CB · 8-K · 20260721PR310312

Operating Income and Margins

Chubb Ltd · 2026-07-21 · Importance 54 · Surprise 40 · No source text

Second-quarter core operating income increased 14.6% to $2.842 billion, while core operating income per share rose 18.2% to $7.26. P&C underwriting income increased 18.8% to $1.937 billion, and the P&C combined ratio improved to 83.8% from 85.6%. Total pre-tax catastrophe losses declined to $475 million from $630 million, while favorable prior-period development increased to $283 million from $249 million. Overseas General's combined ratio improved 8.1 percentage points to 82.2%, primarily because catastrophe losses decreased 6.5 percentage points and favorable prior-period development increased 1.4 percentage points; North America Personal's ratio improved 6.2 points to 67.3%.

Key facts

• P&C underwriting income for Q2 2026 was $1,937 million, up 18.8% versus prior year. source
• P&C current accident year underwriting income excluding catastrophe losses for Q2 2026 was $2,129 million, up 5.8%. source
• Total pre-tax net catastrophe losses in Q2 2026 were $475 million compared with $630 million in the prior year. source
• Total pre-tax favorable prior period development in Q2 2026 was $283 million compared with $249 million in the prior year. source
• P&C combined ratio for Q2 2026 was 83.8%, improved from 85.6% in prior year. source
• North America Commercial combined ratio increased to 85.4% from 83.5%, with a current accident year combined ratio excluding catastrophe losses of 81.8% (was 81.1%). source
• North America Personal combined ratio decreased to 67.3% from 73.5%, with current accident year combined ratio excluding catastrophe losses of 69.9% (was 72.2%). source
• P&C loss and loss expense ratio for Q2 2026 was 56.7% and policy acquisition cost ratio was 19.1%, administrative expense ratio was 8.0%, resulting in a P&C combined ratio of 83.8%. source

Impact estimates