Global property and casualty insurer Chubb reported that property underwriting revenue increased 18.8% year-over-year to $1.94 billion in the second quarter of 2026, compared with $1.63 billion in the second quarter of 2025.
Meanwhile, the insurer’s combined ratio improved to 83.8% in Q2 2026 from 85.4% in Q2 2025.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Strong property and casualty underwriting, investment and life insurance revenues resulted in core operating income of $2.8 billion, or $7.26 per share, an increase of 14.6% and 18.2%, respectively, from the prior year.
“Our most important measure of value creation, tangible book value per share, increased 17.1% over the last year.
“Property underwriting revenue exceeded $1.9 billion, up nearly 19%, with a combined ratio of 83.8%, an outstanding result, compared with a combined ratio of 82.2% on a current casualty year basis (excluding CAT).”
Meanwhile, property and casualty net written premiums (NPW) increased 3% to $12.77 billion in the second quarter of 2026, compared with $12.39 billion in the same period in 2025.
Among them, the market segment reported that North American commercial decreased by 2.3%, while mid-market and small commercial increased by 8.9%.
For the reinsurance segment, NPW fell 6.7% to $354 million in the quarter, compared with $380 million in the second quarter of 2025.
Additionally, major and professional accounts in the property and casualty segment were down 9% due to property underwriting actions, while North American Personal and North American Agricultural were both up 6%. Consumer insurance increased by 12.1%, and commercial insurance increased by 8.8%.
Greenberg added: “Property and casualty premiums were up 3% from last year, excluding large accounts and E&S Property, was up 6.3%. Overseas general premiums were up 15.6%, Asia was up 12%, Europe was up about 0.5%, commercial was down 2.3%, and personal lines and agriculture were up 6%. Commercial lines, excluding professional and specialty lines, were up 14.4%.
In his speech, he explained that overly weak underwriting conditions still exist in certain areas of global property insurance in the property and casualty insurance market, particularly large accounts and environmental and social-related areas.
Greenberg said: “Our revenue results reflect our underwriting discipline and we do not intentionally underwrite at a loss. The growth penalty we incur on the property side will disappear in the future. At the same time, soft market conditions are spreading into certain casualty areas and financial lines also remain soft. Against this backdrop, we are well diversified and the vast majority of our businesses are growing, which is evident in our results.”
In Q2’26, pre-tax net catastrophe losses totaled $475 million, compared to $630 million in the prior year. Pre-tax preferential development totaled $283 million compared to $249 million in the second quarter of 2025.
In life insurance, net written premiums increased 7.5% to $1.94 billion, compared with $1.8 billion in the second quarter of 2025. Segment revenue increased 9% to US$332 million, with International Life revenue increasing 13.0%. Life insurance net written premiums and deposits received were US$2.65 billion, an increase of 14.4%.
Overall, net profit for the quarter fell slightly to $2.85 billion, down from $2.97 billion in the second quarter of 2025, and core operating income was $2.84 billion, up 14.6% from $2.48 billion in the second quarter of 2025.
However, net profit for the first six months of 2026 rose 20.4% to $5.17 billion, compared with $4.3 billion in the first half of 2025. In the first half of 2026, core operating income increased 39.4% to US$5.53 billion from US$3.97 billion in the first half of 25.
Pre-tax net investment income in the quarter was US$1.76 billion, an increase of 12.3%, and adjusted net investment income was US$1.88 billion, an increase of 11.4%, both reaching record highs.
Greenberg added: “We had a very strong quarter, with results that again reflect the strengths of our company, including our revenue streams, our global diversity and the growth opportunities it brings, the size and strength of our balance sheet and the growth of our invested assets, and finally, our disciplined approach to underwriting, which is a hallmark of our culture.
“On the investment side of our business, adjusted net investment income reached a record $1.88 billion, up more than 11%, driven by the strong performance of our fixed income and alternative asset portfolios. Our invested assets now stand at $175 billion, up 9% over the past 12 months. Life revenue increased 9% to $332 million, with good revenue growth in Asia Life and North American Worksite businesses.
“We are an all-weather company. As a long-term compounder of wealth in cyclical businesses, we are patient and have many sources of opportunity on both the liability and asset sides of the balance sheet. Beyond CAT and FX, we are confident in our ability to continue to outperform and deliver strong growth in operating profit and earnings per share, as well as double-digit growth in tangible book value.”
