Chubb disclosed that property insurance underwriting income in the first quarter of 2026 was US$1.79 billion, an increase of 306.3% compared with the same period last year, and the combined ratio was 84%.
The company’s net profit and core operating income in the first quarter of this year were US$2.32 billion and US$2.69 billion respectively, an increase of 74.3% and 80.6% respectively.
Evan G. Greenberg, Chubb’s chairman and chief executive officer, said: “We had a strong quarter and year that are a testament to our company’s strength and resilience during a period of heightened uncertainty. Our globally diversified business, underwriting discipline and strong balance sheet are delivering returns for us while creating opportunities for continued growth.”
Chubb also revealed that its pre-tax net catastrophe losses totaled $500 million in the first quarter of 2026, compared with $1.64 billion last year, including $1.47 billion from the California wildfires.
Meanwhile, the company’s pre-tax preferential pre-development total was $286 million in the first quarter of this year, compared with $255 million in the same period last year.
Chubb reported first-quarter 2026 pre-tax net investment income of a record $1.71 billion, an increase of 9.5%, and adjusted net investment income of a record $1.84 billion, an increase of 10.1%.
Greenberg said market conditions in both property and financial insurance are weak or weak, and parts of the real estate market are weakening rapidly.
“Given inadequate price levels, we took action during the quarter to reduce exposure to key customers and the E&S segment by not renewing a significant portion of our shared and strata property business that was subject to renewal while simultaneously purchasing additional reinsurance,” the executive said.
He continued: “Given our diversity and balance of opportunities, we delivered good growth, with consolidated net premiums increasing 10.7% to $14 billion, with our global consumer business (P&C and life) growing 21%.
“Total property and casualty net premiums increased 7.2% and life grew 33.1%. In North America, property and casualty grew 4.1%, while overseas general grew 14.4%, or 6.1% on a constant currency basis. We reported growth in Latin America, Europe and Asia of 17.8%, 15.8% and 12.1%, respectively. Excluding large account property, admissions and E&S, North America grew 7.8%.
Looking ahead, Greenberg noted that wars in the Middle East have raised concerns about rising inflation and slowing economic growth “around the world,” while adding pressure to certain financial, fiscal and economic conditions that were already in place.
“Chubby’s diverse, market-leading businesses and capabilities, and operating discipline provide us with greater resiliency. We have many sources of opportunity, and from what I’ve seen, I continue to believe in our ability to continue to deliver strong growth in operating profit, as well as double-digit growth in earnings per share and tangible book value,” the executive concluded.
