CB
Updated: 24/09/2026, 14:14:12
Chubb Limited, headquartered in Zurich, Switzerland, is a global insurer and reinsurer, offering a broad spectrum of products across various markets. In North America, its Commercial Property & Casualty (P&C) division caters to businesses of all scales, from large corporations to small enterprises, providing a wide range of policies. These encompass commercial property, casualty, workers' compensation, package deals, risk management, financial lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty, alongside group accident and health insurance. The North America Personal P&C unit serves affluent individuals and high-net-worth families, delivering coverage for homeowners, automobiles (including collector vehicles), valuable possessions, personal and excess liability, travel, and recreational marine risks, complete with related services. Furthermore, its North American Agricultural Insurance arm specializes in multi-peril crop and crop-hail protection, as well as policies for farm and ranch properties and commercial agriculture. Internationally, the Overseas General Insurance segment provides traditional commercial P&C coverage and unique solutions in areas such as financial lines, marine, energy, aviation, political risk, and construction. This division also extends group accident and health, plus conventional and specialized personal lines to corporate clients, mid-market businesses, and smaller customers, distributing products through retail brokers, agents, and other channels. Operating under the Chubb Tempest Re brand, the Global Reinsurance segment furnishes both traditional and specialty reinsurance offerings to property and casualty insurers worldwide. Additionally, Chubb's Life Insurance division features an array of protection and savings products, including whole life, endowment plans, individual and group term life, medical and health, personal accident, credit life, universal life, and unit-linked contracts. The company primarily distributes its extensive range of insurance and reinsurance solutions through brokers. Chubb Limited, which was founded in 1985, was previously known as ACE Limited before adopting its current name in January 2016.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$10.3B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$3.7B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Chubb overview
Swiss-incorporated global insurance and reinsurance organization; operations in 54 countries and territories; total assets $272 billion and shareholders' equity $74 billion at Dec 31, 2025
“At December 31, 2025, we had total assets of $272 billion and total shareholders’ equity, of $74 billion (excluding noncontrolling interests).”
Six business segments
Six segments: North America Commercial P&C, North America Personal P&C, North America Agricultural, Overseas General, Global Reinsurance, Life Insurance
“Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance.”
North America Commercial P&C Insurance segment
38% of 2025 NPE; Commercial Insurance 40%, Major Accounts 36%, Westchester (wholesale/specialty) 19%, Chubb Bermuda 5% of segment NPE
“North America Commercial P&C Insurance (38 percent of 2025 Consolidated NPE)”
Life Insurance segment composition
Life Insurance includes international life operations, Huatai Group life and asset management, Chubb Life Re, and Chubb Benefits
“comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re)”
Overseas General Insurance segment composition
Overseas General Insurance includes Lloyd's Syndicate 2488 managed by Chubb Underwriting Agencies Limited, supported by Chubb funds at Lloyd's
“includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488”
Huatai Group segment mapping
Huatai's life insurance and asset management businesses in Life Insurance segment; P&C in Overseas General Insurance; real estate and holding company activity in Corporate.
“Huatai Group's life insurance and asset management businesses are included in the Life Insurance segment, and Huatai Group's P&C business is included in the Overseas General Insurance segment.”
Global Reinsurance segment (Chubb Tempest Re) composition and distribution
Global Reinsurance comprises Chubb Tempest Re Bermuda, USA, International, and Canada; marketed worldwide primarily through reinsurance brokers
“markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name”
Customer base
Multinationals, mid/small businesses, high net worth individuals, affinity groups, and ceding insurers
“We serve multinational corporations, mid-size and small businesses with property and casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect”
Broker and agent distribution
Business obtained via local and major international insurance brokers/agents with commissions paid; digital platforms such as Chubb Marketplace
“For most commercial and personal lines of business we offer, insureds typically use the services of an insurance broker or agent. We obtain business from the local and major international insurance brokers and typically pay a commission to brokers for business accepted and bound.”
