Chubb Limited (CB): what the price assumes

In the published model solve dated 2026-Q2, anchored at $339.92, Chubb Limited (CB) is priced for 11.7% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/CB

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 8.3% cost of equity with 4% terminal growth over a 10-year stage, on common book equity (FY2026).

How unusual the bet is: within-range

Valuation X-Ray

The price is supported by asset-based and earnings-power value. A value/asset-supported name, not a pure growth bet.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.3%); the inversion above states its own rate.

Per-Model Detail (n=4)

Economic-Unit Decomposition (Sum Of The Parts)

The issuer is a funded financial business. Debt, interest, and cash flows are operating inputs, so industrial EV, net-debt, WACC, and free-cash-flow lenses do not apply; value the common-equity claim with book, earnings, capital, and payout economics.

No unit-level total common-equity value is stated. Each financial unit requires supported standalone common equity, normalized earnings, capital adequacy, and payout capacity. Consolidated debt, interest, and cash are operating balances, not an enterprise-to-equity bridge; company-level book, earnings, capital, and payout lenses remain the coherent cross-checks.

Solvency

Deposit/float-funded balance sheet: debt is funding, not corporate leverage, and GAAP operating cash flow follows loan flows. Net-debt, interest-coverage, and cash-burn lenses do not apply. The solvency frame for a financial is regulatory capital and payout capacity (CET1, stress buffer, dividends plus buybacks against earnings).

Bullet Takeaways

• The fastest-growing piece is not the North American commercial book the brand is built on: Life Insurance net premiums written rose 15.1% in 2025, or 17.3% in constant currency, on international life growth of 17.4% (FY2025 10-K).
• At roughly 1.9 times book value the price assumes a sustained return on equity near 12.4%, below the roughly 14% currently being earned, so reserve adequacy and catastrophe frequency matter far more here than the multiple does.
• Third-quarter results arrive after the peak of Atlantic hurricane season, and the second quarter already carried $475 million of pre-tax catastrophe losses inside an 83.8% combined ratio.

Bull Case

Here is the part that does not fit the story. Chubb has been earning a return on equity of roughly 14%, which is a strong result in a capital-heavy, cyclical business where capital gets tied up against promises that may not come due for years. A stock trading near 1.9 times book value would normally say the market has run well ahead of that. Work the multiple backwards, though, and what it actually asks for is a sustained return on equity of about 12.4%. The price wants less than the business is delivering, which is an unusual position for a company this size to be in.

What makes the return possible is that Chubb makes money on the insurance itself, not only on the investments. The FY2025 10-K sets the bar plainly: A P&C combined ratio under 100 percent indicates underwriting income. In the second quarter of 2026 the P&C combined ratio came to 83.8%, against 85.6% a year earlier. Roughly sixteen cents of profit on every premium dollar, before a single dollar of investment income lands. That is what lets an insurer earn a mid-teens return without reaching for risk in the bond portfolio.

The growth engine is in an unexpected place. The 10-K reports Life Insurance net premiums written up 15.1 percent, or 17.3 percent in constant dollars, due to growth in international life of 17.4 percent in constant dollars. Overseas, growth in Asia came partly from buying Liberty Mutual's property and casualty business in Thailand, and Latin America grew on personal lines including automobile in Mexico, per the same filing. An American commercial insurer whose momentum is consumer and life business in Asia and Latin America is not the company most investors picture, and it is the reason the underwriting result does not live or die on the US commercial pricing cycle.

Reach is the moat, and it is expensive to replicate. WRB, the closest listed comparison on international footprint, describes itself in its own 10-K as operating with branches or offices in 52 cities outside the United States, in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America, and the United Kingdom. Licences, local capital, and claims infrastructure in dozens of jurisdictions take decades to assemble, and a multinational client buying one policy that works everywhere has few places to shop.

