A month has gone by since the last earnings report for Chubb (CB Quick QuoteCB - Free Report) . Shares have added about 6.3% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Chubb due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Chubb Limited before we dive into how investors and analysts have reacted as of late.

Chubb Limited Q3 Earnings & Revenues Beat Estimates, Premiums Rise Y/Y

Chubb reported third-quarter 2025 core operating income of $7.49 per share, which beat the Zacks Consensus Estimate by 26%. The bottom line increased 30.9% year over year.

The quarterly results reflect strong performance across most of the segments, solid underwriting income, improved investment income, and a lower level of catastrophe.

Quarter in Detail

Net premiums written improved 7.5% year over year to $14.8 billion in the quarter. Our estimate was $14.4 billion while the Zacks Consensus Estimate was pegged at $14.5 billion. 

Pre-tax net investment income was $1.65 billion, up 9.3% year over year. Our estimate and the Zacks Consensus Estimate were both pegged at $1.8 billion.

Revenues of $16.1 billion beat the consensus estimate by 1.6% and improved 7.4% year over year.

Property and casualty (P&C) underwriting income was $2.2 billion, up 55% year over year. The Zacks Consensus Estimate was pegged at $1.4 billion. Current accident year underwriting income, excluding catastrophe losses, was $2.2 billion, up 10.3%.

Chubb Limited incurred a pre-tax P&C catastrophe loss, net of reinsurance and including reinstatement premiums of $285 million, which was narrower than the year-ago catastrophe loss of $765 million.

The P&C combined ratio improved 590 basis points (bps) on a year-over-year basis to 81.8% in the quarter under review. The Zacks Consensus Estimate for the combined ratio was pegged at 88.

Segmental Update

North America Commercial P&C Insurance: Net premiums written increased 2.9% year over year to $5.6 billion. Our estimate was $5.4 billion. The combined ratio improved 500 bps to 81.5%. Our estimate was 85.9.

North America Personal P&C Insurance: Net premiums written climbed 8.1% year over year to $1.8 billion. Our estimate was $1.7 billion. The combined ratio improved 1,620 bps to 65.1%, reflecting lower catastrophe losses and higher favorable prior period development. Our estimate was 85.9.

North America Agricultural Insurance: Net premiums written increased 5.6% from the year-ago quarter to $1.4 billion, primarily due to an increase in exposure in the company’s crop insurance business, which more than offset year-over-year declines in commodity prices. The figure matched our estimate. The combined ratio improved 240 bps to 88%. Our estimate was 96.4%. 

Overseas General Insurance: Net premiums written jumped 9.7% year over year to $3.6 billion. The figure matched both the Zacks Consensus Estimate and our estimate. The combined ratio improved 270 bps to 83.3%. Our estimate was 88.4.

Global Reinsurance: Net premiums written declined 13.5% year over year to $304 million. Our estimate was $408.4 million. The combined ratio improved 1,700 bps to 77.4%. Our estimate was 127.9.

Life Insurance: Net premiums written increased 24.6% year over year to $1.93 billion, with growth of 26.5% in International Life. Our estimate was $1.8 billion. 

The Life Insurance segment income was $324 million, up 13.9% in constant dollars. The Zacks Consensus Estimate was pegged at $278 million.

Financial Update

The cash balance of $2.4 billion, as of Sept. 30, 2025, decreased 3.7% from the 2024-end level. Total shareholders’ equity grew 13.7% from the level at 2024-end to $77.8 billion as of Sept. 30, 2025. Book value per share, as of Sept. 30, 2024, was $182.22, up 14% from the figure as of Dec. 31, 2024.

Core operating return on tangible equity expanded 280 bps year over year to 24.5%. Operating cash flow was $3.64 billion in the quarter under consideration, while adjusted operating cash flow was $4.51 billion.

Capital Deployment

In the quarter, Chubb Limited bought back shares worth $1.23 billion and paid $385 million in dividends.

How Have Estimates Been Moving Since Then?

It turns out, estimates review flatlined during the past month.

VGM Scores

Currently, Chubb has a subpar Growth Score of D, a grade with the same score on the momentum front. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Chubb has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Chubb is part of the Zacks Insurance - Property and Casualty industry. Over the past month, Progressive (PGR Quick QuotePGR - Free Report) , a stock from the same industry, has gained 0.1%. The company reported its results for the quarter ended September 2025 more than a month ago.

Progressive reported revenues of $22.22 billion in the last reported quarter, representing a year-over-year change of +14.3%. EPS of $4.05 for the same period compares with $3.58 a year ago.

Progressive is expected to post earnings of $4.39 per share for the current quarter, representing a year-over-year change of +7.6%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.6%.

Progressive has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.