Chubb(US:CB)2025-04-22 21:22Premiums and Income - Gross premiums written for Q1 2025 were $15,105 million, a 4.7% increase from $14,425 million in Q1 2024[11] - Net premiums written increased to $12,646 million in Q1 2025, up 3.5% from $12,221 million in Q1 2024[11] - Life Insurance net premiums written increased by 5.3% to $1,720 million in Q1 2025 from $1,633 million in Q1 2024[11] - Gross premiums written for Q1-25 reached $15,105 million, an increase from $14,326 million in Q4-24[14] - Net premiums written increased to $12,646 million in Q1-25, up 4.9% from $12,058 million in Q4-24[14] - Net premiums written in the Property and other short-tail lines for Q1 2025 were $2,489 million, a 5.4% increase year-over-year[27] - Total consolidated net premiums written for Q1 2025 reached $12,646 million, reflecting a 3.5% increase compared to Q1 2024[27] - Net premiums written for Q1 2025 totaled $10,926 million, a 3.2% increase from $10,588 million in Q1 2024[30] - Net premiums written for North America Personal P&C Insurance increased by 6.6% year-over-year, totaling $1,552 million in Q1 2025[35] - Net premiums written for North America Agricultural Insurance decreased by 11% year-over-year, totaling $276 million in Q1 2025[38] - Net premiums written in Europe, Middle East, and Africa increased by 2.5% year-over-year to $1,915 million in Q1 2025[40] - Net premiums written for Q1 2025 were $1,720 million, reflecting a 5.3% year-over-year growth[45] Financial Performance - Core operating income for Q1 2025 was $1,489 million, a decrease of 31.1% compared to $2,161 million in Q1 2024[11] - Chubb's net income for Q1 2025 was $1,331 million, down 37.9% from $2,143 million in Q1 2024[11] - The P&C combined ratio for Q1 2025 was 95.7%, compared to 86.0% in Q1 2024[11] - Diluted earnings per share decreased to $3.29 in Q1 2025, down 37.1% from $5.23 in Q1 2024[11] - Net income for Q1-25 was $1,343 million, a significant decrease from $2,640 million in Q4-24[14] - The P&C combined ratio for Q1-25 was 95.7%, up from 85.7% in Q4-24, indicating a decline in underwriting performance[20] - The combined ratio for Q1 2025 was 96.2%, compared to 86.2% in Q4 2024, indicating a deterioration in underwriting performance[22] - The segment income for Q1 2025 was $1,751 million, compared to $2,536 million in Q1 2024, indicating a decrease of 30.9%[30] - Chubb's net income for Q1 2025 was reported at $1,331 million, down from $2,575 million in Q4 2024, showing a significant decline in overall earnings[100] - The return on equity (ROE) for Q1 2025 was 8.2%, down from 14.3% in Q1 2024[104] Investment Performance - Adjusted net investment income rose to $1,670 million in Q1 2025, reflecting a 12.7% increase from $1,482 million in Q1 2024[11] - Adjusted net investment income reached $1,399 million in Q1 2025, up from $1,252 million in Q1 2024, marking an increase of 11.8%[30] - The total investment portfolio reported net gains of $948 million for the three months ended March 31, 2025, compared to net losses of $730 million for the same period in 2024[68] - The average market yield of fixed income investments was 5.5% for the quarter, slightly down from 5.6% in the previous quarter[55] - The investment portfolio totaled $156,047 million, an increase from $155,301 million, indicating a growth of 0.48%[58] - The total investment in private equities and other reached $17,931 million, reflecting a strategic focus on alternative investments[58] Expenses and Ratios - The effective tax rate for Q1 2025 was 19.3%, up from 13.7% in Q1 2024[11] - The loss and loss expense ratio for Q1-25 was 67.8%, an increase from 59.4% in Q4-24, indicating higher claims relative to premiums[20] - The loss and loss expense ratio for Q1 2025 was 60.8%, a slight increase from 60.5% in Q4 2024[32] - The policy acquisition cost ratio for Q1 2025 was 14.4%, slightly higher than 14.1% in Q1 2024[32] - The policy acquisition cost ratio for Q1 2025 was 26.1%, slightly up from 26.0% in Q4 2024[40] - Administrative expenses for Q1 2025 totaled $878 million, consistent with $880 million in Q4-24[20] - Administrative expenses for Q1 2025 amounted to $202 million, down from $207 million in Q1 2024[45] Catastrophe Losses - Catastrophe losses for Q1-25 amounted to $1,604 million, compared to $617 million in Q4-24, reflecting increased claims[20] - Catastrophe losses for Q1 2025 amounted to $1,589 million, significantly impacting the combined ratio[22] - Catastrophe losses for North America Personal P&C Insurance in Q1 2025 were $1,292 million, a significant increase from $84 million in Q4 2024[35] - Catastrophe losses after-tax for Q1 2025 amounted to $1,300 million, compared to $515 million in Q4 2024, highlighting increased exposure to catastrophic events[100] Shareholder Equity and Book Value - Book value per common share increased by 2.7% to $164.01 as of March 31, 2025, from $159.77 at the end of 2024[11] - Tangible book value per common share increased to $104.27, a 3.9% rise from the previous quarter[24] - Chubb's shareholders' equity increased to $65.726 billion as of March 31, 2025, compared to $64.021 billion at the end of 2024[71] - The equity at the end of Q1 2025, as reported, was $65,726 million, an increase from $60,535 million in Q1 2024[104] Other Financial Metrics - The number of shares outstanding at the end of Q1 2025 was 400,748,485, a slight increase from 400,703,663 at the end of Q4 2024[77] - Chubb's total financial debt as of March 31, 2025, is $14.508 billion, a decrease from $15.179 billion on December 31, 2024[71] - Chubb's leverage ratio for financial debt is 18.0% as of March 31, 2025, down from 19.1% at the end of 2024[71] - The company reported realized and unrealized gains of $1.052 billion from foreign exchange for the three months ended March 31, 2025[67] - The company reported a cumulative translation gain of $340 million in Q1 2025, contrasting with a loss of $(1,073) million in Q4 2024[77]