Major Accounts product lines
Property, professional liability, cyber, excess casualty, workers' comp, GL, auto, marine, surety, environmental, construction, medical risk, inland marine, A&H plus claims/risk management
“Products and services offered include property, professional liability, cyber risk, excess casualty, workers’ compensation, general liability, automobile liability, commercial marine, surety, environmental, construction, medical risk, inland marine, and A&H coverages, as well as claims and risk management products and services.”
Huatai asset management performance fee revenue
Huatai asset management companies earn management fees and asset performance fees from managing third-party assets, unrelated to Chubb's core insurance operations; reported in Other (income) expense.
“These revenues include management fees, which are recognized in the period in which the services are performed, and asset performance fees, which are recognized to the extent it is probable that a significant reversal will not occur.”
Overseas General NPW by region 2025
NPW by region 2025: EMEA $6,491M (43%), Asia $5,337M (36%), Latin America $3,059M (20%), Other $137M (1%)
“Europe, Middle East, and Africa$6,491 $6,132 $5,713 $6,221 5.9 %4.3 %7.3 %”
Overseas General Insurance results 2025 vs 2024 vs 2023
NPW $15,024M (2025), $13,972M (2024), $12,575M (2023); segment income $3,167M/$2,858M/$2,649M; combined ratio 85.0%/86.4%/85.3%
“Net premiums written$15,024 $13,972 $12,575 7.5 %11.1 %”
Life Insurance results and life deposits 2025 vs 2024 vs 2023
Life NPW $7,279M (2025, +15.1%); segment income $1,242M; life deposits $2,227M/$2,571M/$1,590M (2025/2024/2023)
“Net premiums written$7,279 $6,326 $5,465 15.1 %15.7 %”
Global Reinsurance results 2025 vs 2024 vs 2023
NPW $1,309M/$1,346M/$1,018M; segment income $634M/$433M/$445M; combined ratio 79.3%/85.9%/75.5% (2025/2024/2023)
“Net premiums written$1,309 $1,346 $1,018 (2.8)%32.2 %”
Acquisition of LMG Insurance (Thailand)
Completed April 1, 2025 acquisition of LMG Insurance in Thailand from Liberty Mutual for $321 million; goodwill $183M, intangibles $57M; reported in Overseas General Insurance segment.
“On April 1, 2025, we completed the acquisition of LMG Insurance in Thailand for $321 million, and recognized goodwill of $183 million and intangible assets of $57 million.”
Huatai Group controlling interest and ownership increase
Obtained controlling interest in Huatai Group July 1, 2023 (64.2% to 69.6%); aggregate ownership approximately 87.2% as of December 31, 2025; $4.1B fair value remeasurement produced a one-time after-tax realized gain of $763 million.
“Our aggregate ownership interest in Huatai Group was approximately 87.2 percent as of December 31, 2025.”
Acquisition of Healthy Paws Pet Insurance
Acquired Healthy Paws Pet Insurance LLC, a pet insurance managing general agent, from Aon plc for approximately $300 million cash (May 31, 2024); goodwill $256M, intangibles $44M; assigned to North America Commercial Insurance segment; Chubb exclusive underwriter since 2013.
“On May 31, 2024, we acquired the business of Healthy Paws Pet Insurance LLC, a managing general agent specializing in pet insurance, from Aon plc for approximately $300 million in cash.”
Acquisition of Liberty Insurance (Vietnam)
Completed February 2, 2026 acquisition of Liberty Insurance in Vietnam; to be reported in Overseas General Insurance segment in Q1 2026.
“On February 2, 2026, we completed the acquisition of Liberty Insurance in Vietnam, which will be reported in our Overseas General Insurance segment in the first quarter of 2026.”
Huatai Group controlling interest
Controlling majority interest in Huatai Group (China) from July 1, 2023; ownership ~87.2% at Dec 31, 2025
“At December 31, 2025, our ownership interest in Huatai Group was approximately 87.2 percent.”
Cigna Asia A&H/life acquisition
2022 acquisition of Cigna's A&H and life business in several Asian markets
“We expanded our personal accident and supplemental health (A&H), and life insurance business with the acquisition of Cigna's business in several Asian markets in 2022.”
