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Chubb
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Updated Oct 28, 2026
Chubb Q3 2026 10-Q: CAT losses surge to $705M but CAY combined ratio holds at 82.6%, masking deliberate large-account property retreat
Chubb's Q3 2026 P&C combined ratio deteriorated to 84.1% from 81.8% as catastrophe losses more than doubled to $705 million versus $285 million in the prior year, driven by U.S. convective storms and international weather events. Critically, the CAY combined ratio excluding catastrophe losses held nearly flat at 82.6% versus 82.5%, confirming underlying underwriting discipline is intact — the headline deterioration is weather-driven, not structural. The more significant strategic signal is Chubb's deliberate contraction in large-account North America property including E&S, which reduced Commercial segment written premiums by 4.4 percentage points in Q3 and is a conscious underwriting repositioning, not market share loss.
Tone: mixedRevenue
$59.4B
CB 10-K · FY 2025
Employees
45,000
Revenue FY2024
$55.8B
Founded
1985
Profile
CB 10-K Item 1 · Feb 27, 2026Chubb Limited is a Swiss-incorporated global insurance and reinsurance holding company operating in 54 countries and territories. The company writes commercial and consumer property and casualty insurance, accident and health, life insurance, and reinsurance across six reportable segments. Its underwriting-first philosophy, geographic diversification, and high-net-worth and specialty product focus differentiate it from most global peers.
Read filing description ↓ Collapse description ↑
Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies, headquartered in Zurich, Switzerland, and incorporated in 1985. With operations in 54 countries and territories, Chubb provides commercial and consumer P&C insurance, accident and health (A&H), reinsurance, and life insurance to a diverse group of clients. The company generates earnings from three primary sources: P&C underwriting income, investment income, and life segment income. Chubb is organized along a profit center structure by line of business and territory and emphasizes quality of underwriting rather than volume or market share. Its underwriting strategy centers on consistent, disciplined pricing and risk selection, supported by clearly defined underwriting authorities, standards, and guidelines, as well as a strong underwriting audit function in each local operation and global profit center. The company serves multinational corporations, mid-size and small businesses, affluent and high net worth individuals, and insurers managing exposures with reinsurance coverage. Chubb expanded its personal accident and supplemental health and life insurance business with the acquisition of Cigna's business in several Asian markets in 2022 and further diversified with a controlling majority interest in Huatai Insurance Group Co. Ltd, a Chinese financial services holding company, effective July 1, 2023. At December 31, 2025, Chubb's ownership interest in Huatai Group was approximately 87.2 percent. Total assets stood at $272 billion and total shareholders' equity at $74 billion at December 31, 2025.
Primary products
- Commercial P&C insurance
- Multiple Peril Crop Insurance (MPCI)
- Crop-hail insurance
- Directors and Officers (D&O) liability
- Professional liability (E&O)
- Cyber risk coverage
Business segments
End markets
Geographies
“Our product and geographic diversification differentiate us from the vast majority of our competitors and has been a source of stability during periods of industry volatility.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net premiums earned grew from $49.8 billion in 2024 to $53.0 billion in 2025, driven by growth across all six segments, with North America Personal P&C, Life Insurance, and Overseas General showing the strongest percentage gains.
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