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Chubb reports 83.8% combined ratio as underwriting income rises
Combined ratio improved to 83.8%, nearly 9 points better than the US industry average, as catastrophe losses fell to $475 million from $630 million a year earlier.
Chubb Limited posted an 83.8% property and casualty combined ratio in the second quarter of 2026, nearly 9 points below the 92.9% US industry average, with the insurer taking steps to reduce exposure in a softening property market. The company said it shed large account and excess and surplus property business as underwriting conditions remained overly soft in certain areas, particularly large account and E&S related.
Underwriting income rose 18.8% to $1.94 billion, helped by catastrophe losses declining to $475 million from $630 million in Q2 2025. Core operating income increased 14.6% to $2.84 billion, or $7.26 per share, ahead of analyst consensus of $6.78, while net income was $2.85 billion, or $7.30 per share, down from $2.97 billion a year earlier due in part to smaller investment gains.
Chubb reported consolidated net premiums written up 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, while North America commercial P&C net premiums written declined 2.3% to $5.59 billion as major accounts and E&S wholesale property fell 9.0%.