Chubb Ltd
For the period ended Mar 31, 2026. Filed Apr 28, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 28, 2026
Contents
Segment Operating Results
Segment Operating Results – Three Months Ended March 31, 2026 and 2025
North America Commercial P&C Insurance
The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market, and small commercial accounts).
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31 · % Change | ||||
| (in millions of U.S. dollars, except for percentages) · 2026 · 2025 · Q-26 vs. Q-25 | ||||
| Net premiums written | $4,895 | $4,787 | 2.3% | |
| Net premiums earned | 5,148 | 4,988 | 3.2% | |
| Losses and loss expenses | 3,220 | 3,031 | 6.2% | |
| Policy acquisition costs | 752 | 719 | 4.6% | |
| Administrative expenses | 354 | 344 | 3.1% | |
| Underwriting income | 822 | 894 | (8.0)% | |
| Net investment income | 971 | 929 | 4.5% | |
| Other (income) expense | 14 | 8 | (76.0)% | |
| Amortization of purchased intangibles | 1 | 1 | — | |
| Segment income | $1,778 | $1,814 | (2.0)% | |
| Combined ratio: | ||||
| Loss and loss expense ratio | 62.5% | 60.8% | 1.7 | pts |
| Policy acquisition cost ratio | 14.6% | 14.4% | 0.2 | pts |
| Administrative expense ratio | 6.9% | 6.9% | — | pts |
| Combined ratio | 84.0% | 82.1% | 1.9 | pts |
| Catastrophe losses | (3.9)% | (3.1)% | (0.8) | pts |
| Prior period development | 1.7% | 2.3% | (0.6) | pts |
| CAY combined ratio excluding catastrophe losses | 81.8% | 81.3% | 0.5 | pts |
| Production by Size - Net premiums written | Three Months Ended | ||
|---|---|---|---|
| March 31 · % Change | |||
| (in millions of U.S. dollars, except for percentages) | 2026 | 2025 | Q-26 vs. Q-25 |
| Major Accounts & Specialty (large corporate accounts and wholesale business) | $2,772 | $2,731 | 1.5% |
| Commercial (middle market and small commercial accounts) | 2,123 | 2,056 | 3.3% |
| Total | $4,895 | $4,787 | 2.3% |
| Net Catastrophe Losses and Prior Period Development | Three Months Ended | |
|---|---|---|
| March 31 | ||
| (in millions of U.S. dollars) | 2026 | 2025 |
| Net catastrophe losses | $202 | $154 |
| Favorable prior period development | $89 | $114 |
Net premiums written increased $108 million, or 2.3 percent, for the three months ended March 31, 2026, which includes P&C lines growth of 3.2 percent and a decline in financial lines of 3.5 percent. Middle market and small commercial grew 3.3 percent, with P&C lines up 5.4 percent and financial lines down 5.7 percent. Major accounts retail and specialty grew 1.5 percent, with property and other short-tail lines down 21.9 percent, casualty up 20.3 percent, and financial lines down 0.4 percent.
Premium growth was broad-based, reflecting continued growth in large account primary and excess casualty, and in our small and mid-market commercial P&C lines, supported by new business and positive rate in most lines. This growth was partially offset by a decline in our large account property lines, both admitted and E&S, which reduced overall growth by approximately 5.0 percentage points, primarily due to reduced exposure and lower rates.
Net premiums earned increased $160 million, or 3.2 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.
The combined ratio increased for the three months ended March 31, 2026, reflecting higher catastrophe losses and lower favorable prior period development.
The CAY combined ratio excluding catastrophe losses increased for the three months ended March 31, 2026, primarily reflecting a change in the mix of business given the reduced property exposure.
North America Personal P&C Insurance
The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada.
