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.
Net income increased 74.3% to $2.32 billion, with diluted EPS up 78.8% to $5.88.
positiveCore operating income increased 80.6% to $2.69 billion, with core operating EPS up 85.2% to $6.82.
positiveConsolidated net premiums written increased 10.7% to $14.0 billion, with P&C up 7.2% and Life Insurance up 33.1%.
positiveP&C underwriting income was $1.79 billion, a significant increase of 306.3%, with a combined ratio of 84.0%.
positivePre-tax net investment income was a record $1.71 billion, up 9.5%.
positiveBook value per share increased 15.8% and tangible book value per share increased 21.5% from the prior year.
positiveBook value was unfavorably impacted by after-tax net realized and unrealized losses of $1.94 billion in Chubb’s investment portfolio.
attentionNorth 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.
attentionGlobal Reinsurance net premiums written decreased 11.2% (11.7% in constant dollars).
attentionThe 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.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
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.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| adjusted_net_investment_income | $1.81 billion to $1.84 billion | Q1 2026 | tight_range | New |
| tax_rate | 19.5% to 20% | FY2026 | tight_range | New |
| combined_ratio_improvement | 150 basis points | next 3-4 years | point | New |
$1.5 billion · for the year · funded by core operating income
$3.4 billion · for the year · funded by core operating income
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth.
Both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace.
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