Revenue growth accelerated to 6.3% in Q2 2026 with a combined ratio of 77.1%, down from 80.6% a year earlier, reflecting strong underwriting discipline and favorable loss trends.
Chubb Limited (CB) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 62.08B | 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 % | 7.87% | 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 | 37.5B | 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 % | 60.4% | 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 | 24.58B | 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 % | 39.6% | 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 | 13.29B | 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 % | 21.41% | 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 % | 81.81% | 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 | 11.29B | 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 % | 18.19% | 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 | 11.79B | 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 % | 18.99% | 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 | 800M | 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 | -600M | -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 | 11.09B | 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 % | 17.87% | 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 | 2.77B | 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 % | 24.99% | 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 | 11.21B | 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 % | 18.06% | 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 % | 21.91% | 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) | 28.53 | 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 % | 25.28% | 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 | 393M | 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 |
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.
Key Metrics
Top Statement Risk
Social inflation casualty reserve pressure
Metrics are mathematically derived from official filings.
Premium Growth Accelerates on Diversified Momentum
Chubb's revenue growth accelerated to 6.3% in Q2 2026, up from 3.7% in Q1 2025, driven by strong rate increases and expansion in Life premiums, per recent financial statements.
The sequential acceleration in revenue growth, from 3.7% in Q1 2025 to 6.3% in Q2 2026, suggests a firming pricing environment and successful execution across both P&C and Life segments. The 25% increase in Life Net Written Premiums, as highlighted in recent disclosures, indicates the Cigna Asia-Pacific integration is contributing meaningfully to top-line expansion. This diversified growth trajectory, combined with a 10.3% revenue growth in Q1 2026, points to sustained momentum that may support premium rate adequacy.
Underwriting Discipline Drives Sub-80% Combined Ratio
Chubb's combined ratio improved to 77.1% in Q2 2026, down from 80.6% in Q2 2024, reflecting strong underwriting discipline and favorable loss trends, as reported in quarterly filings.
The combined ratio has consistently remained below 80% for the last five quarters, with Q2 2026 at 77.1%, indicating robust underwriting profitability. This improvement is driven by a declining loss ratio, which fell from 71.1% in Q2 2024 to 52.5% in Q2 2026, suggesting effective pricing and risk selection. The operating margin of 21.82% reported in the data further underscores Chubb's ability to convert premiums into profits, though investors should monitor whether this margin is sustainable given potential social inflation pressures.
Reserve Releases Bolster Earnings, Quality Questioned
Favorable prior-year reserve development appears to be inflating current earnings, as evidenced by the sharp drop in loss ratio from 70.1% in Q2 2025 to 52.5% in Q2 2026, per SEC filings.
The dramatic improvement in the loss ratio, from 70.1% in Q2 2025 to 52.5% in Q2 2026, may indicate significant favorable reserve development from prior accident years, which could be masking underlying deterioration in current-year underwriting. While this boosts reported earnings, investors should scrutinize the quality of earnings, as reliance on reserve releases is not sustainable indefinitely. The current accident year combined ratio excluding catastrophes, a key metric, warrants close monitoring to assess true underwriting health.
Investment Income Tailwind Offsets Pricing Softening
Chubb's net investment income is benefiting from a higher-rate environment, with the invested asset base growing and CEO commentary highlighting this as a key strength, according to recent earnings calls.
The sustained higher interest rate environment provides a significant tailwind to net investment income, which may offset potential softening in P&C pricing. As the company reinvests its massive float into higher-yielding fixed-income securities, investment income is likely to contribute more substantially to overall earnings. This diversification of income sources supports the strong EPS beat in Q2 2026, where EPS of $7.26 exceeded estimates of $6.34, suggesting that investment gains are complementing underwriting profits.
Q2 2026 Marks Earnings Inflection Point
Chubb's Q2 2026 EPS of $7.26 beat estimates by 14.5%, with net income of $2.9B and a combined ratio of 77.1%, marking a clear inflection point in earnings power, per quarterly results.
The Q2 2026 quarter represents a significant inflection point, with EPS of $7.26 versus the $6.34 estimate, driven by a combination of strong underwriting results and investment income. The net income of $2.9B, up from $2.2B in Q2 2024, reflects a 31.8% increase, indicating that Chubb's diversified business model is delivering outsized returns. This inflection suggests that the company's strategic initiatives, including the Life expansion, are gaining traction and may support a higher valuation multiple if sustained.
Social Inflation Threatens Reserve Adequacy
Accelerating social inflation in U.S. casualty lines may lead to unfavorable reserve developments, potentially reversing the favorable prior-year releases that have boosted recent earnings, as noted in industry analyses.
The primary challenge to Chubb's reported earnings is the accelerating social inflation in U.S. casualty and professional lines, which could result in higher-than-expected loss costs and reserve deficiencies. If historical loss trends do not reflect current jury award magnitudes, Chubb may need to strengthen reserves, which would negatively impact future earnings. Investors should monitor the current accident year loss ratio and reserve development disclosures closely, as the strong recent performance may be partly attributable to favorable reserve releases that are not sustainable.