[CB] Chubb: Q3 2026 Earnings Preview on Casualty Margins in a Soft Market

Chubb (CB) is a Zurich-based property and casualty (P&C) and life insurance group operating in 54 countries and territories: it collects premiums from businesses and households, invests that money, and pays claims after losses occur[1]. Chubb's Q3 2026 earnings are scheduled for 2026-10-27, covering the Third quarter 2026 (three months ended September 30, 2026)[2]. In the latest disclosed quarter, Q2 2026, net income was $2.85 billion, or $7.30 per share, and core operating income was $2.84 billion, or $7.26 per share; net premiums written rose 3.6% to $14.705 billion, the P&C combined ratio was 83.8%, and adjusted net investment income rose 11.4% to $1.88 billion[3]. The only official guidance the company maintains is a full-year 2026 core operating effective tax rate of 19.5%-20%[4]. According to Drillr's analyst estimates compiled on 2026-09-29, 16 analysts put Q3 EPS at $6.34 on average (range $5.81-$6.84), which corresponds to the company's core operating EPS; 6 analysts put revenue at $15.68 billion (range $14.82-$16.04 billion), but the revenue basis is unclear and should not be compared directly with net premiums written or GAAP total revenue[5].

Three things matter most in this report. First, can casualty margins hold in North America Commercial after Chubb deliberately walked away from underpriced large-account property? In Q2 the segment's net premiums written fell 2.3%, underwriting income fell 11.2%, and the current accident year (CAY) combined ratio excluding catastrophes rose from 81.1% to 81.8%[6]; casualty pricing rose only 7.1%, barely above management's stated 6%-7% annual loss cost trend for U.S. primary casualty and below the 9.5%-12% trend for excess casualty[4]. Second, can Overseas General keep acting as a growth buffer? The segment grew 10.2% as reported but only 4.8% in constant dollars, and consumer growth in constant dollars slowed from 11.1% in Q1 to 5.8%[3]; if that slowdown persists, the loss ratio improvement driven by product mix loses its source. Third, can investment income keep carrying earnings growth? Q2 adjusted net investment income of $1.88 billion beat the $1.825 billion to $1.85 billion range the company gave on its Q1 call[7], but management attributed the beat to faster invested asset growth and higher private equity income, and the public summary of the Q2 call gave no range for Q3[4].

Company Background and Business Structure

Chubb Limited is a Swiss-incorporated insurance holding company that provides commercial and consumer P&C insurance, accident and health (A&H), reinsurance and life insurance[1]. Its predecessor, ACE Limited, adopted the current name after acquiring the original Chubb in 2016, and at the end of 2025 the group had total assets of $272 billion and shareholders' equity of $74 billion[1]. Chubb distributes mainly through insurance and reinsurance brokers, and management repeatedly stresses underwriting discipline, preferring to give up premium rather than write business at inadequate prices; in Q2 management described the property pullback as a "growth penalty" that it is paying now and that "will dissipate going forward"[3].

Chubb reports six segments, and consolidated net premiums written in FY2025 were $54.842 billion[3]. North America Commercial P&C wrote $21.280 billion, about 38.8% of the group, split between Major Accounts and Specialty, which serves large corporate and wholesale business, at $12.691 billion and the middle market and small commercial business at $8.589 billion; its lines include property, general liability, excess liability, workers' compensation, financial lines and cyber[3][6]. Among the other segments, Overseas General wrote $15.024 billion, about 27.4% of the group, selling commercial and consumer insurance in Europe, the Middle East and Africa (EMEA), Latin America and Asia; North America Personal P&C wrote $7.024 billion, covering homes, valuables and high-end autos for high-net-worth families; North America Agricultural wrote $2.926 billion, mainly federal multi-peril crop insurance; Global Reinsurance wrote $1.309 billion; and Life Insurance wrote $7.279 billion[3].

