Chubb reports Q2 2026 core operating EPS of $7.26, up 18.2%; combined ratio improves to 83.8%

Chubb disclosed Q2 2026 results with gross premiums written of $17.95 billion (up 3.9% year-over-year), net premiums written of $14.71 billion (up 3.6%), and core operating income of $2.84 billion (up 14.6%). The P&C combined ratio improved to 83.8% from 85.6% in Q2 2025, driven by lower catastrophe losses and favorable prior period development.

P&C underwriting income rose 18.8% to $1.94 billion in Q2 2026, with the combined ratio improving to 83.8% from 85.6% in Q2 2025. Current accident year combined ratio excluding catastrophes was 82.2%, essentially flat versus 82.3% in the prior year. Catastrophe losses totaled $475 million (4.0 points on the combined ratio) versus $630 million (5.5 points) in Q2 2025. Favorable prior period development contributed $283 million (2.4 points favorable).

Book value per share increased to $195.45 at June 30, 2026, up 12.3% from $174.07 a year earlier and up 2.9% from the prior quarter. Tangible book value per share rose to $131.93, up 17.1% year-over-year and 4.2% quarter-over-quarter. Excluding accumulated other comprehensive income, tangible book value per share was $145.67, up 15.8% year-over-year.

Core operating return on tangible equity (ROTE) was 21.2% for Q2 2026, up from 21.0% in Q2 2025. Core operating return on equity (ROE) was 14.5%, up from 13.9% in the prior year quarter. These metrics reflect strong profitability relative to shareholders' equity.

Chubb reported Q2 2026 net income of $2.85 billion ($7.30 per share) and core operating income of $2.84 billion ($7.26 per share, up 18.2% per share). Annualized core operating return on tangible equity was 21.2%, and tangible book value per share increased 17.1% year-over-year to $131.93.

P&C underwriting income rose 18.8% to $1.94 billion with a combined ratio of 83.8%, reflecting strong underwriting discipline. Current accident year combined ratio excluding catastrophes was 82.2%. Total pre-tax catastrophe losses were $475 million versus $630 million prior year, and favorable prior period development was $283 million.

Consolidated net premiums written were $14.7 billion, up 3.6%. P&C premiums grew 3.0% (6.3% excluding large account and E&S property). Overseas General grew 10.2% (4.8% constant dollar), with Latin America up 6.3%, Asia up 6.3%, and Europe up 5.1%. North America Commercial declined 2.3% due to underwriting discipline on soft property markets, while North America Personal and Agriculture each grew 6.0%. Life Insurance premiums rose 7.5%.

Chubb returned $1.37 billion to shareholders in Q2 2026 through $979 million in share repurchases (at $327.18 per share average) and $395 million in dividends. For the six months, total capital returned was $2.90 billion, comprising $2.12 billion in buybacks and $775 million in dividends.

Chubb disclosed its second quarter 2026 financial results through a press release and accompanying financial supplement. The 8-K body itself does not contain specific financial figures; those details are in the attached exhibits (99.1 and 99.2), which are not included in the provided text.