NYSE · Financial Services

Chubb Limited

CB · Insurance - Property & Casualty

$323.40

▼ -4.56 (-1.39%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Net Income Margin 17.2%

Fin. Health

B⤢

Years to Pay Off Debt 1.7 yrs

Valuation

F⤢

Margin of Safety 2.4%

Price-to-Book 1.70x

Cash Flow

A⤢

Free Cash Flow $12.8B

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About Chubb Limited

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.

Market Data

Market Cap $125.4B

Enterprise Value $151.3B

P/E (TTM) 11.44

Dividend Yield 1.18%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 17.2%

Company Info

Sector Financial Services

Industry Insurance - Property & Casualty

Employees 45000

Country Switzerland

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Chubb Limited at $323.40.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $323.40, the stock trades below its Graham Number of $331.47 — suggesting a margin of safety exists.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A•	N/A•	N/A•	N/A•	N/A
Operating Margin %	N/A•	N/A•	N/A•	N/A•	N/A
Net Income %	17.2%▲	16.6%▼	18.1%▲	12.2%•	N/A
Diluted EPS	25.68▲	22.51▲	21.80▲	12.55•	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$272.3B	$246.5B	$230.7B	$199.0B	N/A
Total Debt	$17.2B▲	$15.2B▲	$14.5B▼	$14.9B•	N/A
Working Capital	N/A•	N/A•	N/A•	N/A•	N/A
Years to Pay Debt	1.67	1.64	1.61	2.84	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$12.8B▼	$16.2B▲	$12.6B▲	$11.3B•	N/A
Owner Earnings	N/A	N/A	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-14,694	-6,162	-3,726	-9,168
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	-79,000	-39,000	-69,000	-48,000
Total Unusual Items Excluding Goodwill	-79,000	-39,000	-69,000	-48,000
Net Income From Continuing Operation Net Minority Interest	10,310,000	9,272,000	9,028,000	5,246,000
Reconciled Depreciation	301,000	323,000	310,000	285,000
EBIT	13,808,000	12,196,000	10,198,000	7,055,000
Net Interest Income	-764,000	-741,000	-672,000	-570,000
Interest Expense	764,000	741,000	672,000	570,000
Interest Income	40,000	80,000	69,000	42,000
Normalized Income	10,374,306	9,304,838	9,093,274	5,284,832
Net Income From Continuing And Discontinued Operation	10,310,000	9,272,000	9,028,000	5,246,000
Total Expenses	46,739,000	44,555,000	40,300,000	36,570,000
Diluted Average Shares	401,500	411,906	414,200	423,500
Basic Average Shares	401,500	408,500	410,800	414,595
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	10,310,000	9,272,000	9,028,000	5,246,000
Net Income Common Stockholders	10,310,000	9,272,000	9,028,000	5,246,000
Net Income	10,310,000	9,272,000	9,028,000	5,246,000
Minority Interests	-312,000	-368,000	13,000	0
Net Income Including Noncontrolling Interests	10,622,000	9,640,000	9,015,000	5,246,000
Net Income Continuous Operations	10,622,000	9,640,000	9,015,000	5,246,000
Tax Provision	2,422,000	1,815,000	511,000	1,239,000
Pretax Income	13,044,000	11,455,000	9,526,000	6,485,000
Other Income Expense		-140,000	-307,000	80,000	91,000
Special Income Charges	-79,000	-39,000	-69,000	-48,000
Restructuring And Mergern Acquisition	79,000	39,000	69,000	48,000
Net Non Operating Interest Income Expense	-764,000	-741,000	-672,000	-570,000
Interest Expense Non Operating	764,000	741,000	672,000	570,000
Other Operating Expenses	56,000	55,000	47,000	48,000
Depreciation And Amortization In Income Statement	301,000	323,000	310,000	285,000
Amortization	301,000	323,000	310,000	285,000
Selling General And Administration	4,504,000	4,380,000	4,007,000	3,395,000