Geography and ownership also shape the reported numbers. In Q2 2026, Overseas General net premiums written were $1.628 billion in EMEA, $859 million in Latin America and $1.473 billion in Asia[3]; management said international retail is about 90% of the division and London wholesale about 10% of international P&C[4]. Life Insurance growth comes mainly from North Asia and includes Huatai Group in China, in which Chubb owned about 87.2%[1].

Financial History and Current Position

FY2025 was a record profit year for Chubb. Net income attributable to Chubb was $10.31 billion, up from $9.272 billion in FY2024, and core operating income was $9.954 billion versus $9.142 billion[1]. Consolidated net premiums written grew 6.6%, with P&C at $47.563 billion, up 5.4%, and Life up 15.1%; pre-tax net investment income reached a record $6.5 billion and operating cash flow was $12.8 billion[1].

FY2025 underwriting absorbed a heavy catastrophe load while releasing a sizable benefit from prior-year reserves. The full-year P&C combined ratio was 85.7%, including $2.921 billion of pre-tax catastrophe losses and $1.133 billion of favorable prior period development, and full-year core operating ROE was 13.7%[3].

Growth in Q1 2026 came mainly from premium volume. Core operating income was $2.689 billion[8], or $6.82 per share, and net premiums written rose 10.7% to $14.005 billion, with P&C premiums up 7.2%, consumer up 14.2%, commercial up 4.6% and Life premiums up more than 33%[7]. The quarter's P&C combined ratio was 84.0%[8].

In Q2 2026 growth shifted to margins, and premium growth slowed sharply. Net income was $2.854 billion, or $7.30 per share, core operating income was $2.842 billion, up 14.6%, and net premiums written were $14.705 billion, up 3.6% (2.0% in constant dollars)[3]. P&C underwriting income rose 18.8% to $1.937 billion, the combined ratio improved from 85.6% a year earlier to 83.8%, the CAY combined ratio excluding catastrophes was 82.2%, and pre-tax catastrophe losses were $475 million; adjusted net investment income was $1.88 billion and operating cash flow was $3.73 billion[3].

The balance sheet and shareholder returns are still growing. Book value per share was $195.45 and tangible book value per share $131.93 at quarter-end, the latter up 17.1% year over year, and annualized core operating return on tangible equity was 21.2%[3]. Chubb repurchased $979 million of shares and paid $395 million of dividends in Q2, and the board authorized a new $7.5 billion undated repurchase program effective July 1; in the same quarter Chubb issued $2.2 billion of debt at a 4.2% weighted average cost and ended with $69 billion of net loss reserves[4].

Q3 2025 is a light-catastrophe comparison base. That quarter's consolidated net premiums written were $14.866 billion, adjusted net investment income was $1.776 billion and net income attributable to Chubb was $2.801 billion[8]; the P&C combined ratio was 81.8% and pre-tax catastrophe losses were only $285 million[3]. That means the Q3 2026 combined ratio can easily rise year over year even if the underlying business is unchanged.

Operating Model

Earned premium is the core of Chubb's revenue, and the price and volume written in one quarter take two to four quarters to flow fully into revenue. Net premiums written equal the premium written across business lines minus the share ceded to reinsurers, and written policies convert into earned premium over the policy term; the second revenue stream is net investment income, which was $6.5 billion pre-tax in FY2025[1]. Chubb distributes almost entirely through brokers and agents, and large accounts are written in shared, layered and excess structures where clients move between carriers on price, which makes large-account property volume the most sensitive to market pricing[4].

Underwriting income equals earned premium multiplied by (1 − combined ratio), and the combined ratio is the sum of the loss and loss expense ratio, the acquisition ratio and the administrative expense ratio. Chubb splits the combined ratio into the CAY ex-catastrophe component, catastrophe losses and prior period development: in Q2 2026 the P&C combined ratio was 83.8%, the CAY ex-cat ratio 82.2%, catastrophe losses $475 million and favorable prior period development $283 million[3]. By segment, the CAY ex-cat combined ratio was 81.8% in North America Commercial, 85.2% in Overseas General and 69.9% in North America Personal[3].

