A global insurer, Chubb protects businesses, high-net-worth households, and everyday customers across dozens of countries with property, casualty, life, accident, and health coverage, plus reinsurance. The name traces to 1882, when Thomas Caldecot Chubb and his son Percy began insuring ships and cargo in New York's seaport, funded by a hundred local merchants. After ACE Limited bought the original Chubb in 2016, the combined firm kept the better-known Chubb name; a century earlier, Chubb won fame for paying San Francisco earthquake claims in full when rivals discounted theirs.
Q2 2026 net income fell 3.8% to $2.85B on lower mark-to-market gains as P&C underwriting improved
fell again this quarter, but dipped on lower . rose 10.6% to $14.8B and rose 78.7% to $5.88 , with the improving to 83.8% from 85.6% as cat losses dropped to $475M, while net income of $2.320B was down 27.7% from Q1 on a sequential pullback. The underwriting core is steady, but investment-mark-to-market swings now move the bottom line more than operations.
Key takeaways
fell 3.8% to $2.85B from lower , even as rose 79.9% to $2.993B per the reported table.
The improved to 83.8% from 85.6% a year earlier, primarily because fell to $475M from $630M, with the flat at 82.2%.
Consolidated rose 3.6% to $14.71B, driven by consumer insurance up 8.7% and Life Insurance up 7.5%, while commercial insurance grew 0.8% on underwriting actions in large account and E&S property.
Section summaries
Management's Discussion and Analysis
Chubb Q2 2026 net income fell 3.8% to $2.85B on lower mark-to-market gains, while P&C underwriting income rose and net premiums written grew 3.6%.
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Consolidated rose 3.6% to $14.71B, driven by 8.7% growth in consumer insurance and 7.5% in , while commercial insurance grew only 0.8% due to underwriting actions in large account and E&S property.
increased 12.3% to $1.76B from higher average invested assets, extending the record run from prior quarters.
was $3.947B for Q1 and $3.7B in Q2 per the narrative; the company repurchased $2.1B in shares in the first half and a new $7.5B authorization took effect July 1, 2026.
of $14.8B was down 1.9% from Q1's $14.8B (Q1 2026 revenue $14.8B per table) and of 20.3% was down 4.8 points from Q1's 25.0%, a sequential pullback after Q1's elevated reading.
What changed
Q2 2026 and cat points: flagged after Q1's 84.0% with $500M cat losses — the ratio improved to 83.8% with cat losses at $475M, showing the improvement held without the year-ago wildfire base.
The $5B authorization: flagged as possibly needing extension given $1.1B used in Q1 2026 and program began July 2023 — a new $7.5B authorization is effective July 1, 2026, replacing it.
Q2 2026 : flagged to track from Q1's $1.71B — it increased 12.3% to $1.76B from higher average invested assets.
Bermuda 15% corporate income tax: risk factors restated no material change from the 2025 10-K; no quantified charge appeared in this filing.
Sequential from Q1 2026: flat at $14.8B, down 4.8 points to 20.3%, down 27.7% to $2.320B, after Q1 had risen 74.3% on the wildfire base falling out.
What to watch
Q3 2026 and catastrophe points after Q2's 83.8% with $475M cat losses, to see if the improvement persists.
Pace of repurchases under the new $7.5B authorization effective July 1, 2026, after $2.1B was used in the first half.
Q3 2026 as it evolves from Q2's $1.76B on fixed-maturity reinvestment rates.
First half 2026 pre-tax of $398M against full-year of $808M, and any Bermuda tax charge if it moves from risk factor to actual.
P&C improved to 83.8% from 85.6%, primarily due to lower catastrophe losses ($475M vs. $630M), with the CAY combined ratio ex-catastrophes flat at 82.2%.
Net investment income increased 12.3% to $1.76B, reflecting higher average invested assets.
was $3.7B, and the company repurchased $2.1B in shares during the first half, with a new $7.5B authorization effective July 1, 2026.
Full-year 2026 pre-tax is expected to be approximately $808M, with $398M incurred in the first half.
Quantitative and Qualitative Disclosures About Market Risk
For disclosures regarding Market Risk, refer to Item 7A, Quantitative and Qualitative Disclosures about Market Risk, in our 2025 Form 10-K. There have been no material changes to Chubb's market risk exposures from those previously disclosed.
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For disclosures regarding Market Risk, refer to Item 7A, Quantitative and Qualitative Disclosures about Market Risk, in our 2025 Form 10-K. There have been no material changes to Chubb's market risk exposures from those previously disclosed.
The information required with respect to this item is included in Note 12 f) to the Consolidated Financial Statements, which is hereby incorporated herein by reference.
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The information required with respect to this item is included in Note 12 f) to the Consolidated Financial Statements, which is hereby incorporated herein by reference.