Chubb Reports First Quarter Per Share Net Income and Core Operating Income of $5.88 and $6.82, Respectively, Up 78.8% and 85.2%; Consolidated Net Premiums Written of $14.0 Billion, Up 10.7%, with P&C and Life Insurance Up 7.2% and 33.1%; P&C Combined Ratio of 84.0%

Rhea-AI Summary

Chubb (NYSE: CB) reported Q1 2026 net income of $2.32B ($5.88 per share) and core operating income of $2.69B ($6.82 per share), increases of 74.3% and 80.6% respectively. Consolidated net premiums written were $14.0B, up 10.7%. P&C combined ratio was 84.0%.

Life net premiums written rose 33.1% to $2.29B. Adjusted net investment income was a record $1.84B. Book value per share stood at $189.93, with after-tax net realized and unrealized investment losses of $1.94B reducing book value.

Positive

• Net income $2.32B (+74.3% YoY)
• Core operating income $2.69B (+80.6% YoY)
• Consolidated net premiums written $14.0B (+10.7% YoY)
• P&C combined ratio 84.0% (improved underwriting performance)
• Adjusted net investment income $1.84B (record, +10.1%)

Negative

• After-tax net realized and unrealized investment losses of $1.94B reduced book value
• Mark-to-market impact in public fixed-income portfolio caused significant valuation hit
• Property market softening led to non-renewal of a substantial percentage of layered property business

News Market Reaction – CB

-0.88%

1 alert

-0.88% News Effect

On the day this news was published, CB declined 0.88%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q1 2026 net income: $2.32 billion Q1 2026 core operating income: $2.69 billion Core operating EPS: $6.82 +5 more

8 metrics

Q1 2026 net income $2.32 billion Up 74.3% year over year

Q1 2026 core operating income $2.69 billion Up 80.6% year over year

Core operating EPS $6.82 Up 85.2% vs. prior-year quarter

Consolidated net premiums written $14.01 billion Q1 2026, up 10.7% vs. Q1 2025

P&C combined ratio 84.0% Q1 2026 vs. 95.7% in Q1 2025

Pre-tax catastrophe losses $500 million Q1 2026 vs. $1.64 billion last year

Book value per share $189.93 Up 15.8% from March 31, 2025

After-tax investment losses $1.94 billion Net realized and unrealized losses impacting book value

Market Reality Check

Price: $325.43 Vol: Volume 1,324,016 is sligh...

normal vol

$325.43 Last Close

Volume Volume 1,324,016 is slightly below 20-day average of 1,435,387, suggesting no outsized positioning ahead of the release. normal

Technical Shares at $329.99 trade above 200-day MA of $298.02 and are 4.54% below the 52-week high of $345.67.

Peers on Argus

CB was down 0.25% pre-release, while peers were mixed: PGR up 0.47%, TRV, ALL, H...

CB was down 0.25% pre-release, while peers were mixed: PGR up 0.47%, TRV, ALL, HIG and MKL modestly negative, pointing to stock-specific rather than broad sector action.

Common Catalyst Peer headlines today relate to corporate culture and community reports, not earnings, reinforcing that this is a company-specific earnings event.

Previous Earnings Reports

2 past events · Latest: Feb 03 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Feb 03	Quarterly earnings	Positive	+5.1%	Record Q4 and full-year 2025 net income, core income and premiums.
Oct 21	Quarterly earnings	Positive	+2.7%	Q3 2025 net and core EPS up strongly with record P&C combined ratio.

Pattern Detected

Recent earnings releases have coincided with positive next-day moves, suggesting the market has historically rewarded strong results.

Recent Company History

Over the past few quarters, Chubb has repeatedly highlighted strong earnings and underwriting results. In Q3 2025, net income of $2.80 billion and record core operating EPS of $7.49 came with a record P&C combined ratio of 81.8%. In Q4 2025, net income reached $3.21 billion and core operating income $2.98 billion, with consolidated net premiums written of $13.13 billion. Today’s Q1 2026 report showing higher net income, core EPS and an 84.0% P&C combined ratio continues that trajectory of strong profitability and growth.

