Chubb Limited provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, casualty, workers' compensation, package policies, risk management, financial lines, marine, construction, environmental, medical risk, cyber risk, surety, and casualty; and group accident and health insurance to large, middle market, and small commercial businesses. Its North America Personal P&C Insurance segment provides affluent and high net worth individuals and families with homeowners, automobile and collector cars, valuable articles, personal and excess liability, travel insurance, and recreational marine insurance and services. The company's North America Agricultural Insurance segment offers multiple peril crop and crop-hail insurance; and coverage for farm, ranch, and specialty property and casualty, and commercial agriculture products. Its Overseas General Insurance segment provides coverage for traditional commercial property and casualty; specialty categories, such as financial lines, marine, energy, aviation, political risk, and construction; and group accident and health, and traditional and specialty personal lines for corporations, middle markets, and small customers through retail brokers, agents, and other channels. The company's Global Reinsurance segment offers traditional and specialty reinsurance under the Chubb Tempest Re brand to property and casualty companies. Its Life Insurance segment provides protection and savings products comprising whole life, endowment plans, individual and life, group term life, health protection, personal accident, credit life, universal life, group employee benefits, and unit linked contracts. It markets its products primarily through insurance and reinsurance brokers. The company was formerly known as ACE Limited and changed its name to Chubb Limited in January 2016. Chubb Limited was incorporated in 1985 and is headquartered in Zurich, Switzerland.

Chubb Limited демонстрирует сильные финансовые показатели с высокими значениями ROE, ROA и ROI, что указывает на высокую эффективность использования капитала и активов. Показатели EPS и EPS Forecast значительно превышают медианные значения по отрасли, что говорит о высоком потенциале роста прибыли. Однако уровень P/E ниже медианы отрасли, что может указывать на недооцененность акций, в то время как P/B выше медианы, что говорит о возможной переоцененности. Долговая нагрузка компании низка, что является положительным фактором, однако низкие значения текущего и быстрого коэффициентов могут вызывать беспокойство о краткосрочной ликвидности. Дивидендная доходность отсутствует, что может быть минусом для инвесторов, ориентированных на доход от дивидендов. Общая динамика выручки и чистой прибыли растет, что говорит о стабильности бизнеса и его способности генерировать доход в будущем. Важно учесть, что низкие значения валовой маржи могут ограничивать рост прибыли. В целом, фундаментальные показатели Chubb Limited указывают на устойчивость и потенциал для роста, что делает компанию привлекательной для долгосрочных инвесторов.

Chubb Limited

Chubb Limited CB is a leading global property and casualty insurer and reinsurer with a diversified portfolio spanning commercial and personal P&C, reinsurance, accident & health, and life insurance.
Its focus on middle-market opportunities, strategic distribution partnerships, and ongoing growth investments continues to expand its market reach. Geographic and business diversification supports stable cash flows, while earnings have grown 19.7% over the past five years. The company has a market capitalization of $125.9 billion.
CB is an Outperformer
Shares of Chubb have gained 12.1% in the past year, outperforming its industry’s 4.9% decline.
Image Source: Zacks Investment Research
CB’s Expensive Valuation
Shares of Chubb are trading at a premium compared with the Zacks Property and Casualty Insurance industry. Its forward price-to-book value of 1.63X is higher than the industry average of 1.39X.
Shares of The Travelers Companies, Inc. TRV, W.R. Berkley Corporation WRB, and Arch Capital Group Ltd. ACGL are also trading at a multiple higher than the industry average.
Consensus Estimates for CB
The Zacks Consensus Estimate for 2026 earnings is pinned at $26.4 per share, implying a year-over-year increase of 6.5%. The consensus estimate for revenues is pegged at $63.4 billion, indicating a year-over-year improvement of 5.7%. The expected long term earings growth is pegged at 6.1%.
Positive Analyst Sentiment on CB
Over the past 30 days, earnings estimates for Chubb have increased by 0.2% for 2026 and 0.6% for 2027.
