Chubb Q2 core operating income rises 18.2% to $2.84 billion
Chubb Limited reported Q2 core operating income of $2.84 billion, or $7.26 per share, beating the analyst estimate of $6.75. Net premiums written increased 3.6% to $14.7 billion, while sales of $12.768 billion missed estimates. P&C underwriting income rose 18.8% to $1.94 billion.
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Chubb Limited reported core operating income of $2.84 billion, or $7.26 per share, for the quarter ended June 30, 2026, an increase of 18.2% per share. This result beat the analyst consensus estimate of $6.75 by 7.56%. Net income was $2.85 billion, or $7.30 per share. Consolidated net premiums written increased 3.6% to $14.7 billion, driven by growth in both Property & Casualty (P&C) and Life Insurance segments. The company reported quarterly sales of $12.768 billion, which missed the analyst consensus estimate of $12.987 billion by 1.69%. This represents a 3.02% increase over sales of $12.394 billion from the same period last year.
P&C net premiums written rose 3.0% to $12.77 billion, while Life Insurance net premiums written grew 7.5% to $1.94 billion. P&C underwriting income reached $1.94 billion, up 18.8%, with a combined ratio of 83.8%. Excluding catastrophe losses, the current accident year combined ratio was 82.2%. Total pre-tax net catastrophe losses were $475 million, compared to $630 million in the prior year. Adjusted net investment income was a record $1.88 billion, up 11.4%.
Financial Performance
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Net Income ($ millions) | $2,854 | $2,968 | (3.8)% |
| Core Operating Income ($ millions) | $2,842 | $2,480 | 14.6% |
| Net Premiums Written ($ millions) | $14,705 | $14,196 | 3.6% |
| P&C Combined Ratio | 83.8% | 85.6% | — |
| Core Operating EPS | $7.26 | $6.14 | 18.2% |
Segment Highlights
North America Commercial P&C net premiums written decreased 2.3%, primarily due to underwriting actions on property. However, North America Personal P&C and Agricultural Insurance each grew 6.0%. Overseas General Insurance net premiums written increased 10.2%, with Latin America, Asia, and Europe rising 15.6%, 12.0%, and 5.1%, respectively. Life Insurance segment income was $332 million, up 9.0%.
Book value per share increased 12.3% to $195.45, and tangible book value per share increased 17.1% to $131.93. Annualized core operating return on tangible equity was 21.2%. The company returned $1.37 billion to shareholders through share repurchases of $979 million and dividends of $395 million.
Will the underwriting actions on North America Commercial P&C property continue to impact premium growth in the second half of the year?
Can the record adjusted net investment income be sustained given current market interest rate volatility?
What are the company's capital allocation priorities for the remainder of the fiscal year following the significant share repurchases in Q2?
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