CB · 10-Q · 2026Q3 · Full report

Operating Income and Margins

Chubb Ltd · 2026-10-28 · Importance 41 · Surprise 40 · No source text

The consolidated P&C combined ratio increased to 84.1% in the third quarter of 2026 from 81.8%, primarily reflecting catastrophe losses of 5.4 percentage points versus 2.3 points a year earlier. For the first nine months, the combined ratio improved to 84.0% from 87.3%, reflecting lower catastrophe losses. The current-accident-year combined ratio excluding catastrophe losses was broadly stable at 82.6% for the quarter and 82.3% year to date. North America Commercial P&C’s third-quarter combined ratio increased 4.8 points to 86.3%, while Overseas General’s rose 3.1 points to 86.4%, mainly because of higher catastrophe losses.

Key facts

• Chubb's net income attributable to Chubb for the nine months ended September 30, 2026, was $8.018 billion, up 12.9 percent from $7.100 billion. source
• For the three months ended September 30, 2026, net income attributable to Chubb was $2.84 billion versus $2.80 billion in the prior year, reflecting higher net investment income and private-equity mark-to-market gains, partly offset by lower P&C underwriting income from higher catastrophe losses. source
• Chubb's P&C combined ratio was 84.1 percent for the third quarter of 2026 versus 81.8 percent in the prior year; the nine-month ratio was 84.0 percent versus 87.3 percent. source
• Chubb's effective tax rate was 19.6% for the three months and 20.5% for the nine months ended September 30, 2026, compared with 20.2% and 19.7%, respectively, in the prior year. source
• Chubb's total P&C combined ratio for the three months ended September 30, 2026 was 84.1%, compared with 81.8% in 2025. source
• Chubb's total P&C combined ratio for the nine months ended September 30, 2026 was 84.0%, compared with 87.3% in 2025. source

Impact estimates