Chubb Ltd reported a sharp rise in net income for the fourth quarter and full year of 2025, driven by exceptional underwriting results and higher investment income.

Chubb closed today at $314.14, near Monday’s 52-week high of $316.04.

The Zurich-based insurer, which also boasts major Bermuda operations, said fourth-quarter net income rose 24.7 per cent to $3.21 billion, while full-year net income increased 11.2 per cent to a record $10.31 billion. Earnings per share climbed 28 per cent in the quarter to $8.10.

Results were anchored by standout underwriting performance. Chubb posted a property and casualty combined ratio of 81.2 per cent in the fourth quarter, one of the lowest reported among large global carriers, with underwriting income rising nearly 40 per cent to $2.2 billion.

For the full year, the P&C combined ratio improved to 85.7 per cent, also a record, even as catastrophe losses increased year on year due largely to California wildfires in the first quarter.

Chubb’s chairman and chief executive, Evan Greenberg, said the company had delivered “a great quarter and a great year”, citing broad-based contributions across the business.

“For the quarter, double-digit growth in underwriting and life income, together with record investment income, led to operating income increasing 21.7 per cent,” Mr Greenberg said. “Our consistent and enduring performance speaks to the broadly diversified global nature of our company.”

Investment income continued to provide a tailwind, with pre-tax investment income rising 8 per cent in the quarter and 9 per cent for the year thanks to higher interest rates.

Chubb also reported strong capital generation, with book value per share up 18 per cent for the year and tangible book value up 25.7 per cent, while returning $4.9 billion to shareholders through dividends and share repurchases.

The company noted that core operating results excluded the one-off benefit from Bermuda’s corporate income tax legislation recognised in prior years, which it said provided a clearer view of its underlying performance.

Looking ahead, Mr Greenberg said Chubb had started 2026 on a solid footing and expected “strong growth in operating earnings” despite more competition.