Chubb Limited (CB) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 2, 2027 — estimated from last year’s reporting date.

Consensus is $7.26 EPS for Dec 2026 across 11 estimates, ranging $6.22 to $7.81.

CB Sep 2026

Reported Oct 20, 2026 · after the close

: 17.30%
: -0.78%

: $6.53
: $7.66
: —
: $16.20B

Reported results

: $16.20B; from $16.15B
: $2.84B; from $2.80B
: $7.30; from $6.99

Highlights

EPS beat — The supplied reported EPS was $7.66 versus consensus of $6.53, a 17.3% surprise; Chubb’s supplement identifies $7.66 as core operating EPS and reports diluted EPS from Chubb net income of $7.30.
Core earnings — Core operating income was $2.980 billion, down 2.2% from $3.048 billion a year earlier and 1.6% from $3.028 billion in Q2; Chubb net income was $2.844 billion, up 1.5% year over year but slightly below Q2’s $2.854 billion.
P&C underwriting — P&C underwriting income fell to $2.061 billion from $2.259 billion a year earlier, as the combined ratio rose to 84.1% from 81.8%; catastrophe losses were $705 million versus $285 million, partly offset by $511 million of favorable prior-period development.
Underlying P&C — Current-accident-year underwriting income excluding catastrophes increased to $2.255 billion from $2.183 billion, while the corresponding combined ratio was 82.6%, little changed from 82.5% a year earlier.
Premium growth — Net premiums written rose 1.9% to $15.143 billion (1.6% in constant dollars), and net premiums earned increased 3.9% to $14.924 billion.
Investment income — Adjusted net investment income rose 6.3% to $1.888 billion from $1.776 billion; adjusted realized investment results were a $482 million loss, compared with a $331 million gain in Q3 2025.
Segment divergence — North America Personal P&C underwriting income increased to $732 million from $607 million, while North America Commercial P&C fell to $717 million from $941 million and Overseas General segment income was $840 million versus $901 million.
Life and capital — Life Insurance segment income rose to $369 million from $332 million. Book value per share was $191.43, down 2.1% sequentially, while book value excluding AOCI increased 2.6% to $216.22.

Analysis

Chubb’s September-quarter result beat the supplied EPS consensus: $7.66 versus $6.53, a 17.3% surprise. The supplement classifies $7.66 as core operating EPS; diluted EPS based on Chubb net income was $7.30. Chubb net income of $2.844 billion was 1.5% above the year-ago quarter’s $2.801 billion but slightly below Q2’s $2.854 billion. Core operating income was $2.980 billion, down 2.2% year over year and 1.6% sequentially. Premiums continued to grow, but the headline P&C underwriting comparison was pressured by a heavier catastrophe quarter.

P&C underwriting income declined to $2.061 billion from $2.259 billion as catastrophe losses rose to $705 million from $285 million. Favorable prior-period development of $511 million partly offset those losses, while current-year underwriting excluding catastrophes remained solid: income rose to $2.255 billion and the ex-cat combined ratio was 82.6%, versus 82.5% a year earlier. Net premiums written grew 1.9% to $15.143 billion, and adjusted investment income increased 6.3% to $1.888 billion. These gains were offset in part by a $482 million adjusted realized investment loss, versus a $331 million gain last year. Segment results were mixed, with stronger North America Personal P&C and lower income in Commercial P&C and Overseas General.

P&C underwriting

The main pressure on the quarter’s P&C result was catastrophe activity, not deterioration in the ex-cat current accident year measure. The reported combined ratio increased year over year, while favorable prior-period development cushioned the impact of catastrophe losses.

