Chubb Reports Third Quarter Per Share Net Income and Record Core Operating Income of $7.30 and $7.66, Respectively, Up 4.4% and 0.8%; Consolidated Net Premiums Written of $15.1 Billion, Up 1.9%, with P&C and Life Insurance Up 1.9% and 1.4%; P&C Combined Ratio of 84.1%; Record Year-to-Date Per Share Net Income and Core Operating Income of $20.46 and $21.94, Up 16.2% and 24.5%, Respectively; Annualized Return on Equity (ROE) of 14.5% and Core Operating ROE of 14.6%

Higher catastrophe losses weighed on quarterly underwriting results, while nine-month core operating income increased 21.0%.

Rhea-AI Summary

Chubb (NYSE: CB) reported third-quarter net income of $2.84 billion, up 1.5% from the prior year, as catastrophe losses increased. Net income per share rose 4.4% to $7.30. Core operating income fell 2.2% to $2.98 billion, while its per-share figure rose 0.8% to $7.66.

Consolidated net premiums written increased 1.9% to $15.14 billion. Property and casualty underwriting income fell 8.8% to $2.06 billion; its combined ratio, measuring claims and expenses against premiums, rose to 84.1% from 81.8%. Pre-tax catastrophe losses reached $705 million versus $285 million. Net investment income rose 8.6% to $1.79 billion, and Life Insurance segment income increased 11.4% to $369 million.

Nine-month net income rose 12.9% to $8.02 billion, and core operating income increased 21.0% to $8.60 billion. Quarterly capital returns totaled $1.57 billion. Investment portfolio losses reduced book value during the quarter.

38 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 21 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter net income increased 1.5% year over year to $2.84 billion; earnings per share rose 4.4% to $7.30.
• Moderate pointThird-quarter core operating income per share increased 0.8% year over year to $7.66.
• Moderate pointConsolidated third-quarter net premiums written grew 1.9% to $15.14 billion, or 1.8% in constant dollars.
• Moderate pointThird-quarter consolidated net premiums earned increased 3.9%, or 4.0% in constant dollars.
• Moderate pointThird-quarter P&C underwriting income excluding catastrophes for the current accident year rose 3.3% to $2.26 billion.
• Moderate pointNine-month P&C underwriting income rose 33.7% to $5.79 billion.
• Moderate pointThird-quarter net investment income rose 8.6% to $1.79 billion; adjusted investment income increased 6.3% to $1.89 billion.
• Moderate pointThird-quarter Life Insurance segment income increased 11.4% to $369 million, or 14.7% in constant dollars.
• Moderate pointNorth America Personal combined ratio improved to 60.3% from 65.1% in the third quarter.
• Moderate pointThird-quarter operating cash flow reached $6.07 billion; adjusted operating cash flow was $5.55 billion, both records.
• Moderate pointQuarterly share repurchases totaled $1.18 billion at an average price of $344.32 per share.
• Moderate pointBook value per share increased 5.1% from September 30, 2025 to $191.43.
• Moderate pointNine-month annualized returns improved: ROE to 14.5% from 13.9%, core operating ROE to 14.6% from 13.2%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.USI investment sale agreement is expected to generate a $460 million realized gain on a $740 million investment.

