CB · 10-Q · 2026Q3 · Full report
Investment Portfolio Losses
Chubb Ltd · 2026-10-28 · Importance 25 · Surprise 24 · In source text
Pre-tax net unrealized investment portfolio losses were $4.836 billion for the three months and $6.305 billion for the nine months ended September 30, 2026, primarily reflecting interest-rate changes. Total investments had a fair value of $172.538 billion at September 30, 2026, up $3.8 billion during the nine-month period, mainly because operating cash flow was invested; unrealized fixed-maturity losses partly offset the increase. Fixed-income securities totaled $138.592 billion in fair value, and the portfolio’s average credit quality was A/A. Below-investment-grade and non-rated securities were approximately 12% of the fixed-income portfolio, spread across more than 1,700 issuers, with the largest single exposure at $186 million.
Key facts
- Chubb's third-quarter 2026 net realized and unrealized pre-tax losses were $455 million and $3.874 billion, respectively, for a total net impact of $4.329 billion in losses. source
- Chubb recorded $4.836 billion of net unrealized losses on fixed maturities for the third quarter of 2026. source
- Chubb's net realized and unrealized pre-tax losses for the first nine months of 2026 were $700 million and $4.686 billion, respectively, for a total net impact of $5.386 billion in losses. source
- Chubb recorded $6.305 billion of net unrealized losses on fixed maturities for the first nine months of 2026. source
- Pre-tax net unrealized investment portfolio losses were $4,836 million for the three months and $6,305 million for the nine months ended September 30, 2026, primarily driven by changes in interest rates. source
- Chubb's total investments had fair value of $172,538 million and cost/amortized cost of $180,798 million at September 30, 2026. source
- Pre-tax net realized investment losses were $700 million for the nine months ended September 30, 2026, primarily driven by public-equity mark-to-market losses, fixed-maturity realized losses, and foreign exchange losses, partly offset by gains on equity sales. source
- Chubb recorded $358 million of third-quarter 2026 mark-to-market losses on public equity investments. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -33.3% | Chubb's net realized and unrealized pre-tax losses for the first nine months of 2026 were $700 million and $4.686 billion, respectively,… |
| assets | negative | realized | -2.2% | Chubb recorded $6.305 billion of net unrealized losses on fixed maturities for the first nine months of 2026. |