Chubb's third-quarter net income rises to $7.30 a share despite higher catastrophe losses

Chubb grew per-share earnings in the third quarter even as catastrophe losses more than doubled, helped by record investment income and buybacks.

Net income rose 1.5% to $2.84 billion, or $7.30 a share, from $2.80 billion, or $6.99, a year earlier, according to the earnings release Chubb filed with an 8-K on Tuesday. Core operating income fell 2.2% to $2.98 billion, but rose 0.8% on a per-share basis to a record $7.66.

Pre-tax net catastrophe losses were $705 million, compared with $285 million a year earlier. Favorable prior-period reserve development grew to $511 million from $361 million.

"Due to particularly light CAT losses last year, earnings are down 2% and up 1% per share from 2025," Chairman and CEO Evan Greenberg said in the release.

Underwriting and premiums

Property and casualty net premiums written rose 1.9% to $13.18 billion. North America Commercial fell 2.7%, while North America Personal rose 5.3% and Overseas General rose 6.7%.

P&C underwriting income was $2.06 billion, with a combined ratio of 84.1%. Excluding catastrophe losses and prior-year development, the current accident year combined ratio was 82.6%.

Life Insurance net premiums written rose 1.4% to $1.96 billion, and segment income rose 11.4% to $369 million.

Investments and capital

Pre-tax net investment income rose 8.6% to a record $1.79 billion. Book value per share rose 5.1% from a year earlier to $191.43, though after-tax realized and unrealized investment losses of $4.48 billion weighed on book value during the quarter.

Chubb returned $1.57 billion to shareholders in the quarter, including $1.18 billion of share repurchases at an average price of $344.32 a share and $393 million of dividends. Operating cash flow was a record $6.07 billion.

For the first nine months, net income was a record $8.02 billion, or $20.46 a share, up 16.2% per share.

By the numbers

• Net income per share: $7.30, up 4.4%
• Core operating income per share: $7.66, up 0.8%
• P&C net premiums written: $13.18 billion, up 1.9%
• Combined ratio: 84.1%
• Catastrophe losses: $705 million, vs. $285 million
• Q3 buybacks: $1.18 billion

Sources

1. Chubb Limited, Form 8-K (Item 2.02) with Exhibit 99.1 earnings release, filed Oct. 20, 2026, accession 0001193125-26-426866

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