Chubb (CB) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $2.8 billion, up 20.5% year-over-year, with record core operating income of $3 billion, up 28.7%, and EPS of $7.49, up 31%, driven by record underwriting, investment results, and broad-based premium growth.

• Consolidated net premiums written increased 7.5% to $14.87 billion, with P&C up 5.3% and Life Insurance up 24.6%.

• Global leader in P&C insurance with operations in 54 countries, a market capitalization of $111.3 billion, and 42% of business transacted outside the U.S.

• Maintains exceptional financial strength, with core operating companies rated AA by S&P and A++ by AM Best.

• Diversified business mix and disciplined cycle management support long-term profitable growth and superior margins.

Financial highlights

• P&C combined ratio improved to a record 81.8% for Q3 2025, with current accident year combined ratio ex-catastrophe at 82.5%.

• P&C underwriting income reached $2.3 billion, up 55% year-over-year; net investment income was $1.65 billion, up 9.3%; adjusted net investment income was $1.8 billion, up 8.3%.

• Book value per share increased 4.7% sequentially to $182.22; tangible book value per share rose 6.6% to $120.13, up 17% year-over-year.

• Operating cash flow was $4.5 billion for the quarter; total assets were $270.2 billion and shareholders' equity $71.9 billion as of September 30, 2025.

• Total company premiums grew 7.5% (consumer up almost 16%, commercial up 3.3%); life insurance premiums up 24.5%.

Outlook and guidance

• Management expects continued double-digit EPS, book value, and tangible book value growth, with core operating ROE targeted at 14%+ over the medium term.

• Adjusted net investment income guidance for Q4 is $1.775–$1.81 billion.

• Core operating effective tax rate for the full year expected to be 19.5%–20%.

• Pre-tax interest expense for full year 2025 expected to be approximately $785 million.

• Focused on underwriting discipline, risk management, and sustainable growth.