CB · Chubb Limited

Chubb Limited delivered exceptionally strong first quarter 2026 results, with net income surging 74.3% to $2.32 billion and core operating income rising 80.6% to $2.69 billion. The dramatic improvement was primarily driven by a 306.3% increase in P&C underwriting income to $1.79 billion, reflecting a significantly improved combined ratio of 84.0% compared to 95.7% in the prior year quarter. This underwriting performance benefited from substantially lower catastrophe losses of $500 million versus $1.64 billion in Q1 2025, which had included $1.47 billion from California wildfires. Premium growth remained robust with consolidated net premiums written increasing 10.7% to $14.01 billion, led by 33.1% growth in Life Insurance and 7.2% growth in P&C. Investment income reached record levels, with adjusted net investment income up 10.1% to $1.84 billion. Management highlighted the company's globally diversified business and underwriting discipline as key contributors to these results, while noting that both property and financial lines insurance market conditions are soft or softening. The company returned $1.52 billion to shareholders through $1.14 billion in share repurchases and $380 million in dividends. Book value per share increased 15.8% to $189.93, though it was unfavorably impacted by after-tax net realized and unrealized losses of $1.94 billion in the investment portfolio, partially offset by foreign currency gains.