Chubb has reported record property and casualty (P&C) underwriting income of $5.79bn for the first nine months of 2026, up 33.7% year on year, with a P&C combined ratio of 84%.
For the period, Chubb’s gross premiums written increased 4.8% year on year to $52.86bn, while net premiums written rose 5.1% to $43.85bn. Net income before accounting for non-controlling interests was $7.97bn, compared with $7.45bn a year earlier. After the non-controlling interest adjustment, net income reached $8.02bn, up from $7.1bn in the same period of 2025. Net investment income grew 10.1% to $5.26bn.
For the third quarter alone, Chubb reported net income growth of 1.5% to $2.84bn, while gross premiums written increased 1.6% to $18.36bn and net premiums written rose 1.9% to $15.14bn.
Evan G. Greenberg, chairman and chief executive officer of Chubb, said the quarter reflected the group’s diversification.
“We had a really strong quarter with strong contributions from all of our businesses. Our diversification is highly supportive of growth and sustained margins which speak to our underwriting discipline, a hallmark of our company,” said Greenberg.
Within P&C, net premiums written increased 1.9% to $13.18 billion in the third quarter. However, P&C underwriting income fell 8.8% to $2.06bn from $2.26bn in the prior-year quarter, while the combined ratio deteriorated to 84.1% from 81.8%. Chubb’s life insurance business reported net premiums written of $1.96bn in the quarter, up 1.4%, with segment income increasing 11.4% to $369m.
Total pre-tax net catastrophe losses reached $705m in the third quarter, compared with $285m in the same period of 2025. Total pre-tax favourable prior period development also increased, reaching $511m, compared with $361m a year earlier.
Greenberg said the nine-month figures offered a more meaningful perspective.
“For the first nine months of the year, which is a more meaningful perspective, core operating income is a record $8.6 billion, or $21.94 per share, up 21% and 24.5%, respectively, from the prior year,” said Greenberg. “Year-to-date underwriting income of $5.8 billion is up nearly 34% from 2025.”
He pointed to the benefits of the group’s geographic diversification, even as competition intensified in commercial lines.
“While the market continues to grow more competitive in commercial P&C across the board, particularly in the U.S. and London, the substantial majority of our underwriting businesses grew in the quarter, with the balance flat or purposely shrinking due to inadequate pricing or terms,” said Greenberg. “We are benefiting from our diversification. Overseas General grew 6.7%, with Latin America up 11.7%, Asia up 7.5% and Europe up about 7%. North America personal lines was up 5.3% and agriculture was up 5.1%. North America commercial was down 2.7%, impacted by a reduction in exposure, including increased use of reinsurance and underwriting related non-renewal actions, predominantly property and financial lines-related. I fully expect North America commercial growth to improve in future quarters.”
On the investment side, Chubb reported record adjusted net investment income of $1.9bn for the quarter, supported by rising interest rates. The company also noted that Strategic Holdings, its holding company partnership with KKR, agreed during the quarter to sell its investment in USI Insurance Services to Aon, which is expected to result in a realised gain of $460m on an investment of $740m.
