Chubb (CB) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $2.85 billion ($7.30 per share), down 3.8% year-over-year, while core operating income rose 14.6% to $2.84 billion ($7.26 per share), up 18.2% per share.

• Core operating earnings reached $2.8 billion, with strong P&C underwriting, investment, and life income results, and tangible book value per share up 17.1% year-over-year.

• Global leader in P&C insurance with operations in 54 countries and a market capitalization of $131.4 billion as of June 30, 2026.

• Book value per share increased 12.3% to $195.45 and tangible book value per share rose 17.1% to $131.93 from June 2025.

• Total revenues for Q2 2026 increased 6.6% to $15.8 billion, with net premiums written up 3.6% and net investment income up 12.3%.

Financial highlights

• P&C underwriting income increased 18.8% to $1.94 billion; combined ratio improved to 83.8%.

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

• Net premiums written for Q2 2026 were $14.71 billion, up 3.6% year-over-year; six-month premiums rose 7.0% to $28.71 billion.

• Net loss reserves stand at $69.4 billion, supporting policyholder commitments.

• Pre-tax catastrophe losses were $475 million, mainly from U.S. weather events, down from $630 million last year.

Outlook and guidance

• Management expects continued growth in net investment income due to higher average invested assets.

• 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; Q2 2026 effective tax rate was 20.5%.

• Pre-tax interest expense for 2026 is projected at $808 million.