The capital return says management agrees with the arithmetic. In May the board raised the dividend for the 33rd consecutive year, to $4.08 a share annually, and authorized a new repurchase program of 7.5 billion dollars. The share count has fallen about 2.1% a year across the last four years. About half of earnings goes out the door as dividends plus buybacks, roughly 50.4%, which leaves the other half retained inside a business earning well above its cost of capital. Retained capital compounding at 14% is worth more than the same capital paid out, and the split shows management knows which half is which.

Bear Case

An insurer's balance sheet is mostly an opinion. The largest liability is a reserve for claims that have happened but have not yet been reported, settled or fully understood, and the largest asset is a bond portfolio whose value moves with interest rates the company does not control. Neither is a fact in the way a restaurant's rent is a fact. The 10-K is candid about how the reserve gets built: for claims incurred but not reported, we use historical experience and other statistical information, and the expected loss ratio for each origin year is selected after consideration of a number of factors, including historical loss ratios adjusted for rate changes, premium and loss trends, industry benchmarks. That is a careful, professional process. It is still an estimate, and estimates move.

The direction they have been moving deserves attention. The 10-K attributes the 2025 combined ratio improvement to lower catastrophe losses, partially offset by lower favorable prior period development. Translated: fewer disasters helped, and the reserve releases from earlier years helped less than they used to. Favorable development is a real earnings contributor for a well-reserved insurer, and when it shrinks, the current year's underwriting has to carry more of the result on its own.

Catastrophe exposure is the second structural item, and the filing does not soften it. Catastrophic events are inherently unpredictable and the actual nature of such events, when they occur, could be more frequent or severe than contemplated in our pricing and risk management expectations, and the company states it has substantial exposure to losses resulting from man-made catastrophes including terrorism, cyber-attack, financial events, and other catastrophe events, including pandemics. The second quarter of 2026 absorbed $475 million of pre-tax catastrophe losses and still produced an 83.8% combined ratio. That is what a benign quarter looks like. The distribution of bad quarters has a long tail, and a single season can move several points of combined ratio.

Which connects to what the price requires. At about 1.9 times book, the market is assuming a sustained return on equity near 12.4%, held indefinitely. That sits comfortably inside what the company is producing at the moment, which is why the multiple does not look stretched against a single year of results. Widen the window to the full nineteen years of record, however, and the average sits lower, just under eleven percent. So the price is not underwriting today's result; it is underwriting something between today's result and that long-run average, permanently. If returns drift back toward the average, the price-to-book the market supports compresses toward book, and that compression needs no scandal and no blowup. A few years of harder catastrophe experience or thinner reserve releases would do it.

The tax base is the quiet one. Chubb is domiciled in Switzerland, and the 10-K notes that in connection with the global minimum tax rules Switzerland has enacted aspects of these rules, effective on January 1, 2025, including the income inclusion rule, with subsequent OECD guidance capable of putting more tax on the table. Nothing about that threatens solvency. It does chip at the after-tax return, and after-tax return is precisely the variable the price is capitalizing.

Valuation

Book value, not earnings, is the honest lens for a business like this one, because an insurer is worth the return it earns on the capital it must hold against the promises it has written. Chubb trades at roughly 1.9 times book. Read backwards, that price assumes a sustained return on equity near 12.4%. Recent performance has run around 14%, and the nineteen-year average sits closer to 10.9%. The assumption lands between what the company has averaged over two decades and what it is producing today, which is an unusually undramatic answer for a company this size.

The methods do not argue with each other here, and that agreement is the finding. Every family of approach reaches today's price. The asset-value approaches start from reported book value per share, $186.99, and then add the value of the excess return the company earns on that capital above what the capital costs. Those come out within a few percent of today's quote, and the forward-growth approach lands beside them. The earnings-power lens, which capitalizes the $28.27 of trailing earnings per share at a required return and credits no growth at all, comes out above the price. The peer-multiple approaches span a wide range depending on what growth rate is fed into them, but the plain sector-earnings comparison, which applies the sector's current earnings multiple with no growth adjustment at all, sits essentially on top of the price as well. When the value-oriented lenses support a price rather than fighting it, the bet is not about the durability of a growth narrative. It is about whether the underwriting results and the reserve estimates behind them are what they appear to be.