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31 · % Change | ||||
| (in millions of U.S. dollars, except for percentages) · 2026 · 2025 · Q-26 vs. Q-25 | ||||
| Net premiums written | $1,681 | $1,552 | 8.3% | |
| Net premiums earned | 1,746 | 1,574 | 10.9% | |
| Losses and loss expenses | 1,034 | 2,093 | (50.5)% | |
| Policy acquisition costs | 347 | 330 | 5.1% | |
| Administrative expenses | 85 | 87 | (2.7)% | |
| Underwriting income (loss) | 280 | (936) | 129.9% | |
| Net investment income | 137 | 120 | 14.2% | |
| Other (income) expense | 3 | 1 | (198.5)% | |
| Amortization of purchased intangibles | 2 | 2 | — | |
| Segment income | $412 | $(819) | 150.3% | |
| Combined ratio: | ||||
| Loss and loss expense ratio | 59.3% | 133.0% | (73.7) | pts |
| Policy acquisition cost ratio | 19.9% | 21.0% | (1.1) | pts |
| Administrative expense ratio | 4.8% | 5.5% | (0.7) | pts |
| Combined ratio | 84.0% | 159.5% | (75.5) | pts |
| Catastrophe losses | (12.7)% | (84.5)% | 71.8 | pts |
| Prior period development | — | — | — | pts |
| CAY combined ratio excluding catastrophe losses | 71.3% | 75.0% | (3.7) | pts |
| Net Catastrophe Losses and Prior Period Development | Three Months Ended | |
|---|---|---|
| March 31 | ||
| (in millions of U.S. dollars) | 2026 | 2025 |
| Net catastrophe losses | $222 | $1,342 |
| Favorable prior period development | $1 | $— |
Net premiums written increased $129 million, or 8.3 percent, for the three months ended March 31, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners. Growth includes the favorable impact of $50 million of ceded reinstatement premiums related to the California wildfires in the prior year.
Net premiums earned increased $172 million, or 10.9 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.
The combined ratio decreased for the three months ended March 31, 2026, reflecting the California wildfire catastrophe losses in the prior year, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.
The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, primarily due to an improvement in homeowners and personal excess from lower underlying losses, and a lower administrative expense ratio resulting from the impact of higher net premiums earned and expense management.
North America Agricultural Insurance
The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31 · % Change | ||||
| (in millions of U.S. dollars, except for percentages) · 2026 · 2025 · Q-26 vs. Q-25 | ||||
| Net premiums written | $311 | $276 | 12.7% | |
| Net premiums earned | 189 | 165 | 14.6% | |
| Losses and loss expenses | 53 | 92 | (42.9)% | |
| Policy acquisition costs | 24 | 17 | 39.1% | |
| Administrative expenses | (6) | 2 | NM | |
| Underwriting income | 118 | 54 | 120.0% | |
| Net investment income | 26 | 24 | 7.8% | |
| Other (income) expense | — | 1 | NM | |
| Amortization of purchased intangibles | 6 | 6 | — | |
| Segment income | $138 | $71 | 92.9% | |
| Combined ratio: | ||||
| Loss and loss expense ratio | 27.9% | 55.9% | (28.0) | pts |
| Policy acquisition cost ratio | 12.6% | 10.4% | 2.2 | pts |
| Administrative expense ratio | (3.0)% | 1.2% | (4.2) | pts |
| Combined ratio | 37.5% | 67.5% | (30.0) | pts |
| Catastrophe losses | (2.4)% | (8.9)% | 6.5 | pts |
| Prior period development | 42.5% | 20.3% | 22.2 | pts |
| CAY combined ratio excluding catastrophe losses | 77.6% | 78.9% | (1.3) | pts |
| Net Catastrophe Losses and Prior Period Development | Three Months Ended | |
|---|---|---|
| March 31 | ||
| (in millions of U.S. dollars) | 2026 | 2025 |
| Net catastrophe losses | $4 | $15 |
| Favorable prior period development | $80 | $33 |
Net premiums written increased $35 million, or 12.7 percent, for the three months ended March 31, 2026, primarily due to growth in Livestock driven by lower reinsurance cessions, and growth in MPCI.
Net premiums earned increased $24 million, or 14.6 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.
The combined ratio decreased for the three months ended March 31, 2026, reflecting higher favorable prior period development and lower catastrophe losses.
The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, reflecting a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI business, partially offset by a higher loss ratio reflecting a change in the mix of business.
Overseas General Insurance
Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited. The Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand and Liberty Insurance in Vietnam, effective April 1, 2025, and February 2, 2026, respectively.