General And Administrative Expense	4,504,000	4,380,000	4,007,000	3,395,000
Other Gand A	4,504,000	4,380,000	4,007,000	3,395,000
Total Revenue	59,783,000	56,010,000	49,826,000	43,055,000
Operating Revenue	59,783,000	56,010,000	49,826,000	43,055,000
Loss Adjustment Expense	26,700,000	26,022,000	24,100,000	22,572,000
Net Policyholder Benefits And Claims	26,700,000	26,022,000	24,100,000	22,572,000
Policyholder Benefits Gross	26,700,000	26,022,000	24,100,000	22,572,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	21,006	18,922	26,182	31,782
Ordinary Shares Number	391,101	400,704	405,270	414,595
Share Issued	412,107	419,626	431,452	446,377
Net Debt	14,955,000	12,891,000	12,046,000	12,865,000
Total Debt	17,227,000	15,179,000	14,495,000	14,877,000
Tangible Book Value	44,334,000	34,842,000	29,372,000	25,148,000
Invested Capital	90,984,000	79,200,000	74,002,000	65,396,000
Net Tangible Assets	44,334,000	34,842,000	29,372,000	25,148,000
Common Stock Equity	73,757,000	64,021,000	59,507,000	50,519,000
Total Capitalization	89,485,000	78,400,000	72,542,000	64,921,000
Total Equity Gross Minority Interest	79,779,000	68,394,000	63,691,000	50,519,000
Minority Interest	6,022,000	4,373,000	4,184,000	0
Stockholders Equity	73,757,000	64,021,000	59,507,000	50,519,000
Gains Losses Not Affecting Retained Earnings	-4,975,000	-8,644,000	-6,809,000	-10,185,000
Other Equity Adjustments	-4,975,000	-8,644,000	-6,809,000	-10,185,000
Treasury Stock	4,699,000	3,524,000	4,400,000	5,113,000
Retained Earnings	69,950,000	61,561,000	54,810,000	48,305,000
Additional Paid In Capital	13,250,000	14,393,000	15,665,000	7,166,000
Capital Stock	231,000	235,000	241,000	10,346,000
Common Stock	231,000	235,000	241,000	10,346,000
Total Liabilities Net Minority Interest	192,548,000	178,154,000	166,991,000	148,498,000
Preferred Securities Outside Stock Equity	422,000	419,000	308,000	308,000
Non Current Deferred Liabilities	1,741,000	1,584,000	1,555,000	377,000
Non Current Deferred Taxes Liabilities	1,741,000	1,584,000	1,555,000	377,000
Long Term Debt And Capital Lease Obligation	15,728,000	14,379,000	13,035,000	14,402,000
Long Term Debt	15,728,000	14,379,000	13,035,000	14,402,000
Current Debt And Capital Lease Obligation	1,499,000	800,000	1,460,000	475,000
Current Debt	1,499,000	800,000	1,460,000	475,000
Current Notes Payable	1,499,000	800,000	1,460,000	475,000
Payables And Accrued Expenses	8,349,000	8,121,000	8,302,000	7,780,000
Payables	8,349,000	8,121,000	8,302,000	7,780,000
Accounts Payable	8,349,000	8,121,000	8,302,000	7,780,000
Total Assets	272,327,000	246,548,000	230,682,000	199,017,000
Investments And Advances	157,971,000	142,053,000	131,208,000	114,717,000
Long Term Equity Investment			191,000	2,507,000	3,130,000
Investments In Other Ventures Under Equity Method			191,000	2,507,000	3,130,000
Goodwill And Other Intangible Assets	29,423,000	29,179,000	30,135,000	25,371,000
Other Intangible Assets	9,216,000	9,600,000	10,449,000	9,143,000
Goodwill	20,207,000	19,579,000	19,686,000	16,228,000
Prepaid Assets	3,874,000	3,378,000	3,221,000	3,136,000
Receivables	36,568,000	34,492,000	33,611,000	31,094,000
Accounts Receivable	36,568,000	34,492,000	33,611,000	31,094,000
Cash Cash Equivalents And Short Term Investments	42,585,000	39,185,000	33,787,000	25,785,000
Other Short Term Investments	40,313,000	36,897,000	31,338,000	23,773,000
Cash And Cash Equivalents	2,272,000	2,288,000	2,449,000	2,012,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	12,816,000	16,182,000	12,632,000	11,258,000
