Chubb (CB) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $2.85 billion ($7.30 per share), down 3.8% year-over-year, while core operating income rose 14.6% to $2.84 billion ($7.26 per share), up 18.2% per share.

• Achieved core operating earnings of $2.8 billion, with strong P&C underwriting, investment, and life income driving results.

• Book value per share increased 12.3% to $195.45 and tangible book value per share rose 17.1% to $131.93 from June 2025.

• Global leader in P&C insurance with operations in 54 countries and a market capitalization of $131.4 billion as of June 30, 2026.

• Exceptional financial strength, with core operating companies rated AA by S&P and A++ by AM Best.

Financial highlights

• Consolidated net premiums written grew 3.6% to $14.7 billion; P&C up 3.0%, Life Insurance up 7.5%.

• P&C underwriting income increased 18.8% to $1.94 billion; combined ratio improved to 83.8%.

• Adjusted net investment income reached a record $1.88 billion, up 11.4%.

• Total capital position was $93.9 billion and shareholders' equity $75.4 billion as of June 30, 2026.

• Operating cash flow for the first half of 2026 was $7.68 billion, up from $5.12 billion in the prior year.

Outlook and guidance

• Management expects continued strong growth in operating earnings, EPS, and double-digit tangible book value growth.

• Broadened range of EPS growth outcomes due to softening commercial P&C market conditions, but double-digit growth remains possible.

• Core operating effective tax rate expected to be 19.5%-20% for the full year.

• Pre-tax interest expense for 2026 is projected at $808 million.

• No material changes to risk factors or market risk exposures were reported.