Image Source: Zacks Investment Researc
Over the past 30 days, earnings estimates for TRV have been revised upward for 2026, whereas estimates for WRB and ACGL have been revised downward.
Factors Benefiting CB Stock
Chubb is focused on expanding its presence in middle-market businesses globally while strengthening its core and specialty insurance offerings to drive long-term growth. The company is also investing in strategic initiatives and pursuing targeted acquisitions to diversify its portfolio, enhance capabilities, and expand its geographic footprint. Its recent agreement to acquire Liberty Mutual’s insurance businesses in Thailand and Vietnam reflects this strategy.
These acquisitions, along with commercial P&C rate increases, new business growth, and strong renewal retention, are expected to support premium growth and improve long-term return on equity.
CB’s return on equity in the trailing 12 months was 13.2%, better than the industry average of 7.3%. Also, return on invested capital (ROIC) has been increasing over the last few quarters amid capital investments made over the same time frame. This reflects CB’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 8.7%, better than the industry average of 5.7%.
Chubb expects its investment income run rate to keep rising as it reinvests cash flows at higher interest rates. Adjusted investment income increased 9% in 2025, supported by strong returns from both public fixed income and private portfolios. For the first quarter of 2026, the company projects adjusted net investment income in the range of $1.81 billion to $1.84 billion.
The company maintains a solid balance sheet and ample liquidity to support strategic priorities. In 2025, operating cash flow and adjusted operating cash flow totaled $12.8 billion and $13.9 billion, respectively. This strong capital position enables Chubb to return value to shareholders through dividends and share repurchases. In 2025, Chubb returned $4.91 billion to shareholders, including $3.39 billion in share repurchases and $381 million in dividends.
Conclusion
Chubb’s market-leading position, compelling portfolio, strong renewal retention, positive rate increases, solid capital position, and better return on capital pave the way for long-term growth.
The strong capital and liquidity position enable CB to distribute wealth to its shareholders via share buybacks and dividend payouts. The company’s current dividend yield of 1.2% is better than the industry average of 0.3%. The recent 5.2% increase in dividends marks the 33rd straight year of dividend increase. Chubb has a solid track record of dividend hikes, which makes it an attractive pick for investors looking for a safe and steady flow of cash.
However, as a property and casualty insurer, Chubb remains exposed to catastrophe events, which can create volatility in underwriting profitability and impact the combined ratio. Uncertainty around the magnitude of catastrophe losses could weigh on earnings if losses rise. Given these risks and the stock’s premium valuation, we prefer to remain cautious on this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Chubb's Solid Growth Comes With a Premium Valuation - Hold or Buy?

Key Points
Berkshire Hathaway's portfolio has been upping its bets on two popular stocks.
These holdings may reveal what the firm thinks about current market valuations.
Last week, Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) reported its last quarterly earnings. These results were the last with Warren Buffett as CEO and offered plenty to dig into for insights. Operating earnings fell nearly 30% versus the year prior. That drop was accompanied by a 54% drop in insurance underwriting profits, as well as a 25% drop in insurance investment income.
Investors sent shares sliding by several percentage points on the poor news. But Berkshire's management team was unfazed. "The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules," Berkshire's leadership noted.
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Apart from quarterly results, however, Berkshire Hathaway did reveal a few nuggets that potentially show how its portfolio managers feel about current market conditions. Two major stock purchases that the firm executed last quarter tell a compelling story.
Berkshire is loading up on these two energy and insurance stocks
The top 10 positions by weight account for roughly 80% of Berkshire's publicly traded portfolio. Within that top 10, two stocks saw their positions decrease last quarter, while two other stocks saw continued buying.
According to the latest filings, Berkshire purchased 2,916,288 more shares of Chubb (NYSE: CB), while also adding 8,091,570 additional shares of Chevron (NYSE: CVX) stock. Chevron now accounts for roughly 7% of the company's publicly traded portfolio, while Chubb has a weighting of around 4%.
