Revenue growth remains consistent with a peak quarterly expansion of 17.8% in 2024Q2, although the combined ratio volatility reaching 100% in 2026Q1 warrants further investigation into underwriting discipline.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Revenue | 61.15B | 59.78B | 56.15B | 50.13B | 42.98B | 40.77B | 36.05B | 34.23B | 32.68B | 32.34B | 31.48B | 18.97B | 19.17B | 19.28B | 17.96B | 16.8B | 16.01B | 15.07B | 13.63B | 14.15B | 13.33B | 13.09B | 12.32B | 10.69B | 7.12B | 6.78B | 5.27B | 3.02B | 1.41B | 1.19B | 848.9M |
| Revenue Growth % | 8.03% | 6.47% | 12% | 16.66% | 5.41% | 13.09% | 5.32% | 4.75% | 1.05% | 2.73% | 65.96% | -1.07% | -0.54% | 7.3% | 6.95% | 4.95% | 6.18% | 10.59% | -3.69% | 6.2% | 1.83% | 6.23% | 15.26% | 50.06% | 5.03% | 28.77% | 74.57% | 114.44% | 18.58% | 39.77% | 28.47% |
| Medical Costs & Claims | 39.63B | 42.18B | 39.98B | 36.29B | 32.15B | 29.44B | 29.04B | 25.62B | 24.57B | 24.91B | 22.54B | 12.97B | 13.24B | 12.52B | 12.62B | 12.39B | 10.27B | 9.88B | 10.14B | 9.29B | 8.91B | 10.38B | 9.43B | 7.66B | 5.93B | 5.51B | 3.59B | 1.98B | 622.59M | 521.74M | 517.82M |
| Medical Cost Ratio % | 64.8% | 70.55% | 71.2% | 72.4% | 74.8% | 72.2% | 80.55% | 74.86% | 75.18% | 77.03% | 71.61% | 68.37% | 69.06% | 64.96% | 70.25% | 73.78% | 64.18% | 65.52% | 74.36% | 65.64% | 66.84% | 79.29% | 76.54% | 71.62% | 83.3% | 81.22% | 68.1% | 65.55% | 44.25% | 43.97% | 61% |
| Gross Profit | 21.52B | 17.61B | 16.17B | 13.84B | 10.83B | 11.33B | 7.01B | 8.61B | 8.11B | 7.43B | 8.94B | 6B | 5.93B | 6.75B | 5.34B | 4.41B | 5.73B | 5.2B | 3.5B | 4.86B | 4.42B | 2.71B | 2.89B | 3.03B | 1.19B | 1.27B | 1.68B | 1.04B | 784.31M | 664.76M | 331.08M |
| Gross Margin % | 35.2% | 29.45% | 28.8% | 27.6% | 25.2% | 27.8% | 19.45% | 25.14% | 24.82% | 22.97% | 28.39% | 31.63% | 30.94% | 35.04% | 29.75% | 26.22% | 35.82% | 34.48% | 25.64% | 34.36% | 33.16% | 20.71% | 23.46% | 28.38% | 16.7% | 18.78% | 31.9% | 34.45% | 55.75% | 56.03% | 39% |
| Gross Profit Growth % | - | 8.86% | 16.86% | 27.78% | -4.44% | 61.65% | -18.54% | 6.13% | 9.17% | -16.86% | 48.93% | 1.15% | -12.18% | 26.38% | 21.34% | -23.16% | 10.29% | 48.73% | -28.15% | 10.05% | 63.04% | -6.19% | -4.73% | 155.06% | -6.6% | -24.2% | 61.62% | 32.52% | 17.98% | 100.79% | -46.1% |
| Operating Expenses | 10.14B | 4.56B | 4.72B | 4.31B | 4.34B | 1.54B | 2.85B | 3.36B | 3.45B | 3.71B | 3.99B | 2.7B | 2.44B | 2.52B | 2.37B | 2.36B | 2.07B | 2.12B | 1.93B | 1.71B | 1.6B | 1.41B | 1.45B | -4.96B | 1.14B | 1.03B | 1.04B | 645.72M | -325.49M | -356.54M | -423.32M |
| OpEx / Revenue % | 16.58% | 7.63% | 8.4% | 8.6% | 10.11% | 3.77% | 7.9% | 9.81% | 10.57% | 11.46% | 12.66% | 14.26% | 12.75% | 13.06% | 13.19% | 14.07% | 12.91% | 14.07% | 14.14% | 12.09% | 11.98% | 10.77% | 11.78% | -46.41% | 15.96% | 15.18% | 19.8% | 21.4% | -23.14% | -30.05% | -49.87% |