24 minor points

• Minor pointNine-month net income rose 12.9% to $8.02 billion; earnings per share increased 16.2% to $20.46.
• Minor pointNine-month core operating income increased 21.0% to $8.60 billion; per-share income rose 24.5% to $21.94.
• Minor pointThird-quarter P&C net premiums written increased 1.9% to $13.18 billion, or 1.6% in constant dollars.
• Minor pointThird-quarter P&C net premiums earned increased 4.3%, or 4.0% in constant dollars.
• Minor pointNine-month P&C underwriting income excluding catastrophes for the current accident year increased 6.1% to $6.39 billion.
• Minor pointThird-quarter favorable prior-period development increased to $511 million pre-tax from $361 million, benefiting underwriting results.
• Minor pointThird-quarter Life Insurance premiums written grew 1.4% to $1.96 billion, or 3.7% in constant dollars.
• Minor pointThird-quarter Life Insurance premiums and deposits increased 15.2% to $2.797 billion, or 17.7% in constant dollars.
• Minor pointNine-month Life Insurance segment income increased 9.3% to $1.03 billion, or 10.0% in constant dollars.
• Minor pointThird-quarter International Life premiums and deposits rose 15.7% to $2.44 billion, or 18.6% in constant dollars.
• Minor pointInternational Life income increased 7.0% in the third quarter and 10.8% over nine months.
• Minor pointThird-quarter North America Personal premiums increased 5.3% to $1.909 billion.
• Minor pointNorth America Personal current-year combined ratio excluding catastrophes improved to 69.9% from 72.1% in the third quarter.
• Minor pointThird-quarter North America Agricultural premiums increased 5.1% to $1.532 billion.
• Minor pointNorth America Agricultural current-year combined ratio excluding catastrophes improved to 89.0% from 89.7% in the third quarter.
• Minor pointThird-quarter Overseas General premiums increased 6.7% to $3.943 billion, or 5.2% in constant dollars.
• Minor pointOverseas commercial and consumer premiums grew 6.3% and 7.2%, respectively, in the third quarter.
• Minor pointThird-quarter regional premium growth reached 11.7% in Latin America, 7.5% in Asia and 6.8% in Europe.
• Minor pointOverseas General current-year combined ratio excluding catastrophes improved to 84.3% from 84.4% in the third quarter.
• Minor pointThird-quarter middle market and small commercial premiums increased 0.8% to $2.302 billion.
• Minor pointNine-month share repurchases totaled $3.30 billion at an average price of $332.33 per share.
• Minor pointTangible book value per share rose 5.7% from September 30, 2025 to $126.96; excluding accumulated other comprehensive income, growth was 15.4%.
• Minor pointNine-month core operating return on tangible equity increased to 21.2% from 19.9%.
• Minor point. Forward-looking: it has not happened yet and may not happen.North America Commercial growth is expected by management to improve in future quarters.

Negative

• Moderate pointThird-quarter core operating income declined 2.2% year over year to $2.98 billion.
• Moderate pointThird-quarter catastrophe losses increased to $705 million pre-tax from $285 million a year earlier.
• Moderate pointThird-quarter P&C underwriting income fell 8.8% to $2.061 billion; the combined ratio worsened to 84.1% from 81.8%.
• Moderate pointGlobal P&C combined ratio excluding Agriculture worsened to 83.4% from 81.0% in the third quarter.
• Moderate pointNorth America Commercial premiums fell 2.7% to $5.512 billion; excluding specified exposure changes, including additional reinsurance, growth was 1.7%.
• Moderate pointNorth America Commercial combined ratio worsened to 86.3% from 81.5% in the third quarter.
• Moderate pointOverseas General combined ratio worsened to 86.4% from 83.3% in the third quarter.
• Moderate pointQuarterly annualized ROE declined to 15.3% from 15.9%; core operating ROE fell to 14.9% from 16.6%.
• Moderate pointQuarterly investment portfolio losses of $4.48 billion after tax reduced book value, partly offset by $551 million of currency gains. 3.3% of market cap

