10-Q · April 28, 2026
Chubb reported a strong Q1 2026 with total revenues of $14,773 million (up 10.6% YoY) and net income attributable to Chubb of $2,320 million (up 74.3% YoY). Consolidated net premiums written grew 10.7% to $14,005…
Earnings analysis · 10-Q
CB earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Chubb produced solid top-line and core underwriting results in Q2: total revenue rose 6.6% to $15.816B, the P&C combined ratio improved to 83.8%, and operating cash flow reached $7.677B for the first half. Overseas…
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Chubb produced solid top-line and core underwriting results in Q2: total revenue rose 6.6% to $15.816B, the P&C combined ratio improved to 83.8%, and operating cash flow reached $7.677B for the first half. Overseas General, Personal P&C, and Life Insurance grew, but North America Commercial P&C and Global Reinsurance contracted as underwriting actions, client retention, and reinsurance-market conditions weighed on production. Net income attributable to Chubb nevertheless fell 3.8% to $2.854B, supporting a neutral trend assessment despite strong underlying profitability and capital returns.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue and investment income expanded
Total revenues increased 6.6% year over year to $15.816B, driven by a 5.8% increase in net premiums earned to $13.889B and a 12.3% increase in net investment income to $1.760B.
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Lower catastrophe losses lifted underwriting
P&C underwriting remained highly profitable: the combined ratio improved 1.8 points to 83.8%, as catastrophe losses declined to $475M from $630M. The accident-year combined ratio ex-cats was essentially stable at 82.2% versus 82.3%.
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Overseas General delivered standout growth
Overseas General was the strongest major operating segment: premiums written rose 10.2% to $3.990B, underwriting income more than doubled to $710M from $342M, and segment income increased 67.2% to $995M.
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Personal P&C profitability improved
North America Personal P&C premiums written increased 6.0% to $2.054B and segment income rose 29.9% to $728M. Its combined ratio improved 6.2 points to 67.3%, aided by catastrophe losses falling to $126M from $142M.
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Life business maintained growth
Life Insurance premiums written rose 7.5% to $1.937B and segment income increased 9.0% to $332M. Deposits on universal life and investment contracts climbed 38.3% to $715M.
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Cash generation supported capital returns
Operating cash flow increased to $7.677B for the first six months from $5.117B, while the company repurchased $2.1B of shares. The Board authorized a new $7.5B repurchase program effective July 1, 2026.
What to watch
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Reported earnings declined despite revenue growth
Net income attributable to Chubb declined 3.8% year over year to $2.854B despite revenue growth, as lower private-equity mark-to-market gains and higher expenses offset underwriting and investment-income improvement.
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Commercial underwriting actions constrained growth
North America Commercial P&C net premiums written fell 2.3% to $5.594B and underwriting income declined 11.2% to $761M. Major Accounts & Specialty production decreased 9.0%, including a 30.1% decline in property and other short-tail lines, due primarily to underwriting actions.
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Catastrophe tail risk remains sizable
Catastrophe exposure remains material: modeled worldwide 1-in-250 annual aggregate PML is $9.052B, or 12.0% of Chubb shareholders' equity; U.S. hurricane 1-in-100 PML is $3.766B. The filing states there were no material changes to Item 1A risk factors from the 2025 10-K.
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Reinsurance pricing and retention pressured volume
Global Reinsurance premiums written declined 6.7% to $354M, reflecting clients' increased risk retention, lower underlying rates, and less favorable reinsurance terms; its combined ratio increased 5.1 points to 76.1%.
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Debt increased modestly
Financial debt increased to $18.115B at June 30, 2026 from $17.227B at December 31, 2025, and the financial-debt-to-adjusted-capitalization ratio rose to 18.6% from 18.4%.
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Investment results remain market-sensitive
For the first six months, pre-tax net realized losses were $245M versus gains of $44M a year earlier, primarily from derivatives, fixed maturities, and equity mark-to-market losses; $1.469B of investment-portfolio unrealized losses were driven mainly by interest-rate changes.
Management's outlook
The 10-Q provides no revenue or EPS outlook. Management expects pre-tax interest expense of approximately $410M for the remainder of 2026, or $808M for full-year 2026.
Earlier filings 4
10-K · February 27, 2026
Chubb’s 2025 10-K emphasizes a disciplined underwriting strategy, geographic and product diversification, and growth via targeted acquisitions (notably Huatai and LMG). The company reports a large balance sheet (total…
10-Q · October 27, 2025
Chubb reported Q3 total revenues of $16,148 million (up from $14,849 million in Q3 2024) and income before income tax of $3,894 million, driving diluted EPS of $6.99 (vs $5.70 prior year). Balance sheet growth included…
10-Q · July 28, 2025
Chubb reported a strong quarter ended June 30, 2025 with total revenues of $14,836 million (up $1,001 million vs. Q2 2024) and net income of $2,999 million (up $783 million vs. Q2 2024). Diluted EPS rose to $7.35 from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.