Chubb (CB) Q2 2026 earnings summary

Executive summary

• Core operating earnings reached $2.84 billion ($7.26 per share), up 14.6% year-over-year, with per share growth of 18.2%.

• Net income for Q2 2026 was $2.85 billion ($7.30 per share), down 3.8% year-over-year.

• Tangible book value per share increased 17.1% year-over-year, with annualized core operating return on tangible equity at 21.2%.

• Strong P&C underwriting, investment, and life income drove results, with global diversification and disciplined underwriting highlighted.

Financial highlights

• P&C underwriting income increased 18.8% to $1.94 billion, with a combined ratio of 83.8%.

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

• Life income was $332 million, up 9% year-over-year; Life Insurance net premiums written up 7.5% to $1.94 billion.

• Invested assets grew to $175 billion from $161 billion a year ago.

• Operating cash flow for the quarter was $3.73 billion; $1.37 billion returned to shareholders via buybacks and dividends.

Outlook and guidance

• 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.