Chubb reported record property and casualty (P&C) underwriting income of $6.53 billion in 2025, an increase of 11.6% year on year, alongside a record-low combined ratio of 85.7%, according to its full-year and fourth-quarter results.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb, described 2025 as a standout year for the group, citing strong performance across its diversified global operations.

“Our consistent and enduring performance reflects the broadly diversified, global nature of our business,” he added.

For the full year, P&C net premiums written rose 5.4% to $47.56 billion. By region, North America grew 4.7%, including a 7.5% increase in personal insurance and 3.9% growth in commercial insurance. Overseas General business expanded 7.5%, driven by 11% growth in consumer insurance and 5.2% growth in commercial insurance. Key international markets also delivered solid results, with premiums rising 10.7% in Asia, 6.3% in Latin America, and 5.9% in Europe.

Total pre-tax catastrophe losses for 2025 were $2.92 billion, compared with $2.39 billion in 2024. This was partly offset by pre-tax favourable prior period development of $1.13 billion, up from $856 million a year earlier.

Chubb’s Life Insurance segment also delivered strong growth, with net premiums written increasing 15.1% to $7.28 billion and segment income reaching a record $1.24 billion, up 13.1%.

Overall, Chubb reported total net income of $10.31 billion, or $25.68 per share, for 2025. Core operating incomeamounted to $9.95 billion, or $24.79 per share.

Pre-tax net investment income rose 9% year on year to $6.47 billion, while adjusted net investment income also increased 9% to a record $6.95 billion.

Greenberg commented, “Our full-year results in virtually every category were the best in our company’s history. Notably, these results were achieved in spite of full-year CAT losses being modestly higher than the prior year, substantially driven by the California wildfires in the first quarter.

“While commercial insurance market conditions continue to grow incrementally more competitive, we see many opportunities for growth given our broad diversification by geography, product, commercial and consumer customer segments, and distribution channel.

“In fact, at January 1, conditions were a bit more favourable than we had anticipated, and while early, we’ve had a good start to the year.

“We anticipate an excellent ’26 with strong growth in operating earnings and double-digit growth in EPS and tangible book value, macro conditions notwithstanding.”

Fourth-quarter performance

In the fourth quarter of 2025, Chubb’s P&C underwriting income rose 39.6% to $2.20 billion, supported by a record-low combined ratio of 81.2%. P&C net premiums written increased 7.7% to $11.31 billion.

Life Insurance net premiums written in Q4 climbed 16.9% to $1.83 billion, while segment income increased 19.3% to $322 million.

Quarterly pre-tax catastrophe losses fell to $365 million, down from $607 million in Q4 2024, while pre-tax favourable prior period development increased to $268 million, compared with $213 million a year earlier.