Chubb reported a net income of US$1.33 billion for the first quarter of 2025, down from US$2.14 billion in the same period last year. The decrease was primarily attributed to US$1.64 billion in pre-tax catastrophe losses, mainly resulting from California wildfires. The company’s property and casualty (P&C) underwriting income reached US$441 million, with a combined ratio of 95.7%. Excluding catastrophe losses, current accident year underwriting income rose 12.2% year-over-year to US$1.83 billion.
Chubb’s Chairman and CEO, Evan G. Greenberg, noted that about 80% of the company’s global P&C and life businesses have strong growth potential. However, he expressed caution regarding the broader economic outlook, citing concerns around US trade policy, inflation, and potential recession. Greenberg emphasized the need for greater clarity in policy to support business and economic stability.
The company’s P&C segment saw a 3.2% rise in net premiums written to US$10.93 billion. In North America, premiums grew 3.4%, while overseas general insurance posted a 1.8% rise. Life insurance premiums reached US$1.72 billion, an increase of 5.3%. Segment income rose to US$291 million, up 8.6%.
Chubb’s performance was impacted by significant catastrophe losses, with California wildfires accounting for US$1.47 billion of the total US$1.64 billion pre-tax catastrophe losses. The company’s core operating income was US$1.49 billion, down from US$2.16 billion in Q1 2024. Despite the challenges, Chubb achieved record net income of US$9.27 billion for FY2024, with a P&C combined ratio of 86.6% for the year.