| Three Months Ended | |||||
|---|---|---|---|---|---|
| March 31 · % Change | |||||
| (in millions of U.S. dollars, except for percentages) · 2026 · 2025 · Q-26 vs. Q-25 | |||||
| Net premiums written | $4,466 | $3,903 | 14.4% | ||
| Net premiums written - constant dollars | 6.1% | ||||
| Net premiums earned | 3,780 | 3,209 | 17.8% | ||
| Losses and loss expenses | 1,652 | 1,397 | 18.3% | ||
| Policy benefits | 113 | 113 | — | ||
| Policy acquisition costs | 1,009 | 837 | 20.5% | ||
| Administrative expenses | 387 | 330 | 17.3% | ||
| Underwriting income | 619 | 532 | 16.3% | ||
| Net investment income | 300 | 281 | 6.9% | ||
| Other (income) expense | 6 | 6 | — | ||
| Amortization of purchased intangibles | 22 | 19 | (14.2)% | ||
| Segment income | $891 | $788 | 13.0% | ||
| Segment income - constant dollars | 6.5% | ||||
| Combined ratio: | |||||
| Loss and loss expense ratio | 46.7% | 47.0% | (0.3) | pts | |
| Policy acquisition cost ratio | 26.7% | 26.1% | 0.6 | pts | |
| Administrative expense ratio | 10.2% | 10.3% | (0.1) | pts | |
| Combined ratio | 83.6% | 83.4% | 0.2 | pts | |
| Catastrophe losses | (1.7)% | (1.7)% | — | pts | |
| Prior period development | 3.5% | 3.8% | (0.3) | pts | |
| CAY combined ratio excluding catastrophe losses | 85.4% | 85.5% | (0.1) | pts | |
| Net Catastrophe Losses and Prior Period Development | Three Months Ended | |
|---|---|---|
| March 31 | ||
| (in millions of U.S. dollars) | 2026 | 2025 |
| Net catastrophe losses | $64 | $55 |
| Favorable prior period development | $131 | $121 |
| Net Premiums Written by Region | Three Months Ended March 31 | ||||||
|---|---|---|---|---|---|---|---|
| (in millions of U.S. dollars, except for percentages) | 2026 | 2026 % of Total | 2025 | 2025 % of Total | C$2025 | Q-26 vs. Q-25 | C$Q-26 vs. Q-25 |
| Region | |||||||
| Europe, Middle East, and Africa | $2,217 | 50% | $1,915 | 49% | $2,095 | 15.8% | 5.8% |
| Asia | 1,344 | 30% | 1,198 | 31% | 1,251 | 12.1% | 7.4% |
| Latin America | 867 | 19% | 736 | 19% | 808 | 17.8% | 7.2% |
| Other (1) | 38 | 1% | 54 | 1% | 55 | (28.9)% | (30.6)% |
| Net premiums written | $4,466 | 100% | $3,903 | 100% | $4,209 | 14.4% | 6.1% |
(1)Includes the international supplemental A&H business of Combined Insurance and other international operations.
Overall, net premiums written increased $563 million, or $257 million on a constant-dollar basis, for the three months ended March 31, 2026, reflecting growth in commercial lines of 10.8 percent, or 3.1 percent on a constant-dollar basis, and growth in consumer lines of 20.5 percent, or 11.1 percent on a constant-dollar basis.
Our European division increased for the three months ended March 31, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business.
Asia increased for the three months ended March 31, 2026, reflecting growth primarily in consumer lines, including personal lines and A&H. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand and Vietnam.
Latin America increased for the three months ended March 31, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico.
Net premiums earned increased $571 million, or $331 million on a constant-dollar basis, for the three months ended March 31, 2026, reflecting the increase in net premiums written described above.
The combined ratio and CAY combined ratio excluding catastrophe losses were relatively flat for the three months ended March 31, 2026, reflecting an increase in acquisition expense ratio, offset by underlying loss ratio improvement driven by mix shift.
Global Reinsurance
The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.
| Three Months Ended | |||||
|---|---|---|---|---|---|
| March 31 · % Change | |||||
| (in millions of U.S. dollars, except for percentages) · 2026 · 2025 · Q-26 vs. Q-25 | |||||
| Net premiums written | $363 | $408 | (11.2)% | ||
| Net premiums written - constant dollars | (11.7)% | ||||
| Net premiums earned | 326 | 368 | (11.4)% | ||
| Losses and loss expenses | 137 | 242 | (43.6)% | ||
| Policy acquisition costs | 102 | 100 | 2.3% | ||
| Administrative expenses | 9 | 10 | (8.2)% | ||
| Underwriting income | 78 | 16 | NM | ||
| Net investment income | 108 | 70 | 54.4% | ||
| Segment income | $186 | $86 | 116.4% | ||
| Combined ratio: | |||||
| Loss and loss expense ratio | 41.9% | 65.8% | (23.9) | pts | |
| Policy acquisition cost ratio | 31.3% | 27.1% | 4.2 | pts | |
| Administrative expense ratio | 2.8% | 2.7% | 0.1 | pts | |
| Combined ratio | 76.0% | 95.6% | (19.6) | pts | |
| Catastrophe losses | (2.3)% | (21.3)% | 19.0 | pts | |
| Prior period development | — | — | — | pts | |
| CAY combined ratio excluding catastrophe losses | 73.7% | 74.3% | (0.6) | pts | |
| Net Catastrophe Losses and Prior Period Development | Three Months Ended | |
|---|---|---|
| March 31 | ||
| (in millions of U.S. dollars) | 2026 | 2025 |
| Net catastrophe losses | $8 | $75 |
| Favorable prior period development | $— | $— |
Net premiums written decreased $45 million for the three months ended March 31, 2026, primarily reflecting a decrease in property lines due to increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms, as well as the favorable impact of higher catastrophe reinstatement premiums in the prior year. This decrease was partially offset by growth in casualty business due to higher underlying rates favorably impacting the renewal portfolio.
