Chubb Limited Reports Q2 2026 Results
Chubb Limited reported second-quarter 2026 net income of $2.85 billion, or $7.30 per share, alongside core operating income of $2.84 billion, or $7.26 per share.
A spokesperson said, “Chubb Limited [NYSE: CB] today reported net income for the quarter ended June 30, 2026 of $2.85 billion, or $7.30 per share, and core operating income of $2.84 billion, or $7.26 per share. Book value per share and tangible book value per share increased 12.3% and 17.1%, respectively, from June 30, 2025 and now stand at $195.45 and $131.93. For the last three months, book value was favorably impacted by after-tax net realized and unrealized gains of $388 million in Chubb’s investment portfolio, partially offset by $254 million of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 11.4% and 15.8%, from June 30, 2025.
“For the six months ended June 30, 2026, net income was $5.17 billion, or $13.17 per share, and core operating income was $5.53 billion, or $14.07 per share. Book value per share and tangible book value per share increased by 3.6% and 4.5%, from December 31, 2025. For the last six months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.55 billion in Chubb’s investment portfolio, partially offset by $92 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 4.7% and 6.4%, from December 31, 2025.”
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We had a very strong quarter with results that again reflect the strengths of our company, including our sources of income, our diversification globally and the growth opportunities it presents, the size and strength of our balance sheet and the growth of our invested asset, and, finally, our disciplined approach to underwriting, which is a hallmark of our culture.
“Strong P&C underwriting, investment and life income led to core operating earnings of $2.8 billion, or $7.26 per share, up 14.6% and 18.2%, respectively, over the prior year. Our most important measure of value creation, tangible book value per share, increased 17.1% from last year.
“P&C underwriting income was more than $1.9 billion, up almost 19%, with a combined ratio of 83.8% – a standout result – and on a current accident year basis excluding CATs, the combined ratio was 82.2%. On the investment side of our business, adjusted net investment income was a record $1.88 billion, up more than 11%, supported by excellent performance in our fixed income and alternative asset portfolios. Our invested asset now stands at $175 billion, up 9% over the last 12 months. Life income grew 9% to $332 million, with good revenue growth in our Asia Life and North America Worksite businesses.
“In terms of P&C markets, overly soft underwriting conditions persist in certain areas of property insurance globally, particularly large account and E&S related. Our revenue results reflect our underwriting discipline, and we will not underwrite knowingly at a loss. The growth penalty we are paying in property will dissipate going forward. In the meantime, soft market conditions are spreading to certain areas of casualty while financial lines also remain soft. Against that backdrop, we’re well diversified and the substantial majority of our businesses are growing, and that is evident in our results.
“P&C premiums rose 3% from last year, or 6.3% excluding large account and E&S property. Overseas General grew 10.2%, with Latin America up 15.6%, Asia up 12% and Europe up 5.1%. North America was up about 0.5%, with commercial down 2.3%, while personal lines and agriculture each grew 6%. Commercial was up 4.1% excluding major and specialty property. In our international life insurance business, premiums and deposits rose 14.4%.
“We are an all-weather company. As long-term compounders of wealth in a cyclical business, we are patient and have many sources of opportunity on both the liability and asset sides of the balance sheet. CATs and FX aside, we are confident in our ability to continue to outperform and generate strong growth in operating earnings and EPS, and double-digit growth in tangible book value.”
