# Chubb (CB.US)

Canonical: https://gigainvestors.com/s/CB

Analysis as of: 2026-10-16T07:27:15.686Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $352.79 per share; close as of 2026-10-15.

Estimated value: low $278.48 per share, central $348.10 per share, high $464.14 per share. Buy at or below the central value $348.10 per share. Valuation as of 2026-10-16T07:27:15.686Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.31×

Chart: Net income; fiscal year observations.

- FY2016: $4.1B

- FY2017: $3.9B

- FY2018: $4.0B

- FY2019: $4.5B

- FY2020: $3.5B

- FY2021: $8.5B

- FY2022: $5.3B

- FY2023: $9.0B

- FY2024: $9.3B

- FY2025: $10B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 17.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 13.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 15.8%

- FY2017: 13.3%

- FY2018: 13.7%

- FY2019: 13.1%

- FY2020: 9.2%

- FY2021: 22.7%

- FY2022: 18.4%

- FY2023: 27.3%

- FY2024: 24.4%

- FY2025: 21.8%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 10.2%

- Book return interval: 10 years

- Starting book value per share: $88.60

- Ending book value per share: $183.70

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 19.8%

- FY2017: 7.5%

- FY2018: 1.9%

- FY2019: 14.6%

- FY2020: 11.3%

- FY2021: 2.8%

- FY2022: -6.9%

- FY2023: 23.3%

- FY2024: 11.5%

- FY2025: 19.6%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 2.0%

- Diluted shares, 5-year annual growth: -2.4%

- Share growth excluding flagged crisis recapitalisations: 2.0%

- Five-year share growth excluding flagged crisis recapitalisations: -2.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.39×

- Book value created per share: $95.10

- Earnings retained per share after dividends and buybacks: $68.18

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 142

- FY2017: 143

- FY2018: 142

- FY2019: 140

- FY2020: 138

- FY2021: 135

- FY2022: 129

- FY2023: 126

- FY2024: 124

- FY2025: 122

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Warren Buffett](https://gigainvestors.com/BRK): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Rolfe](https://gigainvestors.com/WP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 6.1% a year forever · "CB Q2 Earnings Beat on Higher Underwriting and Investment Income" (finance.yahoo.com, Jul 2026) · net income +11.2%

Story as of 2026-10-16T09:58:27.942Z; price observation 2026-10-15.

The price assumes profits grow 6.1% a year forever

- 2025-05-20: Chubb Facing Slowing Growth, Peaking Margins, Deutsche Bank Says ([finance.yahoo.com](https://finance.yahoo.com/news/chubb-facing-slowing-growth-peaking-142113074.html))

- 2026-02-04: Chubb’s Record Earnings And Low Combined Ratio Underline Underwriting Edge ([finance.yahoo.com](https://finance.yahoo.com/news/chubb-record-earnings-low-combined-141550136.html))

- 2026-07-22: CB Q2 Earnings Beat on Higher Underwriting and Investment Income ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cb-q2-earnings-beat-higher-141100272.html))

### Net income · FY2025

net income +11.2%; source https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm; observed 2026-02-27.

- FY2016: $4.1B 

- FY2017: $3.9B 

- FY2018: $4.0B 

- FY2019: $4.5B 

- FY2020: $3.5B 

- FY2021: $8.5B 

- FY2022: $5.3B 

- FY2023: $9.0B 

- FY2024: $9.3B 

- FY2025: $10B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are USD 59.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm#000089615926000005 (filed 2026-02-27); FY2025: revenue 59402000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CB.US: Chubb Limited provides insurance and reinsurance products worldwide. It operates in six segments: North America Commercial Property and Casualty (P&C) Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. The company offers property and general liability, workers' compensation, and umbrella; professional and management liability; environmental, health, and international coverages; and claims and risk management products and services, loss control, and engineering and complex claims management. It also provides homeowners, automobile and collector cars, valuable articles, and personal and excess liability insurance. In addition, the company offers multiple peril crop insurance and crop-hail insurance for farm, ranch, specialty (P&C), and commercial agriculture products; product and employer liability, business interruption, and specialty risk; property insurance products, including traditional commercial fire coverage, energy industry-related, marine, construction, and other technical coverages; personal accident and supplemental medical coverages, such as accidental death, business/holiday travel, specified disease, disability, medical and hospital indemnity, and income protection; and directors and officers, professional indemnity, cyber, surety, aviation, political risk, and specialty personal lines products. Further, it provides property catastrophe reinsurance; traditional and specialty P&C reinsurance; and protection and savings products, which includes individual and group term life, dental, critical illness, dementia, hospital cash, credit life, group employee benefits, whole life, universal life, unit linked contracts, endowment plans, and annuities. The company was formerly known as ACE Limited and changed its name to Chubb Limited in January 2016. Chubb Limited was incorporated in 1985 and is headquartered in Zurich, Switzerland.

### Why customers stay

It earns 17.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.1579449961802903],[2017,0.13259839274675458],[2018,0.13710291369644959],[2019,0.13110797127045803],[2020,0.09241433429244049],[2021,0.2267392458842273],[2022,0.18415944540727902],[2023,0.2731949403861284],[2024,0.24358334427952186],[2025,0.21792893529772348]]; median 0.17105222079378465. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 3.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,1173000000],[2017,1308000000],[2018,1337000000],[2019,1354000000],[2020,1388000000],[2021,1401000000],[2022,1375000000],[2023,1394000000],[2024,1436000000],[2025,1505000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 3694000000 USD.

### What could break it

"If actual claims exceed our loss reserves, our financial results could be adversely affected." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm (filed 2026-02-27); If actual claims exceed our loss reserves, our financial results could be adversely affected.

