According to a report by NAIC, underwriting income across the U.S. Property & Casualty (P&C) industry jumped by more than $40 billion from the previous year. Strong premium growth and lower incurred losses drove much of the improvement.
Catastrophe losses also fell meaningfully, particularly in the second half of the year. This backdrop remains favorable for companies such as Chubb Limited (NYSE:CB) and The Travelers Companies, Inc. (NYSE:TRV), although the industry is starting to face a tougher stretch. Pricing is moderating, competition is picking up, and catastrophe and liability risks remain elevated.
P&C returns to normalize as some of the benefits from firm pricing and higher investment income fade. Both Chubb and Travelers continue to stand out as established dividend-growth stocks. Their appeal goes beyond the current yield.
Both companies have spent years raising their payouts while maintaining strong capital positions and generating substantial cash from their insurance operations. Chubb Limited (NYSE:CB) recently declared a quarterly dividend of $1.02 per share, keeping the payout unchanged after a 5.2% increase earlier in 2026. That increase brought the annual dividend to $4.08 per share and marked the company's 33rd consecutive year of dividend growth.
That history matters for income investors. Chubb Limited (NYSE:CB) has raised its dividend through different insurance cycles, including periods of severe catastrophe losses, economic weakness, and changing interest rates. Its cash flow also helps explain how the company has maintained that record.
Chubb generated $12.8 billion in operating cash flow in 2025, compared with $16.2 billion in 2024 and $12.6 billion in 2023. It paid $1.5 billion in common-stock dividends during the year. Chubb Limited (NYSE:CB) generated more than eight times the cash needed to cover its 2025 common dividends.
Extract — continue reading at the source.
