Chubb (CB) Q1 2026 earnings summary

Executive summary

• Core operating earnings reached $2.7B and EPS was $6.82, both up substantially year-over-year, driven by robust P&C underwriting, investment, and life income.

• Net income rose 74.3% year-over-year to $2.32B; core operating income up 80.6% to $2.69B.

• Net premiums grew 10.7% to over $14B; P&C premiums up 7.2%, life premiums up 33%, both aided by FX.

• Tangible book value per share increased 21.5% year-over-year.

• Maintained strong balance sheet, liquidity, and record invested assets of $173B.

Financial highlights

• P&C underwriting income reached $1.8B with a combined ratio of 84%.

• Adjusted net investment income was $1.84B, up over 10% year-over-year.

• Pre-tax catastrophe losses were $500M, mainly weather-related; favorable prior period development of $301M.

• Book value per share rose to $189.93; book and tangible book value per share (ex-AOCI) grew 12.1% and 16.5%.

• Operating cash flow was $3.95B; $1.52B returned to shareholders via $1.14B in buybacks and $380M in dividends.

Outlook and guidance

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

• Q2 adjusted net investment income expected between $1.825B-$1.85B.

• Full-year core operating effective tax rate expected in the 19.5%-20% range.

• Cautioned on softening property and financial lines insurance markets, leading to reduced exposures and increased reinsurance.

• War in the Middle East and global inflation pose risks to economic growth and market conditions.