Chubb Limited has reported its first-quarter financial results for the period ending March 31, 2025. The company experienced a decrease in net income and core operating income compared to the previous year. Net income for the first quarter of 2025 was $1.33 billion, or $3.29 per share, a decrease of 37.9% from the first quarter of 2024. Core operating income was $1.49 billion, or $3.68 per share, representing a decline of 31.1% from the same period last year.
The company's consolidated net premiums written increased by 5.7% in constant dollars, reaching $12.6 billion. Property and casualty (P&C) and life insurance net premiums written were up 5.0% and 10.3%, respectively. The P&C combined ratio was 95.7%, or 82.3% excluding catastrophe losses and prior period development. Total pre-tax net catastrophe losses were $1.64 billion, compared to $435 million in the previous year.
In terms of P&C net premiums written, North America saw a 3.4% increase, impacted by reinstatement premiums related to the California wildfires and structured transactions written in the prior year in commercial insurance. Overseas general net premiums written were up 1.8%, or 6.5% in constant dollars, including growth in consumer insurance and commercial insurance.
Life insurance net premiums written were $1.72 billion, up 5.3%, or 10.3% in constant dollars, with segment income at $291 million, up 8.6%, or 15.7% in constant dollars.
Pre-tax net investment income was $1.56 billion, up 12.2%, and adjusted net investment income was $1.67 billion, up 12.7%. The annualized return on equity (ROE) was 8.2%, while the annualized core operating return on tangible equity (ROTE) was 13.0%.
Operating highlights for the quarter show consolidated net premiums earned increased by 3.6%, or 5.7% in constant dollars. P&C net premiums earned increased by 3.3%, or 5.0% in constant dollars.
Chubb Limited also returned $751 million to shareholders, comprising share repurchases of $385 million at an average purchase price of $286.18 per share and dividends of $366 million.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, expressed confidence in the company's ability to continue to grow operating income and earnings per share at a double-digit rate, despite the impact of catastrophe losses and foreign exchange. As a result of these announcements, the company's shares have moved -2.7% on the market, and are now trading at a price of $282.64. Check out the company's full 8-K submission here.
