Chubb Limited (NYSE: CB) reported net income for the quarter ended June 30, 2026 of $2.85 billion, or $7.30 per share, and core operating income of $2.84 billion, or $7.26 per share. Book value per share and tangible book value per share increased 12.3% and 17.1%, respectively, from June 30, 2025 and now stand at $195.45 and $131.93. For the last three months, book value was favorably impacted by after-tax net realized and unrealized gains of $388 million in Chubb’s investment portfolio, partially offset by $254 million of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 11.4% and 15.8%, from June 30, 2025.
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Chubb Limited Second Quarter Summary (in millions of U.S. dollars, except per share amounts and ratios) (Unaudited) |
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|
(Per Share) |
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|
2026 |
2025 |
Change |
2026 |
2025 |
Change |
||
|
Net income |
$2,854 |
$2,968 |
(3.8) % |
$7.30 |
$7.35 |
(0.7) % |
|
|
Adjusted net realized (gains) losses and other, net of tax |
(47) |
(539) |
(91.3) % |
(0.13) |
(1.33) |
(90.2) % |
|
|
Integration expenses and severance, net of tax |
6 |
2 |
NM |
0.02 |
– |
NM |
|
|
Market risk benefits (gains) losses, net of tax |
(4) |
15 |
NM |
(0.01) |
0.04 |
NM |
|
|
Amortization of deferred tax asset from Bermuda law |
33 |
34 |
(2.9) % |
0.08 |
0.08 |
– |
|
|
Core operating income, net of tax |
$2,842 |
$2,480 |
14.6 % |
$7.26 |
$6.14 |
18.2 % |
|
|
Annualized return on equity (ROE) |
15.3 % |
17.6 % |
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|
Core operating return on tangible equity (ROTE) |
21.2 % |
21.0 % |
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|
Core operating ROE |
14.5 % |
13.9 % |
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For the six months ended June 30, 2026, net income was $5.17 billion, or $13.17 per share, and core operating income was $5.53 billion, or $14.07 per share. Book value per share and tangible book value per share increased by 3.6% and 4.5%, from December 31, 2025. For the last six months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.55 billion in Chubb’s investment portfolio, partially offset by $92 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 4.7% and 6.4%, from December 31, 2025.
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Chubb Limited Six Months Ended Summary (in millions of U.S. dollars, except per share amounts and ratios) (Unaudited) |
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|
(Per Share) |
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|
2026 |
2025 |
Change |
2026 |
2025 |
Change |
||
|
Net income |
$5,174 |
$4,299 |
20.4 % |
$13.17 |
$10.63 |
23.9 % |
|
|
Adjusted net realized (gains) losses and other, net of tax |
296 |
(480) |
NM |
0.75 |
(1.18) |
NM |
|
|
Integration expenses and severance, net of tax |
13 |
2 |
NM |
0.03 |
– |
NM |
|
|
Market risk benefits (gains) losses, net of tax |
(16) |
93 |
NM |
(0.04) |
0.23 |
NM |
|
|
Amortization of deferred tax asset from Bermuda law |
64 |
55 |
16.4 % |
0.16 |
0.14 |
14.3 % |
|
|
Core operating income, net of tax |
$5,531 |
$3,969 |
39.4 % |
$14.07 |
$9.82 |
43.3 % |
|
|
Annualized return on equity (ROE) |
13.9 % |
12.9 % |
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|
Core operating return on tangible equity (ROTE) |
20.9 % |
16.9 % |
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|
Core operating ROE |
14.3 % |
11.2 % |
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For the six months ended June 30, 2026 and 2025, the tax expenses (benefits) related to the table above were $3 million and $55 million, respectively for adjusted net realized gains and losses and other; $(4) million and nil for integration expenses and severance; $3 million and $(16) million for market risk benefits gains and losses, and $1.32 billion and $937 million for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We had a very strong quarter with results that again reflect the strengths of our company, including our sources of income, our diversification globally and the growth opportunities it presents, the size and strength of our balance sheet and the growth of our invested asset, and, finally, our disciplined approach to underwriting, which is a hallmark of our culture.
“Strong P&C underwriting, investment and life income led to core operating earnings of $2.8 billion, or $7.26 per share, up 14.6% and 18.2%, respectively, over the prior year. Our most important measure of value creation, tangible book value per share, increased 17.1% from last year.