| Depreciation & Amortization | 299M | 301M | 323M | 310M | 285M | 287M | 290M | 305M | 339M | 260M | 1.58B | 171M | 0 | 95M | 51M | 29M | 0 | 0 | 0 | -6M | 10M | 90M | 107M | 92M | 40.23M | 77.55M | 78.82M | 45.35M | -9.7M | 1.2M | -7.8M |
| Combined Ratio % | 81.39% | 78.18% | 79.6% | 81% | 84.91% | 75.98% | 88.46% | 84.67% | 85.75% | 88.49% | 84.28% | 82.62% | 81.81% | 78.02% | 83.43% | 87.84% | 77.09% | 79.59% | 88.5% | 77.72% | 78.82% | 90.06% | 88.32% | 25.21% | 99.26% | 96.4% | 87.91% | 86.95% | 21.12% | 13.92% | 11.13% |
| Operating Income | 11.38B | 13.04B | 11.46B | 9.53B | 6.49B | 9.79B | 4.16B | 5.25B | 4.66B | 3.72B | 4.95B | 3.3B | 3.49B | 4.24B | 2.98B | 2.04B | 3.67B | 3.08B | 1.57B | 3.15B | 2.82B | 1.3B | 1.44B | 7.99B | 52.49M | 243.88M | 636.89M | 393.65M | 1.11B | 1.02B | 754.4M |
| Operating Margin % | 18.61% | 21.82% | 20.4% | 19% | 15.09% | 24.02% | 11.54% | 15.33% | 14.25% | 11.51% | 15.72% | 17.38% | 18.19% | 21.98% | 16.57% | 12.16% | 22.91% | 20.41% | 11.5% | 22.28% | 21.18% | 9.94% | 11.68% | 74.79% | 0.74% | 3.6% | 12.09% | 13.05% | 78.88% | 86.08% | 88.87% |
| Operating Income Growth % | - | 13.87% | 20.25% | 46.89% | -33.79% | 135.32% | -20.71% | 12.71% | 25.12% | -24.81% | 50.18% | -5.48% | -17.72% | 42.41% | 45.74% | -44.31% | 19.17% | 96.36% | -50.3% | 11.69% | 116.99% | -9.59% | -82% | 15129.86% | -78.48% | -61.71% | 61.79% | -64.53% | 8.67% | 35.38% | 28.23% |
| EBITDA | 11.88B | 13.35B | 11.78B | 9.84B | 6.77B | 10.08B | 4.45B | 5.55B | 5B | 3.98B | 6.53B | 3.47B | 3.77B | 4.33B | 3.03B | 2.07B | 3.89B | 3.3B | 1.8B | 3.15B | 2.83B | 1.39B | 1.55B | 8.09B | 92.72M | 321.43M | 715.71M | 439M | 1.1B | 1.02B | 746.6M |
| EBITDA Margin % | 19.42% | 22.32% | 20.98% | 19.62% | 15.75% | 24.73% | 12.35% | 16.23% | 15.29% | 12.31% | 20.74% | 18.28% | 19.65% | 22.48% | 16.85% | 12.33% | 24.31% | 21.9% | 13.18% | 22.23% | 21.26% | 10.63% | 12.55% | 75.65% | 1.3% | 4.74% | 13.59% | 14.55% | 78.19% | 86.18% | 87.95% |
| Interest Expense | 781M | 764M | 741M | 672M | 570M | 492M | 516M | 552M | 641M | 607M | 605M | 300M | 280M | 275M | 250M | 250M | 224M | 225M | 230M | 175M | 176M | 174M | 183M | 177M | 193.49M | 199M | 221.45M | 105.14M | 25.5M | 11.7M | 0 |
| Non-Operating Income | -781M | -764M | -741M | -672M | -570M | -492M | -516M | -552M | -641M | -607M | -605M | -300M | -280M | -275M | -250M | -250M | -224M | -225M | -230M | -175M | -176M | -174M | -183M | 7.82B | -141M | 44.88M | -221.45M | -105.14M | 1.08B | 1.01B | 0 |
| Pretax Income | 11.38B | 13.04B | 11.46B | 9.53B | 6.49B | 9.79B | 4.16B | 5.25B | 4.66B | 3.72B | 4.95B | 3.3B | 3.49B | 4.24B | 2.98B | 2.04B | 3.67B | 3.08B | 1.57B | 3.15B | 2.82B | 1.3B | 1.44B | 1.17B | -39.14M | -202.42M | 636.89M | 393.65M | 580.2M | 527.9M | 754.4M |
| Pretax Margin % | 18.61% | 21.82% | 20.4% | 19% | 15.09% | 24.02% | 11.54% | 15.33% | 14.25% | 11.51% | 15.72% | 17.38% | 18.19% | 21.98% | 16.57% | 12.16% | 22.91% | 20.41% | 11.5% | 22.28% | 21.18% | 9.94% | 11.68% | 10.96% | -0.55% | -2.98% | 12.09% | 13.05% | 41.24% | 44.49% | 88.87% |
