CB · Earnings call · 2026Q3T · Full report

Net Investment Income Trends

Chubb Ltd · 2026-10-20 · Importance 49 · Surprise 32

Adjusted net investment income was a record $1.89 billion in the quarter, supported by improved fixed-income conditions and record cash flows. Fixed-income investments represented 88% of invested assets, and equity-related investments represented 12%; invested assets exceeded $175 billion, up from $168 billion a year earlier. The third-quarter fixed-income portfolio yield was 5.2%, while the average new-money rate was 6.2% as of September 30, 2026. Management attributed the quarter's strength to fixed-income income and said it expects that component to continue growing, while alternative investment income—particularly private equity—was below a potentially normal level and volatile.

Key facts

• Q3 2026 adjusted net investment income was a record $1.89 billion, supported by an improved fixed-income investment environment and record cash flows.
• Chubb’s CFO said fixed-income-related net investment income performed extremely strongly in Q3, while alternative investment income, particularly private equity, was below what might be normal and is volatile.