ZURICH — Chubb Limited has released its financial results for the first quarter of 2026, ending 31 March, reporting a significant 74.3% year-on-year increase in net income. The global insurer’s net earnings reached $2.32 billion, compared to $1.33 billion during the same period in the previous year. This performance was underpinned by robust underwriting results across its property and casualty (P&C) and life insurance divisions, alongside record investment income.
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Premium Growth and Segment Performance
The company’s consolidated gross premiums written rose by 9.6% to $16.6 billion, whilst consolidated net premiums written climbed 10.7% to $14.0 billion. The growth was broad-based, with specific momentum observed in international markets and the consumer insurance sector.
Property and Casualty (P&C): Total P&C net premiums written grew by 7.2% to reach $11.72 billion. Within this segment, global consumer insurance premiums surged by 14.2%, while commercial insurance rose by 4.6%.
Life Insurance: The life segment exhibited the most rapid expansion, with net premiums written increasing by 33.1% to $2.29 billion. Segment income for life insurance reached $316 million, an 8.5% increase over the prior year.
Investments: Pre-tax net investment income reached a record $1.71 billion, up 9.5%, while adjusted net investment income rose 10.1% to $1.84 billion.
Overseas Momentum and Regional Expansion
The Overseas General division was a primary driver of the quarter’s success, reporting a premium growth of 14.4% in actual dollars (or 6.1% on a constant-dollar basis). This division saw particularly strong results in its consumer lines, which grew by 20.5%.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb, noted the regional performance in a formal statement:
“Overseas General grew 14.4%, or 6.1% in constant dollars. Our published growth in Latin America, Europe and Asia was 17.8%, 15.8% and 12.1%, respectively.”
In North America, P&C net premiums grew by 4.1%. This included an 8.3% rise in personal insurance and a 2.8% increase in commercial insurance. Excluding large account property, North American commercial growth stood at 7.7%.
Underwriting Discipline and Catastrophe Losses
Chubb reported a sharp improvement in its underwriting margins. The P&C combined ratio—a key measure of profitability where a figure below 100% indicates an underwriting profit—improved to 84.0%, compared to 95.7% in the first quarter of 2025.
This improvement was largely due to a substantial reduction in catastrophe-related claims. Total pre-tax net catastrophe losses for the quarter were $500 million, a significant decrease from the $1.64 billion recorded in the previous year’s first quarter, which had been heavily impacted by $1.47 billion in losses from wildfires in California. Additionally, the company benefited from $286 million in pre-tax favourable prior-period development.
Shareholder Value and Capital Position
The surge in net income resulted in earnings of $5.88 per share (frequently rounded to $5.90 in summary reports), representing a 78.8% increase over the $3.29 reported a year earlier. Core operating income, which excludes certain realised gains and losses, was even higher at $2.69 billion, or $6.82 per share, marking an 85.2% increase.
Chubb’s book value per share rose to $189.93, an increase of 15.8% year-on-year. During the quarter, the firm returned $1.52 billion to shareholders, consisting of $1.14 billion in share repurchases and $380 million in dividends. As of 31 March 2026, the company’s total invested assets stood at a record $173 billion, reflecting a strong capital position as it moves into the remainder of the fiscal year.