Repurchase Of Capital Stock	-3,694,000	-1,801,000	-2,411,000	-2,894,000
Repayment Of Debt	-800,000	-1,437,000	-475,000	-1,000,000
Issuance Of Debt	2,424,000	2,408,000	0	0
Interest Paid Supplemental Data	650,000	599,000	553,000	552,000
Income Tax Paid Supplemental Data	2,211,000	1,662,000	1,465,000	1,242,000
End Cash Position	2,470,000	2,549,000	2,621,000	2,127,000
Beginning Cash Position	2,549,000	2,621,000	2,127,000	1,811,000
Effect Of Exchange Rate Changes	215,000	-150,000	-1,000	-146,000
Changes In Cash	-294,000	78,000	495,000	462,000
Financing Cash Flow	-1,850,000	-2,181,000	-4,489,000	-5,142,000
Cash Flow From Continuing Financing Activities	-1,850,000	-2,181,000	-4,489,000	-5,142,000
Net Other Financing Charges	794,000	46,000	-677,000	-139,000
Proceeds From Stock Option Exercised	327,000	356,000	212,000	264,000
Cash Dividends Paid	-1,505,000	-1,436,000	-1,394,000	-1,375,000
Common Stock Dividend Paid	-1,505,000	-1,436,000	-1,394,000	-1,375,000
Net Common Stock Issuance	-3,694,000	-1,801,000	-2,411,000	-2,894,000
Common Stock Payments	-3,694,000	-1,801,000	-2,411,000	-2,894,000
Net Issuance Payments Of Debt	1,624,000	971,000	-475,000	-1,000,000
Net Long Term Debt Issuance	1,624,000	971,000	-475,000	-1,000,000
Long Term Debt Payments	-800,000	-1,437,000	-475,000	-1,000,000
Long Term Debt Issuance	2,424,000	2,408,000	0	0
Investing Cash Flow	-11,260,000	-13,923,000	-7,648,000	-5,654,000
Cash Flow From Continuing Investing Activities	-11,260,000	-13,923,000	-7,648,000	-5,654,000
Net Other Investing Changes	-712,000	-1,412,000	-889,000	-560,000
Dividends Received Cfi	1,721,000	1,397,000	1,164,000	1,017,000
Net Investment Purchase And Sale	-8,966,000	-12,327,000	-5,848,000	1,704,000
Sale Of Investment	28,175,000	26,621,000	24,580,000	32,597,000
Purchase Of Investment	-37,141,000	-38,948,000	-30,428,000	-30,893,000
Net Business Purchase And Sale	-3,303,000	-1,581,000	-2,075,000	-7,815,000
Sale Of Business	0	27,000
Purchase Of Business	-3,303,000	-1,608,000	-2,075,000	-7,815,000
Operating Cash Flow	12,816,000	16,182,000	12,632,000	11,258,000
Cash Flow From Continuing Operating Activities	12,816,000	16,182,000	12,632,000	11,258,000
Change In Working Capital	4,112,000	5,782,000	2,263,000	3,427,000
Change In Other Working Capital	-160,000	69,000	128,000	-149,000
Change In Payables And Accrued Expense	184,000	237,000	-890,000	378,000
Change In Payable	184,000	237,000	-890,000	378,000
Change In Account Payable	184,000	237,000	-890,000	378,000
Change In Tax Payable				-149,000	48,000
Change In Income Tax Payable				-149,000	48,000
Change In Receivables	-1,336,000	-1,308,000	-1,570,000	-2,433,000
Changes In Account Receivables	-1,336,000	-1,308,000	-1,570,000	-2,433,000
Other Non Cash Items	304,000	1,514,000	2,126,000	709,000
Amortization Of Securities	-409,000	-367,000	-148,000	189,000
Deferred Tax	330,000	96,000	-1,124,000	318,000
Deferred Income Tax	330,000	96,000	-1,124,000	318,000
Depreciation And Amortization	301,000	323,000	310,000	285,000
Amortization Cash Flow	301,000	323,000	310,000	285,000
Amortization Of Intangibles	301,000	323,000	310,000	285,000
Operating Gains Losses	-2,502,000	-999,000	127,000	1,030,000
Earnings Losses From Equity Investments	-1,143,000	-967,000	-867,000	-1,000
Gain Loss On Investment Securities	-1,582,000	-255,000	811,000	1,428,000
Net Foreign Currency Exchange Gain Loss	223,000	223,000	183,000	-397,000
Net Income From Continuing Operations	10,622,000	9,640,000	9,015,000	5,246,000

