In its full-year and fourth-quarter 2025 results, Chubb reported record property and casualty underwriting revenue of $6.53 billion, an increase of 11.6% from 2024, and a record-low combined ratio of 85.7%.
Chubb Chairman and CEO Evan G. Greenberg praised 2025 as a great year, highlighting the significant contribution of the company’s operations.
“Our consistent and enduring performance reflects the broad diversity and global nature of our business,” he added.
For the full year of 2025, net property and casualty insurance written premiums reached US$47.56 billion, an increase of 5.4% from 2024.
By region, North America grew by 4.7%, with personal insurance growing by 7.5% and commercial insurance growing by 3.9%. Overseas insurance rose 7.5%, driven by 11% growth in consumer insurance and 5.2% growth in commercial insurance. Growth in major international markets was also strong, with Asia up 10.7%, Latin America 6.3% and Europe 5.9%.
Pre-tax catastrophe losses totaled $2.92 billion in 2025, compared with $2.39 billion in 2024; however, pre-tax favorable developments totaled $1.13 billion, up from $856 million.
In the Chubb Life Insurance segment, net written premiums were $7.28 billion, up 15.1% from 2024, while segment revenue reached a record $1.24 billion, up 13.1%.
Chubb’s net income in 2025 totaled $10.31 billion, or $25.68 per share, and core operating income was $9.95 billion, or $24.79 per share.
Pre-tax net investment income was $6.47 billion, up 9% from 2024, and adjusted net investment income was $6.95 billion, also up 9%, both record highs.
Greenberg commented, “Our full-year results in nearly every category were the best in the company’s history. Notably, these results were achieved despite full-year CAT losses being slightly higher than the prior year, primarily driven by the California wildfires in the first quarter.”
“While the commercial insurance market environment continues to be increasingly competitive, we see many opportunities for growth given our broad diversification across geography, products, commercial and consumer customer segments, and distribution channels.
“In fact, the situation on January 1st was a little more favorable than we expected, and although it is still early, we are already off to a good start for the year.
“Despite unfavorable macro conditions, we expect excellent performance in ’26, with strong operating profit growth and double-digit earnings per share and tangible book value growth.”
In the fourth quarter of 2025 alone, Chubb’s property and casualty insurance underwriting revenue reached US$2.2 billion, an increase of 39.6% from the fourth quarter of 2024, and the combined ratio was 81.2%, a record low. Net property insurance premiums in the fourth quarter of 2025 were US$11.31 billion, an increase of 7.7% from the fourth quarter of 2024.
Meanwhile, life insurance’s net premiums in the fourth quarter of 2025 were $1.83 billion, up 16.9% from the fourth quarter of 2024, and the segment’s revenue increased 19.3% to $322 million.
Pre-tax catastrophe losses in the fourth quarter of 2025 totaled $365 million, down from $607 million in the fourth quarter of 2024, and pre-tax preferential pre-development losses totaled $268 million, up from $213 million in the same period in 2024.