Chubb’s CEO 25-page shareholder letter touches on China, AI, and the fragility of democracy: ‘I am both optimistic and I’m concerned’

• In today’s CEO Daily: Diane Brady talks to the Chubb CEO about his shareholder letter.
• The big leadership story: Josh D’Amaro’s rough first week as Disney CEO.
• The markets: Mixed globally as the Iran war carries on.
• Plus: All the news and watercooler chat from Fortune.

Good morning. This is peak season for shareholder letters, in which CEOs share observations about their results, priorities and views of the trends shaping business. Most are short, bland and to the point.