Chubb Limited, headquartered in Zurich, Switzerland, is a global insurer and reinsurer, offering a broad spectrum of products across various markets. In ...
Chubb Limited (NYSE: CB) is a major global insurer and reinsurer providing property and casualty (P&C), accident and health, reinsurance, and life insurance products. The company’s core operations are organized around insurance and reinsurance needs across geographies and customer segments. In North America, Chubb serves businesses through its Commercial Property ...Chubb Limited (NYSE: CB) is a major global insurer and reinsurer providing property and casualty (P&C), accident and health, reinsurance, and life insurance products. The company’s core operations are organized around insurance and reinsurance needs across geographies and customer segments. In North America, Chubb serves businesses through its Commercial Property & Casualty division with offerings such as commercial property, casualty, workers’ compensation, package policies, risk management services, financial lines, marine, construction, environmental, medical/cyber risk solutions, surety, and excess casualty. It also serves affluent individuals and high-net-worth families through Personal P&C, covering homeowners, automobiles (including collector vehicles), valuable possessions, and various liability and travel/recreational marine risks.
For agricultural customers, Chubb’s North American Agricultural Insurance business focuses on protection for farms and ranch properties and multi-peril crop and crop-hail coverage—product design aimed at aligning insurance coverage to seasonal and weather-related risk. Internationally, the Overseas General Insurance segment provides traditional P&C coverage and specialized lines such as financial lines, marine, energy, aviation, political risk, and construction, with products often delivered to corporate and mid-market clients and smaller customers through retail brokers and agents.
Chubb’s Global Reinsurance segment, operating under the Chubb Tempest Re brand, provides both traditional and specialty reinsurance to P&C insurers worldwide. In addition, Chubb’s Life Insurance division offers protection and savings products including whole life, endowment plans, individual and group term life, medical and health, personal accident, credit life, universal life, and unit-linked contracts.
From a business model perspective, Chubb’s revenue is largely driven by insurance premiums, which are supported by underwriting discipline and, for many insurers, investment income. A key cost driver is claims and expenses (including severity and frequency of losses, catastrophe risk such as weather-related events, and claims handling). Capital and solvency management are central to sustaining growth and paying claims—reflected in industry metrics like leverage and liquidity, alongside operational expenses (e.g., sales and general administrative costs). Because insurers do not have a traditional “bill of materials” in the manufacturing sense, the practical analog for cost structure is the underwriting/claims expense stack: policy administration, broker/agent-related expenses, claims management, reinsurance costs, and investment-related operating costs.
Financially, the company is typically evaluated through underwriting performance, combined ratios (for P&C), premium growth, investment yield, and return on equity and assets. Key leadership includes Chairman and CEO Evan G. Greenberg, who guides strategy and oversight across lines of business. Overall, Chubb’s stated mission is to help protect what matters most by underwriting a wide range of risks with a focus on breadth of coverage, specialty capabilities, and global distribution.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$59.8B
+6.5%
+7.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$10.3B
+11.2%
+24.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+29.4%
+2.2%
+2.4%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+21.8%
+7.0%
—
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+17.2%
+4.4%
+15.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$14.5B
-10.2%
-5.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+24.3%
-15.6%
-11.8%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
23.9%
-1.8%
-0.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.62x
—
+33.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Thank you for standing by. My name is Jaylen, I'll be your conference operator today. At this time, I would like to welcome everyone to the Chubb Limited Second Quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. I would now like to turn the conference over to Susan Spivak, Senior Vice President, Investor Relations. You may begin.
Susan Spivak : Thank you, and welcome to our June 30th, 2026 second 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, reconciliations of which to the most direct comparable GAAP measures and related details are provided in our earnings press release and financial supplement. Now I'd like to introduce our speakers. First, we have Evan Greenberg, Chairman and Chief Executive Officer, followed by Peter Enns, our Chief Financial Officer, and Chris Hogan, our Chief Investment Officer. We will take your questions. Also with us today to assist with your questions are several members of our management team, and it's now my pleasure to turn the call over to Evan.
Evan Greenberg : Good morning. We had a very strong quarter. The results speak to our strengths and competitive profile, the health of our balance sheet, the growth of our invested asset, and the diversification of our businesses globally with the opportunities they present, all set against our disciplined approach to underwriting. Strong P&C underwriting investment and life income results led to core operating earnings of $2.8 billion, or $7.26 per share, up 14.6% and 18.2% respectively over the prior year. Our most important measure of shareholder wealth creation, tangible book value per share, is up 17.1% year-over-year. Our annualized core operating return on tangible equity was 21.2% for the quarter, and core operating ROE was 14.5%. P&C underwriting income was more than $1.9 billion, up almost 19%, with a combined ratio of 83.8%. On a current accident year basis, excluding CATs, the combined ratio was 82.2%. On the investment side of our business, adjusted net investment income was a record $1.88 billion, up more than 11%, supported by excellent performance in our fixed income and alternative asset portfolios. The …