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SEC filingChubb Limited reported strong financial results for FY 2025, with net income attributable to Chubb reaching a record $10.31 billion, an 11.2% increase from $9.27 billion in FY 2024. Total revenues grew 6.5% to $59.40 billion, driven by a 6.4% increase in net premiums earned to $53.01 billion and a 9.0% rise in net investment income to $6.46 billion. The company generated robust operating cash flow of $12.82 billion. The P&C combined ratio improved to 85.7% from 86.6% in the prior year, reflecting lower losses partially offset by higher catastrophe losses, primarily from California wildfires. The company maintained a strong balance sheet with total assets of $272.33 billion and total shareholders' equity of $79.78 billion.
Chubb Limited delivered record financial performance in FY 2025, with net income attributable to Chubb reaching $10.31 billion, representing an 11.2% increase from $9.27 billion in FY 2024. Total revenues grew 6.5% to $59.40 billion, driven by a 6.4% increase in net premiums earned to $53.01 billion and a 9.0% rise in net investment income to $6.46 billion. The company's P&C combined ratio improved to 85.7% from 86.6% in the prior year, reflecting disciplined underwriting despite higher catastrophe losses of $2.92 billion, primarily from California wildfires. Basic and diluted earnings per share attributable to Chubb were $26. The company generated strong operating cash flow of $12.82 billion.
Revenue growth was broad-based across business segments. Net premiums written increased 6.6% to $54.84 billion, with P&C net premiums written up 5.4% and Life Insurance segment net premiums written increasing 15.1%. The North America Commercial P&C Insurance segment, representing 38% of consolidated net premiums earned, grew 1.9% to $20.38 billion. Overseas General Insurance, representing 27% of consolidated net premiums earned, increased 7.3% to $14.37 billion. The Life Insurance segment showed the strongest growth at 15.1% to $7.22 billion. Net investment income reached $6.46 billion, benefiting from higher average invested assets from strong operating cash flow.
The P&C combined ratio improved to 85.7% from 86.6% in the prior year. The loss and loss expense ratio decreased to 59.1% from 60.4%, while the policy acquisition cost ratio increased to 18.6% from 18.1%, reflecting changes in business mix. The administrative expense ratio remained stable at 8.0%. The CAY combined ratio excluding catastrophe losses improved to 81.9% from 83.1% in the prior year. Income before income tax increased 13.7% to $13.04 billion, with the effective tax rate rising to 18.6% from 15.8% primarily due to the enactment of Bermuda's new income tax law.
Operating cash flow was strong at $12.82 billion for FY 2025. The company ended the year with total assets of $272.33 billion and total shareholders' equity of $79.78 billion. Total investments reached $168.72 billion, with fixed maturities available-for-sale at $122.68 billion. Total liabilities were $192.55 billion, including unpaid losses and loss expenses of $88.02 billion. The company maintained a solid capital position with total Chubb shareholders' equity of $73.76 billion. The ratio of financial debt to total adjusted capitalization was 18.4%.
The company faces risks from natural and man-made catastrophes, climate change impacts, reinsurance counterparty risk, and regulatory changes across multiple jurisdictions. Management highlighted exposure to cyber risk, investment performance sensitivity to interest rates, and competitive market conditions. The company continues to focus on underwriting discipline, geographic and product diversification, and digital transformation. Strategic priorities include growth in Asia, particularly through Huatai Group, and leveraging technology and data analytics. The company maintains a strong balance sheet and capital position to support growth opportunities and shareholder returns through dividends and share repurchases.