Chubb Limited

CB · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992
Valuation
Market cap	$122,835	$111,376	$92,206	$91,560	$83,267	$66,300	$67,049	$55,643	$62,944	$56,910	$38,045	$38,555	$35,294	$27,120	$23,712	$21,145	$16,960	$17,372	$20,415	$19,888	$16,350	$12,479	$11,415	$8,269	$8,409	$9,723	$3,240	$5,547	$5,769	$2,460	$1,348	$1,142	$1,348	$1,073
Enterprise value	$144,036	$128,798	$108,264	$104,425	$97,776	$79,501	$80,370	$65,702	$71,224	$67,744	$36,924	($7,599)	$40,423	($18,268)	($16,559)	$23,048	$17,943	$16,432	$19,457	$19,005	$15,650	$11,171	$10,296	$7,470	$7,290	$9,003	$3,947	$4,999	$5,298	$2,030	–	–	–	–
P/E (TTM) at period end	11.91×	12.01×	10.21×	17.45×	9.77×	18.77×	15.05×	14.04×	16.30×	13.76×	13.42×	13.51×	9.39×	10.02×	15.40×	6.80×	6.65×	14.81×	7.92×	8.63×	15.90×	10.82×	7.70×	108.02×	–	17.91×	8.88×	9.90×	11.48×	8.49×	5.67×	–	6.03×	102.17×
P/S (TTM) at period end	2.07×	2.00×	1.85×	2.12×	2.04×	1.84×	1.96×	1.70×	1.95×	1.81×	2.00×	2.01×	1.83×	1.51×	1.41×	1.32×	1.13×	1.27×	1.44×	1.49×	1.25×	1.01×	1.07×	1.16×	1.24×	1.85×	1.07×	3.94×	4.86×	2.90×	2.04×	2.13×	2.51×	2.06×
P/B at period end	1.67×	1.74×	1.55×	1.81×	1.43×	1.12×	1.21×	1.11×	1.23×	1.18×	1.31×	1.30×	1.22×	0.99×	0.97×	0.92×	0.86×	1.20×	1.22×	1.39×	1.38×	1.27×	1.29×	1.32×	1.40×	1.79×	0.73×	1.42×	2.20×	1.10×	0.93×	1.05×	0.99×	0.97×
EV / EBITDA (TTM)	11.61×	11.57×	11.37×	13.87×	8.97×	18.31×	13.61×	11.34×	14.59×	8.86×	9.41×	(1.92×)	8.60×	(5.31×)	(6.56×)	5.73×	–	–	6.18×	6.71×	11.25×	7.23×	1.27×	80.56×	22.68×	12.58×	8.99×	4.54×	5.18×	2.72×	–	–	–	–
EV / Sales (TTM)	2.42×	2.31×	2.18×	2.42×	2.39×	2.21×	2.35×	2.01×	2.21×	2.15×	1.94×	(0.40×)	2.10×	(1.02×)	(0.98×)	1.44×	1.19×	1.21×	1.37×	1.43×	1.20×	0.91×	0.96×	1.05×	1.07×	1.71×	1.31×	3.55×	4.47×	2.39×	–	–	–	–
Returns
Return on equity	14.0%	14.5%	15.2%	10.4%	14.6%	5.9%	8.0%	7.9%	7.5%	8.6%	9.7%	9.6%	13.0%	9.8%	6.3%	13.5%	13.0%	8.1%	15.5%	16.1%	8.7%	11.7%	16.8%	1.2%	(3.0%)	10.0%	8.2%	14.3%	19.2%	12.9%	16.5%	(4.2%)	16.3%	1.0%
Return on invested capital	10.7%	11.5%	11.7%	9.0%	12.3%	4.3%	6.4%	6.5%	6.2%	7.2%	8.0%	8.8%	11.6%	9.2%	6.3%	12.3%	11.4%	7.1%	14.0%	14.5%	7.7%	10.2%	75.1%	–	2.2%	8.2%	5.7%	29.4%	38.7%	34.4%	40.8%	43.6%	35.5%	43.0%
Dividend yield	1.2%	1.3%	1.5%	1.5%	1.7%	2.1%	2.0%	2.4%	2.1%	2.1%	2.3%	2.2%	1.5%	3.0%	1.9%	2.1%	2.3%	2.1%	1.7%	1.6%	1.5%	1.8%	1.8%	2.3%	1.8%	1.3%	2.4%	1.0%	0.7%	1.1%	1.6%	1.7%	1.2%	–
Financial health
Current ratio	–	–	0.56×	0.56×	0.32×	0.32×	0.34×	–	–	–	–	–	–	–	–	–	272.24×	112.17×	–	–	–	0.63×	–	–	–	4.49×	2.93×	9.49×	9.63×	9.38×	–	–	–	–
Debt / equity	0.23×	0.24×	0.24×	0.29×	0.28×	0.25×	0.27×	0.25×	0.25×	0.27×	0.32×	0.15×	0.20×	0.17×	0.19×	0.20×	0.17×	0.23×	0.13×	0.15×	0.18×	0.20×	0.27×	0.10×	0.22×	0.33×	0.56×	0.06×	–	–	–	–	–	–
Effective tax rate	18.6%	15.8%	5.4%	19.1%	13.0%	15.1%	15.1%	14.9%	(3.7%)	16.5%	14.0%	18.2%	11.3%	9.1%	24.6%	15.1%	17.2%	23.6%	18.2%	18.5%	21.0%	19.9%	(26.6%)	295.6%	38.9%	14.7%	7.3%	3.4%	4.8%	–	–	–	–	–
Share count
Diluted shares outstanding	402	408	414	424	443	453	459	467	471	466	329	339	344	343	341	341	338	335	337	334	311	297	282	284	232	235	197	189	187	140	119	143	122	105

