P&C net premiums written were $11.72 billion, up 7.2%, with consumer insurance up 14.2% and commercial insurance up 4.6%.
North America was up 4.1%, including growth of 8.3% in personal insurance and 2.8% in commercial insurance, or 7.7% excluding large account property, both admitted and E&S.
Overseas General was up 14.4%, including growth of 20.5% in consumer insurance and 10.8% in commercial insurance; Latin America, Europe and Asia were up 17.8%, 15.8% and 12.1%, respectively. On a constant dollars basis, Overseas General was up 6.1%, with consumer insurance up 11.1% and commercial insurance up 3.1%.
P&C underwriting income was $1.79 billion, up 306.3%, with a combined ratio of 84.0%. P&C current accident year underwriting income excluding catastrophe losses was $2.01 billion, up 9.8%, with a combined ratio of 82.1%.
Total pre-tax net catastrophe losses were $500 million compared with $1.64 billion last year, which included $1.47 billion from the California wildfires.
Total pre-tax favorable prior period development was $286 million compared with $255 million in the prior year.
Life Insurance net premiums written were $2.29 billion, up 33.1%, and segment income was $316 million, up 8.5%, with International Life income up 14.5%.
Pre-tax net investment income was $1.71 billion, up 9.5%, and adjusted net investment income was $1.84 billion, up 10.1%. Both were records.
Annualized return on equity (ROE) was 12.6%. Annualized core operating return on tangible equity (ROTE) was 20.6% and annualized core operating ROE was 14.0%.
ZURICH, April 21, 2026 /PRNewswire/ -- Chubb Limited (NYSE:CB) today reported net income for the quarter ended March 31, 2026 of $2.32 billion, or $5.88 per share, and core operating income of $2.69 billion, or $6.82 per share. Book value per share and tangible book value per share increased 15.8% and 21.5%, respectively, from March 31, 2025 and now stand at $189.93 and $126.65. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.94 billion in Chubb's investment portfolio, principally due to the mark-to-market impact in the public fixed-income portfolio, partially offset by $346 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 12.1% and 16.5%, from March 31, 2025.
Chubb Limited
First Quarter Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2026
2025
Change
2026
2025
Change
Net income
$2,320
$1,331
74.3 %
$5.88
$3.29
78.8 %
Adjusted net realized (gains) losses and other,
net of tax
343
59
NM
0.87
0.15
NM
Integration expenses and severance, net of tax
7
-
NM
0.02
-
NM
Market risk benefits (gains) losses, net of tax
(12)
78
NM
(0.03)
0.19
NM
Amortization of deferred tax asset from Bermuda law
31
21
47.6 %
0.08
0.05
60.0 %
Core operating income, net of tax
$2,689
$1,489
80.6 %
$6.82
$3.68
85.2 %
Annualized return on equity (ROE)
12.6 %
8.2 %
Core operating return on tangible equity (ROTE)
20.6 %
13.0 %
Core operating ROE
14.0 %
8.6 %
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had an excellent quarter and start to the year, which speaks to the strength and resilience of our company in a period of elevated uncertainty. Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth.
"Strong growth in P&C underwriting income, investment income and life income led to core operating earnings of $2.7 billion, or $6.82 per share, both up more than 80% over the prior year first quarter, which was impacted by the California wildfires. Excluding CATs, core operating income was up 10.7% and EPS was up 13.5%. Tangible book value per share grew 21.5%.
"Our underwriting performance in the quarter was excellent. P&C underwriting income was $1.8 billion, with a combined ratio of 84%. On a current accident year basis excluding CATs, underwriting income grew 9.8%, with a combined ratio of 82.1%. And on the investment side of our business, adjusted net investment income of $1.8 billion was up more than 10%.
"Both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace. Given inadequate price levels, we moved during the quarter to reduce exposures in our Major Accounts and E&S divisions by non-renewing a substantial percentage of our shared and layered property business that was up for renewal while purchasing additional reinsurance. Given our diversification and balance of opportunities, we produced good growth, with consolidated net premiums up 10.7% to $14 billion, including 21% growth in our global consumer businesses, both P&C and Life. Total P&C net premiums grew 7.2% and Life increased 33.1%. In North America, P&C increased 4.1%, while 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. Excluding large account property, admitted and E&S, North America grew 7.8%.
"War in the Middle East raises the specter globally of higher inflation and slower economic growth, while adding pressure to certain financial, fiscal and economic conditions already present. Chubb's diversification, market-leading presence and capabilities, and operating discipline provide us with greater resilience. We have many sources of opportunity, and from what I see I remain confident in our ability to continue generating strong growth in operating earnings, and double-digit growth in EPS and tangible book value."
Operating highlights for the quarter ended March 31, 2026 were as follows:
Chubb Limited
Q1
Q1
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Consolidated
Net premiums written (increase of 7.7% in constant dollars)
$
14,005
$
12,646
10.7 %
P&C
Net premiums written (increase of 4.1% in constant dollars)
$
11,716
$
10,926
7.2 %
Underwriting income
$
1,792
$
441
306.3 %
Combined ratio
84.0 %
95.7 %
Current accident year underwriting income excluding catastrophe losses
$
2,006
$
1,827
9.8 %
Current accident year combined ratio excluding catastrophe losses
82.1 %
82.3 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 3.9% in constant dollars)
$
11,405
$
10,650
7.1 %
Underwriting income
$
1,674
$
387
332.0 %
Combined ratio
84.8 %
96.2 %
Current accident year underwriting income excluding catastrophe losses
$
1,964
$
1,791
9.5 %
Current accident year combined ratio excluding catastrophe losses
82.2 %
82.4 %
Life Insurance
Net premiums written (increase of 30.8% in constant dollars)
$
2,289
$
1,720
33.1 %
Segment income (increase of 7.1% in constant dollars)
$
316
$
291
8.5 %
Consolidated net premiums earned increased 12.1%, or 9.5% in constant dollars. P&C net premiums earned increased 8.6%, or 5.9% in constant dollars.
Operating cash flow was $3.95 billion and adjusted operating cash flow was $3.80 billion.
Total capital returned to shareholders was $1.52 billion, comprising share repurchases of $1.14 billion at an average purchase price of $325.06 per share and dividends of $380 million.
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2026 are presented below:
Chubb Limited
Q1
Q1
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written
$
