On this page of StockholderLetter.com we present the latest annual shareholder letter from Chubb Ltd — ticker symbol CB. Reading current and past CB letters to shareholders can bring important insights into the investment thesis.

 •  4/1/2025 Letter Continued (Full PDF)
 •  4/3/2023 CB Stockholder Letter
 •  4/1/2024 CB Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  CB Benford's Law Stock Score = 100

CB Shareholder/Stockholder Letter Transcript:

Chubb Limited
Annual Report
2024

Financial Summary
1
Chairman and CEO Letter to Shareholders
2
Chubb Senior Operating Leaders
21
Corporate and Global Functional Leaders
22
Review of Operations
24
Chubb Limited Board of Directors
35
Chubb Group Corporate Officers and Other Executives
36
Shareholder Information
38
Non   GAAP Financial Measures
39
Form 10   K
Swiss Statutory Financial Statements
Swiss Statutory Compensation Report
About the cover
Leveraging both structured and unstructured data through advanced
visualization and analytics, Chubb   s comprehensive approach to harnessing
the power of data helps us effectively analyze and interpret complex
information across 54 countries and territories, strengthening customer
relationships and allowing us to provide localized solutions that resonate
with individual client needs and preferences.
Data and visualization create a powerful network effect for Chubb by
uncovering opportunities that drive and enhance underwriting excellence.
This integrated approach allows for informed, agile decision-making,
ensuring that Chubb can effectively respond to customers and optimize
its service offerings.

Financial Summary
Year Ended
Dec. 31, 2024
Year Ended
Dec. 31, 2023
Percentage
Change
Percentage
Change
Constant
Dollars
$62,003
$57,526
7.8%
8.2%
Net premiums written
51,468
47,361
8.7%
9.2%
Net premiums earned
49,846
45,712
9.0%
9.6%
P&C combined ratio
86.6%
86.5%
NM
P&C current accident year combined ratio
excluding catastrophe losses
83.1%
83.9%
NM
Chubb net income
9,272
9,028
2.7%
Core operating income (1)
9,197
9,337
-1.5%
Diluted earnings per share     Chubb net income
22.70
21.80
4.1%
Diluted earnings per share     core operating income (1)
22.51
22.54
-0.1%
Total investments
150,650
136,735
10.2%
Total assets
246,548
230,682
6.9%
Chubb shareholders    equity
64,021
59,507
7.6%
Book value per share
159.77
146.83
8.8%
Book value per share excluding AOCI
181.34
163.64
10.8%
Tangible book value per share
100.38
87.98
14.1%
Tangible book value per share excluding tangible AOCI
118.57
102.78
15.4%
Return on equity
15.0%
16.4%
NM
Core operating return on tangible equity (1)
21.6%
24.2%
NM
Core operating return on equity (1)
13.9%
15.4%
NM
In millions of U.S. dollars
except per share data and ratios
Gross premiums written
(1)
Excluding the year-over-year impact of the deferred tax benefit
of $1.14 billion in 2023 and $55 million in 2024 related to the
Bermuda tax law, core operating income increased 11.5%, or
13.0% on a per share basis, core operating return on tangible
equity decreased 0.1 percentage point from 21.6% to 21.5%, and
core operating return on equity increased 0.2 percentage points
from 13.6% to 13.8%.
This document contains non-GAAP financial measures. Refer to
pages 39-44 for reconciliations to the most directly comparable
GAAP measures.
NM   not meaningful
1

Evan G. Greenberg
Chairman and Chief Executive Officer
Chubb Group
2

To My Fellow Shareholders
Chubb had a standout performance last year     the
best in our company   s history. We capitalized on
favorable insurance market and economic conditions
while managing in a time of significant opportunity,
heightened uncertainty and risk. We produced a
double-digit increase in pre-tax operating earnings,
supported by record underwriting results, an industryleading combined ratio and record investment income.
We grew Global P&C premiums nearly 10% and life
insurance premiums 18.5% in constant dollars. We are
a compounder of wealth in the business of taking and
managing risk. In 2024, we added to our record of strong
value creation for shareholders.
Risk is a growth industry, and that means opportunity.
We create value through three sources of income, each
with vast opportunity to expand and grow over time:
1) We are world-class property and casualty (P&C)
underwriters of businesses and individuals globally;
2) We are accomplished investment managers with
a proven track record of generating excellent riskadjusted returns on a growing portfolio of assets; and
3) We are growing a meaningful Asia life business. Each
of these three contributed record results in 2024. P&C
underwriting income was $5.9 billion, up 7.1%, and up
58% over the past three years. Adjusted net investment
income grew 19.3% to $6.4 billion, up 59% since 2022.
And life insurance income was $1.1 billion, more than
double the amount from three years ago.
Chubb   s operating income of $9.2 billion grew 11.2% on a
pre-tax basis. It shrank 1.5% after tax, distorted by a onetime Bermuda tax benefit we received in 2023. Looking
through that, which is the way I view our performance,
operating income was up 11.5% in 2024. Over the past
three years, operating income has grown 65% and is
nearly double the amount from pre-Covid 2019.
We   ve had a hell of a run, over the short term and long
term, and, as far as I   m concerned, we   re just beginning.
When I became chief executive of ACE 20 years ago, we
produced about $1 billion of operating income through
a limited number of business lines, had a market value
of about $11.5 billion and wrote $16 billion in gross
premiums. By the end of 2015, we had risen from #23
in the world to #11, and had become a large, diversified
global insurer, with triple the operating earnings and
market value of $38 billion. Two-thirds of that growth
had been achieved organically and the rest through
acquisition. We had become large enough and diversified
enough to acquire Chubb that year and create what
would become a global powerhouse.
The combined company performed very well, though we
purposely constrained growth due to overly competitive
commercial insurance market conditions. Risk pricing
wasn   t sufficient to justify more rapid growth. However,
we continued to invest in our capabilities     physical
presence, product, distribution and technology. We
shrank some businesses and grew others where
conditions were favorable. Commercial P&C market
conditions began to change in 2019 as competitors
withdrew capacity due to underwriting losses. Pricing
and terms began to approach a reasonable level. We had
the capital, appetite and global presence to capitalize,
and we did. Since    15, our earnings and market cap tripled
again to $9.2 billion and $114 billion at the time of this
writing, growing total return to shareholders at an annual
rate of 12% over the entire 20-year period. And, by the
way, our 2024 operating cash flow was a record $15.9
billion, which speaks to our future earning power.
Today, Chubb is among the world   s largest insurance
companies. Gross premiums, our company   s top-line
premium revenue figure, were $62.0 billion last year.
I only look at gross premiums when considering our
3



 4/1/2025 Letter Continued (Full PDF)