Chubb Limited Reports Q1 2025 Financial Results with $1.33 Billion Net Income

Chubb Limited reported its financial results for the first quarter of 2025, revealing a net income attributable to the company of $1.33 billion, a decrease of 37.9% from $2.14 billion in the same period last year. The decline in profitability was primarily attributed to significant catastrophe losses, which totaled $1.64 billion, including $1.47 billion from California wildfires. The company's total revenues for the quarter reached $13.35 billion, up 3.6% from $12.89 billion in the prior year, driven by a 3.5% increase in net premiums written, which amounted to $12.65 billion.

In terms of operational performance, Chubb's combined ratio for property and casualty (P&C) insurance deteriorated to 95.7% from 86.0% a year earlier, reflecting the impact of higher catastrophe losses. The P&C current accident year combined ratio, excluding catastrophe losses, improved slightly to 82.3% from 83.7%. The company reported a 20.4% increase in losses and loss expenses, totaling $6.90 billion, compared to $5.73 billion in the previous year. This increase was partially offset by a 12.2% rise in net investment income, which reached $1.56 billion, up from $1.39 billion.

Chubb also announced strategic developments, including the acquisition of Liberty Mutual's property and casualty insurance businesses in Thailand and Vietnam, which is expected to enhance its Overseas General Insurance segment. The company completed the acquisition of LMG Insurance in Thailand on April 1, 2025, and anticipates finalizing the acquisition of Liberty Insurance in Vietnam later in 2025 or early 2026, pending regulatory approvals.

The company’s operational metrics showed a slight increase in net premiums earned, which rose to $12 billion from $11.58 billion, reflecting growth across various segments. The North America Commercial P&C Insurance segment reported a 2.1% increase in net premiums written, while the North America Personal P&C Insurance segment saw a 6.6% rise. The Life Insurance segment also performed well, with net premiums written increasing by 5.3%, driven by growth in both international and North American markets.

Looking ahead, Chubb's management expressed cautious optimism, emphasizing the importance of effective catastrophe management and the potential for growth in its international operations. The company remains focused on maintaining strong underwriting discipline and leveraging its diversified portfolio to navigate market challenges.