On this page of StockholderLetter.com we present the latest annual shareholder letter from Chubb Ltd — ticker symbol CB. Reading current and past CB letters to shareholders can bring important insights into the investment thesis.
Chubb Limited Annual Report 2025
Financial Summary 1 Chairman and CEO Letter to Shareholders 2 Chubb Senior Operating Leaders 19 Corporate and Global Functional Leaders 20 Review of Operations 22 Chubb Limited Board of Directors 33 Blue Boundaries 34 Chubb Group Corporate Officers and Other Executives 36 Shareholder Information 38 Non GAAP Financial Measures 39 Form 10 K Swiss Statutory Financial Statements Swiss Statutory Compensation Report About the cover Together, the National Geographic Society and Chubb are leading a groundbreaking global initiative called Blue Boundaries to discover and deploy scalable solutions for restoring, illuminating and safeguarding ecosystems at the critical intersection of land and water, building resilience for both people and nature. Learn more about this partnership on pages 34-35. Cover photo: Waves crash onto Lord Howe Island s coastline, New South Wales, Australia by Taylor Glenn/National Geographic
Financial Summary Year Ended Dec. 31, 2025 Year Ended Dec. 31, 2024 Percentage Change Percentage Change Constant Dollars $65,946 $62,003 6.4% 6.8% Net premiums written 54,842 51,468 6.6% 7.0% Net premiums earned 53,014 49,846 6.4% 6.7% P&C combined ratio 85.7% 86.6% (0.9) pts P&C current accident year combined ratio excluding catastrophe losses 81.9% 83.1% (1.2) pts 10,310 9,272 11.2% Core operating income 9,954 9,142 8.9% Diluted earnings per share Chubb net income 25.68 22.70 13.1% Diluted earnings per share core operating income 24.79 22.38 10.8% Total investments 168,720 150,650 12.0% Total assets 272,327 246,548 10.5% Chubb shareholders equity 73,757 64,021 15.2% Book value per share 188.59 159.77 18.0% Book value per share excluding AOCI 201.31 181.34 11.0% Tangible book value per share 126.22 100.38 25.7% Tangible book value per share excluding tangible AOCI 136.91 118.57 15.5% Return on equity 15.0% 15.0% Core operating return on tangible equity 20.5% 21.5% Core operating return on equity 13.7% 13.8% In millions of U.S. dollars except per share data and ratios Gross premiums written Chubb net income This document contains non-GAAP financial measures. Refer to pages 39-43 for reconciliations to the most directly comparable GAAP measures. 1
Evan G. Greenberg Chairman and Chief Executive Officer Chubb Group 2
Your Chubb Investment: High Quality and Enduring Value To My Fellow Shareholders Chubb had an excellent year in 2025, once again demonstrating the enduring value of this broadly diversified insurance company. We produced record operating earnings, supported by strong underwriting and investment results, leading to double-digit growth in earnings per share. While we re growing and compounding wealth at a rapid pace, we re also investing in our businesses and capabilities in the most important parts of the world: North America, Asia, Europe and Latin America. We have been and are embracing the power of technology, AI, data and business process change, transforming ourselves so we thrive for years to come. We have a deep bench of talented, longtenured leaders who have a passion for creating, building and managing. We are optimistic, our energy level is high, and we are deeply passionate and ambitious about our company. Twenty years back, I said we aspired to be a great company, observing that to be great is to possess a quality of endurance. It is iterative and takes years, relentlessly building intrinsic strength. Chubb has demonstrated a steady resilience and ability to outperform, regardless of the environment. Over two decades, we have patiently built a broadly diversified, global business, which positions us so well to capitalize on the many short- and longer-term growth opportunities we see around the world. At the same time, our business provides us with resilience to better manage both the cyclical nature of our industry and the inevitable volatility we face in the business of risk. We are a balance sheet business; therefore, our most important measure of wealth creation is tangible book value, which increased 22.7% last year, or 25.7% on a per share basis. The size and growth of our tangible capital support our ability to grow our underwriting, investment and life businesses. Tangible book value per share has increased 74% over three years and 385% over 20 years, and that includes dilution from acquisitions. As an organization, we are unique in that we have the proven ability to both organically build and successfully acquire and integrate companies that complement our organic growth. We create wealth through three sources of income, each with vast opportunity to expand and grow over time: 1) We are principally a global leader in property and casualty (P&C) insurance, underwriting risk for businesses and individuals; 2) We are a very successful investment manager with a record of generating excellent risk-adjusted returns on our growing portfolio of invested assets liquid and private; and 3) We are becoming an established life insurer, with operations predominantly in Asia, and a growing worksite benefits business in the United States, both expanding at a double-digit pace. Each of these three sources delivered record results in 2025. P&C underwriting income was $6.5 billion, up more than 11.5% for the year and up more than 43% over the past three years. Adjusted net investment income increased 9% to almost $7 billion for the year and is up 73% over three years. Life income was $1.2 billion, up more than 13% for the year and 88% from three years ago. In all, we produced record core operating income just shy of $10 billion a milestone for our company up 8.9% for the year and 55% over three years. Operating earnings grew 10.8% per share last year and more than 63% over three years. Notably, our underwriting results and earnings were achieved in spite of pre-tax catastrophe losses (CATs) of $2.9 billion, about $500 million over prior year, predominantly driven by the California wildfires in the first quarter. Though U.S. and worldwide hurricane and typhoon seasons were unusually light, annual industry insured CAT losses still approached $129 billion. Fire, flood, cyclonic and earthquake were all perils that contributed to industry CAT losses last year. By its nature, CAT exposure is volatile, and frequency and severity of losses are alive and well. 3
 • shareholder letter icon 4/3/2026 Letter Continued (Full PDF)
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CB Shareholder/Stockholder Letter Transcript:

