CB Chubb (CB) Q3 FY26 earnings call
Chubb delivered a robust third quarter, marked by record core operating earnings and strong underwriting profitability, underpinned by its diversified global presence and disciplined approach. The company capitalized on a favorable investment environment with record net investment income, while strategically managing its P&C portfolio amidst increasing market competition. Management expressed confidence in continued outperformance and double-digit tangible book value growth over the medium term, leveraging its broad capabilities and patient capital allocation strategy.
You’re reading a preview. Opening the full call uses 1 concall credit.
Sign in to use your monthly call allowance.
CB operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | This call 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.