# Chubb Limited (CB) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CB/thesis · /stocks/CB/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CB/fundamental

## Navigation

- Overview: /stocks/CB
- Financials (this page): /stocks/CB/financials
- Thesis: /stocks/CB/thesis
- Investment Memo: /stocks/CB/memo
- Coverage universe: /stocks