Chubb Limited
CB · NYSE
Next quarter
Expected to report Oct 20, 2026 — estimated from last year’s reporting date.
Consensus is $6.31 EPS for Sep 2026 across 11 estimates, ranging $5.70 to $7.57.
CB Jun 2026
- 9.50%
- -3.26%
- $6.63
- $7.26
- —
- —
Highlights
- Earnings beat: Core operating EPS was $7.26, 9.5% above the $6.63 consensus; GAAP diluted EPS was $7.30 versus $7.35 a year ago and $5.88 in Q1 2026.
- Core profit growth: Core operating income rose 14.6% year over year to $2.842 billion and 13.0% from $2.515 billion in Q1; first-half core operating income reached $5.531 billion, up 39.4%.
- P&C underwriting: P&C underwriting income increased 18.8% year over year to $1.937 billion, while the combined ratio improved to 83.8% from 85.6%; catastrophe losses were $475 million, partly offset by $283 million of favorable prior-period development.
- Underlying margins: Current accident year combined ratio excluding catastrophes was 82.2%, essentially stable with 82.3% a year ago and 82.1% in Q1; ex-Cat underwriting income rose 5.8% year over year to $2.129 billion.
- Premium growth: Consolidated net premiums written increased 3.6% to $14.705 billion, with personal lines up 8.6%, life up 7.5% and overseas general insurance up 10.2%; commercial P&C grew only 0.5%.
- Investment income: Adjusted net investment income increased 11.4% to $1.880 billion, the second-largest contributor to core earnings after P&C underwriting.
- Life momentum: Life segment income rose 8.9% to $332 million; international life premiums and deposits totaled $2.307 billion, up 14.4%, while first-half life premiums written increased 20.0% to $4.226 billion.
- Capital and cash: Operating cash flow was $3.730 billion in the quarter and $7.677 billion in the first half; tangible book value per share rose 4.2% sequentially to $131.93, while Chubb repurchased $979 million of shares in Q2.
Analysis
Chubb's June quarter was a core-earnings beat driven by stronger P&C underwriting, higher investment income and favorable reserve development. Core operating EPS of $7.26 exceeded the $6.63 consensus by 9.5%, while core operating income reached $2.842 billion, up 14.6% from $2.480 billion a year ago and 13.0% from $2.515 billion in Q1 2026. GAAP net income attributable to Chubb was $2.854 billion, down 3.8% year over year from $2.968 billion but up from $2.320 billion in Q1. Total revenues were $15.816 billion, versus $14.836 billion a year earlier and approximately $14.77 billion in Q1.
The operating picture was solid rather than uniformly accelerating. P&C underwriting income rose 18.8% to $1.937 billion, with the combined ratio improving 1.8 points year over year to 83.8%, although the current accident year ex-Cat ratio was broadly unchanged at 82.2%. Growth was led by personal P&C and overseas general insurance, while commercial P&C net premiums written increased just 0.5%. Adjusted net investment income rose 11.4% to $1.880 billion, and life segment income increased 8.9% to $332 million. First-half core operating income was $5.531 billion, up 39.4%, supported by $7.677 billion of operating cash flow and a 4.2% sequential increase in tangible book value per share.
Core earnings and revenue
Chubb delivered a quarterly core operating income beat, with earnings supported by both insurance operations and the investment portfolio. GAAP earnings were lower year over year because the prior-year quarter included more favorable non-core items, but the sequential comparison improved materially.
- Core income: Core operating income was $2.842 billion, up 14.6% from $2.480 billion in Q2 2025 and 13.0% from $2.515 billion in Q1 2026. Core operating EPS was $7.26 versus $6.14 a year ago and $5.88 in Q1.
- GAAP results: Net income attributable to Chubb was $2.854 billion, or $7.30 diluted EPS, compared with $2.968 billion, or $7.35, a year ago. Total revenues rose 6.6% to $15.816 billion from $14.836 billion.
- Share count: Weighted average diluted shares fell to 391.3 million from 403.8 million a year ago, helping EPS growth; Chubb repurchased $979 million of common shares during the quarter.
P&C underwriting
P&C remained the central earnings engine. Better reported underwriting results reflected premium growth, a lower catastrophe burden than in the prior quarter and substantial favorable development, while underlying accident-year performance was broadly stable.
- Reported profitability: P&C underwriting income rose to $1.937 billion from $1.631 billion a year ago, and the combined ratio improved to 83.8% from 85.6%. Q1 underwriting income was $1.792 billion with an 84.0% combined ratio.
- Catastrophes and reserves: Pre-tax catastrophe losses were $475 million, equivalent to a 4.0-point combined-ratio impact. Favorable prior-period development was $283 million, reducing the ratio by 2.4 points; the net Cat and prior-period impact was 1.6 points.
- Underlying result: Current accident year combined ratio excluding catastrophes was 82.2%, compared with 82.3% a year ago and 82.1% in Q1. Ex-Cat current accident year underwriting income increased 5.8% to $2.129 billion.
Premium growth mix
Consolidated premium growth was moderate and increasingly concentrated in personal, overseas and life businesses. Commercial P&C production was nearly flat because lower property and other short-tail premiums offset continued growth in casualty and financial lines.
- Consolidated premiums: Net premiums written rose 3.6% year over year to $14.705 billion, while net premiums earned increased 5.8% to $13.889 billion.
- P&C mix: P&C net premiums written grew 3.0% to $12.768 billion. Personal lines increased 8.6% to $3.031 billion, including 10.5% growth in personal auto and 6.8% in homeowners; commercial P&C increased just 0.5% to $7.725 billion.
- Overseas and reinsurance: Overseas general insurance net premiums written rose 10.2% to $3.990 billion, led by Asia, Latin America and EMEA. Global reinsurance declined 6.7% to $354 million.
Investment income and life
Investment income provided a meaningful earnings tailwind, while the life segment continued to expand. Life growth was especially strong on a year-to-date basis, although its quarterly contribution remained smaller than P&C's.
- Investment income: Adjusted net investment income increased 11.4% to $1.880 billion from $1.687 billion a year ago and was up from $1.838 billion in Q1. Net investment income under GAAP rose 12.3% to $1.760 billion.
- Life earnings: Life segment income reached $332 million, up from $305 million a year ago and $316 million in Q1. Life net premiums written increased 7.5% to $1.937 billion.
- International life: International life premiums and deposits totaled $2.307 billion, up 14.4% year over year, including $1.592 billion of premiums and $715 million of deposits. First-half life premiums written were $4.226 billion, up 20.0%.
Capital and balance sheet
Chubb converted the earnings into strong operating cash generation and continued to build per-share capital despite dividends and repurchases. The investment portfolio also expanded, while accumulated other comprehensive income remained a drag on reported book value.
- Cash generation: Operating cash flow was $3.730 billion in Q2 and $7.677 billion in the first half, up from $5.117 billion in the first half of 2025.
- Book value: Book value per common share increased 2.9% sequentially to $195.45, while tangible book value per share rose 4.2% to $131.93. Tangible book value excluding AOCI increased 3.8% sequentially to $145.67.
- Investments and capital return: Total investments were $172.649 billion at June 30, up from $168.720 billion at year-end. Chubb paid $395 million of dividends in the quarter and repurchased $979 million of shares; first-half repurchases totaled $2.236 billion.