Diversification and underwriting discipline
Product/geographic diversification, disciplined underwriting, less cyclical lines, superior claims service, and strong capital base cited as competitive advantages
“Our product and geographic diversification differentiate us from the vast majority of our competitors and has been a source of stability during periods of industry volatility.”
Asia growth drivers: consumer lines and Thailand acquisition
Asia growth driven by consumer lines (personal lines, A&H), commercial property new business, and the Liberty Mutual Thailand P&C acquisition
“Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand.”
Latin America growth driven by personal lines including Mexico automobile
Latin America growth reflects personal lines including automobile in Mexico and commercial lines growth across all lines
“Latin America increased in 2025, reflecting growth in personal lines business, including automobile in Mexico.”
Life Insurance growth drivers: North Asia new business and Chubb Benefits worksite
International life NPW +14.8% driven by strong new business in North Asia (Hong Kong, Huatai, Taiwan, Korea); Chubb Benefits worksite business +32.1%
“primarily driven by strong new business in North Asia, notably in Hong Kong, Huatai, Taiwan, and Korea.”
Growth strategy
Long-term strategy of sustained book value growth through underwriting and investment income; underwriting quality over volume or market share
“Our long-term business strategy focuses on sustained growth in book value achieved through a combination of underwriting and investment income.”
Corporate interest expense
Corporate interest expense of $764M (2025), $741M (2024), $672M (2023)
“Interest expense764 741 672 3.1 %10.2 %”
Operations in 54 countries with developing-nation geopolitical risk
Operations in 54 countries and territories, including developing nations, exposed to geopolitical developments including nationalization without compensation
“With operations in 54 countries and territories, we provide insurance and reinsurance products and services to a diverse group of clients worldwide, including operations in various developing nations.”
ETR sensitivity to geographic mix of earnings
A change in the geographic mix of earnings could impact the ETR
“A change in the geographic mix of earnings could impact our ETR.”
Gross unrealized losses on AFS fixed maturities
AFS fixed maturities in unrealized loss position: fair value $44,949M with gross unrealized loss $3,136M at Dec 31, 2025 (vs $67,745M / $4,748M at Dec 31, 2024), principally due to rising interest rates.
“Total AFS fixed maturities$12,574 $(237)$32,375 $(2,899)$44,949 $(3,136)”
AFS fixed maturities portfolio composition (2025 vs 2024)
AFS fixed maturities fair value $122,680M at Dec 31, 2025 (U.S./local government $3,714M; non-U.S. $40,356M; corporate/asset-backed $47,886M; MBS $30,724M) vs $110,363M at Dec 31, 2024.
“$124,726 $(52)$1,954 $(3,948)$122,680”
Fixed maturities contractual maturity profile (Dec 31, 2025 and 2024)
AFS fixed maturities by contractual maturity at Dec 31, 2025: ≤1yr $4,749M; 1–5yr $35,611M; 5–10yr $31,514M; >10yr $20,082M; MBS $30,724M; total $122,680M (2024 total $110,363M).
“Due in 1 year or less$4,749 $4,749 $4,507 $4,507”
New accounting pronouncements
Adopted FASB income tax disclosure guidance for annual 2025 reporting; FASB expense disaggregation guidance effective for 2027 annual reporting (interim 2028) under evaluation.
“The guidance is effective for our 2027 annual reporting, and interim reporting periods beginning in 2028.”
Valuation allowance for expected credit losses roll-forward
AFS credit-loss valuation allowance $52M at year-end 2025 (from $70M): provision $97M, write-offs $2M, recovery $113M; private debt held-for-investment allowance $3M.
“Valuation allowance for expected credit losses - end of year$52 $70”
Huatai acquisition-date-to-year-end 2023 results and pro forma
Huatai contributed $739M revenues and $(30)M net loss July 1–Dec 31, 2023; pro forma full-year 2023: net premiums earned $46,502M, net income attributable to Chubb $8,859M.
“Net premiums earned$46,502 Total revenues$50,550”
AI regulation evolving
EU AI Act and U.S. state insurance regulator guidelines on AI may require operational changes and increase compliance costs
“The European Parliament and European Council have also promulgated the European Union Artificial Intelligence Act, which will regulate the use of AI within the European Union.”
