Chubb reports record nine-month P&C underwriting income

Chubb has reported record property and casualty (P&C) underwriting income of $5.79 billion for the first nine months of 2026, representing a 33.7% increase year on year. During this period, the company’s net income reached $8.02 billion after non-controlling interest adjustments, up from $7.1 billion in the same period of 2025.

In the third quarter of 2026, net income grew 1.5% to $2.84 billion. However, P&C underwriting income for the third quarter fell 8.8% to $2.06 billion, and the combined ratio increased to 84.1% from 81.8% in the prior year. This decline was partly attributed to $705 million in pre-tax net catastrophe losses, compared to $285 million in the third quarter of 2025.

CEO Evan G. Greenberg noted that while the commercial P&C market is becoming more competitive, particularly in the U.S. and London, most underwriting businesses grew. He indicated that some segments were purposely shrunk due to inadequate pricing or terms, noting a reduction in exposure through increased reinsurance and underwriting non-renewal actions.