Core operating income equals underwriting income plus adjusted net investment income and Life segment income, minus interest, intangible amortization and tax, and it was $2.842 billion in Q2 2026[3]. The direction of underwriting margins depends on the gap between pricing and loss costs: North America Commercial casualty pricing rose 7.1% in Q2 and property pricing fell about 6%, while management puts U.S. primary casualty loss cost trend at 6%-7% a year and excess casualty at 9.5%-12%[4]. That gap first sets the expected loss ratio on newly written policies and then, as premium is earned over two to four quarters, shows up in the reported CAY loss ratio.

Because premiums are collected before claims are paid, operating cash flow stays positive and keeps expanding the investment portfolio. Operating cash flow was $12.8 billion in FY2025[1] and $3.73 billion in Q2 2026, or $3.476 billion on an adjusted basis[3]. That cash goes into a portfolio that held $175 billion of invested assets at quarter-end, with a public fixed income portfolio yield of 5.1%, a new money reinvestment rate of 5.5% and private investments at about 12% of the portfolio, while the $69 billion of net loss reserves is one of the main funding sources for those assets[4]. After retaining the capital needed to support growth, Chubb returns cash to shareholders through buybacks and dividends.

Outside readers face several limits when checking these drivers. Pricing and loss cost trends by line are disclosed only orally on earnings calls, and loss cost trends are management's annual assumption ranges that cannot be measured quarter by quarter[4]; Chubb also does not disclose CAY loss ratios by line, so margin changes in North America Commercial property versus casualty can only be inferred from segment-level ratios[6]. Overseas General's reported growth is driven by currency, so the constant-dollar measure better reflects real growth; North America Personal, Agricultural, Global Reinsurance and Life together made up about 34% of FY2025 net premiums written, and personal lines profit moves mainly with catastrophes[3].

Industry and Competitive Position

Chubb is one of the world's largest listed P&C insurers and sits at the top of the industry in North America commercial and high-net-worth personal lines[1]. Unlike peers that rely mostly on North America, Chubb gets about 27% of net premiums written from Overseas General and also has a Life segment, and management argues that this product and geographic diversification can keep producing growth in a soft commercial market[3].

The industry is in a phase where property pricing has softened and the softness is spreading to casualty and financial lines. Management described large-account and excess and surplus (E&S) property as excessively soft, said new, inexperienced entrants including managing general agents (MGAs) and smaller carriers are writing financial lines at inadequate prices and terms, and said London wholesale markets are writing U.S. casualty at unsustainable rates[4]. In Q2, North America Commercial property pricing fell about 6%, including 12% for shared and layered major accounts and 2.3% for middle market and small commercial, while financial lines pricing rose only 0.3%[4].

Chubb's response is to shrink in the softest markets and push growth into business where pricing is still disciplined. It is declining to renew large-account property in North America and buying more reinsurance for property and some financial lines, so North America Commercial ceded premium grew more than 20% year over year[4] and the ratio of net to gross premiums written fell from 81% a year earlier to 78%[3]. Growth is concentrated in middle market, small commercial, consumer and international business: middle market and small commercial grew 8.9% in Q2, and Overseas General grew 10.2% as reported[3].

The main limit of this competitive comparison is the lack of like-for-like peer data. The available material on competitors' pricing behavior comes mainly from Chubb management's own description and lacks peer combined ratios by line or pricing indices[4], so it is not possible to separate how much of Chubb's margin performance comes from business selection and how much from the industry cycle.

Core Debates

After walking away from large-account property, can Chubb hold its casualty margins in North America Commercial?

This debate sets the premium growth rate for the whole P&C business and determines whether management's claim that the "growth penalty" will dissipate comes true. North America Commercial contributed $21.280 billion of net premiums written in FY2025, about 38.8% of the group, and was the largest source of underwriting income at $3.783 billion for the year[3]. In Q2 2026 its net premiums written fell 2.3% and underwriting income fell 11.2%, making it the only major segment that shrank[6].