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992
Revenue and gross profit
Revenue	$61,849	$59,402	$55,753	$49,735	$43,097	$40,869	$35,994	$34,186	$32,717	$32,243	$31,469	$18,987	$19,171	$19,261	$17,936	$16,834	$16,006	$15,075	$13,632	$14,154	$13,328	$13,088	$12,320	$10,689	$7,123	$6,782	$5,267	$3,017	$1,407	$1,186	$849	$661	$538	$538	$520
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($10,137)	($9,290)	($8,908)	($10,377)	($9,430)	($7,655)	($5,934)	($5,509)	($3,587)	($1,978)	($623)	($522)	($518)	($47)	($46)	($39)	($35)
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$3,495	$4,864	$4,420	$2,711	$2,890	$3,034	$1,189	$1,273	$1,680	$1,039	$784	$665	$331	$614	$492	$499	$485
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($7,343)	($4,504)	($4,380)	($4,007)	($3,395)	($3,135)	($2,979)	($3,030)	($2,886)	($2,833)	($3,081)	($2,270)	($2,245)	($2,211)	($2,096)	($2,068)	($1,873)	($1,811)	($1,737)	($1,455)	($1,456)	($1,261)	($1,265)	($1,161)	($943)	($830)	($743)	($495)	($166)	($68)	($42)	($26)	($17)	($13)	($11)
Total operating expenses	($39,291)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($1,928)	($1,711)	($1,597)	($1,410)	($1,451)	$4,960	($1,137)	($1,029)	($1,043)	($646)	$325	$357	$423	($26)	($17)	($13)	($11)
Total costs and expenses	($48,294)	($46,891)	($44,580)	($40,373)	($36,042)	($30,583)	($32,310)	($28,981)	($27,853)	($28,314)	($26,136)	($15,391)	($15,404)	($14,828)	($14,716)	($14,461)	($12,131)	($11,998)	($12,065)	($11,001)	($10,505)	($11,787)	($10,881)	($2,695)	($7,071)	($6,538)	($4,630)	($2,623)	($297)	($165)	($94)	($72)	($63)	($52)	($46)
Operating income	$13,555	$12,511	$11,173	$9,362	$7,055	$10,286	$3,684	$5,205	$4,864	$3,929	$5,333	$3,596	$3,767	$4,433	$3,220	$2,373	$3,875	$3,077	$1,567	$3,153	$2,823	$1,301	$1,439	$7,994	$52	$244	$637	$394	$1,110	$1,021	$754	$588	$475	$486	$474
Earnings
EBITDA	–	$12,403	$11,129	$9,524	$7,529	$10,905	$4,341	$5,905	$5,795	$4,883	$7,648	$3,925	$3,955	$4,701	$3,440	$2,525	$4,020	–	–	$3,147	$2,833	$1,391	$1,546	$8,086	$93	$321	$716	$439	$1,100	$1,022	$747	$576	$480	–	–
Interest income	–	$40	$80	$69	$42	$11	$19	$25	$118	$75	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($807)	($764)	($741)	($672)	($570)	($492)	($516)	($552)	($641)	($607)	($605)	($300)	($280)	($275)	($250)	($250)	($224)	($225)	($230)	($175)	($176)	($174)	($183)	($177)	($193)	($199)	($221)	($105)	($26)	($12)	–	–	–	–	–
Pre-tax income	$13,789	$13,044	$11,455	$9,526	$6,485	$9,794	$4,162	$5,249	$4,657	$3,722	$4,950	$3,296	$3,487	$4,238	$2,976	$2,042	$3,667	$3,077	$1,567	$3,153	$2,823	$1,301	$1,439	$1,171	($39)	($202)	$637	$394	$580	$528	$754	$588	$475	$486	$474
Income tax expense	($2,651)	($2,422)	($1,815)	($511)	($1,239)	($1,269)	($629)	($795)	($695)	$139	($815)	($462)	($634)	($480)	($270)	($502)	($553)	($528)	($370)	($575)	($522)	($273)	($286)	$311	$116	$79	($94)	($29)	($20)	($25)	–	–	–	–	–
Net income	$11,120	$10,310	$9,272	$9,028	$5,246	$8,525	$3,533	$4,454	$3,962	$3,861	$4,135	$2,834	$2,853	$3,758	$2,706	$1,540	$3,085	$2,549	$1,197	$2,578	$2,305	$1,028	$1,153	$1,482	$77	($181)	$543	$365	$560	$503	$290	$238	($46)	$224	$10
Per share
Diluted EPS (GAAP)	$28.58	$25.68	$22.70	$21.80	$12.39	$19.24	$7.79	$9.71	$8.49	$8.19	$8.87	$8.62	$8.42	$10.92	$7.89	$4.52	$9.04	$7.55	$3.50	$7.63	$6.91	$3.31	$3.88	$5.25	$0.27	($0.78)	$2.31	$1.85	$2.96	$2.69	$2.69	$2.00	($0.32)	$1.83	$0.10
Basic EPS (GAAP)	$28.79	$25.93	$22.94	$21.97	$12.50	$19.38	$7.82	$9.77	$8.55	$8.26	$8.94	$8.71	$8.50	$11.02	$7.96	$4.55	$9.08	$7.57	$3.52	$7.70	$7.02	$3.36	$3.95	$5.29	$0.29	($0.70)	$2.37	$1.88	$3.03	$2.73	$2.73	$2.02	($0.32)	$1.83	$0.10
Basic shares outstanding	390	398	404	411	420	440	452	456	464	467	463	326	336	341	340	338	340	337	333	330	328	306	292	276	282	209	229	194	185	184	140	118	143	122	105
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	25.6%	34.4%	33.2%	20.7%	23.5%	28.4%	16.7%	18.8%	31.9%	34.5%	55.7%	56.0%	39.0%	92.9%	91.5%	92.7%	93.3%
Operating margin	21.9%	21.1%	20.0%	18.8%	16.4%	25.2%	10.2%	15.2%	14.9%	12.2%	16.9%	18.9%	19.6%	23.0%	18.0%	14.1%	24.2%	20.4%	11.5%	22.3%	21.2%	9.9%	11.7%	74.8%	0.7%	3.6%	12.1%	13.0%	78.9%	86.1%	88.9%	89.0%	88.4%	90.3%	91.1%
Net margin	18.0%	17.4%	16.6%	18.2%	12.2%	20.9%	9.8%	13.0%	12.1%	12.0%	13.1%	14.9%	14.9%	19.5%	15.1%	9.1%	19.3%	16.9%	8.8%	18.2%	17.3%	7.9%	9.4%	13.9%	1.1%	(2.7%)	10.3%	12.1%	39.8%	42.4%	34.1%	36.0%	(8.5%)	41.6%	2.0%

