Chubb Q2 Net Income Down 3.8% on ‘Overly Soft’ Large Account, E&S Property

Second quarter 2026 net income at insurer Chubb was down 3.8% compared to the same period in 2025 to about $2.85 billion, with property/casualty underwriting income up 18.8% to about $1.9 billion.

Pretax net catastrophe losses were $475 million compared to Q21 2025 losses of $630 million.

The P/C business ended Q2 2026 with a combined ratio of 83.8 compared with 85.6 the year prior.

Consolidated net premiums written (NPW) increased 3.6% to about $14.7 billion. P/C net premiums were up 3% to about $12.8 billion.

NPW decreased 2.3% in North America commercial. Without large account and E&S property, NPW was up 4.1% in Q2. Looking at major accounts retail and E&S wholesale, NPW was down 9% in Q2. Chubb said NPW would be up 0.4% excluding large account and E&S property.

The combined ratio for Q2 for North America commercial finished at 85.4 compared with 83.5 for Q2 2025. Chubb said 1.9 points were attributed to higher catastrophe losses.

In a statement, CEO Evan G. Greenberg said “overly soft underwriting conditions persist in certain areas of property insurance globally, particularly large account and E&S related.”

“We will not underwrite knowingly to a loss,” he continued, adding that the soft market is spreading to areas of casualty lines, and financial lines also “remain soft.”

In North America, overall P/C insurance NPW was up 0.4% and the segment, which includes commercial insurance, personal insurance, and agricultural insurance, logged a combined ratio for Q2 of 81.5 compared with 81.7 for Q1 2025. Personal insurance in North America finished Q2 with a combined ratio of 67.3 compared with 73.5 last year.

For the first half 2026, net income finished at about $5.2 billion, up 20.4% over the same period in 2025.