Chubb Q2 2026 Earnings Call: Complete Transcript

Chubb (NYSE: CB ) held its second-quarter earnings conference call on Wednesday.

Below is the complete transcript from the call.

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The full earnings call is available at Watch the full earnings call below: Summary Chubb Limited reported strong financial performance for Q2 2026, with core operating earnings of $2.8 billion, up 14.6% year-over-year, and a core operating ROE of 14.5%.

The company's P&C underwriting income increased by 19% to over $1.9 billion, with a combined ratio of 83.8%.

Adjusted net investment income reached a record $1.88 billion, driven by strong fixed income performance.

Chubb announced a new $7.5 billion share repurchase program, effective July 1st, and returned $1.4 billion to shareholders in the quarter through buybacks and dividends.

The company highlighted its global diversification and disciplined underwriting as key strengths, with significant growth in international markets, particularly in Asia and Latin America.

Concerns were raised about competitive market conditions, especially in U.S. large account property and E&S casualty lines, where pricing may not keep pace with loss costs.

Chubb's book value per share reached an all-time high, and the company remains confident in its ability to generate strong growth in operating earnings and tangible book value.

Management expressed a cautious outlook on market conditions but emphasized the company's resilience and strategic positioning for long-term wealth creation.

Full Transcript Jalen, Operator Thank you for standing by.

My name is Jalen.

I will 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 questions, 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, Senior Vice President, Investor Relations Thank you and welcome to our June 30, 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.

Then 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, Chairman and Chief Executive Officer 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 726 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%.