Historical Comparison

+3.9% avg move · In the past two earnings releases, CB moved an average of 3.92% over the next day. Today’s -0.25% pr...

earnings

+3.9%

Average Historical Move earnings

In the past two earnings releases, CB moved an average of 3.92% over the next day. Today’s -0.25% pre-release move was modest compared with those prior reactions.

Recent earnings reports show a progression of record or near-record profitability, with strong net income, core operating income and improving P&C combined ratios carrying into Q1 2026.

Market Pulse Summary

This announcement highlights a very strong Q1 2026, with net income of $2.32 billion, core operating...

Analysis

This announcement highlights a very strong Q1 2026, with net income of $2.32 billion, core operating income of $2.69 billion, and a P&C combined ratio of 84.0%, alongside consolidated net premiums written of $14.0 billion, up 10.7%. Book value per share rose to $189.93 and tangible book to $126.65. Investors may watch future quarters for underwriting discipline, catastrophe experience, and sustainability of growth in life and international P&C premiums.

Key Terms

core operating income, net premiums written, combined ratio, return on equity (ROE), +3 more

7 terms

core operating income financial

"reported net income ... and core operating income of $2.69 billion, or $6.82 per share"

Core operating income is the profit a company generates from its regular, day-to-day business activities after paying the normal costs of running those operations, excluding one‑time gains, losses, or unusual items. Investors care because it reveals the steady earnings power of the business—like measuring how well a store makes money from selling goods each month rather than from a one-off sale of property—and helps compare performance across periods and companies.

net premiums written financial

"P&C net premiums written were $11.72 billion, up 7.2%"

Net premiums written is the total amount of insurance premium a company has agreed to collect from customers for new and renewed policies during a period, after subtracting premiums it passes on to other insurers (reinsurance) and cancellations. It matters to investors because it shows the insurer’s actual sales growth and risk retained—like a retailer’s sales after returns and wholesale transfers—so rising net premiums written can signal stronger future revenue and underwriting exposure.

combined ratio financial

"P&C underwriting income was $1.79 billion, up 306.3%, with a combined ratio of 84.0%."

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

return on equity (ROE) financial

"Annualized return on equity (ROE) was 12.6%."

Return on equity (ROE) measures how effectively a company uses its shareholders' money to generate profit. It shows the percentage of profit earned for each dollar invested by shareholders, similar to how a garden’s yield reflects the effort put into planting and tending. Investors use ROE to assess how well a company is managing its resources to create value.

tangible book value financial

"tangible book value per share increased 21.5% ... now stand at $189.93 and $126.65."

Tangible book value is the accounting measure of a company’s net worth after removing intangible items like goodwill, patents and trademarks, leaving only physical and financial assets minus liabilities. For investors it offers a clearer view of the company’s hard-asset backing per share—like estimating the cash you could get by selling the furniture, machinery and cash in a house—helping gauge downside risk and whether a stock may be cheaply valued.

catastrophe losses financial

"current accident year underwriting income excluding catastrophe losses was $2.01 billion"

Catastrophe losses are large, unexpected insurance payouts that follow major disasters such as hurricanes, earthquakes, wildfires or pandemics. They matter to investors because they can sharply reduce an insurer’s profits, drain reserves and force special financing or rate increases — much like a sudden flood overwhelming a city’s budget — and can also ripple through markets by affecting reinsurers, bondholders and stock prices.

capital band regulatory

"under the capital band provision in the company’s Articles of Association"

Capital band is the target range a company or regulator sets for how much capital (equity or loss-absorbing resources) a business should hold relative to its size or risk. It acts like a financial buffer—enough to absorb shocks but not so much that cash sits idle—and helps investors gauge the likelihood of dividend cuts, equity raises, or constrained growth. Tight bands imply disciplined balance-sheet management; wide bands signal more flexibility.

