Chubb (CB) Financials

Chubb Ltd (NYSE: CB) has demonstrated solid financial performance over the last several years, with key trends emerging from its quarterly financial statements through Q2 2025.

Income and Profitability:

• Net income attributable to common shareholders has generally increased over the years, reaching approximately $3.2 billion in Q2 2025 compared to $1.8 billion in Q2 2023, showing steady profitability growth.
• Basic earnings per share (EPS) rose to $7.42 in Q2 2025 from around $4.35 in Q2 2023, indicating improved profitability on a per-share basis.
• Premiums earned consistently increased, reaching over $13.1 billion in Q2 2025 from approximately $11 billion in Q2 2023, reflecting expansion in Chubb's business volume.
• Net realized & unrealized capital gains on investments were substantial each quarter, often contributing over $1 billion, helping to boost total non-interest income.
• Amortization expense increased from around $2.1 billion in early 2023 to nearly $2.5 billion in Q2 2025, which could pressure net income going forward.
• Property & liability insurance claims fluctuated but remained a significant expense, around $6.5 to $7.3 billion per quarter, impacting underwriting results.

Balance Sheet Highlights:

• Total assets grew from approximately $205 billion in Q2 2023 to about $261.6 billion by Q2 2025, indicating asset base expansion to support business growth.
• Common equity increased from $52.9 billion in Q2 2023 to nearly $69.4 billion in Q2 2025, strengthening the company's capital position.
• Total liabilities increased from about $152.6 billion in Q2 2023 to approximately $187.1 billion by Q2 2025, reflective of business scale and underwriting liabilities.
• Goodwill and intangible assets remained stable at around $20 billion and $6 billion, respectively, suggesting limited recent acquisitions or impairments.

Cash Flow Analysis:

• Net cash from operating activities steadily increased, reaching $3.55 billion in Q2 2025 compared to $2.5 billion in Q2 2023, underscoring strong cash generation from business operations.
• Net cash used in investing activities remained negative due to consistent purchase of investment securities exceeding sales, with an outflow of about $2.8 billion in Q2 2025.
• Net cash used in financing activities was negative in Q2 2025 (~$760 million), driven by debt repayments, share repurchases, and dividend payments, reflecting ongoing capital management activities.
• The company consistently repurchased significant amounts of common equity, with $746 million in Q2 2025, which, while supporting share price, reduces cash reserves.

Summary: Over the last four years, Chubb has exhibited reliable growth in revenue and net income, supported by increasing premiums earned and robust investment returns. The capital structure has been strengthened via growth in equity, although liabilities have also grown. Cash flow from operations is strong, though investing activities show continued cash outflows reflecting portfolio reinvestments. The notable increase in amortization expense should be monitored. Share repurchases and dividends indicate a shareholder-friendly approach, but also cash utilization. Overall, Chubb appears well-positioned with stable financial fundamentals and consistent profitability improvements, which retail investors may find reassuring.