Chubb Limited
Annual Report
2025

Financial Summary
1
Chairman and CEO Letter to Shareholders
2
Chubb Senior Operating Leaders
19
Corporate and Global Functional Leaders
20
Review of Operations
22
Chubb Limited Board of Directors
33
Blue Boundaries
34
Chubb Group Corporate Officers and Other Executives
36
Shareholder Information
38
Non   GAAP Financial Measures
39
Form 10   K
Swiss Statutory Financial Statements
Swiss Statutory Compensation Report
About the cover
Together, the National Geographic Society and Chubb are leading a
groundbreaking global initiative called Blue Boundaries to discover and
deploy scalable solutions for restoring, illuminating and safeguarding
ecosystems at the critical intersection of land and water, building
resilience for both people and nature. Learn more about this partnership
on pages 34-35.
Cover photo: Waves crash onto Lord Howe Island   s coastline,
New South Wales, Australia by Taylor Glenn/National Geographic

Financial Summary
Year Ended
Dec. 31,
2025
Year Ended
Dec. 31,
2024
Percentage
Change
Percentage
Change
Constant
Dollars
$65,946
$62,003
6.4%
6.8%
Net premiums written
54,842
51,468
6.6%
7.0%
Net premiums earned
53,014
49,846
6.4%
6.7%
P&C combined ratio
85.7%
86.6%
(0.9) pts
P&C current accident year combined ratio
excluding catastrophe losses
81.9%
83.1%
(1.2) pts
10,310
9,272
11.2%
Core operating income
9,954
9,142
8.9%
Diluted earnings per share     Chubb net income
25.68
22.70
13.1%
Diluted earnings per share     core operating income
24.79
22.38
10.8%
Total investments
168,720
150,650
12.0%
Total assets
272,327
246,548
10.5%
Chubb shareholders    equity
73,757
64,021
15.2%
Book value per share
188.59
159.77
18.0%
Book value per share excluding AOCI
201.31
181.34
11.0%
Tangible book value per share
126.22
100.38
25.7%
Tangible book value per share excluding tangible AOCI
136.91
118.57
15.5%
Return on equity
15.0%
15.0%
Core operating return on tangible equity
20.5%
21.5%
Core operating return on equity
13.7%
13.8%
In millions of U.S. dollars
except per share data and ratios
Gross premiums written
Chubb net income
This document contains non-GAAP financial measures. Refer to
pages 39-43 for reconciliations to the most directly comparable
GAAP measures.
1

