Chubb Posts Record Q4 and Full Year P/C Underwriting Income, Combined Ratio

Insurer Chubb booked fourth quarter net income 24.7% higher than a year ago at about $3.2 billion.

Results included record P/C underwriting income of $2.2 billion, up nearly 40% over the same period in 2024. The P/C combined ratio was also a record, coming in at 81.2.

Chubb benefitted from lower catastrophe losses during the fourth quarter—$365 million pretax compared with $607 million last year. Pre-tax favorable prior year reserve development was $268 million in Q4 versus $213 in Q4 2024.

Consolidated net premiums written (NPW) increased 8.9% to about $13.1 billion. P/C net premiums were up 7.7% and life insurance increased NPW about 17%.

For the full year 2025, Chubb absorbed an increase in pretax catastrophe losses compared with 2024—$2.92 billion versus $2.39 billion. However, P/C underwriting income finished 2025 up 11.6% to a record $6.5 billion and a combined ratio of 85.7, which was another record.

Total pre-tax favorable reserve development for 2025 was $1.1 billion compared with $856 million for 2024.

During Q4, total North America net premiums written were up 6.6% to about $7.3 billion compared with Q4 2024. The combined ratio in North America was 76.7, a 4-point improvement from the previous Q4.

Chubb’s North American personal P/C business recorded a Q4 combined ratio of 74.1 compared with 82.6 for the same period the prior year. The North America commercial business posted a Q4 combined ratio of 78.8 compared with 80.6 the year before. NPW in North American agriculture was up 45% to $459 million.