Berkshire heavily sold two stocks last quarter: a tech stock and a bank stock. Chevron and Chubb, meanwhile, are involved in the energy and insurance sectors. I don't think it's a coincidence that bank stocks are historically more sensitive to economic disruptions and bear markets.
Tech stocks, meanwhile, collectively have some of the highest valuations available on the market today, theoretically also making them more sensitive to market downturns. By contrast, energy stocks can actually benefits from geopolitical challenges, which can raise the price of oil and natural gas. Insurance companies, meanwhile, are traditionally less volatile than the overall market, especially compared to other financial stocks.
Warren Buffett and Berkshire Hathaway have long advised against market timing. But it's curious to see Berkshire's portfolio grow increasingly defensive. Meanwhile, Berkshire's cash position remains near historic levels at around $370 billion.
It's unclear whether Berkshire is purposely trying to position its portfolio to be less sensitive during an economic or market downturn. But its recent trades and elevated cash position speak for themselves. Already, Berkshire's Chevron position is proving quite profitable following rising geopolitical tensions around the world, which have caused oil prices to spike sharply. Chubb stock, meanwhile, is up in value by nearly 6% this year, versus a 3% drop for the S&P 500 index.
Chevron and Chubb have merit as potential investments regardless of overall market conditions. But Buffett and Berkshire seem to be putting more and more emphasis on sectors that can thrive even in atypical environments. And so far, Chevron and Chubb have proven to be profitable bets to start the year.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Warren Buffett's Berkshire Hathaway Is Loading Up on These 2 Exciting Stocks: Here's Why

Heritage Insurance HRTG is expected to witness an improvement in its top and bottom lines when it reports fourth-quarter 2025 results on March 9.
The Zacks Consensus Estimate for HRTG’s fourth-quarter revenues is pegged at $212.6 million, indicating a 1.1% increase from the year-ago reported figure.
The consensus estimate for earnings is pegged at $1.61 per share. The Zacks Consensus Estimate for HRTG’s fourth-quarter earnings witnessed 53.3% northbound movement in the past 30 days. The estimate suggests a year-over-year increase of 143.9%.
HRTG’s Solid Earnings Surprise History
HRTG’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 100.05%.
What the Zacks Model Unveils for HRTG
Our proven model predicts a likely earnings beat for Heritage Insurance this time around. This is because the stock has the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), which increases the chances of an earnings beat.
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Earnings ESP: HRTG has an Earnings ESP of +24.61%. This is because the Most Accurate Estimate of $2.00 is pegged higher than the Zacks Consensus Estimate of $1.61.
Heritage Insurance Holdings, Inc. Price and EPS Surprise
Zacks Rank: HRTG currently has a Zacks Rank #3.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape HRTG’s Q4 Results
Heritage Insurance’s fourth-quarter performance is expected to have benefited from rate adequacy, controlled exposures and strengthened underwriting discipline, supported by the use of data and analytics. The company is also likely to have gained from its homeowners insurance segment, which has expanded across coastal regions of the Northeast and Mid-Atlantic.
Gross premiums earned are expected to have increased, driven by rate adequacy, organic growth and new business written across commercial, residential and surplus lines segments.
Premiums-in-force are also likely to have improved, supported by proactive rate increases and continued growth in the excess and surplus (E&S) business.
Net investment income is expected to have benefited from a high-quality portfolio of short-duration assets. The Zacks Consensus Estimate for the metric is currently pegged at $9.9 million.
Total revenues are likely to have increased, reflecting higher premiums as well as growth in net investment income.
The company’s strategy of reducing exposure in overly concentrated and underperforming markets while expanding in more profitable geographies and product lines is expected to have supported profitability.
Additionally, a well-structured reinsurance program, supported by prudent exposure management initiatives, likely helped the company manage catastrophe-related losses.
