By Colin Kellaher

Chubb's board authorized a new $5 billion stock buyback, and the insurer's shareholders have approved a 6.6% dividend increase proposed earlier this year.

The new repurchase program, which is effective July 1, has no expiration date, adding that its current buyback will remain in effect through June 30, the company said on Thursday.

Chubb spent $385 million to buy back nearly 1.35 million shares during the first quarter, leaving $1.3 billion available for stock buybacks as of March 31.

The Zurich-based property-and-casualty insurance giant, which had more than 400.7 million shares outstanding as of April 18, sports a market capitalization of nearly $113 billion.

Chubb in February proposed raising its dividend to $3.88 a year, or 97 cents on a quarterly basis, from the current $3.64, or 91 cents a quarter.

The company said the new dividend will be payable July 3 to shareholders of record June 13.

The increase will mark the 32nd consecutive annual rise in Chubb's dividend, maintaining the company's spot in the S&P 500 Dividend Aristocrats Index, whose 69 members have paid a higher dividend for at least 25 years straight.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 15, 2025 11:43 ET (15:43 GMT)

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