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%
Key Highlights
- ➤Q3 net income $2.84B, up 1.5%; core operating income $2.98B, down 2.2%
- ➤Q3 per-share net income $7.30, up 4.4%; core operating EPS $7.66, up 0.8%
- ➤P&C underwriting income $2.06B; combined ratio 84.1%
- ➤Nine-month core operating income record $8.60B, up 21.0%; EPS $21.94, up 24.5%
- ➤Shareholder returns totaled $1.57B in Q3, including $1.18B in repurchases
Expert Statements
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited
“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.”
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited
“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.”
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited
“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%.”
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited
“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.”
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited
“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.”
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited
“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.”
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited
“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.”
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited
“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.”
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited
“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.”
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% PR Newswire
* 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.
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