Chubb (CB) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $2.97 billion, up 33.1% year-over-year, with core operating income at a record $2.5 billion, up 12.9%, and core operating EPS of $6.14, up 14%.

• Consolidated net premiums written reached $14.2 billion, up 6.3% (7.1% in constant dollars), with P&C and Life Insurance up 5.8% and 17.3%, respectively.

• Book value per share and tangible book value per share increased 6.1% and 8% sequentially, and 9% and 12.2% from year-end 2024.

• Global leader in P&C insurance with operations in 54 countries and a market cap of $115.5 billion as of June 30, 2025.

• Completed the acquisition of Liberty Mutual's business in Thailand for $321 million, expanding presence in Asia.

Financial highlights

• P&C combined ratio improved to 85.6% from 86.8% year-over-year; current accident year combined ratio excluding catastrophe losses was 82.3%.

• Net investment income grew 6.8% year-over-year to $1.57 billion; adjusted net investment income was $1.69 billion, up 7.9%.

• Operating cash flow for the quarter was $3.55 billion; adjusted operating cash flow was $3.23 billion.

• Pre-tax catastrophe losses were $630 million, split 60% U.S. and 40% international, primarily from California wildfires and global weather events.

• Favorable prior period development contributed $249 million pre-tax in Q2 2025.

Outlook and guidance

• Management expects continued growth in revenue and operating income, supported by strong global business diversification and disciplined underwriting.

• Adjusted net investment income projected at $1.72–$1.74 billion for next quarter.

• Annual core operating effective tax rate expected to remain in the 19–19.5% range.

• 80% of global businesses are seen as having good growth prospects, with opportunities across regions and segments.