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Mar 31
Chubb Q1 2025 Earnings Report
Chubb posted solid operating results despite substantial catastrophe losses in Q1 2025.
Key Takeaways
Chubb delivered strong core operating income and EPS, offset by significant catastrophe losses driven by California wildfires. Premiums and investment income grew, while underwriting income declined sharply due to disaster impacts.
Core operating income reached $1.49 billion, supported by strong investment income and life insurance growth.
Net income fell to $1.33 billion from $2.14 billion a year ago due to $1.64 billion in catastrophe losses.
Total net premiums written increased to $12.646 billion, with P&C up 5.0% in constant dollars.
P&C combined ratio rose to 95.7%, but excluding catastrophe losses, improved to 82.3%.
Chubb
Chubb
Chubb Revenue by Segment
Chubb Revenue by Geographic Location
Revenue by Segment
North America P&C Revenue
CapyFin.comNA Commercial P&C Revenue
CapyFin.comNA Personal P&C Revenue
CapyFin.comNA Agricultural Ins. Revenue
CapyFin.comOverseas General Revenue
CapyFin.comRevenue by Geographic Location
North America P&C Revenue
CapyFin.comOverseas General Revenue
CapyFin.com Forward Guidance
Chubb remains confident in continued growth despite macroeconomic headwinds, with expectations of ongoing strength in underwriting and investment income.
Positive Outlook
- Core operating income expected to continue double-digit growth.
- Life insurance segment showing strong international and domestic growth.
- Investment income up 12.2%, expected to remain strong.
- Favorable current accident year combined ratio excluding catastrophe losses.
- Personal and commercial lines showing robust run-rate growth when excluding one-offs.
Challenges Ahead
- Significant catastrophe losses from California wildfires impacted results.
- Foreign exchange headwinds reduced income and premium growth.
- North America commercial insurance impacted by fewer structured transactions YOY.
- Ongoing economic uncertainty, including trade and inflation risks.
- Potential for recession may dampen consumer and business confidence.