| Income Tax | 2.75B | 2.42B | 1.81B | 511M | 1.24B | 1.27B | 629M | 795M | 695M | -139M | 815M | 462M | 634M | 480M | 270M | 502M | 559M | 528M | 370M | 575M | 522M | 273M | 286M | -311M | -115.69M | -78.67M | 93.91M | 28.68M | 20M | 25.2M | 0 |
| Effective Tax Rate % | 24.14% | 18.57% | 15.84% | 5.36% | 19.11% | 12.96% | 15.11% | 15.15% | 14.92% | -3.73% | 16.46% | 14.02% | 18.18% | 11.33% | 9.07% | 24.58% | 15.24% | 17.16% | 23.61% | 18.24% | 18.49% | 20.98% | 19.87% | -26.56% | 295.58% | 38.87% | 14.74% | 7.29% | 3.45% | 4.77% | 0% |
| Net Income | 11.3B | 10.31B | 9.27B | 9.03B | 5.25B | 8.53B | 3.53B | 4.45B | 3.96B | 3.86B | 4.13B | 2.83B | 2.85B | 3.76B | 2.71B | 1.54B | 3.11B | 2.55B | 1.2B | 2.58B | 2.31B | 1.03B | 1.15B | 1.48B | 76.55M | -181M | 542.98M | 364.96M | 560.2M | 502.7M | 289.7M |
| Net Margin % | 18.48% | 17.25% | 16.51% | 18.01% | 12.21% | 20.91% | 9.8% | 13.01% | 12.12% | 11.94% | 13.14% | 14.94% | 14.88% | 19.49% | 15.06% | 9.17% | 19.42% | 16.91% | 8.78% | 18.21% | 17.29% | 7.85% | 9.36% | 13.86% | 1.07% | -2.67% | 10.31% | 12.1% | 39.82% | 42.37% | 34.13% |
| Net Income Growth % | 33.56% | 11.2% | 2.7% | 72.09% | -38.46% | 141.3% | -20.68% | 12.42% | 2.62% | -6.63% | 45.91% | -0.67% | -24.08% | 38.88% | 75.71% | -50.45% | 21.93% | 112.95% | -53.57% | 11.84% | 124.22% | -10.84% | -22.2% | 1836.01% | 142.29% | -133.33% | 48.78% | -34.85% | 11.44% | 73.52% | 21.93% |
| EPS (Diluted) | 28.63 | 25.73 | 22.70 | 21.80 | 12.39 | 19.27 | 7.79 | 9.71 | 8.49 | 8.19 | 8.87 | 8.62 | 8.42 | 10.92 | 7.89 | 4.52 | 9.11 | 7.54 | 3.52 | 7.66 | 6.91 | 3.31 | 3.88 | 5.25 | 0.27 | -0.78 | 2.31 | 1.85 | 2.96 | 2.69 | 2.69 |
| EPS Growth % | 36.28% | 13.35% | 4.13% | 75.95% | -35.7% | 147.37% | -19.77% | 14.37% | 3.66% | -7.67% | 2.92% | 2.36% | -22.89% | 38.4% | 74.56% | -50.38% | 20.82% | 114.2% | -54.05% | 10.85% | 108.76% | -14.69% | -26.1% | 1844.44% | 134.62% | -133.77% | 24.86% | -37.5% | 10.04% | 0% | 34.5% |
| EPS (Basic) | - | 25.91 | 22.94 | 21.97 | 12.50 | 19.38 | 7.82 | 9.77 | 8.55 | 8.26 | 8.94 | 8.70 | 8.50 | 11.02 | 7.96 | 4.55 | 9.15 | 7.54 | 3.57 | 7.79 | 7.02 | 3.36 | 3.95 | 5.29 | 0.29 | -0.70 | 2.37 | 1.88 | 3.03 | 2.73 | 2.73 |
| Diluted Shares Outstanding | 394.6M | 396.5M | 411.91M | 414.2M | 423.53M | 443.2M | 453.44M | 458.91M | 466.8M | 471.2M | 465.95M | 328.84M | 338.99M | 344.15M | 342.75M | 340.78M | 341.25M | 337.5M | 332.5M | 336.55M | 333.57M | 310.57M | 297.16M | 282.29M | 283.51M | 232.05M | 235.06M | 197.28M | 189.26M | 186.88M | 139.55M |
Social inflation and litigation
According to reported financial data, Chubb has maintained a consistent revenue growth trajectory, with quarterly top-line expansion peaking at 17.8% in 2024Q2, suggesting that the firm successfully leverages its global distribution network to capture rate increases even as broader market conditions fluctuate across its diverse segments.
