Chubb Limited

Chubb’s earnings engine combines three relatively steady sources over time: underwriting profit, investment income on a large high-quality bond book, and growing life/A&H income.

However, catastrophe volatility and social inflation in long‑tail casualty introduce noise in any single quarter. 2024 full‑year P&C combined ratio was 86.6 percent and Q3 2025 reached a record 81.8 percent, while adjusted net investment income continued to rise.

This indicates a predictable mid‑teens core operating ROE through the cycle, even as individual quarters fluctuate with CATs. Score balances durable multi‑year growth drivers with CAT and judicial risk.