Chubb reported a 18.8% rise in property and casualty underwriting income to $1.94 billion in the second quarter of 2026, driven by disciplined underwriting and favorable claims experience across its global operations.
The insurer’s P&C combined ratio—a key metric of underwriting profitability where a ratio below 100% signals underwriting gains—improved to 83.8% from 85.6% in the same quarter a year ago, reflecting tighter risk selection and lower catastrophe losses.
Core operating income climbed 14.6% to $2.84 billion, with core operating earnings per share rising 18.2% to $7.26, both beating prior-year results. Net income for the quarter was $2.85 billion, down slightly from $2.97 billion in Q2 2025, as reported by Chubb Limited on July 21.
Evan G. Greenberg, Chairman and Chief Executive Officer, called the combined ratio of 83.8% “a standout result.” On a current accident year basis excluding catastrophe losses, the combined ratio was even tighter at 82.2%, indicating strong underlying underwriting discipline.
P&C net premiums written rose 3% to $12.77 billion, though growth was uneven across segments. North America Commercial premiums fell 2.3% due to underwriting actions on property in soft market conditions, but middle market and small commercial climbed 8.9%. Overseas General outperformed, growing 10.2%, with Latin America up 15.6%, Asia up 12%, and Europe up 5.1%.
Pre-tax catastrophe losses totaled $475 million in Q2, down from $630 million in the prior year, contributing to the combined ratio improvement. Prior period development—favorable adjustments to previous years’ reserves—added $283 million, compared with $249 million a year earlier.
Adjusted net investment income reached a record $1.88 billion, up 11.4%, supported by strong performance in fixed income and alternative asset portfolios. Total invested assets stood at $175 billion, up 9% over the last 12 months. Life Insurance segment income grew 9% to $332 million, with International Life income up 13%.
Chubb’s strong Q2 performance reflects broader strength in the first half of 2026. For the six months ended June 30, net income rose 20.4% to $5.17 billion, and core operating income climbed 39.4% to $5.53 billion. Core operating EPS for H1 increased 43.3% to $14.07 per share.
The company acknowledged headwinds in certain property insurance markets globally, where soft underwriting conditions persist, particularly in large account and excess and surplus property lines. Greenberg noted that Chubb will not underwrite at a loss and expects the growth penalty from exiting underpriced property business to dissipate as market conditions normalize.
Sources
- Chubb Corporate Newsroom — official Q2 2026 earnings release with detailed financial results, segment performance, and management commentary
- Reinsurance News — summary of Q2 2026 results including underwriting income, combined ratio, and CEO remarks on market conditions
