CB · 10-Q · 2026Q3 · Full report

North America Commercial P&C Performance

Chubb Ltd · 2026-10-28 · Importance 53 · Surprise 40

North America Commercial P&C nine-month net premiums written declined 1.1% to $16.001 billion, while net premiums earned increased 2.2% to $15.584 billion. Segment income fell 11.7% to $1.685 billion in the third quarter and 5.8% to $5.192 billion for the first nine months. Major Accounts & Specialty premiums declined 5.0% for the quarter and 4.6% year to date, while middle-market and small commercial premiums rose 0.8% and 4.3%, respectively. Large-account property, including E&S, and financial-lines exposure changes including additional reinsurance reduced premium growth by 4.4 percentage points in the quarter and 5.7 points year to date; the nine-month combined ratio increased 2.9 points to 85.2%.

Key facts

• Large-account property and financial-lines underwriting-related exposure changes, including additional reinsurance, reduced North America Commercial P&C overall growth by 4.4 and 5.7 percentage points in the third quarter and first nine months of 2026, respectively. source
• North America Commercial P&C middle-market and small-commercial financial-lines exposure changes, including additional reinsurance, reduced growth by 7.7 percentage points in the third quarter and 5.4 percentage points for the first nine months of 2026. source
• North America Commercial P&C major-accounts retail and specialty exposure changes reduced growth by 6.2 percentage points in the third quarter and 8.6 percentage points for the nine months ended September 30, 2026. source
• North America Commercial P&C net premiums written decreased $151 million, or 2.7 percent, in the third quarter of 2026, including P&C-line declines of 1.5 percent and financial-line declines of 8.4 percent. source
• North America Commercial P&C net premiums earned increased $142 million, or 2.8 percent, in the third quarter and $339 million, or 2.2 percent, in the first nine months of 2026. source
• North America Commercial P&C middle market and small commercial business grew 0.8 percent in the third quarter of 2026; P&C lines rose 2.6 percent and financial lines fell 5.9 percent. source
• North America Commercial P&C middle market and small commercial grew 4.3 percent over the nine months ended September 30, 2026; P&C lines rose 6.6 percent and financial lines declined 4.8 percent. source
• Workers' compensation payroll-related premium adjustments reduced North America Commercial P&C middle-market and small-commercial P&C growth by 1.4 percentage points in the third quarter and 0.5 percentage points for the nine months ended September 30, 2026. source