Chubb (CB) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly net income of $3.21B, up 24.7% year-over-year, and core operating income of $2.98B, up 21.7%.

• Full-year net income reached $10.31B, up 11.2%, and core operating income was $9.95B, up 8.9%.

• Record earnings for both Q4 and full year, with strong contributions from all business segments and geographies.

• Global leader in P&C insurance with a market cap of $122.1 billion and operations in 54 countries and territories.

• Balanced portfolio across commercial, personal, accident & health, reinsurance, and life insurance.

Financial highlights

• Quarterly net income per share was $8.10, up 28.0%; core operating income per share was $7.52, up 24.9%.

• Full-year net income per share was $25.68, up 13.1%; core operating income per share was $24.79, up 10.8%.

• Q4 P&C underwriting income was $2.2 billion, up 40%, with a record low combined ratio of 81.2%.

• Book value per share increased 18.0% year-over-year to $188.59; tangible book value per share rose 25.7% to $126.22.

• Total capital position of $91.4 billion as of December 31, 2025.

Outlook and guidance

• Management anticipates strong growth in operating earnings and double-digit growth in EPS and tangible book value for 2026.

• Confident in ability to generate strong growth in operating earnings and double-digit growth in EPS and tangible book value in 2026, excluding CATs and FX.

• Q1 2026 adjusted net investment income expected between $1.81-$1.84 billion.

• 2026 core operating effective tax rate expected in the range of 19.5%-20%.

• Stable outlook from all major rating agencies, reflecting strong balance sheet and risk management.