# 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.

## Reported holder observations

- [Warren Buffett](https://gigainvestors.com/BRK): 34,249,183 CB shares; USD 11,670,067,000 reported position value; 3.9% of portfolio; hold; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 722 CB shares; USD 246,000 reported position value; 0% of portfolio; hold; quarter 2026 Q2.
- [Christopher Davis](https://gigainvestors.com/DAV): 1,148,090 CB shares; USD 391,231,000 reported position value; 1.68% of portfolio; reduce; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 2,456 CB shares; USD 837,000 reported position value; 0.01% of portfolio; add; quarter 2026 Q2.
- [David Rolfe](https://gigainvestors.com/WP): 68,039 CB shares; USD 23,183,000 reported position value; 4.79% of portfolio; add; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 377,312 CB shares; USD 128,565,000 reported position value; 0.37% of portfolio; reduce; quarter 2026 Q2.

# CB — Chubb Limited

Held by 6 investors · USD 12,214,129,000 total · 2026 Q2 · reported price USD 340.74 (split-adjusted).
Page: https://gigainvestors.com/s/CB

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Warren Buffett (https://gigainvestors.com/BRK) | USD 11,670,067,000 | 3.9% | hold |
| Christopher Davis (https://gigainvestors.com/DAV) | USD 391,231,000 | 1.7% | reduce -3.96% |
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 128,565,000 | 0.4% | reduce -70.86% |
| David Rolfe (https://gigainvestors.com/WP) | USD 23,183,000 | 4.8% | add +26.26% |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 837,000 | <0.1% | add +0.7% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 246,000 | 0.0% | hold |

## Total held by quarter

- 2006 Q4: USD 78,550,186 · 1 holder · USD 149.62
- 2007 Q1: USD 87,446,308 · 1 holder · USD 146.11
- 2007 Q2: USD 29,663,306 · 1 holder · USD 153.10
- 2007 Q3: USD 0 · 0 holders
- 2007 Q4: USD 0 · 0 holders
- 2008 Q1: USD 0 · 0 holders
- 2008 Q2: USD 0 · 0 holders
- 2008 Q3: USD 0 · 0 holders
- 2008 Q4: USD 36,771,000 · 1 holder · USD 144.22
- 2009 Q1: USD 46,890,560 · 1 holder · USD 119.67
- 2009 Q2: USD 50,902,832 · 1 holder · USD 112.77
- 2009 Q3: USD 51,811,398 · 1 holder · USD 142.55
- 2009 Q4: USD 0 · 0 holders
- 2010 Q1: USD 0 · 0 holders
- 2010 Q2: USD 0 · 0 holders
- 2010 Q3: USD 0 · 0 holders
- 2010 Q4: USD 0 · 0 holders
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 0 · 0 holders
- 2011 Q4: USD 0 · 0 holders
- 2012 Q1: USD 0 · 0 holders
- 2012 Q2: USD 0 · 0 holders
- 2012 Q3: USD 0 · 0 holders
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 0 · 0 holders
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 0 · 0 holders
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 47,219,688 · 1 holder · USD 142.55
- 2017 Q4: USD 63,128,160 · 1 holder · USD 146.13
- 2018 Q1: USD 61,840,556 · 1 holder · USD 136.77
- 2018 Q2: USD 63,757,689 · 1 holder · USD 127.02
- 2018 Q3: USD 79,938,370 · 2 holders · USD 133.64
- 2018 Q4: USD 66,433,011 · 2 holders · USD 129.18
- 2019 Q1: USD 59,702,516 · 2 holders · USD 140.08
- 2019 Q2: USD 50,291,876 · 2 holders · USD 147.29
- 2019 Q3: USD 47,491,612 · 2 holders · USD 161.44
- 2019 Q4: USD 345,980,968 · 3 holders · USD 155.66
- 2020 Q1: USD 307,719,749 · 3 holders · USD 111.69
- 2020 Q2: USD 539,961,114 · 4 holders · USD 126.62
- 2020 Q3: USD 633,492,427 · 4 holders · USD 116.12
- 2020 Q4: USD 738,791,065 · 4 holders · USD 153.92
- 2021 Q1: USD 986,013,513 · 4 holders · USD 157.97
- 2021 Q2: USD 1,119,230,527 · 4 holders · USD 158.94
- 2021 Q3: USD 862,418,349 · 3 holders · USD 173.48
- 2021 Q4: USD 1,083,341,909 · 3 holders · USD 193.31
- 2022 Q1: USD 1,076,565,759 · 3 holders · USD 213.90
- 2022 Q2: USD 1,089,256,464 · 3 holders · USD 196.58
- 2022 Q3: USD 971,728,651 · 3 holders · USD 181.88
- 2022 Q4: USD 1,140,897,536 · 3 holders · USD 220.60
- 2023 Q1: USD 973,763,572 · 3 holders · USD 194.18
- 2023 Q2: USD 482,052,823 · 3 holders · USD 192.56
- 2023 Q3: USD 2,011,161,816 · 4 holders · USD 208.18
- 2023 Q4: USD 4,871,049,272 · 3 holders · USD 226.00
- 2024 Q1: USD 7,059,414,818 · 4 holders · USD 259.13
- 2024 Q2: USD 7,230,639,273 · 4 holders · USD 255.08
- 2024 Q3: USD 8,195,307,340 · 6 holders · USD 288.39
- 2024 Q4: USD 7,787,411,789 · 4 holders · USD 276.30
- 2025 Q1: USD 9,095,976,354 · 6 holders · USD 301.99
- 2025 Q2: USD 8,143,679,463 · 4 holders · USD 289.72
- 2025 Q3: USD 9,146,721,714 · 4 holders · USD 282.25
- 2025 Q4: USD 11,395,266,579 · 6 holders · USD 312.12
- 2026 Q1: USD 11,993,125,992 · 6 holders · USD 325.93
- 2026 Q2: USD 12,214,129,000 · 6 holders · USD 340.74