Chubb Limited (CB) — Company Research

Last Updated: 11 November 2026

Chubb Limited (NYSE: CB) is one of the largest listed property and casualty insurers, writing commercial and personal P&C, accident and health, agricultural, reinsurance and life insurance across North America, Asia, Latin America and Europe from its base in Zurich. In 2025 total revenues rose 6.5% to $59,402m, Chubb net income was $10,310m and diluted EPS was $25.68, on a record P&C combined ratio of 85.7%. Q3 2026 results, released on 20 Oct 2026, showed net premiums written up 1.9% to $15,143m, net income of $2,844m ($7.30 a share) and core operating income of $7.66 a share, with the combined ratio rising to 84.1% on higher catastrophe losses. Every figure here comes from Chubb's own releases and SEC filings.

1. Company Snapshot

Field	Value
Company	Chubb Limited
Ticker / Exchange	CB / NYSE
Sector	Financials (property and casualty insurance, reinsurance and life insurance)
CEO / Leadership	Evan G. Greenberg (Chairman since May 2007, CEO since May 2004); John W. Keogh (President & COO); Peter C. Enns (CFO)
Employees	About 45,000 (FY2025 10-K): 40% in Asia, 37% in North America, 13% in Latin America, 10% in Europe, Eurasia and Africa
Headquarters	Zurich, Switzerland (Bärengasse 32)
Founded	1985 as ACE Limited in Bermuda; took the Chubb name after acquiring The Chubb Corporation in January 2016 (the Chubb brand dates to 1882)
Fiscal year end	31 December
Revenue (FY2025)	$59,402m total revenues (+6.5%); trailing four quarters to 30 Sep 2026 $61,849m
Net income (FY2025)	$10,310m Chubb net income; diluted EPS $25.68; core operating EPS $24.79
Market cap	~$141.0bn ($369.11 close on 10 Nov 2026 × 382.1m shares outstanding at 20 Oct 2026)
Book value per share	$191.43 at 30 Sep 2026 (+5.1% year on year); tangible book value per share $126.96
Dividend	$4.08 a year, paid in four $1.02 instalments; raised 5.2% in May 2026, the 33rd consecutive annual increase

2. Investment Thesis: Bull vs Bear

Bull Case

• Underwriting profit at scale: The P&C combined ratio was a record 85.7% in 2025 and 84.0% in the first nine months of 2026, and Q3 2026 P&C underwriting income was $2,061m.
• Record investment income: Adjusted net investment income reached a record $1.89bn in Q3 2026, from a $172.5bn investment portfolio at 30 Sep 2026.
• Heavy capital returns: Chubb returned $4.47bn in the first nine months of 2026 ($3.30bn of buybacks and $1.17bn of dividends), and $6.02bn of its $7.5bn buyback authorisation remained at 27 Oct 2026.
• International growth: Overseas General net premiums written grew 6.7% in Q3 2026, with Asia up 7.5% and Latin America up 11.7%, and international life premiums and deposits rose 15.7%.
• Book value compounding: Book value per share rose 5.1% to $191.43 and tangible book value per share 5.7% to $126.96 in the year to 30 Sep 2026, after buybacks and dividends.

Bear Case

• Softening market: On the Q3 call Evan Greenberg described "hungry and extremely naive capacity" and said price softening is spreading from property into casualty; Q3 net premiums written grew only 1.9%.
• Core earnings flat: Q3 2026 core operating income fell 2.2% to $2,980m, with per-share growth of 0.8% coming from buybacks.
• Catastrophe swings: Q3 2026 catastrophe losses were $705m against $285m a year earlier, pushing the combined ratio up to 84.1% from 81.8%; 2025 catastrophe losses were $2.92bn.
• Reserve releases flatter results: Q3 2026 included $511m of favourable prior-period development, which may not repeat if loss trends worsen.

3. Business Segments

Chubb reports six segments. Figures are FY2025 net premiums written from the Q4 2025 results release; total net premiums written were $54,842m (+6.6%).

Segment	% of net premiums written	What it is
North America Commercial P&C	38.8% ($21,280m)	Property, casualty, financial lines, workers' compensation and specialty cover for US, Canadian and Bermuda businesses, from large corporations to small firms. FY2025 combined ratio 81.4%.
Overseas General	27.4% ($15,024m)	Commercial P&C, consumer lines and accident and health outside North America, across Europe, Asia, Latin America and other markets. FY2025 combined ratio 85.0%.
Life Insurance	13.3% ($7,279m)	International life insurance, mainly in Asia (including Huatai in China, about 87.2% owned at 31 Dec 2025), plus Chubb Benefits (formerly Combined Insurance) in North America.
North America Personal P&C	12.8% ($7,024m)	Home, auto, valuables and other cover for high-net-worth individuals in the US and Canada. FY2025 combined ratio 91.5%, hit by the California wildfires.
North America Agricultural	5.3% ($2,926m)	US crop insurance and farm and ranch cover.
Global Reinsurance	2.4% ($1,309m)	Property and casualty reinsurance sold to other insurers.

