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Chubb posts record $5.79bn P&C underwriting income for first 9M'26. 21st October 2026 - Author: Kane Wells - Chubb has reported record property and casualty (P&C) underwriting income of $5.79 billion for the first nine months of 2026, up 33.7% year on year, with a P&C combined ratio of 84%. For the first nine months of 2026, Chubb's gross premiums written increased 4.8% year on year to $52.86 billion, while net premiums written rose 5.1% to $43.85 billion. Chubb's net income before accounting for non-controlling interests was $7.97 billion for the period, compared with $7.45 billion a year earlier. After the non-controlling interest adjustment, net income reached $8.02 billion, up from $7.1 billion in the same period of 2025. Net investment income grew 10.1% to $5.26 billion in the first nine months of 2026. For Q3 2026 alone, Chubb reported net income growth of 1.5% to $2.84 billion, while gross premiums written increased 1.6% to $18.36 billion. Net premiums written rose 1.9% to $15.14 billion. Evan G. Greenberg, Chairman and CEO of Chubb, commented, "We had a really strong quarter with strong contributions from all of our businesses. Our diversification is highly supportive of growth and sustained margins which speak to our underwriting discipline, a hallmark of our company." Within P&C, net premiums written increased 1.9% to $13.18 billion in Q3 2026, equivalent to growth of 1.6% in constant dollars. However, P&C underwriting income fell 8.8% to $2.06 billion from $2.26 billion in Q3 2025, while the combined ratio deteriorated to 84.1% from 81.8%. Global P&C, excluding agriculture, recorded net premiums written of $11.65 billion in Q3 2026, up 1.5% year on year. Underwriting income in the segment declined 8.9% to $1.89 billion from $2.08 billion, while its combined ratio increased to 83.4% from 81%. Chubb's life insurance business reported net premiums written of $1.96 billion in Q3 2026, up 1.4% from $1.93 billion in Q3 2025. Segment income increased 11.4% to $369 million. Total pre-tax net catastrophe losses reached $705 million in Q3 2026, compared with $285 million in the same period of 2025. However, total pre-tax favourable prior period development also increased, reaching $511 million compared with $361 million a year earlier. Greenberg continued, "P&C underwriting, investment and life income results led to core operating earnings of $2.98 billion, or $7.66 per share. Due to particularly light CAT losses last year, earnings are down 2% and up 1% per share from 2025. "For the first nine months of the year, which is a more meaningful perspective, core operating income is a record $8.6 billion, or $21.94 per share, up 21% and 24.5%, respectively, from the prior year. "Annualised core operating return on tangible equity is 21.6% and core operating ROE is 14.9%. Tangible book value per share is up 5.7% from the prior year. This was impacted by the mark-to-market due to higher interest rates. Adjusting for AOCI, tangible book value per share increased 15.4%. "For the quarter, P&C underwriting income is $2.1 billion, which led to a combined ratio of 84.1%, and on a current accident year ex-CAT basis, its combined ratio is 82.6%, simply excellent. Year-to-date underwriting income of $5.8 billion is up nearly 34% from 2025. "On the investment side of its business, adjusted net investment income is a record $1.9 billion, supported by rising interest rates and an excellent fixed-income investment environment, which Reinsurance Group has been anticipating for some time, given government deficits and the capital investment cycle. "On the alternative asset side, as publicly announced in the quarter, Strategic Holdings, its holding company partnership with KKR, agreed to sell its investment in USI Insurance Services to Aon, which is expected to result in a realised gain of $460 million on an investment of $740 million. "While the market continues to grow more competitive in commercial P&C across the board, particularly in the U.S. and London, the substantial majority of its underwriting businesses grew in the quarter, with the balance flat or purposely shrinking due to inadequate pricing or terms. "Reinsurance Group is benefiting from its diversification. Overseas General grew 6.7%, with Latin America up 11.7%, Asia up 7.5% and Europe up about 7%. North America personal lines was up 5.3% and agriculture was up 5.1%. North America commercial was down 2.7%, impacted by a reduction in exposure, including increased use of reinsurance and underwriting related non-renewal actions, predominantly property and financial lines-related. I fully expect North America commercial growth to improve in future quarters. "Our deep local presence and capabilities globally, our large and growing invested asset along with rising interest rates, and operating discipline provide us continued growth opportunities and sustainability of value creation. I am confident in our ability to continue to outperform and to generate strong growth in operating earnings and EPS and, most important, double-digit growth in tangible book value."

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