Chubb Limited delivered a P&C combined ratio of 83.8% in the second quarter of 2026, nearly 9 points below the 92.9% US industry average, even as it deliberately shed large account and E&S property business in a softening market. Underwriting income rose 18.8% to $1.94 billion, with catastrophe losses falling to $475 million from $630 million a year earlier.
Core operating income rose 14.6% to $2.84 billion, or $7.26 per share, ahead of analyst consensus of $6.78. Net income was $2.85 billion, or $7.30 per share, down from $2.97 billion in Q2 2025. The prior-year figure was supported by larger investment gains.
Consolidated net premiums written rose 3.6% to $14.7 billion. P&C net premiums written were $12.77 billion, up 3.0%, or 6.3% excluding large account and excess and surplus lines property. Pre-tax net catastrophe losses totaled $475 million, down from $630 million in Q2 2025.
Adjusted net investment income reached a record $1.88 billion, up 11.4%. Pre-tax net investment income was $1.76 billion, up 12.3%. Chubb's total invested asset base stood at $175 billion, up 9% over the prior 12 months.
Chairman and CEO Evan G. Greenberg said the quarter was strong across the company's main income streams. "Strong P&C underwriting, investment and life income led to core operating earnings of $2.8 billion, or $7.26 per share, up 14.6% and 18.2%, respectively, over the prior year," he said. "Our most important measure of value creation, tangible book value per share, increased 17.1% from last year."
North America commercial P&C net premiums written declined 2.3% to $5.59 billion. Major accounts and E&S wholesale property fell 9.0%, while middle market and small commercial rose 8.9%. On an ex-property basis, North America Commercial was up 4.1%.
Greenberg described the softening property market and said restraint was required. "In terms of P&C markets, overly soft underwriting conditions persist in certain areas of property insurance globally, particularly large account and E&S related," he said. "Our revenue results reflect our underwriting discipline, and we will not underwrite knowingly at a loss."
Greenberg said the property headwind would not persist. "The growth penalty we are paying in property will dissipate going forward," he said. "Soft market conditions are spreading to certain areas of casualty while financial lines also remain soft." He added that the company's diversification positioned it to continue growing across most lines.
The Q2 comments extend Greenberg's Q1 warning, when he flagged property pricing as "soft or softening" and cut large account and E&S exposure.
North America personal P&C net premiums written rose 6.0% to $2.05 billion, with the combined ratio improving 6.2 percentage points to 67.3%. North America agricultural insurance also grew 6%, with net premiums written of $776 million.
Overseas general insurance net premiums written rose 10.2% to $3.99 billion, or 4.8% in constant dollar terms. Latin America led regional growth at 15.6%, followed by Asia at 12% and Europe at 5.1%. The segment's combined ratio improved 8.1 percentage points to 82.2%.
Consumer insurance within overseas general was up 12.1% and commercial insurance was up 8.8%.
Life insurance net premiums written rose 7.5% to $1.94 billion. Life premiums and deposits collected combined totaled $2.65 billion, up 14.4%. Life segment income was $332 million, up 9%, with international life income up 13%.
For the first half of 2026, Chubb reported net income of $5.17 billion, or $13.17 per share, up 20.4% from $4.30 billion in H1 2025. Core operating income for the six months was $5.53 billion, or $14.07 per share, up 39.4%. The H1 combined ratio for North America P&C insurance was 81.5%.
Chubb returned $1.37 billion to shareholders in the quarter. The total comprised $979 million in share repurchases at an average price of $327.18 and $395 million in dividends. Book value per share rose 12.3% year-over-year to $195.45, while tangible book value per share increased 17.1% to $131.93.
Greenberg framed the outlook in long-term terms. "We are an all-weather company," he said. "CATs and FX aside, we are confident in our ability to continue to outperform and generate strong growth in operating earnings and EPS, and double-digit growth in tangible book value."
Chubb Limited operates in 54 countries and territories. The company offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance globally.