However, higher policy acquisition costs, along with increased general and administrative expenses, are expected to have pushed up the net expense ratio. The Zacks Consensus Estimate for the metric is pegged at 34.61.
The combined ratio is likely to have improved, driven by a lower loss ratio and expense ratio. The Zacks Consensus Estimate currently stands at 72.91.
Share repurchases are also likely to have provided additional support to the bottom line.
Recent P&C Insurance Releases
Arch Capital Group Ltd. ACGL reported fourth-quarter 2025 operating income of $2.98 per share, which beat the Zacks Consensus Estimate by 19.7%. The bottom line increased 31.9% year over year.
ACGL’s earnings beat estimates in each of the last four reported quarters.
The Travelers Companies TRV reported fourth-quarter 2025 core income of $11.13 per share, which beat the Zacks Consensus Estimate by 32% and improved 22% year over year.
TRV’s earnings beat estimates in each of the last four reported quarters.
Chubb Limited CB reported fourth-quarter 2025 core operating income of $7.52 per share, which beat the Zacks Consensus Estimate by 13.9%. The bottom line improved 24.9% year over year.
CB’s earnings beat estimates in each of the last four reported quarters.
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Can Heritage Insurance Retain its Beat Streak in Q4 Earnings?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares MSCI USA Min Vol Factor ETF (Symbol: USMV) where we have detected an approximate $127.0 million dollar outflow -- that's a 0.5% decrease week over week (from 242,200,000 to 240,900,000). Among the largest underlying components of USMV, in trading today Chubb Ltd (Symbol: CB) is down about 1.9%, Motorola Solutions Inc (Symbol: MSI) is down about 1.6%, and Southern Company (Symbol: SO) is lower by about 1.7%. For a complete list of holdings, visit the USMV Holdings page » The chart below shows the one year price performance of USMV, versus its 200 day moving average:
Looking at the chart above, USMV's low point in its 52 week range is $83.99 per share, with $98.07 as the 52 week high point — that compares with a last trade of $95.97. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
ARK Investment Management Top Holdings
ETFs Holding SEMI
AVGR market cap history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

USMV, CB, MSI, SO: ETF Outflow Alert

Key Points
Stocks are generally trading at historically high valuations.
But this Buffett stock still looks very cheap in comparison.
Warren Buffett was apparently pretty bearish on the stock market late last year. The company he led as CEO until year end, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), was holding a record amount of cash, having sold off big chunks of several major positions.
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But Buffett did opt to add to certain positions -- a signal of bullishness, at least for certain stocks. In fact, after a sizable purchase, Buffett now owns 9.3% of an iconic value stock, pushing this position into his top 10 bets at Berkshire Hathaway.
This might be my favorite Buffett stock
Berkshire has shown itself to be a huge fan of Chubb (NYSE: CB), purchasing around 2.9 million more shares of the insurance giant in last year's third quarter, resulting in a total investment of more than $10 billion. Berkshire first bought shares in the first quarter of 2024, and the position now accounts for roughly 3.9% of Berkshire's total publicly traded portfolio.
If you know anything about Berkshire, you can probably guess what made Buffett so interested in Chubb stock. Chubb is essentially a global, diversified insurance provider. The company specializes in commercial and personal property and casualty insurance, but it also dabbles in accident insurance, health insurance, life insurance, and reinsurance.
This is a business that Buffett and Berkshire understand very well. While Berkshire now owns a giant portfolio of companies, the core of Berkshire has always been a portfolio of privately held insurance businesses. The reason for this is simple: These businesses generate consistent cash that Buffett can invest.
When an insurance company writes a policy, the premiums are paid up front, with claims only being paid out at a later date. This generates extra cash that can be invested until those claims must be paid. Buffett calls this extra cash "float." By investing the float, Buffett and Berkshire essentially earn returns on interest-free capital. Put simply, Buffett knows the insurance business like the back of his hand. But there's one reason in particular that he might have been interested in Chubb stock recently.
