Global property and casualty insurer Chubb has reported an 18.8% year-on-year increase in P&C underwriting income to $1.94 billion for the second quarter of 2026, compared to $1.63 billion in Q2’25.
Simultaneously, the insurer’s Q2’26 combined ratio improved to 83.8% from 85.4% in Q2’25.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented, “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%.”
Meanwhile, P&C net premiums written (NPW) up 3% to $12.77 billion in Q2’26, compared to $12.39 billion in the comparative quarter of 2025.
Of this, a segment breakdown reports that North America Commercial was down 2.3%, while middle market and small commercial were up 8.9%.
For the reinsurance segment, NPW was down 6.7% for the quarter to $354 million, compared to $380 million in Q2’25.
Additionally, in P&C, major accounts and speciality were down 9% due to underwriting actions on property, while North America Personal and North America Agriculture both rose by 6%. Consumer insurance was up 12.1%, and commercial insurance was up 8.8%.
Greenberg added, “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%.”
He explained in his address that the P&C markets saw overly soft underwriting conditions persist in certain areas of property insurance globally, particularly large account and E&S related.
Greenberg said, “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.”
In Q2’26, total pre-tax net catastrophe losses were $475 million compared with $630 million in the prior year. Total pre-tax favourable prior period development was $283 million compared with $249 million in Q2’25.
In the Life Insurance segment, net premiums written increased 7.5% to $1.94 billion compared to $1.8 billion in Q2’25. Segment income rose by 9% to $332 million, with International Life income up 13.0%. Life Insurance net premiums written and deposits collected were $2.65 billion, up 14.4%.
Overall, net income for the quarter dropped slightly to $2.85 billion compared to $2.97 billion in Q2’25, and core operating income was $2.84 billion, up 14.6% from $2.48 billion in Q2’25.
However, net income for the first six months of 2026 was up 20.4% to $5.17 billion compared to $4.3 billion in H1’25. For H1’26, core operating income was up 39.4% to $5.53 billion from $3.97 billion in H1’25.
For the quarter, pre-tax net investment income was $1.76 billion, up 12.3%, and adjusted net investment income was $1.88 billion, up 11.4%, both records.
Greenberg added, “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.
“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.
“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.”
