Chubb Limited 2024 Letter to Shareholders

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Evan G. Greenberg

In This Letter

To My Fellow Shareholders

“The substantial strength of our capital base supports our ability to grow our businesses and take more risk, and, in turn, grow underwriting profit, our invested asset and investment income.”

What Makes Us Distinctive and Compelling

“Your reputation is your most precious asset: easy to say, hard to earn and easy to lose. Chubb’s is distinctive, and we don’t take it for granted.”

“We strive to be genuine regardless of how the political winds blow and have been steadfastly committed to the notion of creating a diverse and inclusive meritocracy.”

"A dollar invested in ACE 20 years ago would have been worth $9.83 on December 31, 2024. That same dollar would have earned you $7.18 if you had put it in the S&P 500.”

The Economic, Political and Geopolitical Landscape

“While our country has many issues, mostly derived from our politics, I am long the United States, and I wouldn’t easily bet against it.”

P&C Combined Ratio Versus Peers

Property and Casualty Insurance for Businesses and Individuals

“As we entered 2025, about 80% of our global P&C business, commercial and consumer, and our life business have good growth prospects globally.”

North America Insurance

Premium Distribution by Product

Solutions for a Growing Catastrophe Problem

“The public needs greater certainty of insurance availability, and that begins with regulation that supports an adequate price for the risk.”

“We support the need for energy security and a rational transition toward a more carbon neutral economy through Chubb Climate+, a fast-growing business we created in 2023 for that purpose.”

Serving Agriculture and Energy Needs

“Our deep presence, together with our scale and capabilities including data and analytics, technology, product and distribution know-how, gives us the ability to effectively compete for local business almost anywhere.”

Overseas General Insurance

P&C Premium Growth by Geography

Global Reinsurance

Life Insurance: A Growing Source of Earnings

“We have grown investment income at a compound annual rate of 11% over the past 10 years and about 20% over the last three years alone.”

Digital Transformation: On Track and Accelerating

An Investment Manager with a History of Excellent Returns

Growth of Invested Asset and Investment Income

“Our country’s alliances and security partnerships are foundational to our ability to provide deterrence, security and stability in Asia.”

The U.S.-China Relationship

“We have a limitless number of opportunities, ambitious objectives, and the balance sheet, people, capability and patience to deliver.”

Chubb Limited 2024 Letter to Shareholders

Evan G. Greenberg

In This Letter

To My Fellow Shareholders

“The substantial strength of our capital base supports our ability to grow our businesses and take more risk, and, in turn, grow underwriting profit, our invested asset and investment income.”

What Makes Us Distinctive and Compelling

“Your reputation is your most precious asset: easy to say, hard to earn and easy to lose. Chubb’s is distinctive, and we don’t take it for granted.”

“We strive to be genuine regardless of how the political winds blow and have been steadfastly committed to the notion of creating a diverse and inclusive meritocracy.”

"A dollar invested in ACE 20 years ago would have been worth $9.83 on December 31, 2024. That same dollar would have earned you $7.18 if you had put it in the S&P 500.”

The Economic, Political and Geopolitical Landscape

“While our country has many issues, mostly derived from our politics, I am long the United States, and I wouldn’t easily bet against it.”

P&C Combined Ratio Versus Peers

Property and Casualty Insurance for Businesses and Individuals

“As we entered 2025, about 80% of our global P&C business, commercial and consumer, and our life business have good growth prospects globally.”

North America Insurance

Premium Distribution by Product

Solutions for a Growing Catastrophe Problem

“The public needs greater certainty of insurance availability, and that begins with regulation that supports an adequate price for the risk.”

“We support the need for energy security and a rational transition toward a more carbon neutral economy through Chubb Climate+, a fast-growing business we created in 2023 for that purpose.”

Serving Agriculture and Energy Needs

“Our deep presence, together with our scale and capabilities including data and analytics, technology, product and distribution know-how, gives us the ability to effectively compete for local business almost anywhere.”

Overseas General Insurance

P&C Premium Growth by Geography

Global Reinsurance

Life Insurance: A Growing Source of Earnings

“We have grown investment income at a compound annual rate of 11% over the past 10 years and about 20% over the last three years alone.”

Digital Transformation: On Track and Accelerating

An Investment Manager with a History of Excellent Returns

Growth of Invested Asset and Investment Income

“Our country’s alliances and security partnerships are foundational to our ability to provide deterrence, security and stability in Asia.”

The U.S.-China Relationship

“We have a limitless number of opportunities, ambitious objectives, and the balance sheet, people, capability and patience to deliver.”

A Compounder of Long-Term Shareholder Value

Chairman and CEO Evan Greenberg's letter to shareholders

Non-GAAP Financial Measures

Cautionary Statement Regarding Forward-Looking Statements