Jun 2026 (Q2 FY26) — Jul 22, 2026
Chubb Limited Q2 FY26 — Strong Underwriting and Investment Income Drive Double-Digit EPS Growth
Read the full callChubb (CB) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Chubb earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 14,773 | +10.6% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. | ||
| Net profit | 2,320 | +74.3% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 13 judged targets kept · 4 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted net investment income | between $1.825 billion to $1.85 billion | Mar 2026 | Adjusted net investment income of $1.88 billion was above our previously guided range, primarily due to strong growth in the invested asset base and higher-than-projected private equity income. | Achieved |
| Core operating effective tax rate | in the range of 19.5% to 20% | Dec 2025 | We continue to expect our core operating effective tax rate for the full year to be in the range of 19.5% to 20%. | On Track |
2 of Chubb Ltd's 17 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 15 more targets are in the full ledger.
Claimed
- Core operating earnings of $2.8 billion, up 14.6% over prior year.
- Core operating EPS of $7.26, up 18.2% over prior year.
- P&C underwriting income over $1.9 billion, up almost 19%, with a combined ratio of 83.8%.
- Adjusted net investment income was a record $1.88 billion, up more than 11%.
- Annualized core operating return on tangible equity was 21.2% for the quarter.
Qualified
- Soft market conditions spreading beyond property to more casualty lines, particularly E&S, with pricing failing to keep pace with loss costs.
- Financial lines continue to be soft, with some newer players underwriting at inadequate prices and terms.
- Premiums in major accounts and specialty or E&S declined 9% in the quarter due to property.
- Market pricing for property business given up or passed on was down around 40%.
Price
$356.27 −0.98% · −$3.52
Performance +32.8% 1Y
1Y: $268.21 on 17 Oct 2025 → $356.27. High $363.5 (28 Jul 2026), low $268.2 (20 Oct 2025).
- Previous close
- $359.79
- 52-week range
- $268.2 – $363.5
- One year
- +32.84%
Overview
- Symbol
- CB
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 13 judged targets kept · 4 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted net investment income | between $1.825 billion to $1.85 billion | Mar 2026 | Adjusted net investment income of $1.88 billion was above our previously guided range, primarily due to strong growth in the invested asset base and higher-than-projected private equity income. | Achieved |
| Core operating effective tax rate | in the range of 19.5% to 20% | Dec 2025 | We continue to expect our core operating effective tax rate for the full year to be in the range of 19.5% to 20%. | On Track |
Claimed
- Core operating earnings of $2.8 billion, up 14.6% over prior year.
- Core operating EPS of $7.26, up 18.2% over prior year.
- P&C underwriting income over $1.9 billion, up almost 19%, with a combined ratio of 83.8%.
- Adjusted net investment income was a record $1.88 billion, up more than 11%.
- Annualized core operating return on tangible equity was 21.2% for the quarter.
Qualified
- Soft market conditions spreading beyond property to more casualty lines, particularly E&S, with pricing failing to keep pace with loss costs.
- Financial lines continue to be soft, with some newer players underwriting at inadequate prices and terms.
- Premiums in major accounts and specialty or E&S declined 9% in the quarter due to property.
- Market pricing for property business given up or passed on was down around 40%.