Scale is the part of the competitive picture that shows up in the numbers rather than the prose. TRV reported $48.9 billion of revenue over its trailing year; ALL reported $68.2 billion and AIG $26.6 billion. Chubb sits among the largest names in that group, and its price-to-book sits in the upper half of it. Paying an above-median multiple for an above-median return is not a contradiction; it is the market doing arithmetic. What it does mean is that there is no valuation discount absorbing a bad year.

Capital return is where the balance-sheet question actually lives for an insurer. There is no leverage ratio worth quoting here, because a P&C insurer's debt is not the constraint; claims-paying capacity and regulatory capital are. On that measure the picture is straightforward. Dividends plus buybacks return about 50.4% of earnings, the share count has fallen roughly 2.1% a year over four years, and the retained half compounds book value for a shrinking base of owners. Of firms earning this kind of return, roughly 69% held it for a decade. That is a comparatively forgiving base rate, and it is the arithmetic reason the methods land where they do rather than scattering.

Catalysts

The July print was a clean one. Second-quarter 2026 net income came to $2.85 billion, or $7.30 a share, with consolidated net premiums written of $14.7 billion, up 3.6%, and a P&C combined ratio of 83.8% against 85.6% a year earlier. Catastrophe losses in the quarter were $475 million pre-tax. The number worth watching is not the profit but the premium line: first-quarter net premiums written grew 10.7% to $14.0 billion, so the growth rate roughly halved between the two quarters. Commercial pricing that softens shows up in written premium long before it shows up in the combined ratio.

Capital return got its annual reset in May. The board raised the dividend for the 33rd consecutive year, to $4.08 a share annually, and authorized a new repurchase program of 7.5 billion dollars. For a company retaining roughly half its earnings, the size of that authorization is the clearest signal available about where management thinks capital is best deployed, and a buyback at a multiple near current book is a different decision from a buyback at twice it.

The reinsurance arm changed hands at the top just before earnings, with James Wixtead named Executive Chairman of Chubb Tempest Re and Michael O'Donnell promoted to President of the group. Reinsurance is the smallest of the reported segments and the most exposed to catastrophe volatility, which makes leadership continuity there more consequential than the segment's size suggests. The next scheduled information event is the third-quarter report, which will be the first to carry the bulk of Atlantic hurricane season.

Peer Cohorts (Per Segment, With Filing Citations)

North America Commercial P&C Insurance / North America Personal P&C Insurance / Global Reinsurance (reported)

