Chubb (CB) Q3 2026 earnings summary

Executive summary

• Q3 net income was $2.84B (+1.5%) and core operating income was $2.98B (-2.2%); EPS was $7.30 (+4.4%) and core operating EPS was $7.66 (+0.8%).

• 9M net income and core operating income reached records of $8.02B (+12.9%) and $8.60B (+21.0%); EPS was $20.46 (+16.2%) and core operating EPS was $21.94 (+24.5%).

Financial highlights

• Consolidated net premiums written rose 1.9% to $15.14B; net premiums earned increased 3.9% (4.0% in constant dollars).

• P&C underwriting income was $2.06B; current-accident-year underwriting income excluding CAT losses rose 3.3% to $2.26B.

• Record adjusted net investment income was $1.89B (+6.3%); life income rose 11.4% to $369M (14.7% in constant dollars).

• Operating cash flow reached a record $6.07B and adjusted operating cash flow a record $5.55B; 9M adjusted operating cash flow was $12.8B, and invested assets exceeded $175B.

• Q3 pre-tax catastrophe losses were $705M; 9M losses were $1.7B versus $2.6B a year earlier. Q3 favorable prior-period development was $511M.

Outlook and guidance

• North America Commercial growth is expected to improve in coming quarters as underwriting-action headwinds diminish and middle- and small-commercial opportunities grow.

• Medium-term outlook remains for strong operating income and EPS growth and double-digit tangible book value growth, excluding catastrophe losses and FX effects.

• FY core operating effective tax rate expectation remains 19.5%-20%; Q3 was 19.9%, near the top of the prior range due to income mix and discrete tax items.

• No specific adjusted net investment income guidance; fixed-income investment income is expected to grow as reinvestment conditions improve.