“P&C underwriting income was more than $1.9 billion, up almost 19%, with a combined ratio of 83.8% – a standout result – and on a current accident year basis excluding CATs, the combined ratio was 82.2%. On the investment side of our business, adjusted net investment income was a record $1.88 billion, up more than 11%, supported by excellent performance in our fixed income and alternative asset portfolios. Our invested asset now stands at $175 billion, up 9% over the last 12 months. Life income grew 9% to $332 million, with good revenue growth in our Asia Life and North America Worksite businesses.
“In terms of P&C markets, overly soft underwriting conditions persist in certain areas of property insurance globally, particularly large account and E&S related. Our revenue results reflect our underwriting discipline, and we will not underwrite knowingly at a loss. The growth penalty we are paying in property will dissipate going forward. In the meantime, soft market conditions are spreading to certain areas of casualty while financial lines also remain soft. Against that backdrop, we’re well diversified and the substantial majority of our businesses are growing, and that is evident in our results.
“P&C premiums rose 3% from last year, or 6.3% excluding large account and E&S property. Overseas General grew 10.2%, with Latin America up 15.6%, Asia up 12% and Europe up 5.1%. North America was up about 0.5%, with commercial down 2.3%, while personal lines and agriculture each grew 6%. Commercial was up 4.1% excluding major and specialty property. In our international life insurance business, premiums and deposits rose 14.4%.
“We are an all-weather company. As long-term compounders of wealth in a cyclical business, we are patient and have many sources of opportunity on both the liability and asset sides of the balance sheet. CATs and FX aside, we are confident in our ability to continue to outperform and generate strong growth in operating earnings and EPS, and double-digit growth in tangible book value.”
Operating highlights for the quarter ended June 30, 2026 were as follows:
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Chubb Limited |
Q2 |
Q2 |
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|
(in millions of U.S. dollars except for percentages) |
2026 |
2025 |
Change |
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|
Consolidated |
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|
Net premiums written (increase of 2.0% in constant dollars) |
$ |
14,705 |
$ |
14,196 |
3.6 % |
|
P&C |
|||||
|
Net premiums written (increase of 1.4% in constant dollars) (increase of 6.3% excluding large account and E&S property) |
$ |
12,768 |
$ |
12,394 |
3.0 % |
|
Underwriting income |
$ |
1,937 |
$ |
1,631 |
18.8 % |
|
Combined ratio |
83.8 % |
85.6 % |
|||
|
Current accident year underwriting income excluding catastrophe losses |
$ |
2,129 |
$ |
2,012 |
5.8 % |
|
Current accident year combined ratio excluding catastrophe losses |
82.2 % |
82.3 % |
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|
Global P&C (excludes Agriculture) |
|||||
|
Net premiums written (increase of 1.1% in constant dollars) |
$ |
11,992 |
$ |
11,661 |
2.8 % |
|
Underwriting income |
$ |
1,871 |
$ |
1,566 |
19.5 % |
|
Combined ratio |
83.5 % |
85.4 % |
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|
Current accident year underwriting income excluding catastrophe losses |
$ |
2,049 |
$ |
1,946 |
5.4 % |
|
Current accident year combined ratio excluding catastrophe losses |
81.9 % |
81.9 % |
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|
Life Insurance |
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|
Net premiums written (increase of 6.3% in constant dollars) |
$ |
1,937 |
$ |
1,802 |
7.5 % |
|
Segment income (increase of 9.1% in constant dollars) |
$ |
332 |
$ |
305 |
9.0 % |
- Consolidated net premiums earned increased 5.8%, or 4.0% in constant dollars. P&C net premiums earned increased 5.5%, or 3.6% in constant dollars.
- Operating cash flow was $3.73 billion and adjusted operating cash flow was $3.48 billion.
- Total capital returned to shareholders in the quarter was $1.37 billion, comprising share repurchases of $979 million at an average purchase price of $327.18 per share and dividends of $395 million. Total capital returned to shareholders for the six months was $2.90 billion, comprising share repurchases of $2.12 billion at an average purchase price of $326.03 per share and dividends of $775 million.
