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# Chubb's Third-Quarter Core Earnings Fell 2.2% On Storm Losses, While Nine-Month Profit Set Records
- URL: https://www.bullished.co/chubbs-third-quarter-core-earnings-fell-2-2-on-storm-losses-while-nine-month-profit-set-7665b9e8/
- Published: 2026-10-20T21:36:40.000Z
- Updated: 2026-10-28T19:23:35.000Z
- Description: Catastrophe losses rose to $705 million from $285 million, pushing the combined ratio to 84.1%, though nine-month income was a record.
- Author: Matteo Parrino
- Tags: Earnings, CB, Industry: Financials

[Chubb](https://www.bullished.co/tag/cb/)'s core operating income slipped 2.2% in the third quarter to [$2.98 billion](https://markets.ft.com/data/announce/detail?dockey=600-202610201610PR%5FNEWS%5FUSPRX%5F%5F%5F%5FNY77047-1&ref=bullished.co), or $7.66 per share, as storm losses climbed, according to results furnished in an [8-K](https://www.bullished.co/learn/8-k-items-explained/). Per-share core earnings still rose 0.8%, and nine-month income reached a record.

## What the results show

Net income was [$2.84 billion](https://markets.ft.com/data/announce/detail?dockey=600-202610201610PR%5FNEWS%5FUSPRX%5F%5F%5F%5FNY77047-1&ref=bullished.co), or $7.30 per share, up 1.5% in total and 4.4% per share. Core operating income of $2.98 billion compared with $3.05 billion a year earlier on the same redefined basis, which now excludes amortization of most purchased intangibles.

The property and casualty combined ratio, where lower means more underwriting profit, was 84.1% versus 81.8% a year earlier. Pre-tax catastrophe losses were $705 million versus $285 million. Favorable development on prior-year reserves was $511 million versus $361 million.

Excluding catastrophes and reserve development, the current-accident-year combined ratio was 82.6% versus 82.5%. Net premiums written rose 1.9% to $15.1 billion.

For the first nine months, core operating income was a record $8.60 billion, or $21.94 per share, up 21.0% and 24.5%. Net income was a record $8.02 billion, or $20.46 per share.

## What it changes for holders

Chairman and CEO Evan G. Greenberg blamed the comparison: "Due to particularly light CAT losses last year, earnings are down 2% and up 1% per share from 2025." He called the nine-month figures "a more meaningful perspective."

Book value per share fell 2.1% from June 30 to $191.43, as after-tax investment portfolio losses of $4.48 billion in the quarter were partly offset by $551 million of currency gains. Tangible book value per share excluding accumulated other comprehensive income, which strips out interest-rate marks, rose 15.4% from a year earlier.

North America Commercial premiums fell 2.7%, or rose 1.7% excluding large-account property and financial lines changes. Overseas General grew 6.7%, North America Personal 5.3% and Agriculture 5.1%. Greenberg said he fully expects North America commercial growth to improve in coming quarters.

Chubb returned $1.57 billion to shareholders in the quarter: $1.18 billion of buybacks at an average $344.32 per share and $393 million of dividends. Shares closed at $357.75 on Tuesday, up 0.42%, before the release.

## What to watch

Chubb holds its third-quarter earnings call on Wednesday at 8:30 a.m. Eastern.

Greenberg also said Chubb's holding partnership with KKR agreed to sell its USI Insurance Services stake to Aon, expected to bring a realized gain of $460 million on a $740 million investment.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Chubb Ltd (CB)](https://www.sec.gov/Archives/edgar/data/0000896159/000119312526426866/d160822d8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d160822dex991.htm — Chubb Ltd 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000896159/000119312526426866/d160822dex991.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d160822dex992.htm — Chubb Ltd 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000896159/000119312526426866/d160822dex992.htm?ref=bullished.co) — SEC EDGAR
- [Chubb (CB) Q3 Earnings Report Preview: What To Look For](https://finance.yahoo.com/markets/stocks/articles/chubb-cb-q3-earnings-report-044617447.html?ref=bullished.co) — Yahoo Finance
- [Chubb Reports Third Quarter Per Share Net Income and Record Core Operating Income of $7.30 and $7.66, Respectively, Up 4.4% and 0.8%; Consolidated Net Premiums Written of $15.1 Billion, Up 1.9%, with P&C and Life Insurance Up 1.9% and 1.4%; P&C Combined Ratio of 84.1%; Record Year-to-Date Per Share Net Income and Core Operating Income of $20.46 and $21.94, Up 16.2% and 24.5%, Respectively; Annualized Return on Equity (ROE) of 14.5% and Core Operating ROE of 14.6% – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610201610PR%5FNEWS%5FUSPRX%5F%5F%5F%5FNY77047-1&ref=bullished.co) — Financial Times
- [Chubb news, trends and insights - Insurance Journal](https://www.insurancejournal.com/company/chubb/?ref=bullished.co) — insurancejournal.com

### More on Chubb

- [Chubb Changes How It Counts Segment Profit, Moving Deal Amortization To Corporate](https://www.bullished.co/chubb-changes-how-it-counts-segment-profit-moving-deal-amortization-to-corporate-bbb58b43/)
- [Chubb CEO Calls Casualty Sidecar Money 'Very Naive Capacity,' Says Fronting Carriers May Hold 'The Trash'](https://www.bullished.co/chubb-ceo-calls-casualty-sidecar-money-very-naive-capacity-says-fronting-carriers-may-hold-077c3dae/)

[All Chubb (CB) coverage →](https://www.bullished.co/tag/cb/)