Large insurer Chubb has reported record property and casualty (P&C) underwriting income of $2.26 billion, representing a 55% year-on-year increase, for the third quarter of 2025, with a combined ratio of 81.8%, compared with underwriting profit of $1.5 billion in Q3’24 with a combined ratio of 87.7%.
The quarter’s total pre-tax catastrophe losses were $285 million compared with $765 million last year, and $2.56 billion for the nine months to September 30th, 2025, compared with $1.78 billion in the same period in 2024.
Within P&C, net premiums written (NPW) were $12.93 billion, up 5.3% from $12.3 billion in Q3’24. For the quarter, North America NPW was up 4.4% to $8.9 billion, including growth of 8.1% in personal insurance and 3.5% in commercial insurance, or 6.2% adjusting for the impact of two non-recurring items that benefited 2024, explained the insurer.
Meanwhile, Overseas General NPW was up 9.7% for Q3’25 to $3.7 billion, including growth of 15.5% in consumer insurance and 5.8% in commercial insurance. NPW in Asia, Latin America, and Europe were up 14.3%, 10.6% and 4.8%, respectively.
Chubb’s Life insurance segment reported NPW of $1.93 billion, a 24.6% increase year-on-year, with growth of 26.5% in International Life, including 9.9 percentage points from a one-time large transaction, and 18.1% in combined insurance North America. The Life insurance segment’s income hit $324 million in Q3’25, up 14.2% from Q3’24’s $284 million.
The Global Reinsurance segment reported NPW of $304 million for the third quarter compared to $352 million last year, a dip of 13.5%. The reinsurance business recorded an improved combined ratio of 77.4% for Q3’25, compared with 94.4% a year earlier.
Group-wide, Chubb generated net income of $2.8 billion for the third quarter of 2025, an increase of 20.5% year-on-year, as core operating income hit a record $3 billion, up 28.7% on the prior year.
Additionally, the insurer recorded record pre-tax net investment income of $1.65 billion, up 9.3%, and adjusted net investment income of $1.78 billion, up 8.3% on the prior year.
The annualised return on equity (ROE) was 15.9% and the annualised core operating return on tangible equity (ROTE) was 24.5% with an annualised core operating ROE of 16.3%.
Evan G. Greenberg, Chairman and Chief Executive Officer, Chubb Limited, commented, “We had a simply outstanding quarter. The results again put a point on the broad-based, diversified nature of our company geographically, by customer segment both and within commercial and consumer, by product and distribution channel. Core operating income of $3 billion was a record, up 29%, driven by record underwriting and investment income and double-digit growth in life income. Our core operating EPS was also a record, $7.49 per share, up 31%.
“Underwriting income on both a published and current accident year ex-catastrophe basis was supported by solid premium growth and underwriting margin improvement. Published underwriting income of $2.3 billion was up 55% from a year ago, with a record combined ratio of 81.8% — about six percentage points better than a year earlier. While we benefited from light CAT losses in the quarter, the real story is our underlying underwriting results, which were excellent, and very strong prior period reserve development. Current accident year underwriting income excluding CATs was a record $2.2 billion, up 10%, with a combined ratio of 82.5%, nearly a full-point improvement from prior year, with most all of it coming from loss ratio improvement.”
Greenberg added, “Adjusted net investment income of $1.8 billion was up 8.3%. Financial, economic and fiscal conditions favour continued attractive fixed income and alternative investment portfolio returns on our growing invested asset. Total company premiums grew 7.5%, with P&C up 5.3% and life up over 24.5%. All businesses and regions of the world contributed to growth. North America was up 4.4%, including growth of 8.1% in personal insurance and 3.5% in commercial, or 6.2% excluding the impact of two items that benefited the prior year.
“Overseas General was up 9.7%, including growth of 15.5% in consumer insurance and 5.8% in commercial insurance; Asia, Latin America and Europe were up 14.3%, 10.6% and 4.8%, respectively. Our balance of business and deep local presence provides us a wide range of opportunities around the world, which supports long-term, profitable growth, and it gives us additional freedom to manage a transitioning commercial P&C cycle with discipline.”
Greenberg concluded, “In the quarter, we increased share buybacks since our stock is trading well below intrinsic value. Given our earning power, increased buyback activity will continue, while at the same time, we build additional capital and our invested asset base.
“In sum, Chubb’s fundamentals and our positioning are excellent, and our balance sheet, starting with our loss reserves, has never been stronger. I am confident we will maintain superior earnings growth, including double-digit growth in EPS, book and tangible book value, with core operating ROE increasing to 14% plus over the medium term, CATs and FX notwithstanding.”
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