The company's ability to sustain mid-to-high single-digit revenue growth indicates a strong competitive position in both commercial and personal lines. Investors should monitor whether this growth is driven by organic rate increases or volume expansion, as the latter may carry higher risk in a softening pricing environment.
As reported in recent filings, Chubb’s combined ratio has largely remained below the 80% threshold, demonstrating significant underwriting discipline, although the 2026Q1 spike to 100% warrants further investigation into whether this represents a temporary anomaly or a fundamental shift in the firm's core loss experience.
The consistent ability to maintain a combined ratio well below the 100% break-even point highlights the efficacy of the company's underwriting culture. This performance suggests that Chubb effectively prices for risk, though the recent volatility in the loss ratio requires careful scrutiny of potential reserve adequacy.
Based on the provided income statement figures, the fluctuation in quarterly loss ratios, which reached as high as 78.2% in 2025Q1, suggests that Chubb remains vulnerable to the escalating impact of social inflation and unpredictable jury awards within its U.S. casualty and professional liability portfolios.
While the company has historically managed reserves with precision, the current environment of rising litigation costs may challenge the sustainability of past underwriting margins. Analysts should remain cautious, as any necessary reserve strengthening could exert downward pressure on future earnings and mask underlying operational performance.
As indicated by recent corporate activity, the integration of Cigna’s Asia-Pacific business marks a pivotal shift in the revenue mix, potentially increasing the firm's sensitivity to long-term interest rates and longevity risk, which may fundamentally alter the historical P&C-centric risk profile of the organization.
This strategic pivot into life and health insurance introduces new variables into the company's earnings model that differ from traditional short-tail P&C risks. Investors should monitor whether this diversification provides the intended stability or if it introduces new complexities that could dilute the firm's core underwriting focus.
Quick answers to the most common questions about buying CB stock.
For fiscal year 2025, Chubb Limited (CB) reported total revenue of $59.78B. This represents a 6942.4% increase compared to $848.9M in 1996.
Chubb Limited (CB) is profitable, generating $10.31B in net income for the fiscal year ending 2025 with a net profit margin of 17.2%.
Chubb Limited (CB) reported an operating income of $13.04B, resulting in an operating profit margin of 21.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Chubb Limited (CB) generated $17.61B in gross profit for the year, representing a gross profit margin of 29.4%. This demonstrates the company's core pricing power and production efficiency.