Chubb Limited reported net income of $1.33 billion for the first quarter of 2025, compared to $2.14 billion in the same period last year. Core operating income was $1.49 billion, down from $2.16 billion in Q1 2024. The decrease was largely due to $1.64 billion in pre-tax net catastrophe losses, including $1.47 billion from California wildfires.
Financial Highlights
- P&C underwriting income was $441 million with a combined ratio of 95.7%
- P&C current accident year underwriting income excluding catastrophe losses was $1.83 billion, up 12.2% from the prior year
- Net premiums written were $12.65 billion, a 3.5% increase from Q1 2024
- Annualized return on equity (ROE) was 8.2%, and core operating ROE was 8.6%
Business Segment Performance
North America P&C Insurance
- Net premiums written increased 3.4%
- Combined ratio was 99.8%, impacted by catastrophe losses
Overseas General Insurance
- Net premiums written were up 1.8%, or 6.5% in constant dollars
- Commercial P&C growth of 7.3% in constant dollars
Life Insurance
- Net premiums written increased 5.3%, or 10.3% in constant dollars
- Segment income was $291 million, up 8.6%
Management Commentary
Evan G. Greenberg, Chairman and CEO, commented on the results, stating, ‘We had a good first quarter that was overshadowed by significant catastrophe losses from the California wildfires.’ He highlighted the company’s underlying underwriting results, double-digit growth in investment income, and growing life insurance income. Greenberg also discussed the commercial P&C underwriting environment and the company’s growth prospects, while noting external uncertainties and their potential impact on business confidence.
Additional Information
- Operating cash flow was $1.57 billion
- Adjusted operating cash flow was $2.00 billion
- Total capital returned to shareholders was $751 million
- Book value per share and tangible book value per share increased 2.7% and 3.9%, respectively