Through Q2, both volume and margins were moving in the wrong direction, though only modestly. Major Accounts and Specialty net premiums written fell 9.0% to $3.257 billion, which Chubb attributed to deliberately exiting underpriced large-account property, and the line still grew 0.4% excluding large-account and E&S property; middle market and small commercial grew 8.9% to $2.337 billion[3]. On pricing, property fell about 6% overall and 12% for shared and layered major accounts while casualty rose 7.1%, against U.S. primary casualty loss cost trend of 6%-7% a year and excess casualty trend of 9.5%-12%, and management warned that soft conditions had spread into casualty, especially E&S, large accounts and the middle market[4]. The CAY combined ratio excluding catastrophes rose from 81.1% to 81.8%, and the CAY loss ratio rose from 60.6% to 61.1%[3].

There is another explanation for the rising ratios: a change in business mix rather than worsening margins on the same policies. The large-account property business Chubb gave up carried a relatively low loss ratio, so the average loss ratio of the remaining book naturally rises once it is gone. The key to telling the two explanations apart is whether casualty price increases fall below 6% and whether middle market growth slows at the same time.

The financial transmission runs along two lines. In one, steep price cuts in shared and layered large-account property lead Chubb not to renew that business, so large-account net premiums written fall and the middle market's share rises; in the other, the gap between casualty pricing (7.1%) and loss cost trends (6%-7% for primary, 9.5%-12% for excess) sets the expected loss ratio on new policies, which reaches the CAY loss ratio on earned premium two to four quarters later and then flows into the CAY combined ratio and segment underwriting income[4].

The Q3 report offers four readings to test this debate. The first is whether the North America Commercial CAY ex-cat combined ratio reaches 81.8% or higher, a deterioration of more than 1 point from 80.8% in Q3 2025; the second is whether casualty price increases fall below 6%; the third is whether the decline in Major Accounts and Specialty premium narrows (Q3 2025 base: $3.379 billion) and whether middle market and small commercial can hold FY2025's 6.4% growth (Q3 2025 base: $2.284 billion); and the fourth is whether ceded premium and the net-to-gross written ratio keep shifting, which changes growth as read on a net premium basis[3]. If the CAY combined ratio stops worsening year over year, casualty pricing climbs back above 8%, or Major Accounts and Specialty net premiums written turn positive year over year, that would show the property exit is not dragging on margins and would weaken the current concern.

Overseas General grew only 4.8% in constant dollars — can the consumer-driven margin improvement last?

Overseas General is Chubb's main offset to the North America Commercial pullback, so its real growth rate directly tests management's diversification argument. The segment wrote $15.024 billion of net premiums in FY2025, about 27.4% of the group[3]; management cites global and product diversification as the main reason Chubb can still grow in a soft market, and the most direct test of that argument is the segment's constant-dollar growth and margins[4].

Reported growth still looks strong, but it has slowed clearly once currency is stripped out. Overseas General grew 10.2% in Q2, with Latin America up 15.6%, Asia up 12.0% and EMEA up 5.1%; in constant dollars, however, growth was only 4.8%, the lowest in five quarters, consumer growth slowed from 11.1% in Q1 to 5.8%, and EMEA grew only 1.1%[3]. London wholesale fell about 1% in Q2, and management said the London market is writing U.S. casualty at unsustainable rates[4].

The margin improvement comes mainly from the loss ratio, while the acquisition ratio is rising. The CAY loss ratio excluding catastrophes was 48.7%, below 49.3% a year earlier[3], and management said this reflects a mix shift toward consumer lines and small and mid-sized commercial business rather than simply a larger share for Asia and Latin America[4]. The acquisition ratio rose from 25.7% to 26.6%, and the CAY ex-cat combined ratio was 85.2%, roughly flat with 85.4% a year earlier[3]. The alternative reading is that if the consumer slowdown persists, the loss ratio benefit from mix will stop while the higher acquisition ratio stays in the numbers, turning the combined ratio worse year over year.