• TRV (Travelers Companies, Inc.)
• FY2025 10-K: …risk management, loss control and risk management information services through Constitution State Services LLC, a wholly-owned subsidiary of the Company. • National Property and Other provides traditional and customized commercial property insurance programs to large and mid-sized customers through National Property…
• FY2025 10-K: …of the property and liability coverages described in the foregoing product line descriptions. The Company offers the above coverages through the following types of products and services: • guaranteed-cost insurance products, where the premiums charged are not adjusted for actual loss experience during the covered…
• PGR (PROGRESSIVE CORP/OH/)
• FY2025 10-K: …businesses; • we improperly raised insureds' premiums during their current policy term; • we improperly restrict the sale of optional physical damage coverage during weather-related events; • we improperly fail to timely process and pay PIP claims; • we improperly fail to conduct a reasonable investigation of…
• FY2025 10-K: …from adverse weather. For our core commercial auto business, the reported frequency and severity trends include comprehensive coverage. Comprehensive coverage insures against damage to a customer's vehicle due to various causes other than collision, such as windstorm, hail, theft, falling objects, and glass breakage.…
• ALL (ALLSTATE CORP)
• FY2025 10-K: NCIUA") provides property insurance, including windstorm coverage, for properties located in the state's beach and coastal areas that insurers are not otherwise willing to insure. All insurers licensed to write residential and commercial property insurance in North Carolina are members of the NCIUA. Members are…
• FY2025 10-K: …These reinsurance agreements have been approved by the appropriate regulatory authorities. All significant intercompany transactions have been eliminated in consolidation. Catastrophe reinsurance We anticipate completing the placement of our 2026 Nationwide Excess Catastrophe Reinsurance Program and Florida Excess…
• AIG (American International Group, Inc.)
• FY2025 10-K: …gross and net loss reserves by segment and major lines of business (a) : December 31, 2025 December 31, 2024 (in millions) Net Loss Reserves Reinsurance Recoverable Gross Loss Reserves Net Loss Reserves Reinsurance Recoverable Gross Loss Reserves General Insurance: North America Commercial: U.S. Workers' Compensation…
• FY2025 10-K: …Commercial segment consists of insurance businesses and operations in Middle East and Africa (EMEA region), the United Kingdom, Japan, Europe, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot Holdings Ltd. (Talbot) as well as AIG's Global…
• CINF (CINCINNATI FINANCIAL CORPORATION)
• FY2025 10-K: …favorable than in 2024, as discussed below. Pricing precision and other initiatives to improve commercial lines underwriting profitability complement our business practices that continue to leverage the local presence of our field associates. Field marketing representatives meet with local agencies to assess each…
• FY2025 10-K: CommercialCasualtySegmentMember us-gaap:ShortDurationInsuranceContractAccidentYear2021Member cinf:CommercialLinesInsuranceMember 2024-12-31 0000020286 cinf:CommercialCasualtySegmentMember us-gaap:ShortDurationInsuranceContractAccidentYear2021Member cinf:CommercialLinesInsuranceMember 2025-12-31 0000020286…
• HIG (The Hartford Insurance Group, Inc.)
• FY2025 10-K: …are reported in ongoing Business Insurance and Personal Insurance. The $ 650 reinsurance premium was placed into a collateral trust account as security for NICO's claim payment obligations to the Company. The Company has retained the risk of collection on amounts due from other third-party reinsurers and through 2025…
• FY2025 10-K: …for uncollectible reinsurance from the "all other" category of P&C Other Operations reserves. [3] In addition to the $1,436 billion of ceded unpaid reinsurance loss and LAE recoverables related to the A&E ADC, the Company has also recorded $64 of paid reinsurance loss and LAE recoverables related to the A&E ADC on…
• WRB (W. R. BERKLEY CORP)
• FY2025 10-K: …is calculated as 20% of earned premium for the prior year for covered lines of commercial property and casualty insurance. Based on our 2025 earned premiums, our aggregate deductible under TRIPRA during 2026 will be approximately $1,835 million. The federal program will not pay losses for certified acts unless such…
• FY2025 10-K: …with branches or offices in 52 cities outside the United States, in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America, and the United Kingdom, and through Lloyds' global licensing. In each geographic region in which we operate, we have built decentralized structures that allow products…

North America Agricultural Insurance (reported)