Net premiums earned decreased $42 million for the three months ended March 31, 2026, reflecting the changes in net premiums written described above, including catastrophe reinstatement premiums in the prior year which were fully earned when written.
The combined ratio decreased for the three months ended March 31, 2026, primarily due to lower catastrophe losses. The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, primarily due to lower loss expectations in property lines, offset by a shift in mix of business from property to casualty lines.
Life Insurance
The Life Insurance segment comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits.
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31 · % Change | ||||
| (in millions of U.S. dollars, except for percentages) · 2026 · 2025 · Q-26 vs. Q-25 | ||||
| Net premiums written | $2,289 | $1,720 | 33.1% | |
| Net premiums written - constant dollars | 30.8% | |||
| Net premiums earned | 2,268 | 1,696 | 33.7% | |
| Losses and loss expenses | 28 | 26 | 6.5% | |
| Policy benefits | 1,700 | 1,163 | 46.2% | |
| Policy acquisition costs | 362 | 310 | 16.8% | |
| Administrative expenses | 210 | 202 | 3.7% | |
| Net investment income | 305 | 271 | 12.6% | |
| Other (income) expense | (51) | (35) | 48.0% | |
| Amortization of purchased intangibles | 8 | 10 | 9.0% | |
| Segment income | $316 | $291 | 8.5% | |
| Segment income - constant dollars | 7.1% | |||
Net premiums written increased $569 million, or $539 million on a constant-dollar basis, for the three months ended March 31, 2026.
For our international life operations, net premiums written increased 36.8 percent, or 34.1 percent on a constant-dollar basis, for the three months ended March 31, 2026. This increase included 15.7 percentage points of growth primarily driven by our traditional regular premium products in North Asia and agency production in Huatai Life, with the remaining growth from savings-oriented single premium business with premium financing in Hong Kong and Taiwan.
Net premiums written in our Chubb Benefits business increased 15.8 percent for the three months ended March 31, 2026, due to 34.6 percent growth in worksite business.
Deposits
The following table presents deposits collected on universal life and investment contracts:
| Three Months Ended | |||||
|---|---|---|---|---|---|
| March 31 · % Change | |||||
| (in millions of U.S. dollars, except for percentages) | 2026 | 2025 | C$2025 | Q-26 vs. Q-25 | C$Q-26 vs. Q-25 |
| Deposits collected on universal life and investment contracts | $749 | $755 | $781 | (0.8)% | (4.1)% |
Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services. Life deposits collected decreased $6 million for the three months ended March 31, 2026, due to lower investment linked products in Taiwan, offset by higher savings-oriented single premium sales in Huatai Life and Hong Kong.
Life Insurance segment income
Life Insurance segment income increased $25 million, or 8.5 percent for the three months ended March 31, 2026, reflecting the growth in our international life operations, higher net investment income from asset growth, and higher other income from Huatai. This growth was partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.
Corporate
Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, loss and loss expenses of asbestos and environmental (A&E) liabilities, certain other non-A&E run-off exposures including molestation, and Huatai Group's non-insurance operations results, comprising real estate and holding company activity.
| Three Months Ended | |||
|---|---|---|---|
| March 31 · % Change | |||
| (in millions of U.S. dollars, except for percentages) | 2026 | 2025 | Q-26 vs. Q-25 |
| Losses and loss expenses | $15 | $14 | 10.3% |
| Administrative expenses | 110 | 105 | 4.3% |
| Underwriting loss | (125) | (119) | 5.0% |
| Net investment income (loss) | (11) | (27) | (58.9)% |
| Other income (expense) | 18 | (33) | NM |
| Amortization of purchased intangibles | 34 | 37 | (8.5)% |
| Net realized gains (losses) | (383) | (78) | NM |
| Market risk benefits gains (losses) | 14 | (92) | NM |
| Interest expense | 198 | 181 | 9.1% |
| Integration expenses and severance | 9 | — | NM |
| Income tax expense | 646 | 321 | 101.2% |
| Net loss | $(1,374) | $(888) | 54.4% |
| Net income attributable to noncontrolling interests | 27 | 12 | 131.3% |
| Net loss attributable to Chubb | $(1,401) | $(900) | 55.4% |
Integration expenses and severance principally comprised legal and professional fees and all other costs primarily related to acquisitions, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.
Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), and Income tax expense (benefit). Refer to Notes 11 and 17 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.