The financial transmission for this debate runs through product mix. Consumer lines (personal accident, supplemental health and personal lines) and small and mid-sized commercial business grow faster in every region, tilting the mix toward business with lower loss ratios and higher acquisition costs, so the CAY loss ratio falls and the acquisition ratio rises, and together they set the CAY combined ratio and segment underwriting income[4]. Constant-dollar growth drives premium volume, while currency only changes the reported dollar amounts.

The Q3 report should be read on three sets of numbers against a Q3 2025 base. The first is whether constant-dollar growth returns above 5% (7.4% a year earlier) and whether consumer growth recovers from 5.8% (12.6% a year earlier); the second is whether the CAY ex-cat loss ratio stays below the year-earlier 49.1%; and the third is whether the acquisition ratio keeps rising and offsets the loss ratio gain, with a year-earlier CAY combined ratio base of 84.4%[3]. If consumer constant-dollar growth stays below 5% for two consecutive quarters, or the CAY ex-cat loss ratio rises year over year, the segment's role as a growth and margin buffer would be weakened.

With underwriting entering a soft market, can investment income keep carrying earnings growth?

Investment income is as large as underwriting income and is the steadiest part of core operating income. FY2025 adjusted net investment income was $6.947 billion, comparable in size to P&C underwriting income of $6.528 billion[3]; in Q2 management called the 5.5% reinvestment rate structurally attractive and on that basis kept its confidence in long-term growth in EPS and tangible book value[4]. As underwriting growth slows, growth in this line determines whether core earnings can keep rising.

Q2 investment income beat the company's own guided range. Adjusted net investment income was $1.88 billion, up 11.4%[3], above the $1.825 billion to $1.85 billion range given on the Q1 call[7]. Management attributed the beat to faster-than-expected invested asset growth and higher-than-projected private equity income; invested assets were $175 billion at quarter-end versus $161 billion a year earlier, public fixed income contributed $1.63 billion, up 12%, the portfolio yield was 5.1% and the new money reinvestment rate 5.5%, and private investments, about 12% of the portfolio, contributed $250 million, up 9.5%[4].

The Q2 beat is not necessarily repeatable. Part of it came from private equity, which is volatile; management also flagged upward pressure on long-term rates and possible credit spread widening, which would raise reinvestment yields and depress book value at the same time[4]. The public summary of the Q2 call gave no range for Q3 net investment income, so this line lacks an official quarterly reference point.

The financial transmission here runs through the size of invested assets and the reinvestment yield. Growth in operating cash flow and reserves expands invested assets, maturing assets are reinvested at a 5.5% new money yield above the 5.1% portfolio yield, and adjusted net investment income therefore rises quarter by quarter and flows directly into core operating income[4]. Along this chain, the 0.4-point gap between the new money yield and the portfolio yield is the key to continued growth in investment income.

The Q3 report can test this debate on four points. The first is whether adjusted net investment income grows at least 8% from $1.776 billion in Q3 2025[8]; the second is whether the new money reinvestment rate stays above the portfolio yield; the third is how much of the change in net investment income comes from private investments; and the fourth is whether management gives a Q4 net investment income range on the Q3 call. If the new money yield falls below the portfolio yield, or adjusted net investment income declines sequentially in a way private income swings cannot explain, the view that investment income is carrying earnings would be weakened.

Risks and Falsifiers

Catastrophe risk makes the Q3 year-over-year comparison unfavorable by construction. Q3 is North Atlantic hurricane season, while Q3 2025 pre-tax catastrophe losses were only $285 million, the lowest in five quarters, and North America Personal, which serves high-net-worth families, earns profits that move mainly with catastrophes[3]. FY2025 P&C pre-tax catastrophe losses were $2.921 billion[3], and Chubb's model shows a 1% chance in any year that pre-tax annual aggregate losses from U.S. hurricanes exceed $3.919 billion, about 5.3% of shareholders' equity at the end of 2025[1]. If Q3 2026 pre-tax catastrophe losses are no higher than $285 million and the P&C combined ratio does not worsen year over year, this risk has not materialized.