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended June 30, 2026 are presented below:
|
Chubb Limited |
Q2 |
Q2 |
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|
(in millions of U.S. dollars except for percentages) |
2026 |
2025 |
Change |
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|
Total North America P&C Insurance |
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|
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance) |
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|
Net premiums written |
$ |
8,424 |
$ |
8,394 |
0.4 % |
|
Combined ratio |
81.5 % |
81.7 % |
|||
|
Current accident year combined ratio excluding catastrophe losses |
79.4 % |
79.7 % |
|||
|
North America Commercial P&C Insurance |
|||||
|
Net premiums written (increase of 4.1% excluding large account and E&S |
$ |
5,594 |
$ |
5,723 |
(2.3) % |
|
Major accounts retail and excess and surplus (E&S) wholesale (increase |
$ |
3,257 |
$ |
3,578 |
(9.0) % |
|
Middle market and small commercial |
$ |
2,337 |
$ |
2,145 |
8.9 % |
|
Combined ratio |
85.4 % |
83.5 % |
|||
|
Current accident year combined ratio excluding catastrophe losses |
81.8 % |
81.1 % |
|||
|
North America Personal P&C Insurance |
|||||
|
Net premiums written |
$ |
2,054 |
$ |
1,938 |
6.0 % |
|
Combined ratio |
67.3 % |
73.5 % |
|||
|
Current accident year combined ratio excluding catastrophe losses |
69.9 % |
72.2 % |
|||
|
North America Agricultural Insurance |
|||||
|
Net premiums written |
$ |
776 |
$ |
733 |
6.0 % |
|
Combined ratio |
89.7 % |
89.1 % |
|||
|
Current accident year combined ratio excluding catastrophe losses |
87.6 % |
88.8 % |
|||
|
Overseas General Insurance |
|||||
|
Net premiums written (increase of 4.8% in constant dollars) |
$ |
3,990 |
$ |
3,620 |
10.2 % |
|
Commercial P&C |
$ |
2,259 |
$ |
2,077 |
8.8 % |
|
Consumer P&C |
$ |
1,731 |
$ |
1,543 |
12.1 % |
|
Combined ratio |
82.2 % |
90.3 % |
|||
|
Current accident year combined ratio excluding catastrophe losses |
85.2 % |
85.4 % |
|||
|
Global Reinsurance |
|||||
|
Net premiums written |
$ |
354 |
$ |
380 |
(6.7) % |
|
Combined ratio |
76.1 % |
71.0 % |
|||
|
Current accident year combined ratio excluding catastrophe losses |
76.9 % |
73.5 % |
|||
|
Life Insurance |
|||||
|
Net premiums written (increase of 6.3% in constant dollars) |
$ |
1,937 |
$ |
1,802 |
7.5 % |
|
Net premiums written and deposits (increase of 12.9% in constant dollars) |
$ |
2,652 |
$ |
2,320 |
14.4 % |
|
Segment income (increase of 9.1% in constant dollars) |
$ |
332 |
$ |
305 |
9.0 % |
- North America Commercial P&C Insurance: The combined ratio increased 1.9 percentage points, including a 1.3 percentage point increase from higher catastrophe losses and a 0.5 percentage point increase in the current accident year loss ratio excluding catastrophe losses.
- North America Personal P&C Insurance: The combined ratio decreased 6.2 percentage points, including a 2.4 percentage point decrease from higher favorable prior period development, a 1.5 percentage point decrease from lower catastrophe losses, and a 1.5 percentage point decrease in the current accident year loss ratio excluding catastrophe losses.
- North America Agricultural Insurance: The combined ratio increased 0.6 percentage points, including a 1.8 percentage point increase from higher catastrophe losses, partially offset by a 0.7 percentage point decrease in the underlying expense ratio, and a 0.5 percentage point decrease in the current accident year loss ratio excluding catastrophe losses.
- Overseas General Insurance: The combined ratio decreased 8.1 percentage points, including a 6.5 percentage point decrease from lower catastrophe losses, a 1.4 percentage point decrease from higher favorable prior period development, and a 0.6 percentage point decrease in the current accident year loss ratio excluding catastrophe losses, partially offset by a 0.4 percentage point increase in the underlying expense ratio, due to shift in the mix of business.
- Life Insurance: Net premiums written were $1.94 billion, up 7.5%, with International Life of $1.59 billion, up 6.2%, and Chubb Benefits up 14.0%. Life Segment income was $332 million, up 9.0%, primarily reflecting growth in International Life of 13.0%.
All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated June 30, 2026, which is posted on Chubb’s investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its second quarter earnings conference call on Wednesday, July 22, 2026, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, click here to register and receive dial-in numbers.
In this release, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-controlling interest.