Chubb Limited
CBFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
TTM ROIC
15%
FY2025 · Return on Equity (Net Income / Shareholders Equity); used as primary returns metric per P&C insurance framework · WACC ~9.5% · Moat spread +5.5pp
Financial Snapshot
ticker: CB step: 04 generated: 2026-05-12 source: quick-research
Chubb Limited (CB) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $50.5B | $55.5B | $59.6B | +7% |
| Net Premiums Written | $47.5B | $51.5B | $54.5B+ | +6% |
| Net Income | $9.0B | $9.27B | $10.31B | +11% |
| Core Operating Income | $9.6B | $9.7B | $11.5B+ | +18% |
| Net Income EPS | $22.74 | $22.70 | $26+ | +15% |
| Core Operating EPS | $22.51 | $22.51 | $27+ | +20% |
| P&C Combined Ratio | 86.5% | 86.6% | 81.8% (Q3 25 record) | improved |
P&C Underwriting Income (Key Metric)
| Period | UW Income |
|---|---|
| FY2023 | $5.45B |
| FY2024 | $5.85B (+7.1%) |
| FY2025 | $6.53B (record) |
| Q3 2025 | $2.26B (record quarter) |
Premium Growth (FY2025)
| Segment | Growth |
|---|---|
| Global P&C | +9.6% |
| Life Insurance | +15.7% |
| Asia-Pacific | +14.3% Q3; +22.2% FY24 |
| Latin America | +10.6% |
| Europe | +4.8% |
| North America Commercial | strong, mid-single-digit |
Q1 2026 Highlights
| Metric | Q1 2026 |
|---|---|
| Earnings + Underwriting | Surge continues |
| Combined Ratio | 84% (mgmt guides double-digit EPS growth in 2026) |
| Broad-based premium growth | Strong |
| Capital Return | Continued buybacks |
Asia + Life Insurance Detail
| Metric | Value |
|---|---|
| Asia-Pacific premium | $7B+ post-Cigna acquisition (vs $4B pre) |
| Asia % of Total Premiums | ~18% |
| Asia growth 2025 | +14% organic |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$15B+ |
| Free Cash Flow | ~$14B |
| Cash & Investments | ~$140B (investment portfolio) |
| Fixed Income Yield | 5.2% |
| Total Debt | ~$15B |
| Tangible Book Value/Share | ~$170 |
Key Ratios (approximate, May 2026)
- P/E (forward): ~13x | P/TBV: ~1.7x | Dividend Yield: ~1.4%
- ROE: ~13%+ | ROTCE: ~16%
- Combined Ratio: 84% YTD; record 81.8% in Q3 2025
- Investment Portfolio Yield: 5.2% (rising)
Growth Profile
Record 2025: $10.3B net income (+11%), record P&C underwriting income $6.53B, record Q3 combined ratio 81.8%. 2026 guidance: double-digit EPS growth + double-digit tangible book value growth. January 2026 renewals "more favorable than anticipated." Investment income accelerating at 5.2% fixed-income yield.
Forward Estimates
- FY2026E Revenue: ~$64-66B (+8-10%)
- FY2026E Net Income: ~$11.5-12B (mgmt: double-digit growth)
- FY2026E EPS: ~$29-31 (+12-15%)
- FY2027E EPS: ~$33+ (+10-12%)
Capital Return
- Dividend $3.84 annual (~$1.5B paid) — 1.4% yield
- 31+ consecutive years of dividend growth
- Buybacks: $4-5B annual run rate
- Total capital return: ~5-6% yield
- Berkshire owns 8.78% — Buffett endorsement
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CB.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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