Chubb Limited (CB) Earnings
Chubb Limited is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $6.70. CB has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +9.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $6.60 | $6.82 | +3.3% | $14.0B | +3.3% |
| Feb 3, 2026 | $6.77 | $7.52 | +11.1% | $15.1B | +16.4% |
| Oct 21, 2025 | $6.17 | $7.49 | +21.4% | $16.1B | +24.3% |
| Jul 22, 2025 | $5.98 | $6.14 | +2.7% | $14.9B | +5.2% |
| Apr 22, 2025 | $3.17 | $3.68 | +16.1% | $13.5B | +4.2% |
| Jan 28, 2025 | $5.33 | $6.02 | +12.9% | $14.3B | +17.1% |
| Jul 23, 2024 | $5.15 | $5.38 | +4.5% | $13.9B | +6.4% |
| Jan 30, 2024 | $5.07 | $8.30 | +63.7% | $13.3B | +25.8% |
| Jul 25, 2023 | $4.41 | $4.92 | +11.6% | $11.8B | +1.9% |
| Jan 31, 2023 | $4.25 | $4.05 | -4.7% | $11.5B | +24.4% |
| Jul 26, 2022 | $3.59 | $4.20 | +17.0% | $9.9B | -0.1% |
| Feb 1, 2022 | $3.29 | $3.81 | +15.8% | $10.5B | +18.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- External environment: War in the Middle East raises inflation and growth concerns. Chubb's position is strong due to balance sheet, earning power, and liquidity. - Results: Strong growth in P&C underwriting, investment, and life income. Core operating earnings and EPS up. Tangible book value per share grew. Net premiums grew. Underwriting performance excellent. Investment income up. Growth, pricing, and rate environment: P&C premiums growth by segment and region. International PNC and North America results detailed. Life division performance.
Guidance
Adjusted net investment income expected in second quarter to be between $1.825 billion to $1.85 billion. Core operating effective tax rate for full year expected to be in range of 19.5% to 20%.
Segment performance
Core operating earnings were $2.7 billion, or $6.82 per share, up substantially. Total company net premiums grew 10.7% to over $14 billion. P&C premiums grew 7.2%, with consumer up 14.2% and commercial up 4.6%. Life premiums grew over 33%. P&C underwriting income was $1.8 billion with a combined ratio of 84%. Adjusted net investment income was $1.8 billion, up over 10%. Tangible book value per share grew 21.5%. International PNC business premiums up over 15%, North America total premiums grew 4.1%, international life insurance premiums rose 37%, North America Chubb Worksite Benefits premiums up almost 16%.
Risks & headwinds
War in the Middle East adding pressure to financial, fiscal, and economic stresses. Impact on insurance pricing and market conditions uncertain. AI and cyber risks affecting cyber insurance market and contingent business interruption. Property pricing softening and potential impact on combined ratio. Private credit market changes and their influence on portfolio.
Analyst Q&A
Q: Geopolitical commentaries and impact on U.S. market pricing expectations.
A: Unknowable degree, pattern, timing. Impact on supply chain and inflation, but how it passes to insurance unknown.
Q: Small market ENS business and AI growth trajectory.
A: Small commercial market, retail, and ENS as growth areas, use of AI and evolving technology, significant growth expected internationally.
Q: Pricing cycle in larger account marketplaces and London specialty market competition.
A: Market rates off, supply-demand issue, capital showing up in volume-based incentive system.
Q: Digital transformation pace and goals.
A: Steady execution, technology evolving rapidly, agentics and large language models emerging.
Q: AI technology risks to cyber insurance and contingent business interruption.
A: AI finding vulnerabilities, arms race, underwriters considering policy conditions and pricing for different company sizes.
Q: New business penalty on combined ratio.
A: No significant impact, maintaining underwriting discipline.
Q: Savings-oriented single premiums in life insurance.
A: More spread-based, expect growth in regular premium and risk-based product.
Q: Private credit role in portfolio and health of existing book.
A: Exposure to private credit less than 4%, disciplined allocation, small exposure to software.
Q: Duration of soft cycle and terms and conditions.
A: Attritional loss environment steady, inadequate pricing in property reveals quickly, terms and conditions changed only on margin.
Q: North America Commercial cash pricing and competitive behavior in casualty.
A: Pricing rational so far, cohorts getting price in excess of loss cost.
Q: Chubb worksite benefits business.
A: Built organically, part of accident and health strategy, cross-selling with PNC distribution.
Q: Middle East conflict and marine/trade credit solutions.
A: Government program to support shipping, U.S. insurers taking 50% risk, potential premium revenue.
Q: Partnership with KKR and AI disruption.
A: Alternative assets strategy disclosed, income from private equity partnerships shows in adjusted NII.
Q: Reinsurance and risk management.
A: Reinsurance one tool to manage exposure, no trade-off between risk appetite and asset side risk.
Q: Property market terms and conditions and admitted markets competitiveness.
A: Terms and conditions changed only marginally, admitted markets marginally more competitive