Chubb posts record P&C underwriting income of $1.63bn in Q2’25

Chubb has reported that property and casualty (P&C) underwriting income was a record $1.63 billion in Q2 2025, up 15% from the same period of 2024, with an improved combined ratio of 85.6%.

Meanwhile, the firm’s Q2 2025 net income was $2.97 billion, up 33.1% from Q2 2024, and core operating income was a record $2.48 billion, up 12.9%.

Chubb disclosed gross premiums written of $17.3 billion in Q2 2025, with net premiums written totalling $14.2 billion, both marking increases over the same period in 2024.

P&C net premiums written in Q2 2025 were $12.39 billion, up 5.2% from Q2 2024, while global P&C net premiums written, which exclude Agriculture, were up 5.8%.

At the same time, premiums in North America were up 5.3% in Q2 2025, excluding agriculture, with 9.1% growth in personal insurance and 4.1% growth in commercial.

In Chubb’s Overseas General division, premiums were up 10.2% in constant dollars in Q2 2025, with commercial business up about 7% and consumer lines up more than 15%.

The firm’s international regions also performed well in Q2 2025, with Asia up 12.7%, Latin America up 17.3% and Europe up 8.2%.

The insurer’s Global Reinsurance business reported a 7.6% decline in net premiums written to $380 million for Q2 2025, although the segment’s combined ratio improved to 71% from 72.7% in Q2 2024.

Elsewhere, Chubb’s Life Insurance net premiums written were $1.80 billion in Q2 2025, up 14.1%, while this segment’s income was $305 million, up 10.4%.

Chubb’s total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $630 million and $510 million, compared with $580 million and $482 million last year.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented, “We had a great second quarter. Almost all of our businesses and regions of the world contributed to record quarterly results, illustrating the distinctive, diversified nature of our company.

“Our balance of business, geographically by customer segment and product, is a distinguishing feature of our company.

“We produced a record $2.5 billion in core operating income, up nearly 13% from a year ago, with operating EPS up 14%, driven by record underwriting and strong investment income ($1.69 billion), and double-digit growth in life income.”

Chubb reported net income of $4.3 billion for the first six months of 2025, a slight decrease from $4.37 billion during the same period in 2024. P&C underwriting income also declined to $2.1 billion, with the P&C combined ratio rising to 90.4%.

The modest drop in performance was primarily driven by elevated losses and loss expenses, particularly in the first quarter.

Readers may recall that pre-tax net catastrophe losses totalled $1.64 billion in Q1 2025, with $1.47 billion attributed to the California wildfires.

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