Chubb Ltd

Listed Company

CBCIK 0000896159NYSELarge AcceleratedFire, Marine & Casualty InsuranceV8FY ends Dec 31

Period

FY 2025

Revenue

$59.40B

Net Income

$10.31B

Total Assets

$272.33B

Equity

$73.76B

Shares Out

387.86M

Op. Cash Flow

$12.82B

+ 13F Filer

Business

Chubb Ltd is a global insurance and reinsurance holding company providing risk management, underwriting, and asset management services through its group of insurance and reinsurance subsidiaries. It offers commercial and consumer property and casualty (P&C) insurance, accident and supplemental health (A&H), life insurance, reinsurance solutions, and investment management services. The company operates through six primary segments: North America Commercial P&C, North America Personal P&C, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Chubb distributes products worldwide via brokers, agents, direct marketing, digital platforms, syndicate participation, and local sales networks across multiple countries.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums written	54,842	51,468	47,361	41,720	37,827
Increase in unearned premiums	−1,828	−1,622	−1,649	−1,360	−1,535
Net premiums earned	53,014	49,846	45,712	40,360	36,292
Net investment income	6,465	5,930	4,937	3,742	3,456
Net realized gains (losses)	211	117	−607	−1,085	1,030
Market risk benefits gains (losses)	−288	−140	−307	80	91
Total revenues	59,402	55,753	49,735	43,097	40,869
Losses and loss expenses	26,700	26,022	24,100	22,572	21,030
Policy benefits (includes remeasurement gains (losses) of $59, $(2), and $19)	5,460	4,714	3,628	2,314	1,740
Policy acquisition costs	9,847	9,102	8,259	7,339	6,758
Administrative expenses	4,504	4,380	4,007	3,395	3,135
Interest expense	764	741	672	570	492
Other (income) expense	−1,297	−1,023	−836	89	−2,367
Amortization of purchased intangibles	301	323	310	285	287
Integration expenses and severance	79	39	69	48	0
Total expenses	46,358	44,298	40,209	36,612	31,075
Income before income tax	13,044	11,455	9,526	6,485	9,794
Income tax expense	2,422	1,815	511	1,239	1,269
Net income	10,622	9,640	9,015	5,246	8,525
Net income (loss) attributable to noncontrolling interests	312	368	−13	0	0
Net income attributable to Chubb	10,310	9,272	9,028	5,246	8,525
Unrealized appreciation (depreciation)	2,655	−251	3,448	−10,578	−2,938
Current discount rate on future policy benefits	235	−701	84	1,480	387
Instrument-specific credit risk on market risk benefits	−8	7	2	33	27
Cumulative foreign currency translation adjustment	1,047	−1,177	−13	−911	−505
Other, including postretirement benefit liability adjustment	49	257	157	−100	522
Other comprehensive income (loss), before income tax	3,978	−1,865	3,678	−10,076	−2,507
Income tax expense related to OCI items	−149	−117	−317	965	366
Other comprehensive income (loss)	3,829	−1,982	3,361	−9,111	−2,141
Comprehensive income	14,451	7,658	12,376	−3,865	6,384
Comprehensive income (loss) attributable to noncontrolling interests	472	221	−28	0	0
Comprehensive income attributable to Chubb	13,979	7,437	12,404	−3,865	6,384
Basic earnings per share attributable to Chubb	25.93	22.94	21.97	12.5	19.38
Diluted earnings per share attributable to Chubb	25.68	22.7	21.8	12.39	19.24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Short-term investments, at fair value (amortized cost $4,840 and $5,143) (includes variable interest entities (VIE) balances of $105 and $57)	4,840	5,142	4,551	4,960	3,146
Fixed maturities available-for-sale, at fair value, net of valuation allowance $52 and $70 (amortized cost $124,726 and $115,083)	122,680	110,363	106,571	85,220	93,108
Private debt held-for-investment, at amortized cost, net of valuation allowance $3 and $4	2,411	2,628	2,553	—	—
Equity securities, at fair value (includes VIE balances of $2,275 and $1,289)	10,801	9,151	3,455	827	4,782
Private equities (includes VIE balances of $22 and $22)	17,239	14,769	14,078	12,355	—
Other investments (includes VIE balances of $5,818 and $4,538)	10,749	8,597	5,527	1,341	11,169
Total investments	168,720	150,650	136,735	113,551	122,323
Cash, including restricted cash $198 and $261 (includes VIE balances of $168 and $114)	2,470	2,549	2,621	2,127	1,811
Securities lending collateral	2,500	1,445	1,299	1,523	1,831
Accrued investment income	1,305	1,160	1,086	941	821
Insurance and reinsurance balances receivable, net of valuation allowance $62 and $59	15,944	14,426	13,379	11,933	11,322
Reinsurance recoverable on losses and loss expenses, net of valuation allowance $320 and $310	20,338	19,777	19,952	18,859	17,366
Reinsurance recoverable on policy benefits	286	289	280	—	—
Deferred policy acquisition costs	10,008	8,358	7,152	6,031	5,513
Value of business acquired	2,975	3,223	3,674	3,702	235
Goodwill	20,207	19,579	19,686	16,228	15,213
Other intangible assets	6,241	6,377	6,775	5,441	5,455
Deferred tax assets	1,312	1,603	1,741	0	—
Prepaid reinsurance premiums	3,874	3,378	3,221	3,136	3,028
Separate account assets	6,925	6,231	5,573	5,190	5,560
Other assets (includes VIE balances of $58 and $26)	9,222	7,503	7,508	7,546	11,792
Total assets	272,327	246,548	230,682	199,017	200,054
Unpaid losses and loss expenses	88,018	84,004	80,122	75,747	72,330
Unearned premiums	26,279	23,504	22,051	19,713	19,101
Future policy benefits	18,420	16,121	13,888	10,476	7,837
Market risk benefits	659	607	771	800	—
Policyholders' account balances	8,576	8,016	7,462	3,140	2,766
Separate account liabilities	6,925	6,231	5,573	5,190	5,560
Insurance and reinsurance balances payable	8,349	8,121	8,302	7,780	7,243
Repurchase agreements (includes VIE balances of $956 and $815)	3,324	2,731	2,833	1,419	1,406
Securities lending payable	2,500	1,445	1,299	1,523	1,831
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $159 and $183)	10,108	10,192	8,332	7,148	15,004
Deferred tax liabilities	1,741	1,584	1,555	377	389
Short-term debt	1,499	800	1,460	475	999
Long-term debt	15,728	14,379	13,035	14,402	15,169
Hybrid debt	422	419	308	—	—
Total liabilities	192,548	178,154	166,991	148,498	140,340
Commitments and contingencies (refer to Note 14)	—	—	—	—	—
Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 391,101,227 and 400,703,663 shares outstanding)	231	235	241	10,346	10,985
Common Shares in treasury (21,006,194 and 18,922,323 shares)	−4,699	−3,524	−4,400	−5,113	−7,464
Additional paid-in capital	13,250	14,393	15,665	7,166	8,478
Retained earnings	69,950	61,561	54,810	48,305	47,365
Accumulated other comprehensive income (loss) (AOCI)	−4,975	−8,644	−6,809	−10,185	350
Total Chubb shareholders' equity	73,757	64,021	59,507	50,519	58,328
Noncontrolling interests (includes VIE balances of $5,133 and $3,459)	6,022	4,373	4,184	0	—
Total shareholders equity	79,779	68,394	63,691	50,519	58,328
Total liabilities and shareholders equity	272,327	246,548	230,682	199,017	200,054

