Chubb (CB) Q1 2026 earnings summary

Executive summary

• Net income attributable to shareholders rose 74.3% to $2.32 billion for Q1 2026, with core operating income up 80.6% to $2.69 billion, driven by lower catastrophe losses and strong premium growth.

• EPS increased to $5.88 (net) and $6.82 (core operating), up 78.8% and 85.2% respectively.

• Net premiums written grew 10.7% to $14.0 billion, with P&C up 7.2% and Life Insurance up 33.1%.

• Tangible book value per share increased 21.5% year-over-year to $126.65; book value per share rose to $189.93.

• Nearly half of business transacted outside the U.S., with significant presence in Asia, Europe, and Latin America.

Financial highlights

• P&C combined ratio improved to 84.0% from 95.7% year-over-year; current accident year combined ratio ex-catastrophes: 82.1%.

• Net investment income reached $1.71 billion, up 9.5%; adjusted net investment income was $1.84 billion, up 10.1%.

• Pre-tax catastrophe losses were $500 million, down from $1.64 billion last year; favorable prior period development of $286 million.

• Book value per share increased to $189.93; shareholders' equity at $73.8 billion.

• Core operating ROE was 14%; core operating return on tangible equity was 20.6%.

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.

• Catastrophe risk management and reinsurance programs are in place to mitigate volatility.