Chubb stock is a great way to protect your portfolio
According to many key indicators, the stock market is historically expensive right now. Boring insurance stocks like Chubb, however, still trade at reasonable valuations. Shares currently trade at a price-to-book ratio of about 1.8. Three years ago, shares traded at 2.2 times book value. It's hard to find quality stocks that are cheaper today than they were three years ago, but that's exactly what Chubb stock offers.
Competition in the insurance space has increased in recent decades due to increased attention from portfolio managers seeking to replicate Buffett's business model at Berkshire. This caused industry profits to fall from an underwriting perspective. The insurance industry uses a metric called the combined ratio to track underwriting profits. If the ratio is 90%, that means the insurer paid out just $0.90 in claims for every $1 in premiums -- resulting in a 10% underwriting profit. But due to competition, combined ratios have often hit 100% or more in recent years. Yet last quarter, Chubb posted a record 85% combined ratio!
The fit for Berkshire's portfolio is clear. Chubb not only generates extra investable cash for itself, but it does so at a strong underwriting premium. While there may be regulatory constraints, I wouldn't be surprised to see Berkshire attempt to buy the entirety of Chubb in the coming years. This isn't the most exciting business, but it's a reliable winner trading at a very reasonable valuation -- a rare combination in today's market.
Should you buy stock in Chubb right now?
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Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Warren Buffett Hit the Buy Button for $965,291,328 Late Last Year. Berkshire Now Owns Nearly 9.3% of This Leading Insurer.

Berkshire Hathaway's BRK.B fourth-quarter 2025 operating earnings of $4.73 per share decreased 27.7% year over year and missed the Zacks Consensus Estimate by 8.9%.
Operating earnings were $19.2 billion, which increased 2.5% year over year.
Operating revenues decreased 0.7% year over year to $94.2 billion. The top line missed the consensus estimate by 8.4%.
Berkshire Hathaway Inc. Price, Consensus and EPS Surprise
Full-Year Highlights
Revenues slightly improved year over year to $371.4 billion, banking on higher revenues at Insurance and Other as well as Railroad, Utilities and Energy.
Costs and expenses increased 0.9% year over year to $79.1 billion, largely due to a higher insurance losses and loss adjustment expenses, life, annuity and health insurance benefits and higher underwriting expense, and higher selling, general and administrative expenses and higher leasing cost and interest expense.
Segment Performance
Berkshire Hathaway’s Insurance and Other segment’s operating earnings declined 12.9% year over year to $19.8 billion, owing to lower earnings across groups.
Railroad, Utilities, and Energy’s pre-tax earnings increased 7.9% to $9.4 billion due to higher earnings at BHE as well as BNSF. BHE benefited from lower wildfire loss accruals at PacificCorp., lower earnings attributable to non-controlling interests and the impact of real estate brokerage business litigation accruals in 2024, partially offset by lower earnings from the natural gas pipelines and other energy businesses. BNSF benefited from lower operating expenses, attributable to improved operating efficiencies and lower litigation accruals.
Earnings from Manufacturing, Service and Retailing businesses rose 4.4% year over year to $13.6 billion, owing to higher earnings increases at manufacturing and services businesses, partially offset by lower earnings from the retailing businesses.
Financial Position
As of Dec. 31, 2025, consolidated shareholders’ equity was $719.7 billion, up 10.4% from the level as of Dec. 31, 2024. At 2025-end, cash and cash equivalents were $51.9 billion, up 8.7% from the level at 2024-end.
BRK.B exited 2025 with a float of about $176 billion, up from $171 billion as of Dec. 31, 2024
Cash flow from operating activities totaled $46 billion in the first nine months of 2025, up 50.3% from the year-ago period. BRK.B did not repurchase shares in 2025.
Zacks Rank
BRK.B currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
AXIS Capital Holdings Limited AXS reported fourth-quarter 2025 operating income of $3.25 per share, which outpaced the Zacks Consensus Estimate by 9.4% and rose 9.4% year over year.
