CB · Earnings call · 2026Q3T · Full report

Interest Rate Environment

Chubb Ltd · 2026-10-20 · Importance 26 · Surprise 24

Management said rising interest rates benefit current and future operating income, citing growing fiscal deficits, inflation, and public- and private-sector competition for capital. Chubb maintained moderate duration and a conservative, investment-grade portfolio; rising rates produced $4.5 billion of third-quarter net realized and unrealized losses, which management expects to amortize away reasonably quickly. The fixed-income portfolio yield was 5.2%, and the average new-money rate was 6.2% as of September 30, 2026.

Key facts

• Chubb’s Q3 2026 fixed-income portfolio yield was 5.2%, and its average current new-money rate was 6.2% as of September 30, 2026.
• Chubb said its current and future operating income benefits from a rising-interest-rate environment and that it maintained moderate duration and conservative credit quality.