Total revenues of $59,402m also include net investment income and realised gains and losses.

4. Business Model & Moat

How it makes money. Chubb earns an underwriting profit when premiums exceed claims and expenses (a combined ratio below 100%) and investment income on the float it holds before claims are paid. In 2025 the P&C combined ratio was 85.7%, and in Q3 2026 underwriting income was $2,061m while adjusted net investment income was $1.89bn.

Breadth and specialty skill. Chubb writes a very wide range of lines across many countries, with a large share in specialty and commercial risks where underwriting expertise, claims handling and financial strength matter more than price alone. Its scale lets it lead large programmes such as the US government's $20bn Gulf maritime war-risk reinsurance facility, launched in March 2026.

Distribution. Business comes mainly through brokers and agents, plus bank, retail and digital partners in consumer lines; the 10-K notes that a small number of large brokers supply a meaningful share of premiums.

Where the moat is tested. Insurance capacity is plentiful in a soft market, and new capital can undercut prices in property and casualty lines; Chubb has chosen to shrink some large-account and excess and surplus property business rather than follow prices down.

5. Financial Health

Annual figures come from Chubb's 10-K filings via SEC XBRL data. Revenue is total revenues; FY2021 and FY2022 reflect the restatement for the LDTI accounting standard. Adjusted EPS is Chubb's core operating income per share as originally reported in each year's fourth-quarter release. Long-term debt is the year-end carrying value and excludes short-term debt and hybrid debt.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$40,869m	+13.5%	$19.24	$12.56	$3.18	$15,169m
FY2022	$43,097m	+5.5%	$12.39	$15.24	$3.29	$14,402m
FY2023	$49,735m	+15.4%	$21.80	$22.54	$3.41	$13,035m
FY2024	$55,753m	+12.1%	$22.70	$22.51	$3.59	$14,379m
FY2025	$59,402m	+6.5%	$25.68	$24.79	$3.82	$15,728m

FY2021 growth is against FY2020 total revenues of $35,994m. Dividend/share is total dividend distributions per share declared in US dollars, as reported in the 10-K. GAAP EPS for FY2021 and FY2022 is as restated for LDTI (originally $19.27 and $12.55). Later releases restated FY2022 core EPS to $15.18 and FY2024 to $22.38.

Quarterly results, most recent first.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q3 2026 (to 30 Sep 2026)	$16,195m	$7.66†	$7.30
Q2 2026 (to 30 Jun 2026)	$15,816m	$7.26	$7.30
Q1 2026 (to 31 Mar 2026)	$14,773m	$6.82	$5.88
Q4 2025 (to 31 Dec 2025)	$15,065m	$7.52	$8.10
Q3 2025 (to 30 Sep 2025)	$16,148m	$7.49	$6.99
Q2 2025 (to 30 Jun 2025)	$14,836m	$6.14‡	$7.35
Q1 2025 (to 31 Mar 2025)	$13,353m	$3.68‡	$3.29
FY2025 total	$59,402m	$24.79	$25.68

† From Q3 2026 Chubb excludes amortisation of most purchased intangibles from core operating income; on the new basis Q3 2025 core EPS was restated to $7.60. Earlier quarters are shown as originally reported. ‡ Derived from the growth rates in the Q1 and Q2 2026 releases ($6.82 was up 85.2% and $7.26 up 18.2%). Q4 2025 revenue is FY2025 total revenues less the nine-month figure of $44,337m. Q1 2025 was hit by the Los Angeles wildfires.

Cash flow and balance sheet. Operating cash flow was $12,816m in 2025 and $13,748m in the first nine months of 2026 (against $8,756m a year earlier). Chubb does not report capital expenditure as a separate cash flow line. Amortisation of intangible assets was $301m in 2025. At 30 Sep 2026 short-term debt was $668m, long-term debt $17,990m and hybrid debt $428m (total $19,086m), with a ratio of financial and hybrid debt to total adjusted capitalisation of 19.1%. Cash including restricted cash was $3,010m, within total investments of $172,507m, and Chubb shareholders' equity was $73,227m. Follow the shares on ChartsView Live Charts.

