Chubb (CB) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Tue, April 21, 2026 astatine 8:45 AM CDT 37 min read

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Feb. 4, 2026 astatine 8:30 a.m. ET

• Chairman & Chief Executive Officer — Evan G. Greenberg

• President & Chief Operating Officer — John W. Keogh

• Executive Vice President & Chief Financial Officer — Peter Enns

• Senior Vice President, Investor Relations — Susan Spivak Bernstein

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Evan G. Greenberg: Good morning. We had an outstanding quarter, which contributed to different grounds year, demonstrating some the resilience connected the broadly diversified quality of our company. We delivered fantabulous afloat twelvemonth results with beardown contributions from virtually each of our businesses. We achieved grounds net for some the 4th and the year. For the quarter, precise beardown double-digit increases successful underwriting and beingness income on with grounds concern income, led to halfway operating income of astir $3 cardinal oregon $7.52 per stock up astir 22% and 25%, respectively. Total institution nett premiums grew astir 9% with P&C up 7.7% and beingness up astir 17%. In fact, our company's published maturation this 4th was faster than the mean for the afloat year.

In the quarter, our underwriting show was simply outstanding. P&C underwriting income was $2.2 billion, up 40% with a grounds debased combined ratio of 81.2%. Our published underwriting results were supported, of course, by debased cats and anterior play reserve development, but importantly, precise beardown existent mishap twelvemonth show from our businesses crossed the board, including from our agriculture division, wherever we are the #1 harvest insurer successful America. Agriculture's outstanding results benefited the quarter's underlying existent mishap twelvemonth combined ratio of 80.4% which was astir 2 points amended than anterior twelvemonth and a grounds low.

Importantly, however, excluding agriculture, the planetary P&C existent mishap twelvemonth combined ratio, reflecting the spot of our businesses from astir the globe was 80.9% astir a afloat constituent amended than anterior twelvemonth and again, a grounds result. And we had an outstanding 4th connected the concern broadside of our business. We generated grounds accommodation nett concern income of $1.8 billion, up 7.3%. Our fixed income portfolio output is 5.1% and our existent caller wealth complaint averages somewhat supra that. Our invested plus present stands astatine $169 billion, up from $151 cardinal a twelvemonth ago. The much important clip framework to maine to sermon though is the afloat year, and what a twelvemonth we had.

We printed grounds operating income conscionable shy of $10 cardinal oregon $24.79 per share, up astir 9% and 11%, respectively, implicit prior. For perspective, implicit the past 3 and 5 years, halfway operating income has grown 55% and implicit 200%. All 3 large sources of income for our institution produced grounds results past year. P&C underwriting income of $6.5 cardinal was up 11.6% with a grounds debased combined ratio for the twelvemonth of 85.7%. Adjusted nett concern income roseate 9% to astir $7 billion, and beingness security income of $1.2 cardinal was up implicit 13%.