5/6

Graham Score

Enterprising Investor

Requires deeper research. Suited for active investors.

Graham's Fair Value

$331.47

Margin of Safety

2.4%

Market Cap / Net Assets

1.6x

Net Assets: $79.8B

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/6 — Enterprising Investor

✅

Adequate Size

Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.

$59.8B

vs > $1.5B revenue

✅

Earnings Stability

Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.

No loss years (4 yrs data)

vs No negative EPS years

✅

Dividend Record

Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.

1.18%

vs Uninterrupted dividends

✅

Earnings Growth

EPS grew from $12.55 to $25.68 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.

+104.6% EPS growth

vs > 33% EPS growth

✅

Moderate P/E Ratio

Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.

11.4x

vs P/E ≤ 15.0x

❌

Moderate Price-to-Book

Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.

1.70x P/B (P/E×P/B: 19.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

These metrics estimate what Chubb Limited is worth based on fundamentals — independent of what the market prices it at. Graham's Fair Value and NCAV are conservative floors. EPV assumes zero growth. These are reference points, not price targets.

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

ROIC — Return on Invested Capital

N/A

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$3.7B	-$1.8B	-$2.4B	-$2.9B	N/A
Free Cash Flow	$12.8B ▼	$16.2B ▲	$12.6B ▲	$11.3B •	N/A •
Warren's Owner Earnings	N/A	N/A	N/A	N/A	N/A

Peers & Industry

No auto-detected peers for Insurance - Property & Casualty. You can manually compare CB against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

9.40%

Moderate — some alignment with shareholders

Return on Equity (ROE)

14.0%

Adequate — returns are moderate

Return on Assets (ROA)

3.8%

Fair — average asset utilization

Share Buybacks (Latest Year)

$3.7B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+13.5% YoY

Debt is growing — management is leveraging up

Leadership Team

Evan Greenberg

Chairman & CEO

Age 70

Pay: $14,330,454

0.139% of net income

John Keogh

Chairman of North America Insurance, President & COO

Age 60

Pay: $6,082,297

0.059% of net income

Peter Enns

Executive VP & CFO

Age 59

Pay: $3,432,728

0.033% of net income

Juan Luis Ortega Guarderas

Executive VP of Chubb Group & President of North America Insurance

Age 50

Pay: $3,609,533

0.035% of net income

Gordon Mackechnie

VP of Chubb Group, Global Head of Tech, Division President of North America Financial Lines & CTO

Top Institutional Holders

Institution	% Owned	Shares
Berkshire Hathaway, Inc	8.27%	34,249,183
Blackrock Inc.	6.73%	27,888,703
Vanguard Capital Management LLC	5.62%	23,255,968
State Street Corporation	4.03%	16,706,179
Price (T.Rowe) Associates Inc	3.81%	15,793,551
GQG Partners LLC	3.00%	12,418,796
FMR, LLC	2.95%	12,222,474
Geode Capital Management, LLC	2.20%	9,119,205

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.42

Low volatility — more stable than the market

Short Interest

0.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.31x

Conservative balance sheet — low financial risk

Current Ratio

0.39x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $264.10 Current: $323.40 High: $345.67

Currently at 73% of 52-week range