6. Valuation

Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$141.0bn ($369.11 close on 10 Nov 2026 × 382.1m shares outstanding)
Trailing P/E (GAAP)	~12.9x ($369.11 / GAAP diluted EPS of $28.58 over the four quarters to 30 Sep 2026). On core operating EPS of $29.26 over the same quarters (mixed definitions) the multiple is ~12.6x.
P/E (forward)	n/a — Chubb does not give EPS guidance, and ChartsView does not use analyst estimates
P/S (TTM)	~2.3x (~$141.0bn / total revenues of $61,849m over the four quarters to 30 Sep 2026)
Price/book	~1.93x ($369.11 / book value per share of $191.43 at 30 Sep 2026); ~2.91x tangible book value per share of $126.96
Enterprise value	~$157.1bn (market cap ~$141.0bn + short-term, long-term and hybrid debt $19,086m − cash $3,010m, per 30 Sep 2026 balance sheet). The $172.5bn investment portfolio backs policyholder liabilities and is not deducted.
EV/EBITDA (TTM)	n/m — for an insurer, claims and investment income are the core business, so EBITDA is not meaningful; see Price/book instead
P/FCF	~7.9x (market cap ~$141.0bn / FCF ~$17.8bn; operating cash flow $17,808m over the four quarters to 30 Sep 2026, with no separately disclosed capex). An insurer's operating cash flow includes premiums held before claims are paid, so this flatters the multiple.
Dividend yield	~1.1% ($4.08 annual dividend / $369.11)
52-week high	$384.26 (05 Nov 2026, intraday; an all-time high)
52-week low	$288.39 (11 Nov 2025)
Short interest (% of float)	~0.80% (3.09m shares at settlement 15 Oct 2026, MarketBeat)
Days to cover	~2.1 (15 Oct 2026, MarketBeat)

7. What Are They Building

Asia and emerging markets. Chubb completed the purchase of Liberty Mutual's P&C business in Thailand on 01 Apr 2025 (for $321m) and in Vietnam on 02 Feb 2026, and raised its stake in China's Huatai Group to about 87.2% by the end of 2025. Asia is now home to 40% of its employees.

Digital and embedded insurance. Chubb Studio launched an AI-powered embedded-insurance engine in November 2025, the digital business was reorganised under a new Global Head of Digital Business in September 2026, and a multi-year deal to underwrite mobile phone insurance for UK retailer Currys was announced on 02 Nov 2026.

AI and operations. Seshadri Iyer joined from BCG on 06 Apr 2026 to lead operations, technology and digital transformation, and Sean Ringsted was named to a new Chief Scientist role covering AI, data and analytics on 17 Sep 2026. Greenberg said on the Q3 call that digital and AI efforts are "contributing to growth".

Portfolio and capital. Chubb is shrinking large-account and excess and surplus property business in North America where prices are falling, buying more reinsurance, and expects a $460m realised gain when its partnership with KKR completes the sale of USI Insurance Services to Aon. Combined Insurance was rebranded Chubb Benefits on 05 Jan 2026.

8. Competitive Landscape

Peer	Market cap (November 2026)	Key 2025 metric
Progressive (PGR)	~$134.3bn ($231.75 close on 10 Nov 2026 × 579.4m shares)	2025 combined ratio 87.4; net premiums written $83,174m (Progressive FY2025 results)
Travelers (TRV)	~$82.1bn ($400.78 close on 10 Nov 2026 × 204.9m shares)	2025 combined ratio 89.9%; net written premiums $44,387m (Travelers Q4 2025 release)
Allstate (ALL)	~$64.6bn ($261.12 close on 10 Nov 2026 × 247.4m shares)	2025 Property-Liability combined ratio 85.2, against 94.3 in 2024 (Allstate FY2025 results)
AIG (AIG)	~$42.7bn ($82.32 close on 10 Nov 2026 × 518.4m shares)	2025 General Insurance combined ratio 90.1% (AIG Q4 2025 results)
The Hartford (HIG)	~$36.8bn ($137.80 close on 10 Nov 2026 × 267.4m shares)	2025 Business Insurance combined ratio 88.3; written premiums $14,456m (Hartford Q4 2025 release)

Chubb, at ~$141.0bn, is the largest of the group by market value and reported the lowest 2025 P&C combined ratio among the commercial-led peers at 85.7%. AIG said in December 2025 that it was "not for sale" after press reports of an informal approach, which Chubb denied. Discuss the sector on the ChartsView Forum.

9. Leadership & Insider Activity

Evan G. Greenberg has been CEO since 2004 and Chairman since 2007, and led the Q3 2026 call on 21 Oct 2026. John Keogh is President and COO and Peter Enns CFO. SEC Form 4 filings show no open-market purchases by insiders in 2026. None of the sales below were marked as made under a Rule 10b5-1 plan, and the Q3 10-Q states no director or officer adopted or ended such a plan in the quarter.

