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CB 10-K Analysis: Dual-Engine Earnings at 12x P/E — The Reserve Catch

Chubb Limited reported a record 81.2% combined ratio in FY 2025 — the best in its history. But inside the 10-K, North America Commercial now earns more from investing premiums ($3,840M in NII) than from underwriting them ($3,783M). At 12x trailing P/E with 24.2% ROTCE, the dual-engine compounder looks mispriced — until you aggregate $2.5 billion in reserve sensitivity buried across three actuarial disclosures. The world's largest P&C insurer has quietly become an investment company, and the market is still pricing it as a cyclical underwriter.

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15 min

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Research

HBM Demand: What 135 SEC Filings Reveal About AI's Memory Chokepoint

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AI Infrastructure Capex: What 863 SEC Filings Reveal

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Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

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