Chubb Limited provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, casualty, workers' compensation, package policies, risk management, financial lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty; and group accident and health insurance to large, middle market, and small commercial businesses. Its North America Personal P&C Insurance segment provides affluent and high net worth individuals and families with homeowners, automobile and collector cars, valuable articles, personal and excess liability, travel insurance, and recreational marine insurance and services. The company's North America Agricultural Insurance segment offers multiple peril crop and crop-hail insurance; and coverage for farm and ranch property, and commercial agriculture products. Its Overseas General Insurance segment provides coverage for traditional commercial property and casualty; specialty categories, such as financial lines, marine, energy, aviation, political risk, and construction risk; and group accident and health, and traditional and specialty personal lines for corporations, middle markets, and small customers through retail brokers, agents, and other channels. The company's Global Reinsurance segment offers traditional and specialty reinsurance under the Chubb Tempest Re brand to property and casualty companies. Its Life Insurance segment provides protection and savings products comprising whole life, endowment plans, individual term life, group term life, medical and health, personal accident, credit life, universal life, and unit linked contracts. The company markets its products primarily through insurance and reinsurance brokers. The company was formerly known as ACE Limited and changed its name to Chubb Limited in January 2016. Chubb Limited was incorporated in 1985 and is headquartered in Zurich, Switzerland.
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A global The Travelers Companies (TRV), specializing in complex and high-value property and casualty risks.
Like Allstate (ALL) or Progressive (PGR), but with a stronger global presence and focus on affluent clients and niche commercial sectors.
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- Commercial Property & Casualty Insurance: Provides a broad range of coverage for businesses against property damage, liability claims, workers' compensation, cyber risks, and other commercial exposures.
- Personal Property & Casualty Insurance: Offers tailored insurance solutions for high-net-worth individuals and families, covering homes, automobiles, valuable possessions, and personal liability.
- Accident & Health Insurance: Delivers various health and accident-related coverages for individuals and employee groups, including travel, personal accident, and supplemental health benefits.
- Life Insurance: Offers financial protection products to beneficiaries upon the death of the insured, primarily in certain international markets.
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Chubb (symbol: CB) primarily sells its insurance products and services to other companies.
Due to the highly diversified nature of its business across many geographies and lines of insurance, and the confidential nature of client relationships, Chubb does not have individual "major customers" in the sense of specific companies accounting for a material portion of its overall revenue. Therefore, it is not possible to list specific names of customer companies.
However, Chubb's commercial customers encompass a broad spectrum of businesses, categorized by their size and industry, including:
- Large National and Multinational Corporations: Companies operating across multiple regions or globally, requiring complex insurance programs for property, casualty, professional lines, marine, energy, and political risk.
- Middle Market Companies: Businesses with revenues generally ranging from tens of millions to several billions of dollars, seeking comprehensive property and casualty coverage tailored to their specific industry risks.
- Small Businesses: Enterprises with simpler insurance needs, often requiring package policies for general liability, property, and workers' compensation.
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Evan G. Greenberg, Chairman and Chief Executive Officer
Evan G. Greenberg has over 50 years of experience in the insurance industry. He joined ACE Limited (now Chubb) in 2001 as Vice Chairman, becoming Chief Executive Officer in May 2004 and Chairman of the Board of Directors in May 2007. Prior to joining ACE, Mr. Greenberg spent 25 years at American International Group (AIG), where he served as President and Chief Operating Officer from 1997 to 2000. He also held senior management positions at AIG, including President and Chief Executive Officer of AIU Holdings (AIG's foreign general insurance organization) and Chief Executive Officer of AIG Far East. Under his leadership, ACE acquired The Chubb Corporation in 2016 in a $28.3 billion transaction, and subsequently adopted the Chubb name. Mr. Greenberg was also a member of the Board of Directors of The Coca-Cola Company from 2011 to 2016. While Chubb's investment portfolio includes private equity, there is no consistent pattern of him managing companies backed by private equity firms.
Peter Enns, Executive Vice President, Chubb Group and Chief Financial Officer
Peter Enns joined Chubb in 2021 and is responsible for all aspects of Chubb's financial organization. He has more than 30 years of finance and investment banking experience. Before Chubb, Mr. Enns spent over 20 years with Goldman Sachs in various senior roles, including Partner of the U.S. Financial Institutions Group, Head of the Asia Financial Institutions Group in Hong Kong, and Chairman and CEO of Goldman Sachs Canada from 2014 to 2017. More recently, he held several positions with HSBC, including Global Co-Head of Investment Banking Coverage in Hong Kong.
John Keogh, President and Chief Operating Officer, Chubb Group
John Keogh serves as President and Chief Operating Officer of Chubb Group.
John Lupica, Vice Chairman, Chubb Group
John Lupica holds the title of Vice Chairman, Chubb Group. He also serves as Executive Chairman, North America Insurance.
Juan Luis Ortega, Executive Vice President, Chubb Group and President, North America Insurance
Juan Luis Ortega is the Executive Vice President, Chubb Group and President, North America Insurance. He previously served as President of Chubb's overseas general insurance unit.
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Chubb (symbol: CB) operates in several key insurance markets. Below are the addressable market sizes for its main products and services, primarily for the year 2024:
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Commercial Property & Casualty (P&C) Insurance:
- Global: The global commercial insurance market was valued at approximately USD 922.5 billion in 2024.
- U.S.: The U.S. commercial insurance market recorded aggregated direct premiums written of approximately USD 502.35 billion in 2024.
