Q4 2025 Chubb Ltd Earnings Call Transcript
Key Points
- Chubb Ltd (CB) achieved record earnings for both the quarter and the year, with core operating income of nearly $3 billion, up about 22% from the previous year.
- The company reported a strong underwriting performance with a P&C underwriting income of $2.2 billion, up 40%, and a record low combined ratio of 81.2%.
- Chubb Ltd (CB) experienced significant growth in net premiums, with total company net premiums growing almost 9%, P&C up 7.7%, and life up about 17%.
- The investment side of the business also performed well, generating record adjusted net investment income of $1.8 billion, up 7.3%.
- The company's tangible book value per share grew 25.7% last year, reflecting strong wealth creation for shareholders.
- Chubb Ltd (CB) faced higher full-year catastrophe (CAT) losses compared to the prior year, driven by events such as the California wildfires.
- The commercial P&C underwriting environment is becoming incrementally more competitive, particularly in large account property and financial lines.
- Financial lines pricing remained soft, with some signs of firming in discrete classes, indicating potential challenges in maintaining profitability.
- The company experienced adverse development of $162 million in its corporate runoff portfolio, primarily related to asbestos review.
- Foreign exchange volatility poses a risk to the company's revenue and income, as Chubb Ltd (CB) does not hedge revenue or income.
Thank you for standing by. My name is Jay and I'll be your conference operator today. At this time, I would like to welcome everyone to the Chubb Ltd fourth-quarter 2025 earnings call.
(Operator Instructions)
I would now like to turn the conference over to Susan Spivak, Senior Vice President, Investor relations. You may begin.
Thank you and welcome to our December 31, 2025 fourth-quarter and year-end earnings conference call. Our report today will contain forward-looking statements, including statements relating to company's performance, pricing and business mix, growth opportunities, and economic and market conditions which are subject to risks and uncertainties, and actual results may differ materially.
See our recent. SEC filings, earnings release, and financial supplement, which are all available on our website at investors.chubb.com for more information on factors that could affect these matters. We will also refer today to non-GAAP financial measures,
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