Chubb has disclosed P&C underwriting income for Q1 2026 of $1.79 billion, up 306.3% from the same period last year, with a combined ratio of 84%.
The firm’s net income and core operating income were $2.32 billion and $2.69 billion in the opening quarter of the year, respectively, up 74.3% and 80.6%.
“We had an excellent quarter and start to the year, which speaks to the strength and resilience of our company in a period of elevated uncertainty. Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth,” said Evan G. Greenberg, Chairman and CEO of Chubb.
Chubb also revealed that its total pre-tax net catastrophe losses were $500 million in Q1 2026, compared with $1.64 billion last year, which included $1.47 billion from the California wildfires.
Meanwhile, the firm’s total pre-tax favourable prior period development was $286 million in the opening quarter of this year, compared with $255 million in the prior year.
Chubb reported record pre-tax net investment income of $1.71 billion in Q1 2026, up 9.5%, and record adjusted net investment income of $1.84 billion, up 10.1%.
According to Greenberg, both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace.
“Given inadequate price levels, we moved during the quarter to reduce exposures in our Major Accounts and E&S divisions by non-renewing a substantial percentage of our shared and layered property business that was up for renewal while purchasing additional reinsurance,” the executive said.
He continued, “Given our diversification and balance of opportunities, we produced good growth, with consolidated net premiums up 10.7% to $14 billion, including 21% growth in our global consumer businesses, both P&C and Life.
“Total P&C net premiums grew 7.2%, and Life increased 33.1%. In North America, P&C increased 4.1%, while Overseas General grew 14.4%, or 6.1% in constant dollars. Our published growth in Latin America, Europe and Asia was 17.8%, 15.8% and 12.1%, respectively. Excluding large account property, admitted and E&S, North America grew 7.8%.
Looking ahead, Greenberg observed that war in the Middle East raises the “specter globally” of higher inflation and slower economic growth, while adding pressure to certain financial, fiscal and economic conditions already present.
“Chubb’s diversification, market-leading presence and capabilities, and operating discipline provide us with greater resilience. We have many sources of opportunity, and from what I see, I remain confident in our ability to continue generating strong growth in operating earnings, and double-digit growth in EPS and tangible book value,” the executive concluded.