AI-generated analysis. Not financial advice.

• Net income and core operating income were $2.32 billion and $2.69 billion, respectively, up 74.3% and 80.6%.
• P&C net premiums written were $11.72 billion, up 7.2%, with consumer insurance up 14.2% and commercial insurance up 4.6%.
  • North America was up 4.1%, including growth of 8.3% in personal insurance and 2.8% in commercial insurance, or 7.7% excluding large account property, both admitted and E&S.
  • Overseas General was up 14.4%, including growth of 20.5% in consumer insurance and 10.8% in commercial insurance; Latin America, Europe and Asia were up 17.8%, 15.8% and 12.1%, respectively. On a constant dollars basis, Overseas General was up 6.1%, with consumer insurance up 11.1% and commercial insurance up 3.1%.
• P&C underwriting income was $1.79 billion, up 306.3%, with a combined ratio of 84.0%. P&C current accident year underwriting income excluding catastrophe losses was $2.01 billion, up 9.8%, with a combined ratio of 82.1%.
• Total pre-tax net catastrophe losses were $500 million compared with $1.64 billion last year, which included $1.47 billion from the California wildfires.
• Total pre-tax favorable prior period development was $286 million compared with $255 million in the prior year.
• Life Insurance net premiums written were $2.29 billion, up 33.1%, and segment income was $316 million, up 8.5%, with International Life income up 14.5%.
• Pre-tax net investment income was $1.71 billion, up 9.5%, and adjusted net investment income was $1.84 billion, up 10.1%. Both were records.
• Annualized return on equity (ROE) was 12.6%. Annualized core operating return on tangible equity (ROTE) was 20.6% and annualized core operating ROE was 14.0%.

ZURICH, April 21, 2026 /PRNewswire/ -- Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2026 of $2.32 billion, or $5.88 per share, and core operating income of $2.69 billion, or $6.82 per share. Book value per share and tangible book value per share increased 15.8% and 21.5%, respectively, from March 31, 2025 and now stand at $189.93 and $126.65. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.94 billion in Chubb's investment portfolio, principally due to the mark-to-market impact in the public fixed-income portfolio, partially offset by $346 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 12.1% and 16.5%, from March 31, 2025.

Chubb Limited
First Quarter Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
					(Per Share)
	2026	2025	Change		2026	2025	Change
Net income	$2,320	$1,331	74.3 %		$5.88	$3.29	78.8 %
Adjusted net realized (gains) losses and other, net of tax	343	59	NM		0.87	0.15	NM
Integration expenses and severance, net of tax	7	-	NM		0.02	-	NM
Market risk benefits (gains) losses, net of tax	(12)	78	NM		(0.03)	0.19	NM
Amortization of deferred tax asset from Bermuda law	31	21	47.6 %		0.08	0.05	60.0 %
Core operating income, net of tax	$2,689	$1,489	80.6 %		$6.82	$3.68	85.2 %
Annualized return on equity (ROE)	12.6 %	8.2 %
Core operating return on tangible equity (ROTE)	20.6 %	13.0 %
Core operating ROE	14.0 %	8.6 %

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had an excellent quarter and start to the year, which speaks to the strength and resilience of our company in a period of elevated uncertainty. Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth.

"Strong growth in P&C underwriting income, investment income and life income led to core operating earnings of $2.7 billion, or $6.82 per share, both up more than 80% over the prior year first quarter, which was impacted by the California wildfires. Excluding CATs, core operating income was up 10.7% and EPS was up 13.5%. Tangible book value per share grew 21.5%.

"Our underwriting performance in the quarter was excellent. P&C underwriting income was $1.8 billion, with a combined ratio of 84%. On a current accident year basis excluding CATs, underwriting income grew 9.8%, with a combined ratio of 82.1%. And on the investment side of our business, adjusted net investment income of $1.8 billion was up more than 10%.

"Both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace. Given inadequate price levels, we moved during the quarter to reduce exposures in our Major Accounts and E&S divisions by non-renewing a substantial percentage of our shared and layered property business that was up for renewal while purchasing additional reinsurance. Given our diversification and balance of opportunities, we produced good growth, with consolidated net premiums up 10.7% to $14 billion, including 21% growth in our global consumer businesses, both P&C and Life. Total P&C net premiums grew 7.2% and Life increased 33.1%. In North America, P&C increased 4.1%, while Overseas General grew 14.4%, or 6.1% in constant dollars. Our published growth in Latin America, Europe and Asia was 17.8%, 15.8% and 12.1%, respectively. Excluding large account property, admitted and E&S, North America grew 7.8%.

"War in the Middle East raises the specter globally of higher inflation and slower economic growth, while adding pressure to certain financial, fiscal and economic conditions already present. Chubb's diversification, market-leading presence and capabilities, and operating discipline provide us with greater resilience. We have many sources of opportunity, and from what I see I remain confident in our ability to continue generating strong growth in operating earnings, and double-digit growth in EPS and tangible book value."

Operating highlights for the quarter ended March 31, 2026 were as follows:

Chubb Limited	Q1		Q1
(in millions of U.S. dollars except for percentages)	2026		2025		Change
Consolidated
Net premiums written (increase of 7.7% in constant dollars)	$	14,005	$	12,646	10.7 %
P&C
Net premiums written (increase of 4.1% in constant dollars)	$	11,716	$	10,926	7.2 %
Underwriting income	$	1,792	$	441	306.3 %
Combined ratio		84.0 %		95.7 %
Current accident year underwriting income excluding catastrophe losses	$	2,006	$	1,827	9.8 %
Current accident year combined ratio excluding catastrophe losses		82.1 %		82.3 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 3.9% in constant dollars)	$	11,405	$	10,650	7.1 %
Underwriting income	$	1,674	$	387	332.0 %
Combined ratio		84.8 %		96.2 %
Current accident year underwriting income excluding catastrophe losses	$	1,964	$	1,791	9.5 %
Current accident year combined ratio excluding catastrophe losses		82.2 %		82.4 %
Life Insurance
Net premiums written (increase of 30.8% in constant dollars)	$	2,289	$	1,720	33.1 %
Segment income (increase of 7.1% in constant dollars)	$	316	$	291	8.5 %

• Consolidated net premiums earned increased 12.1%, or 9.5% in constant dollars. P&C net premiums earned increased 8.6%, or 5.9% in constant dollars.
• Operating cash flow was $3.95 billion and adjusted operating cash flow was $3.80 billion.
• Total capital returned to shareholders was $1.52 billion, comprising share repurchases of $1.14 billion at an average purchase price of $325.06 per share and dividends of $380 million.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2026 are presented below:

Chubb Limited	Q1		Q1
(in millions of U.S. dollars except for percentages)	2026		2025		Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written	$	6,887	$	6,615	4.1 %
Combined ratio		82.8 %		99.8 %
Current accident year combined ratio excluding catastrophe losses		79.1 %		79.7 %
North America Commercial P&C Insurance
Net premiums written	$	4,895	$	4,787	2.3 %
Major accounts retail and excess and surplus (E&S) wholesale	$	2,772	$	2,731	1.5 %
Middle market and small commercial	$	2,123	$	2,056	3.3 %
Combined ratio		84.0 %		82.1 %
Current accident year combined ratio excluding catastrophe losses		81.8 %		81.3 %
North America Personal P&C Insurance
Net premiums written	$	1,681	$	1,552	8.3 %
Combined ratio		84.0 %		159.5 %
Current accident year combined ratio excluding catastrophe losses		71.3 %		75.0 %
North America Agricultural Insurance
Net premiums written	$	311	$	276	12.7 %
Combined ratio		37.5 %		67.5 %
Current accident year combined ratio excluding catastrophe losses		77.6 %		78.9 %
Overseas General Insurance
Net premiums written (increase of 6.1% in constant dollars)	$	4,466	$	3,903	14.4 %
Commercial P&C (increase of 3.1% in constant dollars)	$	2,695	$	2,432	10.8 %
Consumer P&C (increase of 11.1% in constant dollars)	$	1,771	$	1,471	20.5 %
Combined ratio		83.6 %		83.4 %
Current accident year combined ratio excluding catastrophe losses		85.4 %		85.5 %
Global Reinsurance
Net premiums written (decrease of 11.7% in constant dollars)	$	363	$	408	(11.2) %
Combined ratio		76.0 %		95.6 %
Current accident year combined ratio excluding catastrophe losses		73.7 %		74.3 %
Life Insurance
Net premiums written (increase of 30.8% in constant dollars)	$	2,289	$	1,720	33.1 %
Segment income (increase of 7.1% in constant dollars)	$	316	$	291	8.5 %

• North America Commercial P&C Insurance: Net premiums written increased 2.3%, or 7.3% excluding large account property, both admitted and E&S. Middle market and small commercial were up 3.3%, with P&C lines up 5.4% and financial lines down 5.7%, impacted by the increased use of reinsurance. Major accounts retail and specialty were up 1.5%, or 10.9% excluding large account property, which was down 55.0% due to market conditions. The current accident year combined ratio excluding catastrophe losses increased 0.5 percentage points, driven by an increase in the underlying loss ratio, primarily due to the reduction in property business.
• North America Personal P&C Insurance: Net premiums written increased 8.3%. The current accident year combined ratio excluding catastrophe losses decreased 3.7 percentage points, including a 2.7 percentage point decrease in the loss ratio and a 1.0 percentage point decrease in the expense ratio.
• North America Agricultural Insurance: The combined ratio decreased 30.0 percentage points, including a 22.2 percentage point decrease from higher favorable prior period development and a 6.5 percentage point decrease from lower catastrophe losses.
• Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 0.1 percentage point, reflecting a 0.5 percentage point decrease in the loss ratio, partially offset by a 0.4 percentage point increase in the expense ratio, both due to a shift in the mix of business.
• Life Insurance: Net premiums written were $2.29 billion, up 33.1%, with International Life of $1.94 billion, up 36.8%, or 15.7% excluding savings-oriented single premium business, and Chubb Benefits up 15.8%. Life Segment income was $316 million, up 8.5%, reflecting growth in International Life of 14.5%, partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated March 31, 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 first quarter earnings conference call on Wednesday, April 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.

About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at: www.chubb.com.

Regulation G – Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of $2 million and $2 million in Q1 2026 and Q1 2025, and including investment income of $127 million and $107 million in Q1 2026 and Q1 2025, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses) and other, net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders' share of gains and losses. The crop derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities. Other includes the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See Core operating income for further description of these items.

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. References in this release to "current accident year" or "underlying" metrics exclude catastrophe losses and prior period development, unless stated otherwise.

Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency. References to core operating income measures mean net of tax, whether or not noted.

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders' equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.

P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb's Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb's P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb's global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Tangible book value per common share is Chubb shareholders' equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.

Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai's asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader's analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.

Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because life deposits are an important component of production and key to our efforts to grow our business.