12 minor points

• Minor pointP&C current-year combined ratio excluding catastrophes worsened to 82.6% from 82.5% in the third quarter.
• Minor pointGlobal P&C underwriting income excluding Agriculture fell 8.9% to $1.894 billion in the third quarter.
• Minor pointGlobal P&C current-year combined ratio excluding Agriculture and catastrophes worsened to 81.8% from 81.6%.
• Minor pointMajor accounts retail and E&S wholesale premiums fell 5.0% to $3.210 billion; excluding specified exposure changes, growth was 1.2%.
• Minor pointMiddle market and small commercial financial lines premiums fell 5.9%; adjusting for underwriting-related exposure changes, growth was 1.8%.
• Minor pointNorth America Commercial current-year combined ratio excluding catastrophes worsened to 82.1% from 80.8% in the third quarter.
• Minor pointNorth America Agricultural combined ratio worsened to 89.3% from 88.0% in the third quarter.
• Minor pointGlobal Reinsurance premiums declined 5.6% to $287 million in the third quarter.
• Minor pointGlobal Reinsurance combined ratio worsened to 80.7% from 77.4% in the third quarter.
• Minor pointGlobal Reinsurance current-year combined ratio excluding catastrophes worsened to 78.7% from 75.6% in the third quarter.
• Minor pointQuarterly core operating return on tangible equity declined to 21.6% from 24.8%.
• Minor pointNine-month investment portfolio losses of $6.03 billion after tax reduced book value, partly offset by $643 million of currency gains.

News Explained

Effective this quarter, Chubb redefined segment income and core operating income to exclude amortization of purchased intangibles other than long-term distribution agreements, and restated prior periods to reflect the change.

Key Figures

Net income: $2.84 billion, up 1.5% Core operating income: $2.98 billion, down 2.2% Net income per share: $7.30, up 4.4% +5 more

Net income

$2.84 billion, up 1.5%

Q3 2026

Core operating income

$2.98 billion, down 2.2%

Q3 2026

Net income per share

$7.30, up 4.4%

Q3 2026

Core operating income per share

$7.66, up 0.8%

Q3 2026

Consolidated net premiums written

$15.143 billion, up 1.9%

Q3 2026

P&C combined ratio

84.1%, versus 81.8%

Q3 2026

Pre-tax net catastrophe losses

$705 million, versus $285 million

Q3 2026 compared with prior year

Nine-month core operating income

$8.60 billion, up 21.0%

Nine months ended September 30, 2026

Previous Earnings Reports

4 past events · Latest: Jul 21

Same Type 4 events

1. Jul 21

   Quarterly earnings

   24h Move

   -3.3%

   Core operating income rose 14.6%, premiums grew 3.6%, and P&C combined ratio was 83.8%.

2. Apr 21

   Quarterly earnings

   24h Move

   -1.2%

   Net and core operating income rose; premiums increased 10.7%, with P&C combined ratio at 84.0%.

3. Feb 03

   Quarterly earnings

   24h Move

   +5.1%

   Record quarterly and full-year income accompanied premium growth and record-low P&C combined ratios.

4. Oct 21

   Quarterly earnings

   24h Move

   +2.7%

   Record core operating income accompanied 7.5% premium growth and an 81.8% P&C combined ratio.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net premiums written, combined ratio, aoci, roe, +1 more

5 terms

net premiums written financial

"Consolidated Net premiums written (increase of 1.8% in constant dollars)"

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 $2.06 billion, with a combined ratio of 84.1%."

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.

aoci financial

"Tangible book value per share excluding AOCI was up 15.4% over the same period."

Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.

roe financial

"Annualized return on equity (ROE) was 15.3%."

Return on equity (ROE) measures how much profit a company generates from the money shareholders have invested, like checking how effectively a chef turns ingredients into meals. Investors use it to compare how well companies turn investor funds into earnings—higher ROE usually means management is using capital more efficiently, while a low ROE can signal weaker profitability or poor use of equity.

View in glossary

rote financial

"Annualized core operating return on tangible equity (ROTE) was 21.6%"