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Accretion (Amortization) of Discounts and Premiums, Investments	−409	−367	−148	189	332
Amortization of purchased intangibles	301	323	310	285	287
Deferred income taxes	330	96	−1,124	318	−84
Equity in net income of subsidiaries and affiliates	−1,143	−967	−867	−1	−2,435
Unpaid losses and loss expenses	2,706	4,567	3,470	4,259	5,178
Unearned premiums	2,098	1,805	1,377	1,435	1,252
Future policy benefits	2,186	1,841	848	333	1,040
Insurance and reinsurance balances payable	131	−105	−155	446	582
Accounts payable, accrued expenses, and other liabilities	53	342	−735	−68	−2,423
Income taxes	−160	69	128	−149	48
Insurance and reinsurance balances receivable	−1,167	−1,278	−1,072	−696	−984
Reinsurance recoverable	−169	−30	−498	−1,737	−1,949
Deferred policy acquisition costs	−1,566	−1,429	−1,100	−396	−422
Net sales of investments by consolidated investment products	−1,090	278	450	0	0
Other	16	1,374	1,819	789	3,325
Net Cash Provided by (Used) in Operating Activities, Total	12,816	16,182	12,632	11,258	11,151
Purchases of fixed maturities available-for-sale	−34,157	−33,759	−28,672	−27,844	−30,222
Purchases of fixed maturities held-to-maturity	0	0	−208	−618	−594
Purchases of equity securities	−2,799	−4,333	−1,395	−895	−1,167
Sales of fixed maturities available-for-sale	12,231	12,815	14,593	16,855	6,596
Sales of equity securities	2,807	2,996	1,084	4,615	1,018
Maturities and redemptions of fixed maturities available-for-sale	12,675	10,810	7,026	9,415	17,361
Maturities and redemptions of fixed maturities held-to-maturity	0	0	708	1,712	1,964
Net change in short-term investments	462	−763	1,169	−1,452	1,175
Net derivative instruments settlements	−185	−93	−153	−84	−219
Private equity contributions	−3,014	−1,070	−2,024	−2,649	−2,471
Private equity distributions	1,721	1,397	1,164	1,017	1,421
Acquisition of subsidiaries (net of cash acquired of $32, nil, and $560)	−289	−538	−34	−5,166	−1,184
Cash And Cash Equivalents Increase (Decrease) Due To Consolidation And Deconsolidation Of Investment Products	0	27	−17	0	0
Other	−712	−1,412	−889	−560	−337
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation	−11,260	−13,923	−7,648	−5,654	−6,659
Dividends paid on Common Shares	−1,505	−1,436	−1,394	−1,375	−1,401
Common Shares repurchased	−3,694	−1,801	−2,411	−2,894	−4,861
Proceeds from issuance of long-term debt	2,424	2,408	0	0	1,576
Repayments of Long-term Debt	−800	−1,437	−475	−1,000	0
Proceeds from share-based compensation plans	327	356	212	264	300
Policyholder contract deposits	853	1,024	645	488	513
Policyholder contract withdrawals	−594	−709	−458	−521	−457
Third-party capital invested into consolidated investment products	2,556	1,614	126	0	0
Third-party capital distributed by consolidated investment products	−1,753	−1,621	−745	0	0
Proceeds from issuance of repurchase agreements	6,297	4,505	4,984	4,510	1,858
Repayment of repurchase agreements	−5,693	−4,822	−4,728	−4,508	−1,858
Tax withholding payments for share-based compensation plans	−268	−262	−245	−106	−81
Net cash flows (used for) from financing activities	−1,850	−2,181	−4,489	−5,142	−4,411
Effect of foreign currency rate changes on cash and restricted cash	215	−150	−1	−146	−106
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	−79	−72	494	316	−25
Interest paid	650	599	553	552	492

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 4 positions

Reported AUM

$40.16M

Holdings

Top sector

$40.16M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$40.16M	100.0%

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