Total operating revenues of $1.7 billion beat the Zacks Consensus Estimate by 5.2%. The top line rose nearly 9% year over year on higher premiums earned. Net premiums written rose 13% to $1.4 billion, with an increase of 14% in the Insurance segment and growth of 5% in the Reinsurance segment.
Chubb Limited CB reported fourth-quarter 2025 core operating income of $7.52 per share, which beat the Zacks Consensus Estimate by 13.9%. The bottom line improved 24.9% year over year.
Total operating revenues improved 7.4% year over year to $15.3 billion. The top line beat the Zacks Consensus Estimate by 1.7%. Chubb’s strong performance was driven by solid underwriting profit, robust premium growth and record investment income.
RLI Corp. RLI reported fourth-quarter 2025 operating earnings of 94 cents per share, which beat the Zacks Consensus Estimate by 23.6%. The bottom line increased 80.8% from the prior-year quarter. Operating revenues for the reported quarter were $449 million, up 3% year over year. The top line missed the Zacks Consensus Estimate by 0.4%.
Gross premiums written decreased 2.1% year over year to $463.2 million. This can be attributed to the poor performance of the Property Segment. Our estimate was $505.2 million. Net investment income increased 9.2% year over year to $42.3 million. The Zacks Consensus Estimate was $42.9 million, while our estimate for the metric was pegged at $44.5 million. The investment portfolio’s total return was 1.5% in the quarter.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Berkshire Hathaway Q4 Earnings, Revenues Miss Estimates, Fall Y/Y

Berkshire Hathaway's Last Buys With Warren Buffett as CEO

Key Points
Billionaire Investor Ole Andreas Halvorsen worked for Julian Robertson's Tiger Management in the 1990s as the director of equities.
Several research analysts from Tiger Management, including Halvorsen, went on to launch successful funds.
Halvorsen's fund, Viking Global Investors, sold some big names in the fourth quarter of 2025 and piled into a more traditional sector.
In the 1990s, a group of research analysts worked at a prominent hedge fund, Tiger Management, led by the legendary investor Julian Robertson. After Tiger closed down, many of these analysts went on to found their own funds, most of which heavily focused on the burgeoning tech sector. This group of investors that spun off from Tiger Management are known as the Tiger Cubs.
One of, if not the most successful, in this group is the billionaire investor Ole Andreas Halvorsen, who hails from Norway and served as the director of equities at Tiger Management in the 1990s. Today, Halvorsen runs the hedge fund, Viking Global Investors, which manages over $37.6 billion in assets at the end of 2025.
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In the fourth quarter of 2025, Viking made notable changes to its portfolio, exiting its positions in Nike (NYSE: NKE), Netflix (NASDAQ: NFLX), and Meta Platforms (NASDAQ: META) and piling into three insurance stocks.
Selling Nike, Netflix, and Meta
Nike, Netflix, and Meta had all been notable positions in Viking's portfolio, accounting for about 5% of the fund's capital. Each company experienced significant developments in 2025 and drew significant interest from the market.
Nike has been trying to engineer a significant turnaround after several years of struggles, due to rising competition in the luxury apparel space, an overemphasis on promotional online offers, and what some consider a lack of focus in the iconic company's branding. In late 2024, Nike pulled veteran Elliott Hill out of retirement to lead the turnaround.
But, as with most turnarounds, the plan appears to be taking longer than expected to execute, and President Donald Trump's tariffs have not helped the cause. It's possible that Halvorsen and his team simply thought the turnaround would take too long.
Netflix has been in the midst of a heated battle to acquire certain Warner Bros. Discovery assets. While the company has an agreement in place, Paramount Skydance has been in hot pursuit and does not seem to be going away, recently offering an improved bid to Warner Bros. Discovery's board of directors.
