CB · Earnings call · 2026Q3T · Full report

Operating Income and Margins

Chubb Ltd · 2026-10-20 · Importance 64 · Surprise 56

Third-quarter P&C underwriting income was nearly $2.1 billion, with a combined ratio of 84.1%. Year-to-date underwriting income reached a record $5.8 billion, up nearly 34%. The global P&C ex-catastrophe combined ratio was 81.8%, essentially flat year over year, as lower loss and administrative ratios were offset by a higher acquisition ratio.

Key facts

• Year-to-date 2026 underwriting income was a record $5.8 billion, up nearly 34%.
• Q3 2026 P&C underwriting income was nearly $2.1 billion, producing a combined ratio of 84.1%.
• Chubb’s international life division earned $277 million of pretax income in Q3 2026, up 7% year over year; year-to-date income was up almost 11%.
• Beginning in Q3 2026, Chubb excluded amortization of certain M&A-related intangible assets from core operating income; the change had a de minimis impact on growth and ROE, and prior periods were recast.
• Q3 2026 annualized core operating return on tangible equity was 21.6%, and core operating ROE was 14.9%.
• Chubb’s global P&C ex-CAT combined ratio was 81.8%, essentially flat year over year; the loss ratio and admin ratio declined while the acquisition ratio increased.
• Chubb said its high-net-worth personal-lines combined ratio was 60.3% in Q3 2026, with the result also benefiting from a lighter-than-average catastrophe quarter.
• Chubb said the North America Commercial underlying loss-ratio difference was due to reduced property exposure and mix shift.