Q1 2026 Chubb Limited Earnings Call Transcript
Key Points
- Chubb Ltd (CB) reported strong growth in P&C underwriting, investment, and life income, leading to core operating earnings of $2.7 billion, up substantially from the previous year.
- Net premiums grew 10.7% for the quarter, with P&C premiums up 7.2% and Life premiums increasing by more than 33%, benefiting from foreign exchange.
- The company's underwriting performance was excellent, with a P&C underwriting income of $1.8 billion and a combined ratio of 84%.
- Chubb Ltd (CB) achieved an annualized core operating return on tangible equity of 20.6% and a core operating ROE of 14%.
- The company returned $1.5 billion of capital to shareholders, including $1.1 billion in share repurchases and $380 million in dividends.
- The geopolitical situation in the Middle East raises concerns about higher inflation and potentially slower economic growth, which could impact financial markets.
- Chubb Ltd (CB) noted that property and financial lines pricing conditions are soft in several important markets, with property pricing softening at a concerning pace.
- The company experienced pre-tax catastrophe losses of $500 million for the quarter, primarily from weather-related events.
- In the international retail commercial business, P&C rates were down 2.5% and financial lines rates were down 7.4%.
- Chubb Ltd (CB) highlighted the competitive nature of the London wholesale market, particularly in property, leading to a strategic reduction in their open market property business.
Thank you for standing by. My name is J-L, and I will be your conference operator today. At this time, I would like to welcome everyone to the Chubb Limited first-quarter 2026 earnings call. (Operator Instructions)
I would now like to turn the conference over to Susan Spivak, Senior Vice President, Investor Relations. You may begin.
Thank you, and welcome to our March 31, 2026 First Quarter Earnings Conference Call.
Our report today will contain forward-looking statements, including statements relating to the company performance, pricing and business mix, growth opportunities and economic and market conditions, which are subject to risks and uncertainties, and actual results may differ materially. See our recent SEC filings, earnings release and financial supplement, which are all available on our website at investors.chubb.com for more information on factors that could affect these matters.
We will also refer today to non-GAAP financial measures,
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