Chubb Ltd (CB) Earnings History

Chubb Ltd - Q1 2026 EarningsBeat

Filed at: Apr 21, 2026, 4:26 PM EDT|Read from source

EXECUTIVE SUMMARY

Chubb reported a strong first quarter with significant growth in net income and core operating income, driven by robust P&C underwriting performance and increased investment income. The company demonstrated resilience and growth across its diversified global businesses despite challenging market conditions.

POSITIVE HIGHLIGHTS

  • •

    Net income increased 74.3% to $2.32 billion, with diluted EPS up 78.8% to $5.88.

    positive
  • •

    Core operating income increased 80.6% to $2.69 billion, with core operating EPS up 85.2% to $6.82.

    positive
  • •

    Consolidated net premiums written increased 10.7% to $14.0 billion, with P&C up 7.2% and Life Insurance up 33.1%.

    positive
  • •

    P&C underwriting income was $1.79 billion, a significant increase of 306.3%, with a combined ratio of 84.0%.

    positive
  • •

    Pre-tax net investment income was a record $1.71 billion, up 9.5%.

    positive
  • •

    Book value per share increased 15.8% and tangible book value per share increased 21.5% from the prior year.

    positive

CONCERNS & RISKS

  • •

    Book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.94 billion in Chubb’s investment portfolio.

    attention
  • •

    North America Commercial P&C Insurance combined ratio increased to 84.0% from 82.1% in the prior year, driven by an increase in the underlying loss ratio, primarily due to the reduction in property business.

    attention
  • •

    Global Reinsurance net premiums written decreased 11.2% (11.7% in constant dollars).

    attention
  • •

    The company reduced exposures in its Major Accounts and E&S divisions by non-renewing a substantial percentage of its shared and layered property business due to inadequate price levels.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$14.01B
+10.7%
Prior year: $12.65B
Net Income
Quarterly
$2.32B
+74.3%
Prior year: $1.33B
EPS (Diluted)
Quarterly
$5.88
+78.8%
Prior year: $3.29
Operating Income
Quarterly
$2.69B
+80.6%
Prior year: $1.49B
EPS (Basic)
Quarterly
N/A
N/A

MARGIN ANALYSIS

Net Margin
Current Quarter
16.6%
Prior Year
10.5%
YoY Change
+606 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q1 2026 2026

VISUAL OVERVIEW

|
Total North America P&C Insurance(3 segments)
0.0%
N/A
Overseas General Insurance
0.0%
N/A
CC: +6.1%
Global Reinsurance
0.0%
N/A
CC: -11.7%
Life Insurance
0.0%
N/A
CC: +30.8%

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% TotalCC
Total North America P&C Insurance
N/A————
Overseas General Insurance
N/A———+6.1%
Global Reinsurance
N/A———-11.7%
Life Insurance
N/A———+30.8%
Total Revenue$0.00M——100.0%—

Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.

EARNINGS CALL —

Call date
2026-04-21
Tone
cautious
Hedge density
N/A
Deflection rate
50.0%
View transcript Accession: 0001193125-26-166937

CALL GUIDANCE — Q1 2026 2026

MetricValuePeriodSpecificityvs Prior
adjusted_net_investment_income$1.81 billion to $1.84 billionQ1 2026tight_rangeNew
tax_rate19.5% to 20%FY2026tight_rangeNew
combined_ratio_improvement150 basis pointsnext 3-4 yearspointNew

CAPITAL ALLOCATION — Q1 2026 2026

  • dividendcontinue

    $1.5 billion · for the year · funded by core operating income

  • buybackcontinue

    $3.4 billion · for the year · funded by core operating income

MACRO STANCE — Q1 2026 2026

  • fxneutralnew
  • fxheadwindnew
  • supply_chainheadwindnew

Q&A SIGNALS — Q1 2026 2026

Hedge rate
N/A
Concerns retained
3
Forward commits
0

SPECIAL ITEMS & ADJUSTMENTS

Q1 2026
Integration expenses and severance, net of tax
+$7M
$0.02 per share
Q1 2026
Market risk benefits (gains) losses, net of tax
$12M
$0.03 per share
Q1 2025
Market risk benefits (gains) losses, net of tax
+$78M
$0.19 per share
Q1 2026
Amortization of deferred tax asset from Bermuda law
+$31M
$0.08 per share
Q1 2025
Amortization of deferred tax asset from Bermuda law
+$21M
$0.05 per share
Total Impact
+$125M$0.31 per share

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

We had an excellent quarter and start to the year, which speaks to the strength and resilience of our company in a period of elevated uncertainty.

— Chubb Ltd, Q1 2026 2026 Earnings Call

Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth.

— Chubb Ltd, Q1 2026 2026 Earnings Call

Both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace.

— Chubb Ltd, Q1 2026 2026 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

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