Catastrophe exposure
Substantial exposure to natural and man-made catastrophes; climate change may increase frequency/severity and impact risk modeling assumptions
“We have substantial exposure to losses resulting from natural disasters, man-made catastrophes, such as terrorism or cyber-attack, and other catastrophic events.”
Cybersecurity and systems failure risk
Cyber-attacks and system failures could disrupt business, cause losses, litigation costs and regulatory penalties; AI intensifies threats
“Cybersecurity threats are rapidly evolving and those threats and the means for obtaining access to our systems are becoming increasingly sophisticated.”
Loss reserve adequacy risk
If actual claims exceed loss reserves, financial results could be adversely affected; reserving is complex and highly variable
“Our results of operations and financial condition depend upon our ability to accurately assess the potential losses associated with the risks that we insure and reinsure.”
Loss reserve composition skew to casualty
Loss reserves are approximately 76 percent casualty-related business, typically long-tail
“Our loss reserves comprise approximately 76 percent casualty-related business, which typically encompasses long-tail risks”
Corporate run-off exposures: A&E and molestation
Corporate includes A&E liabilities and non-A&E run-off exposures including molestation; 2025 losses increased due to adverse development on these exposures
“primarily include ... loss and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures, including molestation”
Data privacy regulation exposure
Exposure to GDPR, CCPA, CPRA and Brazil's LGPD; new similar laws expected in coming years in various jurisdictions
“Significant other comprehensive privacy laws have been enacted by other jurisdictions, most notably the California Consumer Privacy Act (CCPA), the California Privacy Rights Act (CPRA), and Brazil’s Lei Geral de Protecao de Dados (LGPD)”
Analytical model risk including climate change impact
Model outputs for underwriting, reserving and catastrophe risk may differ materially; climate change adds uncertainty
“Climate change may make modeled outcomes less certain or produce new, non-modeled risks.”
Key person and talent retention risk
Loss of key executives could hurt business; work permit/immigration issues acute; no key person life insurance
“We do not maintain key person life insurance policies with respect to our employees.”
Operational risk from internal failures and misconduct
Internal system/process failures, human errors and misconduct may be difficult to detect and prevent
“It is not always possible to deter or prevent employee, agent, broker or vendor misconduct, and the precautions that we take to prevent and detect this activity may not be effective in all cases.”
Catastrophe losses could cause substantial volatility in results; climate change may increase frequency and severity of losses and impact risk modeling assumptions.
“climate change and resulting changes in global temperatures, weather patterns, and sea levels may both increase the frequency and severity of natural catastrophes and the resulting losses in the future and impact our risk modeling assumptions”
Most commercial and personal lines business is sourced via brokers and agents with commissions paid, making broker relationships a core distribution dependency.
“We obtain business from the local and major international insurance brokers and typically pay a commission to brokers for business accepted and bound.”
North America Commercial P&C segment (38% of 2025 NPE) serves large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda.
“The North America Commercial P&C Insurance segment comprises operations that provide P&C and A&H insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda.”
Huatai Group (Chinese financial services holding company) is consolidated, adding life, P&C, and asset management revenue from China.
“Huatai Insurance Group Co., Ltd. (Huatai Group) is a Chinese financial services holding company”
Business depends on secure processing of confidential information; cyber events could cause significant losses, reputational damage and litigation/regulatory costs.
“Our business depends on effective information security and systems and the integrity and timeliness of the data our information systems use to run our business.”
Rising interest rates drove gross unrealized losses on the AFS fixed maturity portfolio.
“for which fair value declined, principally due to rising interest rates since the date of purchase”
Systematic increase in cyber exposure due to greater digital dependence could raise losses from catastrophic cyber events; cyber perils are continuously evolving and hard to model.
“exposure to cyber risk is increasing systematically due to greater digital dependence, which may increase possible losses due to a catastrophic cyber event”
Comprehensive privacy laws across jurisdictions affect Chubb's use of data and could subject it to fines and actions for noncompliance.
