Short answer
Chubb Limited (CB) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $59.4B (+6.5% year over year) and net income of $10.3B.
- Top risk flagged: OECD global minimum tax (15%) effective 2024–2025, plus Bermuda CIT at 15% from Jan 1, 2025; OECD Jan 2025 guidance could trigger additional tax on deferred tax assets reversing after 2026
FY2025 key financial metrics · XBRL
- Revenue
- $59.4B
- +6.5% YoY
- Net income
- $10.3B
- +11.2% YoY
- EPS (diluted)
- $25.68
- +13.1% YoY
- ROE
- 14.0%
- −0.5 pp YoY
- Operating cash flow
- $12.8B
- −20.8% YoY
Source: XBRL data from the Chubb Limited (CB) FY2025 10-K on SEC EDGAR. USD.
Chubb Limited FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global P&C/A&H/life insurer operating in 54 countries; earnings from underwriting income, investment income, and life segment income
- New in FY2025: North America Small & Lower Midmarket Division launched; LMG Insurance Thailand acquired; Huatai ownership reached ~87.2%
- ~45,000 employees; Asia-heavy workforce at 40%, with ~9,000 roles filled and ~6,500 external hires in 2025
- Consolidated NPE $53.0B; Life Insurance segment 14% of NPE; Huatai Asset Management managing over $155B AUM in China
- NAIC AI Model Bulletin adopted by 19 states with 4 more pending: directly flagged as impacting Chubb's AI tool usage in operations
Management Discussion & Analysis
- Revenue $59.4B total; net premiums written $54.8B, up 6.6% YoY; net investment income record $6.5B, up 9.0%
- P&C combined ratio 85.7% vs 86.6%; CAY combined ratio ex-cats 81.9% vs 83.1%; net income $10.31B vs $9.27B, up 11.2%
- Best segment: North America Commercial P&C, underwriting income $3.78B, up 17.6%; combined ratio 81.4% vs 83.9%; worst: North America Personal P&C, combined ratio 91.5% vs 83.6%, hit by $1.72B California wildfire losses
- Operating cash flow $12.8B; share repurchases and dividends ongoing but no specific dollar amounts disclosed; interest expense $764M rising to projected $772M in 2026
- Key risks: California wildfire exposure, rising casualty loss trends, Bermuda tax law enactment driving ETR to 18.6% vs 15.8%; adverse A&E/molestation run-off development of $306M
Risk Factors
- OECD global minimum tax (15%) effective 2024–2025, plus Bermuda CIT at 15% from Jan 1, 2025; OECD Jan 2025 guidance could trigger additional tax on deferred tax assets reversing after 2026
- Operations in 54 countries expose Chubb to geopolitical disruption; ~26.7% of unhedged net assets denominated in foreign currencies at Dec 31, 2025
- Reinsurance recoverables $20.6B net at Dec 31, 2025; Century Indemnity (run-off) holds ~$1.9B in intercompany ceded balances at risk if Century becomes insolvent
- NYDFS Cybersecurity Regulation and EU AI Act impose evolving compliance obligations; AI-enabled threats (deepfakes, persistent attacks) specifically flagged as intensifying cyber risk
- Below-investment-grade securities ~17% of fixed income portfolio at Dec 31, 2025, with elevated credit/default and liquidity risk in economic downturns
Generated from the filing text; verify against the original. How to read a 10-K
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