Many investors didn't like Netflix's decision to pursue such a large acquisition because the firm isn't a proven acquirer and has been succeeding with its organic growth strategy. If Netflix ultimately moves forward with the acquisition, it will also face regulatory scrutiny.
Meta's stock struggled in 2025, largely as investors grew increasingly nervous about the large artificial intelligence-related capital expenditure plans of the hyperscalers, as well as competition from other social platforms in the digital adtech space, such as ByteDance's TikTok.
Investing heavily in the insurance space
During the quarter, Viking initiated new positions in the insurance stocks UnitedHealth Group (NYSE: UNH), Chubb (NYSE: CB), and Progressive (NYSE: PGR). At the end of 2025, each of these positions was worth between $300 million and $400 million. Each is quite different, and each stock has generated different performances over the past year.
UnitedHealth Group is the largest healthcare insurer in the U.S., providing a range of different plans for individuals, families, and employers, as well as Medicare Advantage and Medicaid plans. The company has struggled due to declining Medicare Advantage membership, higher utilization rates, and the company's first projected decline in revenue in nearly 40 years in 2026.
However, with the stock down nearly 40% over the past year and valuation also cheap historically, several hedge funds have taken positions in UnitedHealth, given the company's pricing power, which enables it to raise premiums to offset the issues mentioned above over time.
Progressive is one of the largest property and casualty (P&C) insurers in the U.S. The stock has struggled as investors expect the P&C insurance space to soften, leading to higher competition, typically lower rates for consumers, and, therefore, less revenue for insurance companies. But the stock is now cheap, trading at under 13 times forward earnings, so if you're a long-term investor looking for some exposure to the insurance sector, it's a good time to buy.
Chubb is another P&C company with an even larger market cap than Progressive, specializing in insuring expensive homes, luxury vehicles, and specialty businesses, among others. The company is coming off its best year in 2025, and management just essentially guided for double-digit earnings growth. The company also trades at a fairly cheap 12.4 times forward earnings, although investors may be cautious about its exposure to wildfires, which has been significantly reduced.
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Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms, Netflix, Nike, Progressive, and Warner Bros. Discovery. The Motley Fool recommends UnitedHealth Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Billionaire Investor Ole Andreas Halvorsen Sold His Hedge Fund's Entire Stake in Nike, Netflix, and Meta and Bought 3 Insurance Stocks Instead

Investors in Chubb Ltd (Symbol: CB) saw new options begin trading today, for the March 2027 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 387 days until expiration the newly trading contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the CB options chain for the new March 2027 contracts and identified one put and one call contract of particular interest.
The put contract at the $330.00 strike price has a current bid of $24.00. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $330.00, but will also collect the premium, putting the cost basis of the shares at $306.00 (before broker commissions). To an investor already interested in purchasing shares of CB, that could represent an attractive alternative to paying $333.71/share today.
Because the $330.00 strike represents an approximate 1% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 61%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 7.27% return on the cash commitment, or 6.86% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Chubb Ltd, and highlighting in green where the $330.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $350.00 strike price has a current bid of $25.50. If an investor was to purchase shares of CB stock at the current price level of $333.71/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $350.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 12.52% if the stock gets called away at the March 2027 expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if CB shares really soar, which is why looking at the trailing twelve month trading history for Chubb Ltd, as well as studying the business fundamentals becomes important. Below is a chart showing CB's trailing twelve month trading history, with the $350.00 strike highlighted in red:
Considering the fact that the $350.00 strike represents an approximate 5% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 49%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 7.64% boost of extra return to the investor, or 7.21% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 24%, while the implied volatility in the call contract example is 22%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 251 trading day closing values as well as today's price of $333.71) to be 20%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Also see:
Funds Holding PLUT
DRE Split History
Top Ten Hedge Funds Holding NVMM
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Interesting CB Put And Call Options For March 2027

Mercury General Corporation MCY reported fourth-quarter 2025 operating income of $3.66 per share, which beat the Zacks Consensus Estimate by 43%. The bottom line surged 31.7% year over year.