“which may affect our use of data and could affect our operations and subject us to fines and actions for noncompliance”
Long-tail A&E reserves are among the most subjective critical estimates; asbestos-related latent injuries and bankruptcy of asbestos producers affect loss estimates.
“the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers”
With operations in 54 countries including developing nations, unfavorable geopolitical developments could adversely affect business, liquidity and loss exposure.
“Adverse activity in any one country could negatively impact operations, increase our loss exposure under certain of our insurance products”
Climate change could add new uncertainties to loss reserving and make modeled outcomes less certain, affecting pricing and reserving accuracy.
“The effects of inflation create additional uncertainty, while climate change could, over time, add new uncertainties to the loss reserving process.”
Chubb purchases third-party protection including reinsurance to diversify risk and limit net catastrophe/large-loss potential — a material cost and risk-management dependency.
“We also purchase protection from third parties, including, but not limited to, reinsurance as a tool to diversify risk and limit the net loss potential of catastrophes and large or unusually hazardous risks.”
Evolving AI regulation in the EU, U.S. states and Asia may require operational changes, increase compliance costs and reduce AI adoption benefits.
“The application of existing law and introduction of new or revised laws and regulations may require changes in our operations, increase compliance costs and reduce benefits from our adoption of artificial intelligence technologies.”
A&E latent claims represent ~1.4% of gross loss reserves; estimation depends on the legal environment and settlement dynamics.
“We include in our loss reserves liabilities for latent claims, such as asbestos and environmental (A&E), which are principally related to claims arising from remediation costs associated with hazardous waste sites”
Foreign currency exchange rate fluctuations are cited as a factor that could cause results to differ, with FX translation of $995M net other in 2025 reserve roll-forward.
“Other (including foreign exchange translation)1,279 284 995 (682)(195)(487)”
Liberty Insurance Vietnam acquisition completed February 2, 2026, to be reported in Overseas General Insurance.
“On February 2, 2026, we completed the acquisition of Liberty Insurance in Vietnam”
See which prediction-market events move CB, how its filings map to real-world exposure, and what 12 AI strategies are doing with positions like it.
Free forever to follow AlphaBrain’s AI strategies. No card required.
Chubb Limited: The Stock's Consistent Compounding Makes It A Strategic Gem
Seeking Alpha • STOCK • 14/06/2026, 08:31:25
Chubb Limited (CB) Is a Trending Stock: Facts to Know Before Betting on It
Zacks Investment Research • STOCK • 10/06/2026, 12:01:23
Chubb Limited: A Cheap Insurance Powerhouse
Seeking Alpha • STOCK • 09/06/2026, 13:54:13
Here's Why Chubb (CB) is a Strong Momentum Stock
Zacks Investment Research • STOCK • 09/06/2026, 12:51:05
Chubb (CB) Stock Falls Amid Market Uptick: What Investors Need to Know
Zacks Investment Research • STOCK • 08/06/2026, 20:46:14
Chubb (CB) is a Top-Ranked Value Stock: Should You Buy?
Zacks Investment Research • STOCK • 08/06/2026, 12:41:19
AM Best Assigns Issue Credit Rating to Chubb INA Holdings LLC's Senior Unsecured Notes
Business Wire • STOCK • 05/06/2026, 16:28:00
CB Boosts Shareholder Value With Dividends, Okays Buyback Program
Zacks Investment Research • STOCK • 22/05/2026, 13:26:05
Why Is Chubb (CB) Up 0.9% Since Last Earnings Report?
Zacks Investment Research • STOCK • 21/05/2026, 14:31:33
Here's Why Chubb (CB) is a Strong Value Stock
Zacks Investment Research • STOCK • 21/05/2026, 12:40:38
AM Best Assigns Issue Credit Rating to Chubb INA Holdings LLC's Senior Unsecured Notes
Business Wire • STOCK • 19/05/2026, 17:22:00
Chubb Limited Announces Pricing of $1 Billion Senior Notes Offering by Subsidiary
PRNewsWire • STOCK • 18/05/2026, 20:47:00