Rote is the habit of doing or learning something by repetition until it becomes automatic, like reciting facts by memory or following a checklist without thinking about why. For investors, the word signals processes or behaviors inside a company that run by routine rather than fresh judgment or innovation; that can be important when evaluating how adaptable a business is, how errors propagate, or how decisions are made under changing conditions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Net income was $2.84 billion, up 1.5%, and core operating income was $2.98 billion, down 2.2%. For the nine months, net income and core operating income were a record $8.02 billion and $8.60 billion, respectively, up 12.9% and 21.0%.
• P&C net premiums written were $13.18 billion, up 1.9%.
  • North America Commercial was down 2.7%, or up 1.7% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance.
  • North America Personal was up 5.3%.
  • North America Agriculture was up 5.1%.
  • Overseas General was up 6.7%, or 5.2% in constant dollars. Consumer insurance was up 7.2% and commercial insurance was up 6.3%; Latin America, Asia and Europe were up 11.7%, 7.5% and 6.8%, respectively.
• P&C underwriting income was $2.06 billion, with a combined ratio of 84.1%. P&C current accident year underwriting income excluding catastrophe losses was $2.26 billion, up 3.3%, with a combined ratio of 82.6%. For the nine months, P&C underwriting income was $5.79 billion, up 33.7%, and was $6.39 billion, up 6.1%, on a current accident year excluding catastrophe losses basis. Both were records.
• Total pre-tax net catastrophe losses were $705 million compared with $285 million in the prior year.
• Total pre-tax favorable prior period development was $511 million compared with $361 million in the prior year.
• Life Insurance net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars. International life insurance net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Insurance segment income was $369 million, up 11.4%, or 14.7% in constant dollars, with International Life income up 7.0%, or 10.9% in constant dollars. For the nine months, Life Insurance segment income was $1.03 billion, up 9.3%, or 10.0% in constant dollars, with International Life income up 10.8%, or 11.8% in constant dollars.
• Pre-tax net investment income was $1.79 billion, up 8.6%, and adjusted net investment income was $1.89 billion, up 6.3%. Both were records.
• Annualized return on equity (ROE) was 15.3%. Annualized core operating return on tangible equity (ROTE) was 21.6% and annualized core operating ROE was 14.9%.
• Book value and tangible book value per share increased 5.1% and 5.7%, respectively, from September 30, 2025. Tangible book value per share excluding AOCI was up 15.4% over the same period.

ZURICH, Oct. 20, 2026 /PRNewswire/ -- Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2026 of $2.84 billion, or $7.30 per share, and core operating income of $2.98 billion, or $7.66 per share. Book value per share and tangible book value per share increased by 5.1% and 5.7%, respectively, from September 30, 2025 and now stand at $191.43 and $126.96. For the last three months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $4.48 billion in Chubb's investment portfolio, partially offset by $551 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased by 11.1% and 15.4% from September 30, 2025.

Effective Q3 2026, segment income and core operating income have been redefined to exclude intangible amortization expenses related to purchased intangibles other than long-term distribution agreements. Refer to "Regulation G – Non-GAAP Financial Measures" in this press release and the Table of Contents page in the Q3 2026 Chubb Limited Financial Supplement for additional information. Prior-period results have been restated to reflect these changes.

Chubb Limited Third 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	$2,844	$2,801	1.5 %		$7.30	$6.99	4.4 %
Adjusted net realized (gains) losses, net of tax	94	48	95.8 %		0.25	0.12	108.3 %
Integration expenses and severance, net of tax	8	1	NM		0.02	-	NM
Market risk benefits (gains) losses, net of tax	55	120	(54.2) %		0.14	0.30	(53.3) %
Amortization of deferred tax asset from Bermuda law	(60)	36	NM		(0.15)	0.09	NM
Amortization of fair value adjustments, net of tax	39	42	(7.1) %		0.10	0.10	-
Core operating income, net of tax	$2,980	$3,048	(2.2) %		$7.66	$7.60	0.8 %
Annualized return on equity (ROE)	15.3 %	15.9 %
Core operating return on tangible equity (ROTE)	21.6 %	24.8 %
Core operating ROE	14.9 %	16.6 %

For the nine months ended September 30, 2026, net income was $8.02 billion, or $20.46 per share, and core operating income was $8.60 billion, or $21.94 per share. Book value per share and tangible book value per share increased by 1.5% and 0.6%, from December 31, 2025. For the last nine months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $6.03 billion in Chubb's investment portfolio, partially offset by $643 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased by 7.4% and 10.1%, from December 31, 2025.

