Chubb Limited reported net income for the quarter ended March 31, 2026 of USD 2.32 billion, and core operating income of USD 2.69 billion. Book value per share and tangible book value per share increased 15.8% and 21.5%, respectively, from March 31, 2025 and now stand at USD 189.93 and USD 126.65, the company said in its report.

Book value was unfavorably impacted by after-tax net realized and unrealized losses of USD 1.94 billion in Chubb's investment portfolio, principally due to the mark-to-market impact in the public fixed-income portfolio, partially offset by USD 346 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 12.1% and 16.5%, from March 31, 2025.

The key takeaways of the report are:

• Net income and core operating income were USD 2.32 billion and USD 2.69 billion, respectively, up 74.3% and 80.6%.
• P&C net premiums written were USD 11.72 billion, up 7.2%, with consumer insurance up 14.2% and commercial insurance up 4.6%.
• P&C underwriting income was USD 1.79 billion, up 306.3%, with a combined ratio of 84.0%. P&C current accident year underwriting income excluding catastrophe losses was USD 2.01 billion, up 9.8%, with a combined ratio of 82.1%.
• Total pre-tax net catastrophe losses were USD 500 million compared with USD 1.64 billion last year, which included USD 1.47 billion from the California wildfires.
• Total pre-tax favorable prior period development was USD 286 million compared with USD 255 million in the prior year.
• Life Insurance net premiums written were USD 2.29 billion, up 33.1%, and segment income was USD 316 million, up 8.5%, with International Life income up 14.5%.
• Pre-tax net investment income was USD 1.71 billion, up 9.5%, and adjusted net investment income was USD 1.84 billion, up 10.1%. Both were records.
• Annualized return on equity (ROE) was 12.6%. Annualized core operating return on tangible equity (ROTE) was 20.6% and annualized core operating ROE was 14.0%.

"We had an excellent quarter and start to the year, which speaks to the strength and resilience of our company in a period of elevated uncertainty. Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth”, commented Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited. "War in the Middle East raises the specter globally of higher inflation and slower economic growth, while adding pressure to certain financial, fiscal and economic conditions already present. Chubb's diversification, market-leading presence and capabilities, and operating discipline provide us with greater resilience. We have many sources of opportunity, and from what I see I remain confident in our ability to continue generating strong growth in operating earnings, and double-digit growth in EPS and tangible book value", Evan G. Greenberg added.