Total operating revenues in the quarter were $1.5 billion, up 7.2% year over year. The top line surpassed the consensus estimate by 1.8%.
The better-than-expected quarterly results were driven by higher net premiums, favorable investment results and lower catastrophe losses. The upside was partially offset by higher operating expenses.
Mercury General Corporation Price, Consensus and EPS Surprise
Operational Update
Net premiums earned climbed 6.9% year over year to $1.4 billion, which surpassed the Zacks Consensus Estimate by 2%.
Net investment income, before income taxes, increased 15.3% year over year to $84.5 million, driven primarily by higher average invested assets and cash, along with an improved average yield. The figure exceeded the Zacks Consensus Estimate by approximately 3%.
Total expenses increased 3.6% year over year to $1.3 billion, primarily due to higher policy acquisition costs and other operating expenses.
Catastrophe losses, net of reinsurance, totaled $19 million, significantly lower than $41 million incurred in the year-ago quarter. The majority of 2025 catastrophe losses stemmed from the Palisades and Eaton wildfires in California, as well as severe storms in Texas, Oklahoma and California.
The combined ratio — a measure of underwriting profitability — improved 280 basis points (bps) year over year to 88.6. The Zacks Consensus Estimate was pegged at 93.3. The loss ratio improved 480 bps to 63.6, while the expense ratio deteriorated 200 bps to 24.9.
Financial Update
Mercury General exited fourth-quarter 2025 with total assets of $9.6 billion, which was 15% above the 2024-end level. As of Dec. 31, 2025, MCY reported a solid cash balance of $1.3 billion, reflecting an increase of 82.7% year over year.
Notes payable of $574.5 million inched up 0.1% from the 2024-end level. The debt-to-total capitalization ratio improved 360 basis points year over year to 19.2% as of Dec. 31, 2025.
Shareholder equity was $2.4 billion as of Dec. 31, 2025, up 24.2% from the 2024-end level.
As of Dec. 31, 2025, book value per share was $43.64, up 24.2% year over year.
Dividend Update
The board of directors declared a quarterly dividend of 31.75 cents per share, payable on March 26, 2026, to shareholders of record as of March 12.
Full-Year 2025 Highlights
Operating income of $7.90 per share increased 9.9% year over year.
Total revenues increased 9.4% year over year to $6 billion.
Net premiums written of $5.7 billion increased 6.4% year over year. The combined ratio deteriorated slightly by 30 basis points to 96.3.
Zacks Rank
MCY currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Property and Casualty Insurers
AXIS Capital Holdings Limited AXS reported fourth-quarter 2025 operating income of $3.25 per share, which outpaced the Zacks Consensus Estimate by 9.4% and rose 9.4% year over year.
Axis’ total operating revenues of $1.7 billion beat the Zacks Consensus Estimate by 5.2%. The top line rose nearly 9% year over year on higher premiums earned. Net premiums written increased 13% to $1.4 billion, with a surge of 14% in the Insurance segment and growth of 5% in the Reinsurance segment.
Chubb Limited CB reported fourth-quarter 2025 core operating income of $7.52 per share, which beat the Zacks Consensus Estimate by 13.9%. The bottom line improved 24.9% year over year.
CB’s operating revenues improved 7.4% year over year to $15.3 billion. The top line beat the Zacks Consensus Estimate by 1.7%. Chubb’s strong performance was driven by solid underwriting profit, robust premium growth and record investment income.
First American Financial Corporation FAF reported fourth-quarter 2025 operating earnings of $1.99 per share, which beat the Zacks Consensus Estimate by 33.6% and rose 47.4% year over year.
First American’s operating revenues climbed 22% to $2 billion, driven by growth in direct premiums, escrow fees, and Information and other revenues. The top line surpassed the consensus estimate by 10%. FAF’s quarterly results were supported by higher premiums, stronger net investment income, expanded pretax margin and a lower claim loss rate.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.