Net income attributable to Chubb reached a record $10.31 billion in 2025, an 11.2% increase from $9.27 billion in 2024. Consolidated net premiums written grew by 6.6% to $54.84 billion. P&C net premiums written increased 5.4%, with commercial insurance up 4.0% and consumer insurance up 9.2%. Life Insurance segment net premiums written rose 15.1% (17.3% in constant dollars), primarily due to growth in international life (North Asia) and the Chubb Benefits worksite business. Pre-tax net investment income hit a record $6.5 billion, up 9.0% from $5.9 billion in 2024, driven by higher average invested assets from strong operating cash flow. The P&C combined ratio improved to 85.7% in 2025 from 86.6% in 2024, reflecting lower catastrophe losses. The CAY P&C combined ratio excluding catastrophe losses decreased to 81.9% from 83.1% in 2024, indicating underlying improvement in homeowners and auto lines and effective expense management. Strategic acquisitions included LMG Insurance in Thailand for $321 million (April 1, 2025) and Healthy Paws Pet Insurance LLC for $300 million (May 31, 2024). Chubb's ownership interest in Huatai Insurance Group Co. Ltd. was approximately 87.2% at December 31, 2025. Operating cash flow was $12.8 billion in 2025, a decrease from $16.2 billion in 2024, primarily due to higher net losses, expenses, and taxes paid, and increased purchases of consolidated investment products. The company repurchased $3.4 billion of Common Shares in 2025 at an average price of $282.57 per share, with $2.11 billion in authorization remaining as of February 26, 2026. Shareholders approved an annual dividend of up to $3.88 per share for 2026, payable in four quarterly installments of $0.97 per share.