Prior-year reserves could turn from favorable to adverse and directly cut underwriting and core operating income. In Q2 Chubb recorded $158 million of adverse prior period development in its corporate runoff portfolio, more than two-thirds from molestation-related claims; in the same quarter active businesses recorded $441 million of favorable development, a significant part of quarterly underwriting income, and net loss reserves stood at $69 billion[4]. If casualty loss costs keep running above pricing, reserves in active businesses could also turn adverse; conversely, two consecutive quarters with no new adverse development in runoff and continued favorable development in active businesses would falsify this concern.

A soft market spreading from property into casualty and the middle market could push up loss ratios on policies already written over the next several quarters. North America Commercial wrote $21.280 billion of net premiums in FY2025 and earned $3.783 billion of underwriting income[3]; based on Q2 2026 net premiums earned of $5.214 billion, each 1-point rise in the CAY combined ratio cuts quarterly underwriting income by about $52 million[6]. If casualty pricing stays above 7% for two consecutive quarters and the CAY ex-cat loss ratio stops rising year over year, this risk would be falsified.

A consumer slowdown overseas could halt the mix benefit while the higher acquisition ratio stays in the numbers, turning Overseas General margins worse year over year. Overseas General earned $3.984 billion of premium and $710 million of underwriting income in Q2 2026, and each 1-point rise in its CAY combined ratio cuts quarterly underwriting income by about $40 million[3]. If consumer constant-dollar growth returns above 8% for two consecutive quarters and the CAY ex-cat combined ratio is flat or better year over year, this risk would be falsified.

Falling rates or weaker private returns could push adjusted net investment income growth below invested asset growth, so it no longer offsets underwriting margin pressure. Adjusted net investment income was $1.88 billion in Q2 2026[3]; on $175 billion of invested assets, each 10-basis-point drop in portfolio yield would reduce annualized net investment income by about $175 million[4]. If adjusted net investment income grows at least 8% year over year for two consecutive quarters and the new money yield stays above the portfolio yield, this risk would be falsified.

What to Watch Next

• North America Commercial margins: the CAY ex-cat combined ratio was 81.8% in Q2 2026 against 80.8% in Q3 2025[6][3]; a reading of 81.8% or higher confirms the pressure, while no year-over-year deterioration weakens the concern.
• Casualty pricing: Q2 increases were 7.1%[4]; a drop below 6% confirms inadequate pricing, and a recovery above 8% falsifies it.
• Large-account and middle market premium: Major Accounts and Specialty wrote $3.257 billion and middle market and small commercial $2.337 billion in Q2, against Q3 2025 bases of $3.379 billion and $2.284 billion[3]; a return to year-over-year growth in large accounts falsifies the drag, while a simultaneous middle market slowdown confirms the soft market is spreading.
• Overseas growth and mix: constant-dollar growth was 4.8% and consumer growth 5.8%, against 7.4% and 12.6% a year earlier[3]; consumer growth below 5% for two straight quarters confirms the slowdown.
• Overseas margins: the CAY ex-cat loss ratio was 48.7% and the CAY combined ratio 85.2%, against 49.1% and 84.4% in Q3 2025[3]; a year-over-year rise in the loss ratio would end the mix benefit.
• Investment income: Q2 adjusted net investment income was $1.88 billion against a Q3 2025 base of $1.776 billion[3][8]; watch for growth of at least 8%, and treat a sequential decline not explained by private income swings as a falsifier.
• Reinvestment spread: the 5.5% new money yield against a 5.1% portfolio yield leaves a 0.4-point gap[4]; a new money yield below the portfolio yield falsifies the investment support.
• Catastrophes and reserves: Q3 2025 catastrophe losses were $285 million and Q2 runoff adverse development was $158 million[3][4]; catastrophe losses no higher than $285 million with no new adverse development means the risk has not materialized.