Chubb Limited Nine Months Ended Summary (in millions of U.S. dollars, except per share amounts and ratios) (Unaudited)
					(Per Share)
	2026	2025	Change		2026	2025	Change
Net income	$8,018	$7,100	12.9 %		$20.46	$17.61	16.2 %
Adjusted net realized (gains) losses, net of tax	396	(428)	NM		1.02	(1.06)	NM
Integration expenses and severance, net of tax	21	3	NM		0.05	0.01	NM
Market risk benefits (gains) losses, net of tax	39	213	(81.7) %		0.10	0.53	(81.1) %
Amortization of deferred tax asset from Bermuda law	4	91	(95.6) %		0.01	0.22	(95.5) %
Amortization of fair value adjustments, net of tax	119	127	(6.3) %		0.30	0.31	(3.2) %
Core operating income, net of tax	$8,597	$7,106	21.0 %		$21.94	$17.62	24.5 %
Annualized return on equity (ROE)	14.5 %	13.9 %
Core operating return on tangible equity (ROTE)	21.2 %	19.9 %
Core operating ROE	14.6 %	13.2 %

For the nine months ended September 30, 2026 and 2025, the tax expenses (benefits) related to the table above were $6 million and $47 million, respectively for adjusted net realized gains and losses; $(7) million and nil for integration expenses and severance; $(7) million and $(38) million for market risk benefits gains and losses; $(33) million and $(36) million for amortization of fair value adjustments; and $2.09 billion and $1.75 billion for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a really strong quarter with strong contributions from all of our businesses. Our diversification is highly supportive of growth and sustained margins which speak to our underwriting discipline, a hallmark of our company.

"P&C underwriting, investment and life income results led to core operating earnings of $2.98 billion, or $7.66 per share. Due to particularly light CAT losses last year, earnings are down 2% and up 1% per share from 2025. For the first nine months of the year, which is a more meaningful perspective, core operating income is a record $8.6 billion, or $21.94 per share, up 21% and 24.5%, respectively, from the prior year.

"Annualized core operating return on tangible equity is 21.6% and core operating ROE is 14.9%. Tangible book value per share is up 5.7% from the prior year. This was impacted by the mark-to-market due to higher interest rates. Adjusting for AOCI, tangible book value per share increased 15.4%.

"For the quarter, P&C underwriting income is $2.1 billion, which led to a combined ratio of 84.1%, and on a current accident year ex-CAT basis, our combined ratio is 82.6%, simply excellent. Year-to-date underwriting income of $5.8 billion is up nearly 34% from 2025.

"On the investment side of our business, adjusted net investment income is a record $1.9 billion, supported by rising interest rates and an excellent fixed-income investment environment, which we have been anticipating for some time, given government deficits and the capital investment cycle. On the alternative asset side, as publicly announced in the quarter, Strategic Holdings, our holding company partnership with KKR, agreed to sell our investment in USI Insurance Services to Aon, which is expected to result in a realized gain of $460 million on an investment of $740 million.

"While the market continues to grow more competitive in commercial P&C across the board, particularly in the U.S. and London, the substantial majority of our underwriting businesses grew in the quarter, with the balance flat or purposely shrinking due to inadequate pricing or terms.

"We are benefiting from our diversification. Overseas General grew 6.7%, with Latin America up 11.7%, Asia up 7.5% and Europe up about 7%. North America personal lines was up 5.3% and agriculture was up 5.1%. North America commercial was down 2.7%, impacted by a reduction in exposure, including increased use of reinsurance and underwriting related non-renewal actions, predominantly property and financial lines-related. I fully expect North America commercial growth to improve in future quarters.

"Our deep local presence and capabilities globally, our large and growing invested asset along with rising interest rates, and operating discipline provide us continued growth opportunities and sustainability of value creation. I am confident in our ability to continue to outperform and to generate strong growth in operating earnings and EPS and, most important, double-digit growth in tangible book value."