See the reconciliation of Non-GAAP Financial Measures on pages 25-29 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve them, as well as management's response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)
		March 31 2026			December 31 2025
Assets
Investments		$	170,195		$	168,720
Cash and restricted cash			2,634			2,470
Insurance and reinsurance balances receivable			17,101			15,944
Reinsurance recoverable on losses and loss expenses			20,159			20,338
Goodwill and other intangible assets ($25,966 and $25,775 represents Chubb portion as of 3/31/2026 and 12/31/2025, respectively)			26,587			26,448
Other assets			38,780			38,407
Total assets		$	275,456		$	272,327
Liabilities
Unpaid losses and loss expenses		$	88,915		$	88,018
Unearned premiums			27,180			26,279
Other liabilities			79,449			78,251
Total liabilities			195,544			192,548
Shareholders' equity
Chubb shareholders' equity, excl. AOCI			79,699			78,732
Accumulated other comprehensive income (loss) (AOCI)			(5,911)			(4,975)
Chubb shareholders' equity			73,788			73,757
Noncontrolling interests			6,124			6,022
Total shareholders' equity			79,912			79,779
Total liabilities and shareholders' equity		$	275,456		$	272,327
Book value per common share		$	189.93		$	188.59
Tangible book value per common share		$	126.65		$	126.22
Book value per common share, excl. AOCI		$	205.15		$	201.31
Tangible book value per common share, excl. AOCI		$	140.35		$	136.91

Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
		Three Months Ended
		March 31
		2026			2025
Gross premiums written		$	16,551		$	15,105
Net premiums written			14,005			12,646
Net premiums earned			13,457			12,000
Losses and loss expenses			6,131			6,896
Policy benefits			1,785			1,227
Policy acquisition costs			2,596			2,313
Administrative expenses			1,149			1,080
Net investment income			1,709			1,561
Net realized gains (losses)			(407)			(116)
Market risk benefits gains (losses)			14			(92)
Interest expense			198			181
Other income (expense):
Gains (losses) from separate account assets			(12)			(10)
Other			173			93
Amortization of purchased intangibles			73			75
Integration expenses and severance			9			--
Income tax expense			646			321
Net income		$	2,347		$	1,343
Less: NCI income			27			12
Chubb net income		$	2,320		$	1,331
Diluted earnings per share:
Chubb net income		$	5.88		$	3.29
Core operating income		$	6.82		$	3.68
Weighted average shares outstanding			394.6			404.7
P&C combined ratio
Loss and loss expense ratio			55.6 %			67.8 %
Policy acquisition cost ratio			20.0 %			19.4 %
Administrative expense ratio			8.4 %			8.5 %
P&C combined ratio			84.0 %			95.7 %
P&C underwriting income		$	1,792		$	441

 

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SOURCE Chubb Limited

FAQ

What was Chubb's (CB) net income and EPS for Q1 2026?

Chubb reported $2.32 billion net income, or $5.88 per share, for Q1 2026. According to the company, this represented a 74.3% increase versus the prior year quarter, driven by stronger underwriting and investment results.

How much core operating income did Chubb (CB) report in Q1 2026?

Chubb reported $2.69 billion of core operating income, or $6.82 per share, in Q1 2026. According to the company, core operating income rose 80.6% year-over-year, reflecting underwriting and investment strength.

What did Chubb (CB) report for consolidated net premiums written in Q1 2026?

Consolidated net premiums written were $14.0 billion in Q1 2026, up 10.7% year-over-year. According to the company, P&C grew 7.2% and Life grew 33.1%, with strong consumer business expansion.

What was Chubb's (CB) P&C combined ratio and why does it matter?

Chubb reported a P&C combined ratio of 84.0% for Q1 2026, indicating profitable underwriting. According to the company, this lower ratio reflects improved underwriting income and reduced catastrophe losses versus last year.

How did Chubb's (CB) investment losses affect book value per share in Q1 2026?

After-tax net realized and unrealized losses of $1.94 billion unfavorably impacted book value per share. According to the company, mark-to-market losses in the public fixed-income portfolio drove the reduction.

How much capital did Chubb (CB) return to shareholders in Q1 2026 and how were buybacks executed?

Chubb returned $1.52 billion to shareholders in Q1 2026, including $1.14 billion of share repurchases at an average price of $325.06. According to the company, dividends comprised the remainder of capital returned.