Underwriting result — P&C underwriting income was $2.061 billion, down from $2.259 billion in Q3 2025 but up from $1.937 billion in Q2 2026.
Combined ratio — The P&C combined ratio was 84.1%, versus 81.8% a year earlier and 83.8% in Q2. Excluding catastrophes, the current-accident-year combined ratio was 82.6%, compared with 82.5% a year earlier and 82.2% in Q2.
Catastrophes and reserve development — Pre-tax catastrophe losses were $705 million, up from $285 million a year earlier and $475 million in Q2. Favorable prior-period development was $511 million, compared with $361 million a year earlier and $283 million in Q2; together, cats and development added 1.5 points to the combined ratio.
Underlying underwriting — Current-accident-year P&C underwriting income excluding catastrophe losses was $2.255 billion, up from $2.183 billion a year earlier and $2.129 billion in Q2.

Premiums and growth

Premium growth was positive but measured in aggregate. Personal lines and Life grew, while commercial P&C net written premiums were nearly flat year over year; earned premiums grew faster than written premiums.

Consolidated premiums — Gross premiums written increased 1.6% in constant dollars to $18.359 billion; net premiums written rose 1.9% to $15.143 billion, or 1.8% in constant dollars. Net premiums earned grew 3.9% to $14.924 billion.
P&C and Life — P&C net premiums written increased 1.9% to $13.183 billion (1.6% in constant dollars), while Life net premiums written increased 1.4% to $1.960 billion. Life premiums were up 3.7% in constant dollars.
Product mix — Commercial P&C net premiums written declined 0.5% to $7.568 billion. Personal lines grew 6.9% to $2.908 billion, led by personal other (+13.2%) and homeowners (+6.4%); agriculture increased 5.1% to $1.532 billion.

Earnings and investments

Higher recurring investment income supported core earnings, but did not fully offset softer P&C underwriting and weaker realized investment results. The distinction between core operating EPS and diluted EPS from net income is relevant to interpreting the supplied consensus comparison.

Core earnings — Core operating income was $2.980 billion, compared with $3.048 billion in Q3 2025 and $3.028 billion in Q2 2026. Core operating EPS was $7.66 versus $7.60 a year earlier.
Net income — Chubb net income was $2.844 billion, versus $2.801 billion a year earlier and $2.854 billion in Q2. The supplement reports diluted EPS from Chubb net income of $7.30, distinct from core operating EPS of $7.66.
Investment income and realized results — Adjusted net investment income increased 6.3% to $1.888 billion from $1.776 billion. Adjusted realized results were a $482 million loss, compared with a $331 million gain in Q3 2025 and a $98 million gain in Q2.

Segment performance

The segment picture was uneven. Personal P&C delivered the clearest year-over-year improvement, while Commercial P&C and Overseas General reported lower income; elevated catastrophe losses weighed on both commercial lines.

North America Personal P&C — Underwriting income rose to $732 million from $607 million, and the combined ratio improved to 60.3% from 65.1%. The segment recorded $203 million of catastrophe losses and $379 million of favorable prior-period development.
North America Commercial P&C — Underwriting income declined to $717 million from $941 million; the combined ratio rose to 86.3% from 81.5%. Catastrophe losses increased to $237 million from $72 million, while favorable prior-period development was $14 million versus $26 million.
Overseas General — Segment income was $840 million, down from $901 million. Underwriting income declined to $551 million from $634 million, and the combined ratio rose to 86.4% from 83.3%; catastrophe losses were $249 million versus $42 million.

Life and book value

Life income improved year over year alongside growth in international life premiums and deposits. Book value excluding AOCI advanced sequentially, while reported book value per share declined as AOCI became more negative.

Life Insurance — Segment income increased to $369 million from $332 million. International life premiums written and deposits totaled $2.441 billion, up 15.7%; deposits increased 68.7% to $837 million.
Book value — Book value per common share was $191.43, down 2.1% from June 30. Excluding AOCI, book value per share increased 2.6% sequentially to $216.22; tangible book value per share excluding AOCI rose 3.5% to $150.70.
AOCI — Chubb shareholders’ equity excluding AOCI rose to $82.710 billion from $81.295 billion at June 30, while AOCI moved to a loss of $9.483 billion from a loss of $5.923 billion.

Chubb Limited

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