• TRV (Travelers Companies, Inc.)
• FY2025 10-K: …risk management, loss control and risk management information services through Constitution State Services LLC, a wholly-owned subsidiary of the Company. • National Property and Other provides traditional and customized commercial property insurance programs to large and mid-sized customers through National Property…
• FY2025 10-K: …Corporation, The Progressive Corporation, The Allstate Corporation, Loews Corporation (CNA), W.R. Berkley Corporation, Arch Capital Group Limited, The Hartford Financial Services Group, Inc., Erie Indemnity Company, Assurant, Inc. and American International Group, Inc. Returns of each of the companies included in…
• WRB (W. R. BERKLEY CORP)
• FY2025 10-K: …is calculated as 20% of earned premium for the prior year for covered lines of commercial property and casualty insurance. Based on our 2025 earned premiums, our aggregate deductible under TRIPRA during 2026 will be approximately $1,835 million. The federal program will not pay losses for certified acts unless such…
• FY2025 10-K: …with branches or offices in 52 cities outside the United States, in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America, and the United Kingdom, and through Lloyds' global licensing. In each geographic region in which we operate, we have built decentralized structures that allow products…
• HIG (The Hartford Insurance Group, Inc.)
• FY2025 10-K: …8-K 001-13958 4.4 09/21/2021 4.14 Description of Securities ** 10.01 Aggregate Excess of Loss Reinsurance Agreement by and between Hartford Fire Insurance Company, First State Insurance Company, New England Insurance Company, New England Reinsurance Corporation, Hartford Accident and Indemnity Company, Hartford…
• FY2025 10-K: …may provide other coverages, including loss related to recreational vehicles or watercraft, identity theft and personal items such as jewelry. Personal Insurance provides automobile, homeowners and personal umbrella coverages to individuals across the United States, mostly through a program designed exclusively for…
• ALL (ALLSTATE CORP)
• FY2025 10-K: …on February 11, 2025 to assess member insurers $ 1.00 billion. The Company's personal lines and commercial lines average market share used for the assessment was 4.6 % and 2.0 %, respectively, net of credits. Members are allowed to request the state insurance commission's prior approval to collect temporary…
• FY2025 10-K: …("TWIA"), which provides wind and hail property coverage to coastal risks unable to procure coverage in the voluntary market. Wind and hail coverage is written on a TWIA-issued policy. TWIA follows a funding structure first utilizing currently available funds set aside from current and prior years. Under the current…
• CNA (CNA FINANCIAL CORP)
• FY2025 10-K: …cna:CommercialSegmentMember 2025-12-31 0000021175 us-gaap:GeneralLiabilityMember us-gaap:ShortDurationInsuranceContractAccidentYear2023Member cna:CommercialSegmentMember 2023-12-31 0000021175 us-gaap:GeneralLiabilityMember us-gaap:ShortDurationInsuranceContractAccidentYear2023Member cna:CommercialSegmentMember…
• FY2025 10-K: …cna:CommercialSegmentMember 2022-12-31 0000021175 us-gaap:GeneralLiabilityMember us-gaap:ShortDurationInsuranceContractAccidentYear2020Member cna:CommercialSegmentMember 2023-12-31 0000021175 us-gaap:GeneralLiabilityMember us-gaap:ShortDurationInsuranceContractAccidentYear2020Member cna:CommercialSegmentMember…
• ACGL (Arch Capital Group Ltd.)
• FY2025 10-K: …srt:NorthAmericaMember acgl:InsuranceSegmentMember 2024-01-01 2024-12-31 0000947484 us-gaap:OperatingSegmentsMember us-gaap:WorkersCompensationInsuranceMember srt:NorthAmericaMember acgl:InsuranceSegmentMember 2023-01-01 2023-12-31 0000947484 us-gaap:OperatingSegmentsMember acgl:OtherProductsMember…
• FY2025 10-K: …srt:NorthAmericaMember acgl:InsuranceSegmentMember 2023-01-01 2023-12-31 0000947484 us-gaap:OperatingSegmentsMember acgl:OtherLiabilityClaimsMadeMember srt:NorthAmericaMember acgl:InsuranceSegmentMember 2025-01-01 2025-12-31 0000947484 us-gaap:OperatingSegmentsMember acgl:OtherLiabilityClaimsMadeMember…
• MKL (MARKEL GROUP INC.)
• FY2025 10-K: …2023-01-01 2023-12-31 0001096343 us-gaap:GeneralLiabilityMember us-gaap:NonUsMember mkl:MarkelInsuranceExcludingGlobalReinsuranceDivisionMember 2023-01-01 2023-12-31 0001096343 us-gaap:ProfessionalLiabilityInsuranceMember country:US mkl:MarkelInsuranceExcludingGlobalReinsuranceDivisionMember 2023-01-01 2023-12-31…
• FY2025 10-K: …the period from January 1, 2020 through December 31, 2025, has commenced. The National Association of Insurance Commissioners (NAIC), comprised of the insurance commissioners of each U.S. jurisdiction, develops or amends model laws and regulations. States are required to adopt certain NAIC model laws and regulations,…
• EG (EVEREST GROUP, LTD.)
• FY2025 10-K: …of three layers. The first layer is an "in the money" layer whereby the ADC attachment point was $1,250 billion below the Company's North American Insurance and Other segment liability subject reserves of $5.4 billion held as of September 30, 2025. The second layer is $700 million in excess of the $5.4 billion. The…
• FY2025 10-K: …casualty reinsurance for the European Union, European Economic Area and Swiss markets. Additionally, Ireland Re is registered as a reciprocal reinsurer in Delaware, Illinois and New York. Ireland Insurance is licensed to write insurance for the European Union, European Economic Area and U.K. markets. Ireland…