Operating highlights for the quarter ended September 30, 2026 were as follows:

Chubb Limited	Q3		Q3
(in millions of U.S. dollars except for percentages)	2026		2025		Change
Consolidated
Net premiums written (increase of 1.8% in constant dollars)	$	15,143	$	14,866	1.9 %
P&C
Net premiums written (increase of 1.6% in constant dollars)	$	13,183	$	12,934	1.9 %
Underwriting income	$	2,061	$	2,259	(8.8) %
Combined ratio		84.1 %		81.8 %
Current accident year underwriting income excluding catastrophe losses (CATs)	$	2,255	$	2,183	3.3 %
Current accident year combined ratio excluding CATs		82.6 %		82.5 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 1.1% in constant dollars)	$	11,651	$	11,476	1.5 %
Underwriting income	$	1,894	$	2,079	(8.9) %
Combined ratio		83.4 %		81.0 %
Current accident year underwriting income excluding CATs	$	2,085	$	2,029	2.7 %
Current accident year combined ratio excluding CATs		81.8 %		81.6 %
Life Insurance
Net premiums written (increase of 3.7% in constant dollars)	$	1,960	$	1,932	1.4 %
Segment income (increase of 14.7% in constant dollars)	$	369	$	332	11.4 %

• Consolidated net premiums earned increased 3.9%, or 4.0% in constant dollars. P&C net premiums earned increased 4.3%, or 4.0% in constant dollars.
• Operating cash flow was $6.07 billion and adjusted operating cash flow was $5.55 billion. Both were records.
• Total capital returned to shareholders in the quarter was $1.57 billion, comprising share repurchases of $1.18 billion at an average purchase price of $344.32 per share and dividends of $393 million. Total capital returned to shareholders for the nine months was $4.47 billion, comprising share repurchases of $3.30 billion at an average purchase price of $332.33 per share and dividends of $1.17 billion.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2026 are presented below:             

Chubb Limited	Q3		Q3
(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	$	8,953	$	8,935	0.2 %
Combined ratio		81.3 %		79.2 %
Current accident year combined ratio excluding CATs		80.7 %		80.6 %
North America Commercial P&C Insurance
Net premiums written (increase of 1.7% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance)	$	5,512	$	5,663	(2.7) %
Major accounts retail and excess and surplus (E&S) wholesale (increase of 1.2% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance)	$	3,210	$	3,379	(5.0) %
Middle market and small commercial (with P&C lines up 2.6%, or up 4.0% excluding workers' compensation payroll-related premium adjustments (1), and financial lines down 5.9%, or up 1.8% adjusting for underwriting related exposure changes including additional reinsurance)	$	2,302	$	2,284	0.8 %
Combined ratio		86.3 %		81.5 %
Current accident year combined ratio excluding CATs		82.1 %		80.8 %
North America Personal P&C Insurance
Net premiums written	$	1,909	$	1,814	5.3 %
Combined ratio		60.3 %		65.1 %
Current accident year combined ratio excluding CATs		69.9 %		72.1 %
North America Agricultural Insurance
Net premiums written	$	1,532	$	1,458	5.1 %
Combined ratio		89.3 %		88.0 %
Current accident year combined ratio excluding CATs		89.0 %		89.7 %
Overseas General Insurance
Net premiums written (increase of 5.2% in constant dollars)	$	3,943	$	3,695	6.7 %
Commercial P&C	$	2,248	$	2,114	6.3 %
Consumer P&C	$	1,695	$	1,581	7.2 %
Combined ratio		86.4 %		83.3 %
Current accident year combined ratio excluding CATs		84.3 %		84.4 %
Global Reinsurance
Net premiums written	$	287	$	304	(5.6) %
Combined ratio		80.7 %		77.4 %
Current accident year combined ratio excluding CATs		78.7 %		75.6 %
Life Insurance
Net premiums written (increase of 3.7% in constant dollars)	$	1,960	$	1,932	1.4 %
Net premiums written and deposits (increase of 17.7% in constant dollars)	$	2,797	$	2,428	15.2 %
Segment income (increase of 14.7% in constant dollars)	$	369	$	332	11.4 %
(1) Relates to workers' compensation annual payroll-related audit premium adjustments which are made in the third quarter every year, as previously disclosed were significantly larger in 2025.