Name	Date	Type	Shares	Price	Value	Plan Type
Evan Greenberg (Chairman & CEO)	29 Oct 2026	Sell (via revocable trust)	13,889	$360.02	~$5.00m	Not 10b5-1
Timothy Boroughs (Vice Chairman)	26 Oct 2026	Option exercise and sell	13,596	~$356.77	~$4.85m	Not 10b5-1
Michael Connors (Director)	21 Aug 2026	Sell	5,500	$345.00	~$1.90m	Not 10b5-1
Joseph Wayland (General Counsel)	28 Jul 2026	Sell	8,502	$364.54	~$3.10m	Not 10b5-1
Juan Luis Ortega (President, North America Insurance)	08 Jun 2026	Option exercise and sell	3,886	$322.08	~$1.25m	Not 10b5-1
John Keogh (President & COO)	27 May 2026	Sell	23,000	~$321.51	~$7.39m	Not 10b5-1
Olivier Steimer (Director)	19 Mar 2026	Sell	2,000	$329.30	~$0.66m	Not 10b5-1
Evan Greenberg (Chairman & CEO)	12 Feb 2026	Sell	14,925	$335.09	~$5.00m	Not 10b5-1
Evan Greenberg (Chairman & CEO)	05 Feb 2026	Sell	15,060	$331.47	~$4.99m	Not 10b5-1

A 291,163-share "gift" reported by Greenberg for 28 May 2026 was a transfer into a revocable trust he controls, with no change in his economic interest. Berkshire Hathaway held 34,249,183 Chubb shares (about 9% of the company) at 30 Jun 2026, per its 13F filing.

10. Key Risks

• Catastrophes (Operational): Hurricanes, wildfires, earthquakes and other events can swing results sharply; catastrophe losses were $2.92bn in 2025 and $705m in Q3 2026 alone.
• Soft market pricing (Competitive): Plentiful capacity is pushing prices down in property and now casualty, which could squeeze margins or force Chubb to give up premium volume.
• Reserve adequacy (Financial): If loss reserves prove too low, or emerging claim and coverage issues arise (both named in the 10-K), earnings and book value would suffer; recent results lean on favourable prior-period development ($511m in Q3 2026).
• Investments and interest rates (Financial): Fixed maturities were carried at $125,804m fair value against amortised cost of $134,146m at 30 Sep 2026, and lower rates would reduce future investment income.
• Tax changes (Regulatory): The 10-K flags the Bermuda corporate income tax, global minimum tax rules and the risk that a Bermuda deferred tax asset could reverse after 2026, as well as possible US tax on non-US insurers.
• Emerging markets and geopolitics (Macro): Growth increasingly depends on Asia and Latin America, including majority-owned Huatai in China, exposing Chubb to political, currency and regulatory shifts.
• Succession (Operational): Evan Greenberg, 71, has run Chubb since 2004; the 10-K lists loss of key executives as a risk.

11. Recent Developments

• 02 Nov 2026 — Currys partnership. Chubb signed a multi-year deal to underwrite mobile phone insurance for UK electricals retailer Currys.
• 29 Oct 2026 — CEO share sale. A Form 4 filed on 02 Nov 2026 showed Evan Greenberg sold 13,889 shares at about $360.02 (~$5.00m) through a revocable trust.
• 28 Oct 2026 — Q3 10-Q and buybacks. The 10-Q showed 876,400 shares bought back for $305m between 01 and 27 Oct 2026, leaving $6.02bn of the $7.5bn authorisation.
• 21 Oct 2026 — Pricing warning on Q3 call. Greenberg described "hungry and extremely naive capacity" in the market and said softening is spreading from property into casualty.
• 20 Oct 2026 — Q3 results. Net income rose 1.5% to $2,844m ($7.30 a share) and core operating income per share rose 0.8% to $7.66, while core operating income fell 2.2%; the combined ratio was 84.1% against 81.8%, with catastrophe losses of $705m.
• 15 Oct 2026 — Claims leadership changes. Lisa Wilson was named Head of North America Claims, alongside new global claims operations and technical roles.
• 02 Oct 2026 — Dividend paid. Chubb paid a $1.02 quarterly instalment of its $4.08 annual dividend to holders of record on 11 Sep 2026.

Chubb's investment income is sensitive to interest rates and currencies, so central bank decisions on the ChartsView Economic Calendar are worth watching.

12. Key Dates

• Expected Nov 2026 — Berkshire Hathaway's Q3 2026 13F filing, showing whether its 34.2m-share Chubb stake changed.
• Expected Nov 2026 — Declaration of the next $1.02 dividend instalment (last year declared on 20 Nov 2025; not yet announced).
• Expected Jan 2027 — Payment of that instalment (last year paid on 02 Jan 2026).
• Expected Feb 2027 — Q4 and full-year 2026 results (Q4 2025 results were released on 03 Feb 2026; date not yet confirmed).
• Expected May 2027 — Annual general meeting in Zurich, including the vote on the annual dividend (the 2026 meeting was held on 21 May 2026).

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