Overseas General Insurance (reported)

• AIG (American International Group, Inc.)
• FY2025 10-K: …agreements and related changes in amortization of the deferred gain. The following tables present General Insurance accident year catastrophes (a) by segment: (dollars in millions) North America Commercial International Commercial Global Personal Total Years Ended December 31, 2025 Flooding, rainstorms and other $ -…
• FY2025 10-K: | 2025 Form 10-K 47 TABLE OF CONTENTS ITEM 7 | Business Segment Operations | General Insurance GLOBAL PERSONAL The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and…
• ACGL (Arch Capital Group Ltd.)
• FY2025 10-K: …srt:NorthAmericaMember acgl:InsuranceSegmentMember 2024-01-01 2024-12-31 0000947484 us-gaap:OperatingSegmentsMember us-gaap:WorkersCompensationInsuranceMember srt:NorthAmericaMember acgl:InsuranceSegmentMember 2023-01-01 2023-12-31 0000947484 us-gaap:OperatingSegmentsMember acgl:OtherProductsMember…
• FY2025 10-K: …srt:NorthAmericaMember acgl:InsuranceSegmentMember 2023-01-01 2023-12-31 0000947484 us-gaap:OperatingSegmentsMember acgl:OtherLiabilityClaimsMadeMember srt:NorthAmericaMember acgl:InsuranceSegmentMember 2025-01-01 2025-12-31 0000947484 us-gaap:OperatingSegmentsMember acgl:OtherLiabilityClaimsMadeMember…
• AXS (AXIS CAPITAL HOLDINGS LIMITED)
• FY2025 10-K: …ranges and investment policy to ensure that they are consistent with our overall goals, strategies and objectives. We also have an Investment and Finance Committee, comprised of members of our senior management team, which oversees the implementation of our investment strategy. Refer to Item 7 ' Management's…
• FY2025 10-K: …and liability covers for media and miscellaneous professional matters. • Marine and Aviation : Marine provides cover for a range of exposures including offshore energy, offshore renewable energy, ocean marine, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include…
• MKL (MARKEL GROUP INC.)
• FY2025 10-K: …of the contract based on management's best estimate of total premiums to be received. For contracts where the cedent has the ability to unilaterally commute or cancel coverage within the term of the policy, written premiums are generally recorded on an annual basis or up to the contract cancellation point. The…
• FY2025 10-K: …period, when the uncertainty related to performance has been resolved. See note 10 for further details regarding products, services, and other revenues. s) Program Services. In connection with its program services fronting operations, the Company enters into contractual agreements with both producing general agents…
• WTM (WHITE MOUNTAINS INSURANCE GROUP, LTD)
• FY2025 10-K: …basis. Ark's marine & energy insurance and reinsurance business is underwritten on a worldwide basis. Casualty Ark's casualty business is underwritten on an insurance and reinsurance basis primarily covering medical malpractice, professional liability and general liability. Ark's casualty insurance business is…
• FY2025 10-K: …Outrigger Re Ltd., a Bermuda company registered as a special purpose insurer and segregated accounts company, to provide collateralized reinsurance protection on Ark's Bermuda global property catastrophe excess of loss portfolio. White Mountains consolidates its segregated account of Outrigger Re Ltd., WM Outrigger…
• FIHL (FIHL)
• FY2025 20-F: …subsidiaries, sufficient to appropriately satisfy the liquidity requirements of FIHL. On an ongoing basis, the operating insurance subsidiaries' sources of funds primarily consist of premiums written, investment income and proceeds from sales and redemptions of investments. Cash is used primarily to pay reinsurance…
• FY2025 20-F: …over the period the coverage is provided. The portion of the premiums written applicable to the unexpired terms of the underlying contracts and policies is recorded as unearned premium. Reinstatement premiums are recognized as written and earned after the occurrence of a loss and are recorded in accordance with the…