• North America Commercial P&C Insurance: The combined ratio increased 4.8 percentage points, including a 3.1 percentage point increase from higher CATs, a 1.0 percentage point increase in the underlying loss ratio and a 0.3 percentage point increase in the underlying expense ratio with the acquisition ratio up, both driven by shift in mix of business, primarily due to reduction in property business.
• North America Personal P&C Insurance: The combined ratio decreased 4.8 percentage points, including a 4.3 percentage point decrease from higher favorable prior period development (PPD) and a 2.2 percentage point decrease in the underlying loss ratio, partially offset by a 1.7 percentage point increase from higher CATs.
• North America Agricultural Insurance: The combined ratio increased 1.3 percentage points, including a 1.9 percentage point increase from lower favorable PPD, partially offset by a 0.6 percentage point decrease in the underlying expense ratio.
• Overseas General Insurance: The combined ratio increased 3.1 percentage points, including a 5.0 percentage point increase from higher CATs and a 1.0 percentage point increase in the underlying acquisition expense ratio, due to shift in the mix of business, offset by a 1.8 percentage point decrease from higher favorable PPD, and a 0.9 percentage point decrease in the underlying loss ratio.
• Life Insurance: Net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars, with International Life of $1.60 billion, down 0.6%, or up 2.0% in constant dollars, reflecting an adverse impact of 8.8 percentage points in constant dollars, from a one-time large transaction in the prior year, and Chubb Benefits up 11.7%, or 12.1% in constant dollars. International life net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Segment income was $369 million, up 11.4%, or 14.7% in constant dollars, primarily reflecting growth in International Life of 7.0%, or 10.9% in constant dollars.

All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated September 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 third quarter earnings conference call on Wednesday, October 21, 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.

Segment income and core operating income for current and prior periods have been redefined to reflect the definition of segment income and core operating income adopted in Q3 2026, which excludes intangible amortization expenses related to purchased intangibles other than long-term distribution agreements. Refer to "Regulation G – Non-GAAP Financial Measures" below for more information.

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 nil in Q3 2026 and $1 million in Q3 2025, and including investment income of $97 million and $127 million in Q3 2026 and Q3 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 amortization of the fair value adjustment on acquired invested assets was $3 million and $7 million for the nine months ended September 30, 2026 and 2025, and the investment income from private equity partnerships was $343 million and $349 million for the nine months ended September 30, 2026 and 2025. 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), 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.