### What the price says

The price assumes profits grow 6.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Price 352.79; FX 1; original perpetual distributable cash 13.924094542044417; discount 0.1; growth 0.06053149312042741. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $127.00 per share

- 2016-11: $128.00 per share

- 2016-12: $132.12 per share

- 2017-01: $131.49 per share

- 2017-02: $138.17 per share

- 2017-03: $136.25 per share

- 2017-04: $137.25 per share

- 2017-05: $143.19 per share

- 2017-06: $145.38 per share

- 2017-07: $146.46 per share

- 2017-08: $141.42 per share

- 2017-09: $142.55 per share

- 2017-10: $150.82 per share

- 2017-11: $152.11 per share

- 2017-12: $146.13 per share

- 2018-01: $156.15 per share

- 2018-02: $141.92 per share

- 2018-03: $136.77 per share

- 2018-04: $135.67 per share

- 2018-05: $130.69 per share

- 2018-06: $127.02 per share

- 2018-07: $139.72 per share

- 2018-08: $135.24 per share

- 2018-09: $133.64 per share

- 2018-10: $124.91 per share

- 2018-11: $133.74 per share

- 2018-12: $129.18 per share

- 2019-01: $133.05 per share

- 2019-02: $133.90 per share

- 2019-03: $140.08 per share

- 2019-04: $145.20 per share

- 2019-05: $146.07 per share

- 2019-06: $147.29 per share

- 2019-07: $152.84 per share

- 2019-08: $156.28 per share

- 2019-09: $161.44 per share

- 2019-10: $152.42 per share

- 2019-11: $151.48 per share

- 2019-12: $155.66 per share

- 2020-01: $151.99 per share

- 2020-02: $145.03 per share

- 2020-03: $111.69 per share

- 2020-04: $108.01 per share

- 2020-05: $121.94 per share

- 2020-06: $126.62 per share

- 2020-07: $127.24 per share

- 2020-08: $125.00 per share

- 2020-09: $116.12 per share

- 2020-10: $129.91 per share

- 2020-11: $147.83 per share

- 2020-12: $153.92 per share

- 2021-01: $145.67 per share

- 2021-02: $162.58 per share

- 2021-03: $157.97 per share

- 2021-04: $171.59 per share

- 2021-05: $169.99 per share

- 2021-06: $158.94 per share

- 2021-07: $168.74 per share

- 2021-08: $183.92 per share

- 2021-09: $173.48 per share

- 2021-10: $195.38 per share

- 2021-11: $179.47 per share

- 2021-12: $193.31 per share

- 2022-01: $197.28 per share

- 2022-02: $203.64 per share

- 2022-03: $213.90 per share

- 2022-04: $206.45 per share

- 2022-05: $211.29 per share

- 2022-06: $196.58 per share

- 2022-07: $188.64 per share

- 2022-08: $189.05 per share

- 2022-09: $181.88 per share

- 2022-10: $214.89 per share

- 2022-11: $219.59 per share

- 2022-12: $220.60 per share

- 2023-01: $227.49 per share

- 2023-02: $211.02 per share

- 2023-03: $194.18 per share

- 2023-04: $201.56 per share

- 2023-05: $185.80 per share

- 2023-06: $192.56 per share

- 2023-07: $204.41 per share

- 2023-08: $200.87 per share

- 2023-09: $208.18 per share

- 2023-10: $214.62 per share

- 2023-11: $229.43 per share

- 2023-12: $226.00 per share

- 2024-01: $245.00 per share

- 2024-02: $251.67 per share

- 2024-03: $259.13 per share

- 2024-04: $248.64 per share

- 2024-05: $270.82 per share

- 2024-06: $255.08 per share

- 2024-07: $275.66 per share

- 2024-08: $284.18 per share

- 2024-09: $288.39 per share

- 2024-10: $282.44 per share

- 2024-11: $288.73 per share

- 2024-12: $276.30 per share

- 2025-01: $271.88 per share

- 2025-02: $285.48 per share

- 2025-03: $301.99 per share

- 2025-04: $286.08 per share

- 2025-05: $297.20 per share

- 2025-06: $289.72 per share

- 2025-07: $266.04 per share

- 2025-08: $275.07 per share

- 2025-09: $282.25 per share

- 2025-10: $276.94 per share

- 2025-11: $296.18 per share

- 2025-12: $312.12 per share

- 2026-01: $309.56 per share

- 2026-02: $340.86 per share

- 2026-03: $325.93 per share

- 2026-04: $327.00 per share

- 2026-05: $311.73 per share

- 2026-06: $340.74 per share

- 2026-07: $350.68 per share

- 2026-08: $338.60 per share

- 2026-09: $325.25 per share

- 2026-10: $346.16 per share

## Annual estimated value (USD per share)

- FY2016: low $116.35 per share, central $145.44 per share, high $193.92 per share

- FY2017: low $118.78 per share, central $148.48 per share, high $197.97 per share

- FY2018: low $116.27 per share, central $145.34 per share, high $193.79 per share

- FY2019: low $126.33 per share, central $157.91 per share, high $210.55 per share

- FY2020: low $126.21 per share, central $157.77 per share, high $210.36 per share

- FY2021: low $145.01 per share, central $181.26 per share, high $241.68 per share

- FY2022: low $116.74 per share, central $145.92 per share, high $194.57 per share

- FY2023: low $136.73 per share, central $170.91 per share, high $227.88 per share

- FY2024: low $163.12 per share, central $203.90 per share, high $271.87 per share

- FY2025: low $258.96 per share, central $323.70 per share, high $431.60 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.