The full ledger
Open Chubb Ltd’s full ledger
A free account opens 5 company ledgers a month. All 17 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
Chubb Limited Q1 FY26 — Excellent quarter as it walks away from softening large-account property
Read the full callDec 2025 (Q4 FY25) — Feb 4, 2026
Chubb Q4 FY25 — Record Underwriting and Investment Income Drive Strong Earnings
Read the full callEvery analysed call
Chubb earnings calls (CB)
Financials
What the filings say
Net profit, year on year: +74% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 13,835 | 14,849 | 14,175 | 13,353 | 14,836 | 16,148 | 15,065 | 14,773 |
| Interest | 182 | 192 | 189 | 181 | 181 | 197 | 205 | 198 |
| Profit before tax | 2,706 | 2,994 | 3,119 | 1,664 | 3,716 | 3,894 | 3,770 | 2,993 |
| Tax rate | 18.1% | 16.8% | 15.4% | 19.3% | 19.3% | 20.2% | 15.8% | 21.6% |
| Net profit | 2,230 | 2,324 | 2,575 | 1,331 | 2,968 | 2,801 | 3,210 | 2,320 |
| EPS ($ per share) | 5.51 | 5.75 | — | 3.32 | 7.42 | 7.05 | — | 5.94 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 11,121 | 11,121 | 11,064 | 10,985 | 10,346 | 241 | 235 | 231 |
| Reserves | 31,700 | 36,142 | 39,337 | 47,365 | 48,305 | 54,810 | 61,561 | 69,950 |
| Total liabilities | 117,459 | 121,612 | 131,333 | 140,340 | 148,498 | 166,991 | 178,154 | 192,548 |
| Fixed assets | 1,700 | 1,900 | 2,000 | 2,000 | 2,400 | 2,900 | 3,100 | 3,500 |
| Investments | 3,016 | — | — | — | — | — | — | — |
| Total assets | 167,771 | 176,943 | 190,774 | 200,054 | 199,017 | 230,682 | 246,548 | 272,327 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 5,480 | 6,342 | 9,785 | 11,151 | 11,258 | 12,632 | 16,182 | 12,816 |
| Cash from investing | -2,935 | -5,905 | -7,521 | -6,659 | -5,654 | -7,648 | -13,923 | -11,260 |
| Cash from financing | -1,991 | -151 | -2,082 | -4,411 | -5,142 | -4,489 | -2,181 | -1,850 |
| Net cash flow | 489 | 306 | 190 | -25 | 316 | 494 | -72 | -79 |
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 | 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 | -0.2 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 | +0.6 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.
Insider filings
113 filings between Oct 27, 2025 and Sep 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$55.60M
22 sales by 11 insiders
Compensation
not trading decisions- 31
- Award — granted as compensation
- 6
- Option exercise — converted options into shares
- 40
- Tax withheld — shares kept back by the company to cover tax
Also filed: 9 dispositions to the issuer, 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| BOROUGHS TIMOTHY ALAN | — | $12.62M | Feb 6, 2026 |
| Lupica John J | — | $11.51M | Nov 14, 2025 |
| GREENBERG EVAN G | — | $9.99M | Feb 12, 2026 |
| Wayland Joseph F | — | $7.40M | Jul 28, 2026 |
| Keogh John W | — | $7.39M | May 27, 2026 |
| Ohsiek George F. | — | $1.92M | Mar 6, 2026 |
| CONNORS MICHAEL P | — | $1.90M | Aug 21, 2026 |
| Ortega Juan Luis | — | $1.51M | Jun 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 1, 2026 | Wayland Joseph F Executive Vice President and* | Tax withheld | 144 | $48.8K |
| Aug 21, 2026 | CONNORS MICHAEL P Director | Sale | 5,500 | $1.90M |
| Jul 28, 2026 | Wayland Joseph F Executive Vice President and* | Sale | 8,502 | $3.10M |
| Jun 8, 2026 | Ortega Juan Luis Executive Vice President* | Option exercise | 3,886 | $540.2K |
| Jun 8, 2026 | Ortega Juan Luis Executive Vice President* | Sale | 3,886 | $1.25M |
| May 28, 2026 | Keogh John W President &COO | Gift | 1,352 | $0 |
