Chubb Limited

The market globally is in transition and growing incrementally more competitive quarter-by-quarter, particularly large account property admitted in E&S and upper middle market. Property pricing down over 13.5% in large account E&S but up 3.7% in middle market and small commercial. Casualty pricing North America +8.5%.

Record adjusted net investment income of $1.8 billion, up 7.3%. Fixed income portfolio yield 5.1%. Invested asset now stands at $169 billion, up from $151 billion a year ago. Full year adjusted NII grew 9% to $6.9 billion. Q1 2026 NII guidance $1.81-$1.84 billion.

Returned $1.5 billion of capital to shareholders in the quarter contributing to $4.9 billion total for the year or about half of core operating income, including $3.4 billion in share repurchases at an average price of $282.57. Per share tangible book value grew 25.7% last year.

December presentation showed about 150 basis points of combined ratio improvement from digital transformation over the next 3 to 4 years. Most of it is on the expense side in OPEX and cost of claims. Focused on 9 or 10 very discrete projects across businesses, divisions, and geographies.

While early, we're off to a good start in '26, and we're confident in our ability to generate for the year strong growth in operating earnings and double-digit growth in EPS and tangible book value through the 3 sources of income, P&C underwriting, investment income and life though cats and FX aside.