Analyst consensus

Buy43 analysts

Bearish · 2 · Hold · 18 · Bullish · 23

Earnings history

	EPS	Estimate
Q4 2024	$6.02	$5.33	Beat
Q1 2025	$3.68	$3.17	Beat
Q2 2025	$6.14	$5.98	Beat
Q3 2025	$7.49	$6.17	Beat
Q4 2025	$7.52	$6.77	Beat
Q1 2026	$6.82	$6.60	Beat
Q2 2026	$7.26	$6.77	Beat
Q3 2026	$7.66	$6.77	Beat

Peers

Company overview

IPO dateMar 25, 1993

CEOEvan G. Greenberg

Employees45,000

SectorFinancial Services

IndustryInsurance - Property & Casualty

CountryCH

ExchangeNew York Stock Exchange

Websitewww.chubb.com

Chubb Limited, headquartered in Zurich, Switzerland, is a global insurer and reinsurer, offering a broad spectrum of products across various markets. In North America, its Commercial Property & Casualty (P&C) division caters to businesses of all scales, from large corporations to small enterprises, providing a wide range of policies. These encompass commercial property, casualty, workers' compensation, package deals, risk management, financial lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty, alongside group accident and health insurance. The North America Personal P&C unit serves affluent individuals and high-net-worth families, delivering coverage for homeowners, automobiles (including collector vehicles), valuable possessions, personal and excess liability, travel, and recreational marine risks, complete with related services. Furthermore, its North American Agricultural Insurance arm specializes in multi-peril crop and crop-hail protection, as well as policies for farm and ranch properties and commercial agriculture. Internationally, the Overseas General Insurance segment provides traditional commercial P&C coverage and unique solutions in areas such as financial lines, marine, energy, aviation, political risk, and construction. This division also extends group accident and health, plus conventional and specialized personal lines to corporate clients, mid-market businesses, and smaller customers, distributing products through retail brokers, agents, and other channels. Operating under the Chubb Tempest Re brand, the Global Reinsurance segment furnishes both traditional and specialty reinsurance offerings to property and casualty insurers worldwide. Additionally, Chubb's Life Insurance division features an array of protection and savings products, including whole life, endowment plans, individual and group term life, medical and health, personal accident, credit life, universal life, and unit-linked contracts. The company primarily distributes its extensive range of insurance and reinsurance solutions through brokers. Chubb Limited, which was founded in 1985, was previously known as ACE Limited before adopting its current name in January 2016.

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