Chubb Ltd (CB)

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AI: Fair-priced

Price checkAt $350.71, Chubb looks fairly priced for its quality, but not obviously cheap.

The verified quote equals about 12.4 times recent yearly earnings, meaning investors pay $12.40 for each dollar earned, and 1.79 times June book value of $195.45 per share. The $4.08 annual dividend yields only 1.16%. Those prices are reasonable beside Chubb’s 15.3% second-quarter return on shareholder equity and strong underwriting, but the book-value premium limits downside protection if profits normalize. The fair-priced verdict is an inference balancing high quality against catastrophe risk and softer insurance pricing.

Big pictureProfit and cash generation have grown strongly, though insurance losses still make results uneven.

Revenue rose from $36.0 billion in 2020 to $59.4 billion in 2025, while earnings per share increased from $7.79 to $25.68. Operating cash flow remained positive throughout, reaching $12.8 billion in 2025, although it fell from $16.2 billion in 2024. For an insurer, operating cash flow includes premiums received and claims paid, so it is not the same as ordinary free cash flow, or cash left after running and investing in a business. Catastrophes and investment-price changes can still swing yearly results sharply.

Business strengthStrong underwriting and steady buybacks support each share, despite rising reported debt.

The second-quarter combined ratio was 83.8%, meaning Chubb spent $83.80 on claims and expenses for each $100 of property and casualty premiums; below 100% represents an underwriting profit. Shareholder equity reached $73.8 billion at year-end 2025 versus $17.2 billion of debt. Debt rose 13.5% that year, but remained about 23% of equity. Chubb spent $3.69 billion on buybacks and $1.51 billion on dividends in 2025, while outstanding shares fell 13.2% from 2020 through 2025, showing meaningful per-share accretion rather than dilution.

What could change the storyContinued discipline could lift value, while softer pricing or costly disasters could erase the cushion.

The bull case is durable underwriting plus investment income, which rose 12.3% to $1.76 billion in the second quarter. The bear case is visible in North American commercial premiums, down 2.3%, as Chubb rejected poorly priced property risks; major-account and specialty premiums fell 9.0%. Results also benefited from catastrophe losses declining to $475 million from $630 million. At 1.79 times book value, the price effectively requires earnings near the recent $28-per-share pace and returns on equity around 14%–15%. Worse disasters or casualty costs outpacing prices would weaken that assumption.

$350.71 price considered

AI: News

Strong second quarterUnderwriting and investment income improved, but investors focused on weakening prices in parts of commercial insurance.

On July 21, 2026, Chubb reported $2.84 billion of core operating income, up 14.6%, and $7.26 per share, up 18.2%. Its combined ratio improved to 83.8%, while written premiums grew 3.6%. The shares closed 3.26% lower at $343.23 on July 22, versus $354.80 previously. The timing does not prove causation, but contemporary reporting connected the reaction with management’s warning that soft pricing was spreading from large-property accounts into some casualty coverage.

Larger buyback planChubb raised its dividend and created substantial capacity to reduce the number of outstanding shares.

On May 21, 2026, shareholders approved a 5.2% dividend increase to $4.08 per share annually, marking the 33rd consecutive yearly increase. The board also authorized a $7.5 billion repurchase program effective July 1 with no expiration date. At the observed share price, that authorization equals roughly 5.5% of Chubb’s market value, although management is not required to use it. Repurchases below the company’s underlying value would raise each remaining share’s ownership claim; expensive purchases would create less benefit.

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Free cash flow

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$59.40B	$55.75B	$49.73B	$43.10B	$40.87B	$35.99B	$34.19B	$32.72B	$32.24B	$31.47B	$18.99B	$19.17B	$19.26B	$17.94B	$16.83B	$16.01B	$15.07B	$13.63B	$14.15B
Net income	$10.31B	$9.27B	$9.03B	$5.25B	$8.53B	$3.53B	$4.45B	$3.96B	$3.86B	$4.13B	$2.83B	$2.85B	$3.76B	$2.71B	$1.54B	$3.08B	$2.55B	$1.20B	$2.58B
Basic EPSper diluted share	$25.93	$22.94	$21.97	$12.50	$19.38	$7.82	$9.77	$8.55	$8.26	$8.94	$8.71	$8.50	$11.02	$7.96	$4.55	$9.08	$7.57	$3.52	$7.70
Diluted EPSper diluted share	$25.68	$22.70	$21.80	$12.39	$19.24	$7.79	$9.71	$8.49	$8.19	$8.87	$8.62	$8.42	$10.92	$7.89	$4.52	$9.04	$7.55	$3.50	$7.63

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$2.99M disclosed value

Sells (SEC code S)48$128.56M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 8, 2026Form 4	Ortega Juan LuisExecutive Vice President*	SellCommon Shares	3.9K	$322.08	$1.25M	28.9K
May 27, 2026Form 4	Keogh John WPresident &COO	SellCommon Shares	2.8K	$321.95	$909.2K	203.3K
May 27, 2026Form 4	Keogh John WPresident &COO	SellCommon Shares	20.2K	$321.45	$6.49M	206.1K
May 21, 2026Form 4	ATIEH MICHAEL GDirector	SellCommon Shares	578	$329.53	$190.5K	40.0K
Mar 19, 2026Form 4	Steimer OlivierDirector	SellCommon Shares	2.0K	$329.30	$658.6K	25.5K

Review ownership filings at SEC.gov ↗

Chubb Ltd (CB)

Financial charts

Financial statements

Insider buys & sells