CBMEDIUM SIGNALFINANCIAL10-K

Chubb delivered solid balance sheet growth with expanding equity and assets, but operating cash flow declined notably despite higher net income.

The 15% increase in stockholders' equity to $74 billion alongside 11% net income growth demonstrates strong fundamental performance and capital accumulation. However, the 21% decline in operating cash flow to $13 billion despite higher earnings suggests potential timing differences in cash collections or changes in working capital management that warrant monitoring.

Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

Chubb's financial position strengthened meaningfully with total assets growing 11% to $272 billion and stockholders' equity expanding 15% to $74 billion, supported by 11% net income growth to $10.3 billion. However, operating cash flow declined 21% to $13 billion, creating a disconnect between earnings growth and cash generation. The overall picture reflects a financially robust insurer with strong capital growth, though the cash flow decline merits attention from investors focused on liquidity metrics.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+21.3%
$1.7B→$2.0B

Cash grew 21.3% — improving liquidity position supports investment and shareholder returns.

Operating Cash Flow
Cash Flow
-20.8%
$16.2B→$12.8B

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Stockholders Equity
Balance Sheet
+15.2%
$64.0B→$73.8B

Equity base grew 15.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+11.2%
$9.3B→$10.3B

Net income grew 11.2% — bottom-line growth signals improving overall business health.

Total Assets
Balance Sheet
+10.5%
$246.5B→$272.3B

Asset base grew 10.5% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
As of February 20, 2026, there were 390,156,552 Common Shares par value CHF 0.50 of the registrant outstanding.
At December 31, 2025, we had total assets of $272 billion and total shareholders equity, of $74 billion (excluding noncontrolling interests).
At December 31, 2025, our ownership interest in Huatai Group was approximately 87.2 percent.
We generate earnings from three primary sources of income: P C underwriting income, investment income, and life segment income.
Our product and geographic diversification differentiate us from the vast majority of our competitors and has been a source of stability during periods of industry volatility.
Our long-term business strategy focuses on sustained growth in book value achieved through a combination of underwriting and investment income.
By doing so, we provide value to our clients and shareholders through use of our substantial capital base in the insurance and reinsurance markets.
Profit centers can access various legal entities subject to licensing and other regulatory rules.
Profit centers are expected to generate P C underwriting income, life segment income, and appropriate risk-adjusted returns.
Our corporate structure has facilitated the development of management talent by giving each profit center's senior management team the necessary autonomy within underwriting authorities to make operating decisions and create products and coverages needed by its target customer base.
REMOVED
As of February 20, 2025, there were 400,412,084 Common Shares par value CHF 0.50 of the registrant outstanding.
At December 31, 2024, we had total assets of $247 billion and total Chubb shareholders equity, which excludes noncontrolling interests, of $64 billion.
At December 31, 2024, our ownership interest in Huatai Group was approximately 85.5 percent.
Also available through our website (under Investor Relations / Corporate Governance) are our Corporate Governance Guidelines, Code of Conduct, and Charters for the Committees of the Board of Directors (the Board).
The SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file with the SEC.
An insurance broker acts as an agent for the insureds, offering advice on the types and amount of insurance to purchase, and assists in the negotiation of price and terms and conditions.
Loss of all or a substantial portion of the business provided by one or more of these brokers could have a material adverse effect on our business.
We do not believe that the loss of any one insured would have a material adverse effect on our financial condition or results of operations.
Competition Competition in the insurance and reinsurance marketplace is substantial.
We compete on an international and regional basis with major U.S., Bermuda, European, and other international insurers and reinsurers and with underwriting syndicates, some of which have greater financial, technological, marketing, distribution and management resources than we do.
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