Evan G. Greenberg
Chairman and Chief Executive Officer
Chubb Group
2

Your Chubb Investment:
High Quality and Enduring Value
To My Fellow Shareholders
Chubb had an excellent year in 2025, once again
demonstrating the enduring value of this broadly diversified
insurance company. We produced record operating earnings,
supported by strong underwriting and investment results,
leading to double-digit growth in earnings per share.
While we   re growing and compounding wealth at a rapid
pace, we   re also investing in our businesses and capabilities
in the most important parts of the world: North America,
Asia, Europe and Latin America. We have been and are
embracing the power of technology, AI, data and business
process change, transforming ourselves so we thrive for
years to come. We have a deep bench of talented, longtenured leaders who have a passion for creating, building and
managing. We are optimistic, our energy level is high, and we
are deeply passionate and ambitious about our company.
Twenty years back, I said we aspired to be a great company,
observing that to be great is to possess a quality of
endurance. It is iterative and takes years, relentlessly
building intrinsic strength. Chubb has demonstrated a
steady resilience and ability to outperform, regardless of
the environment. Over two decades, we have patiently built
a broadly diversified, global business, which positions us so
well to capitalize on the many short- and longer-term growth
opportunities we see around the world. At the same time,
our business provides us with resilience to better manage
both the cyclical nature of our industry and the inevitable
volatility we face in the business of risk.
We are a balance sheet business; therefore, our most
important measure of wealth creation is tangible book value,
which increased 22.7% last year, or 25.7% on a per share
basis. The size and growth of our tangible capital support
our ability to grow our underwriting, investment and life
businesses. Tangible book value per share has increased 74%
over three years and 385% over 20 years, and that includes
dilution from acquisitions. As an organization, we are unique
in that we have the proven ability to both organically build
and successfully acquire and integrate companies that
complement our organic growth.
We create wealth through three sources of income, each
with vast opportunity to expand and grow over time: 1) We
are principally a global leader in property and casualty (P&C)
insurance, underwriting risk for businesses and individuals;
2) We are a very successful investment manager with a
record of generating excellent risk-adjusted returns on our
growing portfolio of invested assets     liquid and private;
and 3) We are becoming an established life insurer, with
operations predominantly in Asia, and a growing worksite
benefits business in the United States, both expanding at a
double-digit pace.
Each of these three sources delivered record results in 2025.
P&C underwriting income was $6.5 billion, up more than
11.5% for the year and up more than 43% over the past three
years. Adjusted net investment income increased 9% to
almost $7 billion for the year and is up 73% over three years.
Life income was $1.2 billion, up more than 13% for the year
and 88% from three years ago. In all, we produced record
core operating income just shy of $10 billion     a milestone
for our company     up 8.9% for the year and 55% over three
years. Operating earnings grew 10.8% per share last year
and more than 63% over three years.
Notably, our underwriting results and earnings were
achieved in spite of pre-tax catastrophe losses (CATs) of $2.9
billion, about $500 million over prior year, predominantly
driven by the California wildfires in the first quarter. Though
U.S. and worldwide hurricane and typhoon seasons were
unusually light, annual industry insured CAT losses still
approached $129 billion. Fire, flood, cyclonic and earthquake
were all perils that contributed to industry CAT losses last
year. By its nature, CAT exposure is volatile, and frequency
and severity of losses are alive and well.
3


shareholder letter icon 4/3/2026 Letter Continued (Full PDF)
 

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