Life Insurance (reported)

• AFL (AFLAC INC)
• FY2025 10-K: …as unrealized foreign currency translation gains (losses) in other comprehensive income and are included in accumulated other comprehensive income. Insurance Revenue and Expense Recognition: Substantially all supplemental health and life insurance policies the Company issues are classified as long-duration contracts.…
• FY2025 10-K: …the framework of the Life Insurance Policyholder Protection Corporation (LIPPC) included government fiscal measures supporting the LIPPC. In March 2022, Japan's Diet passed legislation that extended the government's fiscal support of the LIPPC through March 2027. In March 2022, the LIPPC reached the required balance…
• PRI (Primerica, Inc.)
• FY2025 10-K: …modest savings, and are often more sensitive to 1 cost-of-living pressures. In contrast, clients purchasing investment products range from those just starting to save for the future to those who have accumulated significant assets over time. The financial results of our Term Life Insurance segment benefit from the…
• FY2025 10-K: …periodic payment of premiums. Term life insurance products, which are sometimes referred to as pure protection products, have no savings or investment features. By buying term life insurance rather than cash value life insurance, a policyholder pays a lower premium over the level term period and, as a result, may…
• GL (GLOBE LIFE INC.)
• FY2025 10-K: …collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future. First-year…
• FY2025 10-K: …Method Underwriting Company Products and Target Markets Distribution Direct to Consumer Division Globe Life And Accident Insurance Company McKinney, Texas Individual life and supplemental health limited-benefit insurance including juvenile and senior life coverage and Medicare Supplement to lower middle-income to…
• MET (MetLife, Inc.)
• FY2025 10-K: …party is still living. Variable Life Insurance Insurance coverage through a contract that gives the policyholder flexibility in investment choices and, depending on the product, in premium payments and coverage amounts, with certain guarantees. Premiums and account balances can be directed by the policyholder into a…
• FY2025 10-K: …to play a "niche" role. We also have a strong market presence in emerging markets, leveraging a multi-channel distribution strategy. Our businesses in EMEA use captive and independent agency, independent brokerage, bancassurance, corporate solutions and direct-to-consumer distribution channels. Major Products Life…
• PRU (PRUDENTIAL FINANCIAL INC)
• FY2025 10-K: …and expenses based on specific product features. While the majority of our premiums are derived from the National Market segment (over 5,000 benefit-eligible employees), we continue to diversify our book through growth of the Premier Market (between 100-5,000 benefit-eligible employees) and Association segments…
• FY2025 10-K: …from assets related to the reinsurance transaction with Wilton Re and lower income from non-coupon investments, partially offset by lower losses from derivatives. This variance was partially offset by: 65 Table of Contents • higher policy charges and fee income, due to business growth and favorable equity market…
• RGA (REINSURANCE GROUP OF AMERICA INC)
• FY2025 10-K: …annuities that the Company reinsures GMWB Guaranteed minimum withdrawal benefits; a feature of some variable annuities that the Company reinsures Group life insurance Insurance policy under which the lives of a group of people, most commonly employees of a single company, are insured in accordance with the terms of…
• FY2025 10-K: -gaap:LifeInsuranceSegmentMember srt:AmericasMember us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member us-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember us-gaap:AllOtherSegmentsMember 2025-12-31 0000898174…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.