| May 27, 2026 | Keogh John W President &COO | Sale | 2,824 | $909.2K |
| May 27, 2026 | Keogh John W President &COO | Gift | 61,000 | $0 |
| May 27, 2026 | Keogh John W President &COO | Sale | 20,176 | $6.49M |
| May 27, 2026 | Keogh John W President &COO | Gift | 61,000 | $0 |
| May 21, 2026 | TOWNSEND FRANCES F Director | Tax withheld | 193 | $63.7K |
| May 21, 2026 | Wayland Joseph F Executive Vice President and* | Disposition to issuer | 1,797 | $0 |
| May 21, 2026 | Shasta Theodore Director | Award | 681 | — |
| May 21, 2026 | ATIEH MICHAEL G Director | Award | 681 | — |
| May 21, 2026 | CORBAT MICHAEL Director | Award | 681 | — |
| May 21, 2026 | TOWNSEND FRANCES F Director | Award | 681 | — |
| May 21, 2026 | SCULLY ROBERT W Director | Tax withheld | 356 | $117.6K |
| May 21, 2026 | Chai Nelson Director | Award | 681 | — |
| May 21, 2026 | Johns Bryce L. Senior Vice President,* | Disposition to issuer | 243 | $0 |
| May 21, 2026 | BOROUGHS TIMOTHY ALAN Executive Vice President* | Disposition to issuer | 930 | $0 |
| May 21, 2026 | CONNORS MICHAEL P Director | Tax withheld | 193 | $63.7K |
| May 21, 2026 | Chai Nelson Director | Tax withheld | 193 | $63.7K |
| May 21, 2026 | Buese Nancy Director | Award | 1,135 | — |
| May 21, 2026 | CORBAT MICHAEL Director | Tax withheld | 193 | $63.7K |
| May 21, 2026 | Keogh John W President &COO | Tax withheld | 29,556 | $9.76M |
| May 21, 2026 | Wayland Joseph F Executive Vice President and* | Tax withheld | 12,164 | $4.02M |
| May 21, 2026 | Keogh John W President &COO | Disposition to issuer | 5,033 | $0 |
| May 21, 2026 | Shasta Theodore Director | Tax withheld | 193 | $63.7K |
| May 21, 2026 | GREENBERG EVAN G Chairman & CEO | Disposition to issuer | 11,253 | $0 |
| May 21, 2026 | GREENBERG EVAN G Chairman & CEO | Tax withheld | 73,555 | $24.29M |
| May 21, 2026 | Hu Fred Director | Tax withheld | 193 | $63.7K |
| May 21, 2026 | Enns Peter C. Executive Vice President and* | Disposition to issuer | 1,869 | $0 |
| May 21, 2026 | Hu Fred Director | Award | 1,135 | — |
| May 21, 2026 | O'Brien Frances D. Chief Risk Officer | Tax withheld | 1,106 | $365.3K |
| May 21, 2026 | O'Brien Frances D. Chief Risk Officer | Disposition to issuer | 216 | $0 |
| May 21, 2026 | Enns Peter C. Executive Vice President and* | Tax withheld | 11,730 | $3.87M |
| May 21, 2026 | Ortega Juan Luis Executive Vice President* | Disposition to issuer | 924 | $0 |
| May 21, 2026 | Ortega Juan Luis Executive Vice President* | Tax withheld | 5,820 | $1.92M |
| May 21, 2026 | McNamee Paul Executive Vice President* | Tax withheld | 1,352 | $446.5K |
| May 21, 2026 | BOROUGHS TIMOTHY ALAN Executive Vice President* | Tax withheld | 4,751 | $1.57M |
| May 21, 2026 | McNamee Paul Executive Vice President* | Disposition to issuer | 282 | $0 |
| May 21, 2026 | CONNORS MICHAEL P Director | Award | 681 | — |
| May 21, 2026 | ATIEH MICHAEL G Director | Sale | 578 | $190.5K |
| May 21, 2026 | Steimer Olivier Director | Award | 681 | — |
| May 21, 2026 | Steimer Olivier Director | Tax withheld | 41 | $13.5K |
| May 21, 2026 | HUGIN ROBERT J Director | Award | 1,135 | — |
| May 21, 2026 | ATIEH MICHAEL G Director | Tax withheld | 193 | $63.7K |
| May 21, 2026 | Buese Nancy Director | Tax withheld | 321 | $106.0K |
| May 21, 2026 | SIDWELL DAVID H Director | Award | 757 | — |
| May 21, 2026 | SCULLY ROBERT W Director | Award | 1,256 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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