Chubb (CB) investor relations material

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.

• Total revenues for Q2 2026 increased 6.6% to $15.8 billion, with net premiums written up 3.6% and net investment income up 12.3%.

• 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.

• Strong P&C underwriting, investment, and life income drove results, with tangible book value per share up 17.1% year-over-year.

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

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%.

• Life income was $332 million, up 9% year-over-year.

• Pre-tax catastrophe losses were $475 million, mainly from U.S. weather events, down from $630 million last year.

Outlook and guidance

• Management expects continued growth in net investment income due to higher average invested assets.

• Confident in ability to generate strong growth in operating earnings, EPS, and double-digit tangible book value growth, despite softening market conditions.

• EPS growth outlook broadened to reflect a wider range of outcomes, still including double-digit potential.

• Core operating effective tax rate expected to be 19.5%-20% for the full year; effective tax rate was 20.5% for Q2 2026.

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