CB Chubb (CB) Q2 FY25 earnings call
Chubb delivered a record quarter driven by strong underwriting, investment results, and broad-based premium growth across geographies and segments. While large account property and financial lines face competitive pressures, the company's diversified portfolio and disciplined underwriting position it for continued profitable growth, with management expressing confidence in sustained top and bottom-line expansion.
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CB operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | This call Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Combined ratio | 95.7%Our published combined ratio was 95.7% with underwriting income of $441 million, a notable result given $1.6 billion of cat losses.Source: earnings call transcript | 85.6%Published underwriting income of $1.6 billion was up 15% from a year ago, leading to a combined ratio of 85.6%, more than 1 percentage point better than a year earlier.Source: earnings call transcript | 81.8%Published underwriting income of $2.3 billion was up 55% from a year ago, with a record combined ratio of 81.8%, about 6 percentage points better than a year earlier.Source: earnings call transcript | 81.2%P&C underwriting income was $2.2 billion, up 40% with a record low combined ratio of 81.2%.Source: earnings call transcript | 84%P&C underwriting income was $1.8 billion with a combined ratio of 84%.Source: earnings call transcript | 83.8%P&C underwriting income was more than $1.9 billion, up almost 19%, with a combined ratio of 83.8%.Source: earnings call transcript | 84.1%For the quarter, P&C underwriting income of nearly $2.1 billion led to a combined ratio of 84.1%.Source: earnings call transcript | +0.3 pt |
| Return on tangible common equity (ROTCE) | 13%Our annualized core operating return on tangible equity in the quarter was 13%.Source: earnings call transcript | 21%Our annualized core operating return on tangible equity in the quarter was 21%, very strong result.Source: earnings call transcript | 24.5%Our annualized core operating return on tangible equity in the quarter was 24.5%, simply an outstanding result.Source: earnings call transcript | 23.5%Our core operating return on tangible equity and core operating ROE in the quarter were 23.5% and 15.9%.Source: earnings call transcript | 20.6%Our annualized core operating return on tangible equity was 20.6% and our core operating ROE was 14%.Source: earnings call transcript | 21.2%Our annualized core operating return on tangible equity was 21.2% for the quarter, and core operating ROE was 14.5%.Source: earnings call transcript | 21.6%Annualized core operating return on tangible equity was 21.6% for the quarter, and core operating ROE was 14.9%.Source: earnings call transcript | +0.4 pt |
| Policy retention rate North America high net worth personal lines | — | — | — | — | 92%On the consumer side of North America, our high net worth personal lines business had a very good quarter with premium growth of 8.3% and renewal retention on an account basis of 92%.Source: earnings call transcript | 90%On the consumer side of North America, our high net worth personal lines business, the clear market leader in that category had a really good quarter with premium growth of 6% and renewal retention on an account basis of 90%.Source: earnings call transcript | — | -2 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.