Conclusion

Chubb's earnings rest on two legs, underwriting and investment: in Q2 the P&C combined ratio was 83.8% with $1.937 billion of underwriting income, and adjusted net investment income rose 11.4% to $1.88 billion[3]. Chubb is trading premium for margin, with North America Commercial net premiums written down 2.3%[6], Overseas General growing only 4.8% in constant dollars[3], and little room between 7.1% casualty price increases and 6%-12% loss cost trends[4]. The central unresolved relationship is whether the underwriting pullback and slowing pricing can be offset by the consumer mix improvement overseas and by growth in investment income.

Two independent reviews published after the Q2 results read the same property pullback from different angles. BigGo Finance's editorial team wrote on 2026-07-22 that Chubb enters a softening market cycle "from a position of strength," with double-digit tangible book value growth and a fortress balance sheet, and that "the insurer's sprawling diversification is its best defense"[9]; that reading maps to the Overseas General debate and treats diversification as the main buffer against falling North American pricing. Owen Gallagher of Agency Checklists took a more cautious broker's view on 2026-07-27: property capacity is getting cheaper and easier to place, a disciplined carrier stepping back means "the competition filling that space is pricing well below where Chubb will go," and the gap between 6% to 12% loss cost inflation and low single-digit rate movement is the number to carry into renewal conversations[10]; that reading maps to the North America Commercial debate and implies the premium given up is unlikely to return soon. Both agree the pullback is deliberate, and they differ on whether diversification can offset the North American pressure; they are outside interpretations, not facts or a vote.

If Q3 shows at the same time that the North America Commercial CAY combined ratio stops worsening, casualty pricing holds above 7%, overseas consumer growth in constant dollars recovers, and adjusted net investment income grows at least 8% from the year-earlier $1.776 billion, the current reading, that Chubb is trading premium for margin while diversification and investment income cushion earnings, would be materially strengthened[8]. Conversely, if the CAY combined ratio moves past 81.8%, casualty pricing drops below 6%, consumer growth stays below 5%, and net investment income growth cannot be explained by invested asset expansion, that reading would be weakened.

Sources

[1] CB FY2025 10-K filed 2026-02-27 · 2026-02-27 · 10-K · https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/0000896159-26-000005-index.htm

[2] CB earnings calendar updated 2026-09-29 · 2026-09-29 · earnings calendar

[3] CB Q2 2026 8-K filed 2026-07-21 · 2026-07-21 · 8-K · https://www.sec.gov/Archives/edgar/data/0000896159/000119312526310312/d78544dex991.htm

[4] CB Q2 2026 earnings call 2026-07-22 · 2026-07-22 · earnings call · https://investors.chubb.com/investor-relations/financials/quarterly-results/default.aspx

[5] Drillr analyst estimates CB Q3 2026 retrieved 2026-09-29 · 2026-09-29 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[6] CB Q2 2026 10-Q filed 2026-07-28 · 2026-07-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/896159/000089615926000017/0000896159-26-000017-index.htm

[7] CB Q1 2026 earnings call 2026-04-22 · 2026-04-22 · earnings call · https://investors.chubb.com/investor-relations/financials/quarterly-results/default.aspx

[8] CB Q1 2026 8-K filed 2026-04-21 · 2026-04-21 · 8-K · https://www.sec.gov/Archives/edgar/data/0000896159/000119312526166937/d145408dex991.htm

[9] BigGo Finance CB Q2 review 2026-07-22 · 2026-07-22 · BigGo Finance · https://finance.biggo.com/news/US_CB_2026-07-22

[10] Agency Checklists CB Q2 review 2026-07-27 · 2026-07-27 · Agency Checklists · https://agencychecklists.com/2026/07/27/chubb-q2-2026-earnings-property-casualty-82975/