Chubb Ltd Earnings Summary — Q3 FY2026

• Core operating income reached $2.84 billion, up 14.6% year-over-year, driven by strong underwriting and record investment income.
• The P&C combined ratio was an industry-leading 83.8%, reflecting disciplined underwriting even as property market conditions soften.
• Adjusted net investment income hit a record $1.88 billion, up 11.4%, benefiting from higher fixed income yields and portfolio growth.
• P&C net premiums written grew 3.0%, but growth reaches 6.3% when excluding large account and E&S property segments where the company maintained price discipline.
• Overseas General Insurance showed strong momentum with 10.2% growth, led by double-digit gains in Latin America and Asia.
• The company demonstrated significant capital return, including $979 million in share repurchases and $395 million in dividends during the quarter.
• Tangible book value per share increased 17.1% year-over-year, a key indicator of long-term value creation.
• C&S cat losses were lower than the prior year, totaling $475 million pre-tax compared to $630 million in Q2 2025.

Management expressed confidence in their ability to continue outperforming and generating strong growth in operating earnings and EPS. They anticipate the 'growth penalty' currently being paid for underwriting discipline in the property market will dissipate going forward. CEO Evan Greenberg emphasized the company's 'all-weather' nature, targeting double-digit growth in tangible book value regardless of cyclical P/P pricing conditions.

Stable

While reported net income fell slightly due to comparison against extremely high realized gains in the prior year, core operating metrics (underwriting income up 18.8% and record investment income) show the underlying business is accelerating.

The outlook remains strong as the company benefits from a high-interest-rate environment driving investment income and strong global diversification. Management remains alert to softening in financial lines and certain casualty areas, but expects growth to normalize as property underwriting actions reach maturity.