Chubb has reported net income of $2.97bn for the second quarter of 2025 (Q2 2025), a surge of 33% from $2.23bn recorded last year.  

The company achieved core operating income of $2.48bn, or $6.14 per share, reflecting a 12.9% rise. 

For the quarter ended 30 June, consolidated net premiums written totalled $14.2bn, representing a 6.3% increase, or 7.1% when adjusted for constant currency.  

Property and casualty (P&C) premiums accounted for $12.39bn, up by 5.2%, while life insurance premiums reached $1.8bn, a 14.1% increase. 

In North America, P&C premiums grew by 5.3%, with personal lines increasing by 9.1% and commercial lines by 4.1%.  

The middle market and small commercial segments saw an 8.5% increase, bolstered by a 10.2% rise in P&C lines and a 2.7% growth in financial lines. Major accounts and specialty businesses experienced a 1.5% increase.  

Overseas general premiums rose by 8.5%, or 10.2% in constant dollars, driven by a 15.3% increase in consumer insurance and a 6.8% rise in commercial. Increases were also noted in Latin America (17.3%), Asia (12.7%) and Europe (8.2%). 

Conversely, agricultural insurance in North America reported a 3.3% decline in net premiums written, attributed to lower commodity prices. 

Underwriting income in the P&C segment reached $1.63bn, a 15% increase, resulting in a combined ratio of 85.6%. Excluding catastrophe losses, underwriting income for the current accident year was $2.01bn, with a combined ratio of 82.3%. 

Pre-tax net investment income was reported at $1.57bn, while adjusted net investment income increased by 7.9% to $1.69bn. Operating cash flow was $3.55bn, with adjusted cash flow at $3.23bn. 

Total catastrophe losses before tax amounted to $630m, compared to $580m in the previous year. The company also reported favourable prior period reserve development of $249m pre-tax. 

Chubb noted a 6.1% increase in book value per share to $174.07, while tangible book value per share rose by 8% to $112.64, influenced by gains in investment assets and foreign exchange.  

Annualised return on equity was 17.6%, with a core operating return on tangible equity of 21% and a core operating return on equity of 13.9%. 

The company returned $1.06bn to shareholders, comprising $676m in share buybacks and $388m in dividends. 

Chubb CEO and chairman Evan Greenberg said: “We had a great second quarter. Most all of our businesses and regions of the world contributed to record quarterly results, illustrating the distinctive, diversified nature of our company. Our balance of business, geographically by customer segment and product, is a distinguishing feature of our company. 

“As I observed at the beginning of the year, about 80% of our businesses globally have good growth prospects, and we are capitalising on a wide range of opportunities. I have great confidence in our ability to grow revenue and operating income at a superior rate, CATs [catastrophe bonds] and FX [foreign exchange trade] notwithstanding.” 

On the flip side, the company’s half-year net income saw a marginal decline of 1.7%, totalling $4.29bn, down from the previous year’s $4.37bn.  

Chubb reported Q1 2025 net income of $1.33bn, down 37.9% year-over-year.