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Personal Property & Casualty (P&C) Insurance:
- Global: Global personal lines P&C insurance premiums grew to approximately USD 1.1 trillion in 2022-2023.
- U.S.: Personal lines of business in the U.S. (including homeowners, farmowners, and private auto) reached approximately USD 534.92 billion in 2024.
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Personal Accident and Supplemental Health Insurance:
- Global: The Personal Accident and Health Insurance Market had a size of approximately USD 1.5 trillion in 2024. Another estimate places the global Personal Accident and Health Insurance market size at approximately USD 1.66 trillion in 2024. The broader global health insurance market was valued at USD 2.14 trillion in 2024.
- U.S.: The U.S. Personal Accident and Health Insurance market size was approximately USD 523.41 billion in 2024.
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Life Insurance:
- Global: Global life insurance premium income reached approximately EUR 2,902 billion (around USD 3.1 trillion) in 2024.
- U.S.: The U.S. life/annuity insurance sector's net premiums written totaled approximately USD 822.6 billion in 2024.
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Reinsurance:
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Agricultural Insurance:
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Chubb (CB) is anticipated to drive future revenue growth over the next two to three years through several key strategic initiatives and market dynamics:
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Strategic Global Expansion, particularly in Asia and Emerging Markets: Chubb is actively pursuing strategic global expansion, focusing on increasing its market presence in regions like Asia-Pacific. This includes increased ownership in China's Huatai Insurance Group to further penetrate the rapidly growing Chinese insurance market, and expansion into other emerging markets where insurance penetration is low but growing. Recent acquisitions, such as Liberty Mutual's insurance businesses in Thailand and Vietnam, further solidify its long-term growth opportunities in Asia. The company has also acquired Cigna's Asia-Pacific A&H and Life business. Chubb recognizes significant growth potential across more than 80% of its global property and casualty (P&C) business, encompassing commercial, consumer, and life segments.
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Continued Strong P&C Underwriting Performance and Premium Growth: Chubb emphasizes its expertise as a world-class underwriter and expects to continue growing its operating earnings and earnings per share (EPS) through robust P&C revenue growth and disciplined underwriting margins. The company's underlying P&C combined ratio has shown strength, contributing to strong underwriting performance. For example, in Q1 2025, underlying underwriting momentum remained strong, with North America's adjusted premium growth reaching 6.4% and Overseas General premiums increasing by 6.5% in constant dollars.
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Growth in Net Investment Income from a Growing Asset Base: Growth in investment income is a significant driver of overall earnings growth for Chubb. The company's invested assets, which stood at $151 billion in Q3 2024, are expected to continue expanding as a consequence of its core insurance operations. A diversified investment portfolio helps stabilize returns and allows Chubb to capitalize on various market conditions. In Q3 2024, adjusted net investment income increased by 15.9% to over $1.6 billion, with a fixed income portfolio yield of 4.9% and new money rates averaging 5.5%.
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Expansion and Performance of the Life Insurance Business: The life insurance segment is a strong contributor to Chubb's earnings growth. In Q1 2025, life insurance premiums surged by 10.3% in constant dollars, driven by robust demand for annuities and protection products. This momentum continued into Q3 2025, with life insurance premiums rising by over 24.5%. Chubb is also expanding its offerings in this area, including the launch of a new digital life product in Brazil.
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Technological Advancement and Digital Innovation: Chubb is investing heavily in technology to enhance operational efficiency, improve risk assessment, and boost customer engagement. The company allocates between $1.1 billion and $1.2 billion annually towards modernizing legacy systems and improving AI-driven analytics, which also helps maintain a low expense ratio in the P&C sector. Initiatives like Chubb Studio, which allows for embedding insurance products into distribution partners' digital environments, facilitate easier and faster delivery of tailored insurance propositions. This digital innovation is seen as a driver of diversified revenue and earnings growth.
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Share Repurchases
- Chubb authorized a new $5 billion share repurchase program effective July 1, 2025, which succeeds a similar $5 billion program authorized in July 2023.
- From 2019 to 2024, Chubb repurchased 75.9 million shares for a total of $13.01 billion, resulting in an 11.5% reduction in outstanding shares.
- Annual share repurchases amounted to $2.894 billion in 2022, $2.411 billion in 2023, and $1.801 billion in 2024. In Q2 2025, $676 million was spent on share repurchases.
Share Issuance
- Outstanding shares declined from approximately 452 million in 2019 to 400.7 million in 2024, representing an 11.5% drop, adjusted for share issuance and canceled treasury shares.
- A share capital reduction was completed in March 2025, following the cancellation of 7,518,565 treasury shares that were repurchased in 2024.
Outbound Investments
- Chubb acquired Cigna's life and non-life insurance operations in several Asian markets for approximately $5.4 billion in cash in 2022 (with the acquisition announced in October 2021).
- The company increased its controlling interest in Huatai Group, a Chinese financial service company, to almost 70% in 2023, and received regulatory approval to increase its ownership interest to 85.5% in 2024.
- Chubb acquired Healthy Paws Pet Insurance for $256 million in April 2024, and Liberty Mutual's P&C Insurance Businesses in March 2025.
Capital Expenditures
- Chubb invests an estimated $1.1 billion to $1.2 billion annually in technology.
- Approximately 45%-50% of this technology investment is focused on development, including advancements in data analytics, AI capabilities, and modernization of legacy systems for straight-through processing.
- These capital expenditures are primarily aimed at improving underwriting insights, increasing efficiency, and enhancing connectivity with customers and distribution partners.
