | |||
North America Personal P&C Insurance | |||||
Net premiums written (increase of | $ | 1,552 | $ | 1,456 | 6.6 % |
Combined ratio | 159.5 % | 87.4 % | |||
Current accident year combined ratio excluding catastrophe losses | 75.0 % | 79.3 % | |||
North America Agricultural Insurance | |||||
Net premiums written | $ | 276 | $ | 249 | 11.0 % |
Combined ratio | 67.5 % | 56.6 % | |||
Current accident year combined ratio excluding catastrophe losses | 78.9 % | 81.6 % | |||
Overseas General Insurance | |||||
Net premiums written (increase of | $ | 3,903 | $ | 3,835 | 1.8 % |
Commercial P&C (increase of | $ | 2,432 | $ | 2,348 | 3.6 % |
Consumer P&C (increase of | $ | 1,471 | $ | 1,487 | (1.1) % |
Combined ratio | 83.4 % | 83.8 % | |||
Current accident year combined ratio excluding catastrophe losses | 85.5 % | 85.8 % | |||
Global Reinsurance | |||||
Net premiums written | $ | 408 | $ | 359 | 13.7 % |
Combined ratio | 95.6 % | 76.9 % | |||
Current accident year combined ratio excluding catastrophe losses | 74.3 % | 76.5 % | |||
Life Insurance | |||||
Net premiums written (increase of | $ | 1,720 | $ | 1,633 | 5.3 % |
Segment income (increase of | $ | 291 | $ | 268 | 8.6 % |
- North America Commercial P&C Insurance: The combined ratio decreased 3.8 percentage points mainly from lower catastrophe losses (1.8 points), higher favorable prior period development (1.3 points), and the year-over-year impact from large structured transactions (0.6 point).
- North America Personal P&C Insurance: The combined ratio increased 72.1 percentage points, including a 72.9 percentage point increase due to higher catastrophe losses and a 3.5 percentage point increase due to lower favorable prior period development, partially offset by current accident year loss ratio excluding catastrophe losses improvement.
- North America Agricultural Insurance: Net premiums written up
11.0% due to the favorable year-over-year impact of premium adjustments related to the federal government profit-share agreement, partially offset by lower commodity prices. The combined ratio increased 10.9 percentage points, including higher catastrophe losses and a lower impact from favorable prior period development each contributing an increase of 6.8 percentage points. - Overseas General Insurance: The combined ratio decreased 0.4 percentage point, including a 0.9 percentage point increase from higher catastrophe losses, a 1.0 percentage point decrease from higher favorable prior period development, and a 0.3 percentage point decrease from positive current accident year excluding catastrophe losses results.
- Life Insurance: Net premiums written were
$1.72 billion 5.3% , or10.3% in constant dollars, with growth of9.1% in International Life and18.6% in Combined Insurance North America. International life net premiums written and deposits were$2.2 billion 10.2% , or15.5% in constant dollars. International life segment income growth of1.9% , or9.5% in constant dollars.
All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated March 31, 2025, which is posted on Chubb's investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its first quarter earnings conference call on Wednesday, April 23, 2025, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within
In this release, business activity for, and the financial position of, Chubb acquisitions are reported at
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide. Additional information can be found at: www.chubb.com.
Regulation G – Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of
Adjusted net realized gains (losses) and other, net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders' share of gains and losses. The crop derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities. Other includes integration expenses and the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See Core operating income, net of tax for further description of these items.
P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).
P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, which include legal and professional fees and all other costs directly related to acquisition integration activities. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses are not indicative of our underlying profitability, and excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and adjusted in 2024 and subsequent years' amortization of the related deferred tax asset, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency compared to the prior presentation of the non-recurring tax benefit. References to core operating income measures mean net of tax, whether or not noted.
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders' equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.
P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb's Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb's P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb's global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Tangible book value per common share is Chubb shareholders' equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.
Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.
Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai's asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader's analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.
Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with
See the reconciliation of Non-GAAP Financial Measures on pages 25-29 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.
