Chubb Limited (CB), the global property-and-casualty insurer, reported core operating income of $2.98 billion, down 2.2% from a year earlier, and core operating income per share of $7.66, up 0.8%, as catastrophe losses more than doubled and premium growth slowed.

Net income was $2.84 billion, or $7.30 a share, up 1.5%. Chairman and Chief Executive Officer Evan G. Greenberg said the company had a strong quarter with contributions from all businesses and that, due to particularly light catastrophe losses last year, earnings were down 2% and up 1% a share from 2025.

Consolidated net premiums written were $15.14 billion, up 1.9%, after 3.6% growth in the second quarter and 10.7% in the first. P&C net premiums written were $13.18 billion, up 1.9%. Life Insurance net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars.

P&C underwriting income was $2.06 billion, with a combined ratio of 84.1%. Current accident year underwriting income excluding catastrophe losses was $2.26 billion, up 3.3%, with a combined ratio of 82.6%. Total pre-tax net catastrophe losses were $705 million, compared with $285 million a year earlier. Favorable prior period development was $511 million.

North America Commercial P&C net premiums written were $5.51 billion, down 2.7%, or up 1.7% excluding large account property including excess and surplus and financial lines underwriting-related exposure changes including additional reinsurance. The combined ratio was 86.3%. Greenberg said the decline reflected a reduction in exposure, including increased use of reinsurance and underwriting-related non-renewal actions, predominantly property and financial lines-related, and that he fully expects North America commercial growth to improve in future quarters.

North America Personal P&C net premiums written were $1.91 billion, up 5.3%, with a combined ratio of 60.3%. North America Agricultural Insurance net premiums written were $1.53 billion, up 5.1%. Overseas General Insurance net premiums written were $3.94 billion, up 6.7%, or 5.2% in constant dollars, after 10.2% growth in the second quarter. Consumer insurance was up 7.2% and commercial insurance 6.3%; Latin America, Asia and Europe were up 11.7%, 7.5% and 6.8%. Global Reinsurance net premiums written were $287 million, down 5.6%.

Life Insurance segment income was $369 million, up 11.4%, or 14.7% in constant dollars, with International Life income up 7.0%. International life net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars.

Pre-tax net investment income was $1.79 billion, up 8.6%, and adjusted net investment income was $1.89 billion, up 6.3%. Both were records. Annualized return on equity was 15.3%. Annualized core operating return on tangible equity was 21.6% and annualized core operating ROE was 14.9%.

Book value per share was $191.43 and tangible book value per share $126.96, up 5.1% and 5.7% from September 30, 2025. For the last three months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $4.48 billion in the investment portfolio, partially offset by $551 million of foreign currency gains. Tangible book value per share excluding AOCI was up 15.4% over the same period.

Effective in the third quarter, segment income and core operating income were redefined to exclude intangible amortization related to purchased intangibles other than long-term distribution agreements; prior-period results were restated.

Strategic Holdings, the holding-company partnership with KKR, agreed to sell Chubb’s investment in USI Insurance Services to Aon, expected to result in a realized gain of $460 million on an investment of $740 million.

Operating cash flow was $6.07 billion and adjusted operating cash flow was $5.55 billion, both records. Total capital returned to shareholders in the quarter was $1.57 billion, comprising share repurchases of $1.18 billion at an average $344.32 a share and dividends of $393 million.

For the nine months ended September 30, 2026, net income was $8.02 billion, or $20.46 a share, and core operating income was a record $8.60 billion, or $21.94 a share, up 12.9% and 21.0%. Annualized ROE for the nine months was 14.5% and core operating ROE 14.6%.