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 adjustments of acquired invested assets and long-term 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), market risk benefits gains (losses), amortization of fair value adjustments, and other items described in this paragraph. 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 believe that amortization of certain fair value adjustments arising from the application of acquisition method accounting to acquired businesses does not represent the associated true economic costs and also affects comparability of our operating results to peers. We therefore exclude amortization of fair value adjustments, which includes amortization expenses of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations (primarily agency distribution relationships and renewal rights); in contrast, amortization expenses associated with value of business acquired (VOBA) and unearned premium reserves (UPR) intangible assets are included in core operating income as they are generally comparable to underwriting expenses recognized by peers. 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. These costs, as well as the amortization of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations, 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 27-33 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)
		September 30 2026			December 31 2025
Assets
Investments		$	172,507		$	168,720
Cash and restricted cash			3,010			2,470
Total invested assets			175,517			171,190
Insurance and reinsurance balances receivable			18,188			15,944
Reinsurance recoverable on losses and loss expenses			20,611			20,338
Goodwill and other intangible assets ($26,021 and $25,775 represents Chubb portion as of 9/30/2026 and 12/31/2025, respectively)			26,665			26,448
Other assets			42,528			38,407
Total assets		$	283,509		$	272,327
Liabilities
Unpaid losses and loss expenses		$	91,829		$	88,018
Unearned premiums			28,608			26,279
Other liabilities			84,560			78,251
Total liabilities			204,997			192,548
Shareholders' equity
Chubb shareholders' equity, excl. AOCI			82,710			78,732
Accumulated other comprehensive income (loss) (AOCI)			(9,483)			(4,975)
Chubb shareholders' equity			73,227			73,757
Noncontrolling interests			5,285			6,022
Total shareholders' equity			78,512			79,779
Total liabilities and shareholders' equity		$	283,509		$	272,327
Book value per common share		$	191.43		$	188.59
Tangible book value per common share		$	126.96		$	126.22
Book value per common share, excl. AOCI		$	216.22		$	201.31
Tangible book value per common share, excl. AOCI		$	150.70		$	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						Nine Months Ended
		September 30						September 30
		2026			2025			2026			2025
Gross premiums written		$	18,359		$	18,069		$	52,857		$	50,450
Net premiums written			15,143			14,866			43,853			41,708
Net premiums earned			14,924			14,359			42,270			39,484
Losses and loss expenses			7,526			6,951			20,348			20,419
Policy benefits			1,477			1,372			4,877			4,005
Policy acquisition costs			2,739			2,563			7,967			7,291
Administrative expenses			1,126			1,138			3,443			3,343
Net investment income			1,791			1,648			5,260			4,777
Net realized gains (losses)			(455)			283			(700)			327
Market risk benefits gains (losses)			(65)			(142)			(46)			(251)
Interest expense			204			197			602			559
Other income (expense):
Gains (losses) from separate account assets			(24)			(9)			27			(31)
Other			388			52			694			812
Amortization of purchased intangibles			74			75			221			224
Integration expenses and severance			11			1			28			3
Income tax expense			666			787			2,054			1,825
Net income		$	2,736		$	3,107		$	7,965		$	7,449
Less: NCI income (loss)			(108)			306			(53)			349
Chubb net income		$	2,844		$	2,801		$	8,018		$	7,100
Diluted earnings per share:
Chubb net income		$	7.30		$	6.99		$	20.46		$	17.61
Core operating income		$	7.66		$	7.60		$	21.94		$	17.62
Weighted average shares outstanding			389.4			400.9			391.8			403.2
P&C combined ratio
Loss and loss expense ratio			58.7 %			56.7 %			57.1 %			60.8 %
Policy acquisition cost ratio			18.3 %			17.7 %			19.1 %			18.5 %
Administrative expense ratio			7.1 %			7.4 %			7.8 %			8.0 %
P&C combined ratio			84.1 %			81.8 %			84.0 %			87.3 %
P&C underwriting income		$	2,061		$	2,259		$	5,790		$	4,331

 

SOURCE Chubb Limited

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Chubb's third-quarter 2026 earnings per share?

Chubb reported net income of $7.30 per share, up 4.4% from $6.99 a year earlier. Core operating income per share was $7.66, up 0.8% from $7.60, although total core operating income declined 2.2%.

How did catastrophe losses affect Chubb's third-quarter 2026 underwriting results?

Pre-tax catastrophe losses increased to $705 million from $285 million a year earlier. P&C underwriting income declined 8.8% to $2.061 billion, and the combined ratio worsened to 84.1% from 81.8%. Current accident year underwriting income excluding catastrophes increased 3.3% to $2.255 billion.

What gain does Chubb expect from the USI Insurance Services investment sale?

Chubb expects a $460 million realized gain on a $740 million investment. Strategic Holdings, Chubb's holding company partnership with KKR, agreed to sell its investment in USI Insurance Services to Aon.

How did Chubb change its core operating income definition in 2026?

Effective Q3 2026, segment income and core operating income exclude amortization expenses for purchased intangible assets other than long-term distribution agreements. Prior-period results were restated to reflect the change.