NM – not meaningful comparison
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve them, as well as management's response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chubb Limited | ||||||
Summary Consolidated Balance Sheets | ||||||
(in millions of | ||||||
(Unaudited) | ||||||
March 31 2025 | December 31 2024 | |||||
Assets | ||||||
Investments | $ | 152,301 | $ | 150,650 | ||
Cash and restricted cash | 2,250 | 2,549 | ||||
Insurance and reinsurance balances receivable | 15,358 | 14,426 | ||||
Reinsurance recoverable on losses and loss expenses | 20,015 | 19,777 | ||||
Goodwill and other intangible assets ( | 26,079 | 25,956 | ||||
Other assets | 35,749 | 33,190 | ||||
Total assets | $ | 251,752 | $ | 246,548 | ||
Liabilities | ||||||
Unpaid losses and loss expenses | $ | 85,471 | $ | 84,004 | ||
Unearned premiums | 24,487 | 23,504 | ||||
Other liabilities | 71,039 | 70,646 | ||||
Total liabilities | 180,997 | 178,154 | ||||
Shareholders' equity | ||||||
Chubb shareholders' equity, excl. AOCI | 73,361 | 72,665 | ||||
Accumulated other comprehensive income (loss) (AOCI) | (7,635) | (8,644) | ||||
Chubb shareholders' equity | 65,726 | 64,021 | ||||
Noncontrolling interests | 5,029 | 4,373 | ||||
Total shareholders' equity | 70,755 | 68,394 | ||||
Total liabilities and shareholders' equity | $ | 251,752 | $ | 246,548 | ||
Book value per common share | $ | 164.01 | $ | 159.77 | ||
Tangible book value per common share | $ | 104.27 | $ | 100.38 | ||
Book value per common share, excl. AOCI | $ | 183.06 | $ | 181.34 | ||
Tangible book value per common share, excl. AOCI | $ | 120.44 | $ | 118.57 | ||
Chubb Limited | |||||||||||||
Summary Consolidated Financial Data | |||||||||||||
(in millions of | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | |||||||||||||
March 31 | |||||||||||||
2025 | 2024 | ||||||||||||
Gross premiums written | $ | 15,105 | $ | 14,425 | |||||||||
Net premiums written | 12,646 | 12,221 | |||||||||||
Net premiums earned | 12,000 | 11,583 | |||||||||||
Losses and loss expenses | 6,896 | 5,727 | |||||||||||
Policy benefits | 1,227 | 1,180 | |||||||||||
Policy acquisition costs | 2,313 | 2,207 | |||||||||||
Administrative expenses | 1,080 | 1,070 | |||||||||||
Net investment income | 1,561 | 1,391 | |||||||||||
Net realized gains (losses) | (116) | (101) | |||||||||||
Market risk benefits gains (losses) | (92) | 21 | |||||||||||
Interest expense | 181 | 178 | |||||||||||
Other income (expense): | |||||||||||||
Gains (losses) from separate account assets | (10) | 10 | |||||||||||
Other | 93 | 181 | |||||||||||
Amortization of purchased intangibles | 75 | 80 | |||||||||||
Integration expenses | -- | 7 | |||||||||||
Income tax expense | 321 | 342 | |||||||||||
Net income | $ | 1,343 | $ | 2,294 | |||||||||
Less: NCI income | 12 | 151 | |||||||||||
Chubb net income | $ | 1,331 | $ | 2,143 | |||||||||
Diluted earnings per share: | |||||||||||||
Chubb net income | $ | 3.29 | $ | 5.23 | |||||||||
Core operating income | $ | 3.68 | $ | 5.27 | |||||||||
Weighted average shares outstanding | 404.7 | 409.7 | |||||||||||
P&C combined ratio | |||||||||||||
Loss and loss expense ratio | 67.8 % | 58.1 % | |||||||||||
Policy acquisition cost ratio | 19.4 % | 19.2 % | |||||||||||
Administrative expense ratio | 8.5 % | 8.7 % | |||||||||||
P&C combined ratio | 95.7 % | 86.0 % | |||||||||||
P&C underwriting income | $ | 441 | $ | 1,400 | |||||||||
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SOURCE Chubb Limited
FAQ
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