Chubb Core Operating Income Rises to $2.84 Billion
Adjusted net investment income reached a record $1.88 billion during the second quarter.
Chubb (CB), the global insurance provider, reported core operating income of $2.84 billion for the second quarter.
The results showed a moderation in growth compared to the start of the year. Core operating income rose 14.6% year-over-year, a deceleration from the 80.6% increase reported in the first quarter.
Consolidated net premiums written grew 3.6% year-over-year to $14.7 billion. This growth rate slowed from the 10.7% increase seen in the prior quarter.
Performance varied across geographic and product segments. North America Commercial P&C net premiums written declined 2.3% year-over-year, following a 2.8% increase in the first quarter. Within that segment, premiums for major accounts and specialty fell 9.0% year-over-year as the company took underwriting actions on property, while middle market and small commercial premiums grew 8.9%.
Overseas General net premiums written rose 10.2% year-over-year, though this was a slowdown from the 14.4% growth recorded in the first quarter. Life Insurance net premiums written grew 7.5% year-over-year, down from a 33.1% increase in the prior quarter.
Underwriting discipline improved across several lines. The P&C combined ratio was 83.8%, compared to 85.6% in the second quarter of the previous year. The North America Personal P&C combined ratio improved to 67.3% from 73.5% a year earlier. In the Overseas General segment, the combined ratio decreased 8.1 percentage points to 82.2%, primarily due to lower catastrophe losses.
Investment performance remained a primary driver of results. Adjusted net investment income reached a record $1.88 billion, an 11.4% increase year-over-year, surpassing the previous record of $1.84 billion set in the first quarter.
Tangible book value per share increased 17.1% from June 30, 2025, to $131.93 as of June 30, 2026.