Global P&C insurance leader. AGI Score 7/10. $129B market cap. P/TB 1.74. Buybacks -10% shares. $73.8B equity | Analysis date: 2026-03-13
AGI Score 7/10 — Labor Margin Play. Chubb is the world's largest publicly traded P&C insurer with $272B in assets and $73.8B stockholders equity. Trades at 1.74x book with steady buybacks. AGI thesis: insurance underwriting is precisely what AI excels at — Chubb can dramatically reduce claims processing costs, improve underwriting accuracy, and detect fraud. Plus AGI creates NEW insurance demand (cyber, AI liability, autonomous vehicles). At $329/share with $25.67 EPS and a 12.8x P/E, this is a high-quality compounder.
Chubb operates in 54 countries through six segments: North America Commercial/Personal/Agricultural P&C, Overseas General Insurance, Global Reinsurance, and Life Insurance. 45,000 employees.
| Item | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|
| Total Assets | $272.3B | $246.5B | $230.7B | $199.0B |
| Investments | $158.0B | $142.1B | $131.2B | $112.2B |
| Cash | $2.3B | $2.3B | $2.4B | $2.0B |
| Goodwill | $20.2B | $19.6B | $19.7B | $16.2B |
| Other Intangibles | $9.2B | $9.6B | $10.4B | $9.1B |
| Total Liabilities | $192.5B | $178.2B | $167.0B | $148.5B |
| Stockholders Equity | $73.8B | $64.0B | $59.5B | $50.5B |
| Tangible Book Value | $44.3B | $34.8B | $29.4B | $25.1B |
| Tangible BV / Share | $113.37 | $86.94 | $72.55 | $60.62 |
$29.4B in goodwill + intangibles (40% of equity). Tangible book is $44.3B vs $73.8B total equity. At $329/share, P/Tangible Book = 2.9x. This is expensive relative to tangible assets. However, for a premium insurance franchise, goodwill represents brand value, distribution, and customer relationships that ARE economically real.
| Item | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|
| Net Premiums Written | $60.1B | $56.2B | $50.1B | $43.0B |
| Net Income | $10.3B | $9.3B | $9.0B | $5.2B |
| EPS (diluted) | $25.68 | $22.51 | $21.80 | $12.55 |
| Operating Cash Flow | $12.8B | $16.2B | $12.6B | $11.3B |
| Share Buybacks | ($3.7B) | ($1.8B) | ($2.4B) | ($2.9B) |
| Dividends | ($1.5B) | ($1.4B) | ($1.4B) | ($1.4B) |
| Year | Shares | Change |
|---|---|---|
| FY2021 | 414,594,856 | — |
| FY2022 | 405,269,637 | -2.2% |
| FY2023 | 400,703,663 | -1.1% |
| FY2024 | 391,101,227 | -2.4% |
EPS doubled from $12.55 to $25.68 in 3 years. Net premiums growing 12%/yr. OCF consistently $11-16B. Combined ratio under 90%. This is what a high-quality insurance compounder looks like. Buffett's 6.4% stake validates the quality.
AGI helps Chubb in multiple ways: automate claims processing (26,988 loss expense), improve underwriting accuracy (better risk pricing), detect fraud. AGI creates NEW demand: cyber risk coverage for AI systems, liability for autonomous vehicles, business interruption for AI-dependent operations. Chubb's global scale ($272B assets) enables investment in AI capabilities. Data from decades of claims provides strategic value. Minimal innovation risk — insurance fundamentals unchanged by AGI.
Current market cap: $129.5B. 10x = $1.3T. No insurance company will be worth $1.3T. Not a 10x play.
This is a steady 2-3x compounder. If EPS grows at 10%/yr for 7 years: $25.68 * 1.10^7 = $50. At 15x P/E = $750/share = 2.3x from today. With dividends reinvested, total return ~3x.
Floor price: $200-220/share (1.0-1.1x tangible book of ~$190/share in 2-3 years). Very low chance of losing money at 1x tangible book for a franchise this strong.
Entry zone: $250-270 (1.3-1.4x tangible book). Below $250, this becomes very attractive as a long-term compounder.
Chubb is the highest-quality name on this list. Best-in-class insurer, Buffett-approved, growing earnings, returning capital. AGI is a tailwind for both cost reduction and new product demand.
But at $329 and 1.74x book, it's not cheap. Relative to tangible book ($113/share), you're paying 2.9x. The $29.4B in goodwill means you're betting on franchise value, not hard assets.
Not a 10x. A 2-3x compounder you buy during market panics. Target entry: $250-270.
Data sources: SEC EDGAR XBRL, yfinance, 10-K filing, AGI scoring model. Analysis date: 2026-03-13.