Chubb is one of the largest insurance companies in the world. It sells protection to businesses and individuals across 54 countries and territories. When a company needs coverage for a cyber attack, a hurricane, a lawsuit, or a director's mistake, Chubb writes that policy and collects a premium. When a wealthy family wants to insure a fine art collection or a coastal home, Chubb writes that policy too. In return for those premiums, Chubb promises to pay when something goes wrong. The company also earns money by investing the premiums it collects while waiting for claims to arrive. A third stream comes from its life and accident insurance operations, concentrated heavily in Asia. These three engines, property and casualty underwriting, investment income, and life insurance, run in parallel and together produced $59.4 billion in total revenue in 2025. The diagram below traces where the money goes.
Five years of financial data tell a clear story about direction. Revenue has climbed every single year, from $40.9 billion in 2021 to $59.4 billion in 2025. That is not a lucky spike. It reflects Chubb steadily raising premium rates, expanding into new markets, and completing acquisitions in Asia and China.
Cash generation has kept pace with that growth, and in most years it has grown faster. Free cash flow rose from $11.2 billion in 2021 to a peak of $16.2 billion in 2024, before pulling back to $12.8 billion in 2025. That pullback is worth watching but does not erase the broader trend of a business that converts revenue into real cash at a high rate. Net debt, meaning what Chubb owes minus what it holds, has stayed in a relatively tight range across the five years, moving between $11.9 billion and $14.8 billion. The balance sheet has not stretched dangerously to fund growth.
Two acquisitions shaped the current business more than anything else in the recent period. In 2022, Chubb purchased Cigna's accident and health insurance operations across several Asian markets. In 2023, it gained majority control of Huatai Insurance Group in China, ending the year with an approximately 87.2 percent ownership stake. Both moves pushed Chubb deeper into Asia, a region where the life insurance and health insurance markets are still growing rapidly.
The North America Commercial segment is still the largest engine, generating 38 percent of net premiums earned in 2025. But the overseas and life segments now combine for a significant share of the total, and that share has grown. Chubb is becoming a more geographically diversified company, which can smooth out the damage from any single disaster or market downturn. In 2025, consolidated net premiums earned across all six segments reached $53.0 billion.
The biggest risks facing Chubb are not abstract. The company itself documents them in detail. Natural disasters, including hurricanes and earthquakes, can trigger massive claims all at once. Climate change makes those events harder to predict, which makes pricing policies correctly harder too. On top of that, Chubb carries old liabilities from asbestos and environmental damage claims that date back decades and are notoriously difficult to estimate. If those reserves turn out to be too low, profits take a hit.
Chubb has $20.6 billion owed to it from reinsurance partners. If any of those partners fail to pay, Chubb absorbs the loss. That is a large exposure that depends entirely on the health of other companies. On the regulatory side, new international capital rules called ComFrame and Solvency II, plus US rules, will require Chubb to hold more capital starting in 2027. More capital held in reserve means less flexibility to deploy it elsewhere.