EarningsQ3 2026 Earnings Report
MX:CBN Q3 2026 EPS Results
Actual EPS$144.64
Consensus EPS$127.89
Beat/MissBeat by +$16.75
One Year Ago EPS$141.43
MX:CBN Q3 2026 Revenue Results
Actual Revenue$306.57B
Expected Revenue$290.05B
Beat/MissBeat by +$16.52B
YoY Revenue Growth-0.28%
Earnings Announcement Details
QuarterQ3 2026
Date10/20/2026
TimeAfter Close
Conference CallTuesday, October 20, 2026
MX:CBN Upcoming Earnings
Chubb's next earnings date is estimated for February 2, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:CBN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Chubb reported record year-to-date underwriting income, substantial earnings and tangible book value growth, strong underwriting margins, record investment income, broad international growth, robust cash flow, and significant shareholder returns. Management also expressed confidence in future North America Commercial growth, Asia, data center insurance, operating efficiencies, and long-term double-digit tangible book value growth. Offsetting issues included softer North America Commercial premiums, increasingly competitive pricing, CAT losses, fixed-income mark losses, modest adverse development, project delays, and emerging AI liability risks, but these challenges were outweighed by the breadth and strength of the reported results.Company Guidance
Record Nine-Month Earnings and EPS Growth
Core operating income for the first nine months was $8.6 billion, up 21% from the prior year, while core operating EPS was $21.94, up 24.5%.
Strong Third-Quarter Operating Performance
Third-quarter core operating earnings were $2.98 billion, or a record $7.66 per share. Earnings per share increased about 1%, while total core operating earnings declined about 2% due to exceptionally light CAT losses in the prior-year quarter.
High Returns on Equity
Annualized core operating return on tangible equity was 21.6% for the quarter, and core operating ROE was 14.9%.
World-Class P&C Underwriting Results
Third-quarter P&C underwriting income was nearly $2.1 billion, producing an 84.1% combined ratio. Year-to-date underwriting income reached a record $5.8 billion, up nearly 34%.
Strong Ex-CAT Combined Ratio and Efficiency
The global P&C ex-CAT combined ratio was 81.8%, essentially flat with the prior year, with reductions in the loss ratio and administrative ratio partly offset by an increase in the acquisition ratio.
Record Investment Income and Attractive Reinvestment Rates
Adjusted net investment income was a record $1.89 billion, supported by a materially improved fixed-income investment environment and record cash flows. The third-quarter fixed-income portfolio yield was 5.2%, while the current new-money rate averaged 6.2% as of September 30.
Growing Invested Asset Base
Invested assets exceeded $175 billion, up from $168 billion a year ago. Fixed-income-related exposure represented 88% of invested assets and equity-related exposure represented 12%.
Expected Gain from USI Investment Sale
Strategic Holdings and Chubb's holding-company partnership with KKR agreed to sell the investment in USI Insurance Services to Aon. The transaction is expected to produce a realized gain of $460 million on an investment of $740 million.
Life Income Growth
Life income was $369 million in the quarter, up about 11.5% from the prior year. Year-to-date life income was just over $1 billion, up over 9%.
Broad Global Premium Growth
Total P&C premiums increased 1.9%, with Overseas General up 6.7%, North America personal lines up 5.3%, and agriculture up over 5%. Agriculture was described as a meaningful contributor to quarterly growth.
International P&C Growth Across Regions
International consumer-related businesses increased 7.2% and commercial increased 6.3%. Latin America grew 11.7%, Asia grew 7.5%, and Europe grew almost 7%.
Strong London Wholesale Growth
London wholesale premiums increased 13.5% for the quarter, benefiting particularly from Gulf war marine-related activities.
Growth in Middle and Small Commercial
North America middle and small commercial premiums grew about 1%, with P&C lines up 2.6%, or 4% after adjusting for a smaller annual workers' compensation-related premium adjustment than in the prior year.
High Net Worth Personal Lines Strength
The nearly $8.5 billion high-net-worth personal-lines business delivered premium growth of almost 5.5% and a 60.3% combined ratio, reflecting strong risk selection, underwriting, and pricing sophistication, along with a lighter-than-average CAT quarter.
International and Worksite Life Growth
International life premiums and deposits rose over 15.5%, with most growth coming from North Asia, including China, Hong Kong, Korea, and Taiwan, as well as Thailand. North America Chubb Worksite Benefits premiums increased over 11.5%, while international life pre-tax income rose 7% in the quarter and almost 11% year to date.
Strong Balance Sheet and Cash Flow
Book value was $73 billion, and adjusted operating cash flow reached a record $12.8 billion over the first nine months.
Capital Return to Shareholders
Chubb returned $1.6 billion of capital to shareholders during the quarter, including $1.2 billion of share repurchases at an average price of $344.32 and $393 million of dividends. Total capital returned over the first nine months was about $4.5 billion.
Tangible Book Value Growth
Book value per share excluding AOCI increased 2.6% during the quarter, tangible book value per share excluding AOCI increased 3.5%, and tangible book value per share excluding AOCI was up 15.4% from the prior year.
Favorable Prior-Period Reserve Development
Active companies produced $562 million of favorable prior-period development, comprising $575 million of favorable development in short-tail lines and $13 million of unfavorable development in long-tail lines. Management said reserves exceeding $71 billion remain conservatively constructed and extremely strong.
Lower Year-to-Date CAT Losses
CAT losses were $1.7 billion through nine months versus $2.6 billion over the same period last year.
Improving Operating Expense Ratio Through Technology
The global operating expense ratio continues to trend lower and improve. Management said digital transformation and other efficiency programs involving foundational technology, data, algorithmic tools, large language models, and agentic technology are affecting underwriting, marketing, claims, finance, and sales globally.
North America Commercial Growth Opportunity
Management expects North America Commercial growth to improve materially in future quarters as the negative impact of prior underwriting actions diminishes and opportunities in middle and small commercial increase.
Asia Growth and Strategic Opportunity
Management described Asia as one of the world's two regions growing most exceptionally, alongside North America, with opportunities tied to U.S. capital investment in AI-related infrastructure, rising middle classes, digitization, and growth in small and mid-sized businesses. P&C and life business in Hong Kong and China was growing double digit despite a soft domestic environment.
Data Center Insurance Pipeline
Chubb is active in physical property construction, marine, and surety related to data center development and was described as a global leader across data center development insurance capabilities. Management said a significant pipeline remains to be bound as projects move from announcement to construction.
Disciplined Capital Allocation
Management said capital returns have generally been in the range of 50% as an outcome, while capital is also being preserved for risk, insurance-business deployment, the attractive fixed-income environment, and Chubb's differentiated alternative strategy.
Strong High-Net-Worth Competitive Position
Management said high-net-worth insurance is primarily differentiated by the richness of coverage, services, complexity, and long-term customer relationships rather than price, and expects the business to remain steady despite periodic competitive pressure.
Long-Term Growth Confidence
Excluding CATs and foreign-exchange effects, management expressed confidence in continued strong growth in operating earnings and EPS and, most importantly, double-digit growth in tangible book value over the medium term.
MX:CBN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed