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Net income was $2.84 billion, up 1.5%, and core operating income was $2.98 billion, down 2.2%. For the nine months, net income and core operating income were a record $8.02 billion and $8.60 billion, respectively, up 12.9% and 21.0%.
P&C net premiums written were $13.18 billion, up 1.9%.

North America Commercial was down 2.7%, or up 1.7% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance.
North America Personal was up 5.3%.
North America Agriculture was up 5.1%.
Overseas General was up 6.7%, or 5.2% in constant dollars. Consumer insurance was up 7.2% and commercial insurance was up 6.3%; Latin America, Asia and Europe were up 11.7%, 7.5% and 6.8%, respectively.

P&C underwriting income was $2.06 billion, with a combined ratio of 84.1%. P&C current accident year underwriting income excluding catastrophe losses was $2.26 billion, up 3.3%, with a combined ratio of 82.6%. For the nine months, P&C underwriting income was $5.79 billion, up 33.7%, and was $6.39 billion, up 6.1%, on a current accident year excluding catastrophe losses basis. Both were records.
Total pre-tax net catastrophe losses were $705 million compared with $285 million in the prior year.
Total pre-tax favorable prior period development was $511 million compared with $361 million in the prior year.
Life Insurance net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars. International life insurance net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Insurance segment income was $369 million, up 11.4%, or 14.7% in constant dollars, with International Life income up 7.0%, or 10.9% in constant dollars. For the nine months, Life Insurance segment income was $1.03 billion, up 9.3%, or 10.0% in constant dollars, with International Life income up 10.8%, or 11.8% in constant dollars.
Pre-tax net investment income was $1.79 billion, up 8.6%, and adjusted net investment income was $1.89 billion, up 6.3%. Both were records.
Annualized return on equity (ROE) was 15.3%. Annualized core operating return on tangible equity (ROTE) was 21.6% and annualized core operating ROE was 14.9%.
Book value and tangible book value per share increased 5.1% and 5.7%, respectively, from September 30, 2025. Tangible book value per share excluding AOCI was up 15.4% over the same period.

, /PRNewswire/ -- Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2026 of $2.84 billion, or $7.30 per share, and core operating income of $2.98 billion, or $7.66 per share. Book value per share and tangible book value per share increased by 5.1% and 5.7%, respectively, from September 30, 2025 and now stand at $191.43 and $126.96. For the last three months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $4.48 billion in Chubb's investment portfolio, partially offset by $551 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased by 11.1% and 15.4% from September 30, 2025.

Effective Q3 2026, segment income and core operating income have been redefined to exclude intangible amortization expenses related to purchased intangibles other than long-term distribution agreements. Refer to "Regulation G – Non-GAAP Financial Measures" in this press release and the Table of Contents page in the Q3 2026 Chubb Limited Financial Supplement for additional information. Prior-period results have been restated to reflect these changes.

Chubb Limited

Third Quarter Summary

(in millions of U.S. dollars, except per share amounts and ratios)

(Unaudited)

(Per Share)

2026

2025

Change

2026

2025

Change

Net income

$2,844

$2,801

1.5 %

$7.30

$6.99

4.4 %

Adjusted net realized (gains) losses, net of tax

94

48

95.8 %

0.25

0.12

108.3 %

Integration expenses and severance, net of tax

8

1

NM

0.02

-

NM

Market risk benefits (gains) losses, net of tax

55

120

(54.2) %

0.14

0.30

(53.3) %

Amortization of deferred tax asset from Bermuda law

(60)

36

NM

(0.15)

0.09

NM

Amortization of fair value adjustments, net of tax

39

42

(7.1) %

0.10

0.10

-

Core operating income, net of tax

$2,980

$3,048

(2.2) %

$7.66

$7.60

0.8 %

Annualized return on equity (ROE)

15.3 %

15.9 %

Core operating return on tangible equity (ROTE)

21.6 %

24.8 %

Core operating ROE

14.9 %

16.6 %

For the nine months ended September 30, 2026, net income was $8.02 billion, or $20.46 per share, and core operating income was $8.60 billion, or $21.94 per share. Book value per share and tangible book value per share increased by 1.5% and 0.6%, from December 31, 2025. For the last nine months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $6.03 billion in Chubb's investment portfolio, partially offset by $643 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased by 7.4% and 10.1%, from December 31, 2025.

Chubb Limited

Nine Months Ended Summary

(in millions of U.S. dollars, except per share amounts and ratios)

(Unaudited)

(Per Share)

2026

2025

Change

2026

2025

Change

Net income

$8,018

$7,100

12.9 %

$20.46

$17.61

16.2 %

Adjusted net realized (gains) losses, net of tax

396

(428)

NM

1.02

(1.06)

NM

Integration expenses and severance, net of tax

21

3

NM

0.05

0.01

NM

Market risk benefits (gains) losses, net of tax

39

213

(81.7) %

0.10

0.53

(81.1) %

Amortization of deferred tax asset from Bermuda law

4

91

(95.6) %

0.01

0.22

(95.5) %

Amortization of fair value adjustments, net of tax

119

127

(6.3) %

0.30

0.31

(3.2) %

Core operating income, net of tax

$8,597

$7,106

21.0 %

$21.94

$17.62

24.5 %

Annualized return on equity (ROE)

14.5 %

13.9 %

Core operating return on tangible equity (ROTE)

21.2 %

19.9 %

Core operating ROE

14.6 %

13.2 %

For the nine months ended September 30, 2026 and 2025, the tax expenses (benefits) related to the table above were $6 million and $47 million, respectively for adjusted net realized gains and losses; $(7) million and nil for integration expenses and severance; $(7) million and $(38) million for market risk benefits gains and losses; $(33) million and $(36) million for amortization of fair value adjustments; and $2.09 billion and $1.75 billion for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a really strong quarter with strong contributions from all of our businesses. Our diversification is highly supportive of growth and sustained margins which speak to our underwriting discipline, a hallmark of our company.

"P&C underwriting, investment and life income results led to core operating earnings of $2.98 billion, or $7.66 per share. Due to particularly light CAT losses last year, earnings are down 2% and up 1% per share from 2025. For the first nine months of the year, which is a more meaningful perspective, core operating income is a record $8.6 billion, or $21.94 per share, up 21% and 24.5%, respectively, from the prior year.

"Annualized core operating return on tangible equity is 21.6% and core operating ROE is 14.9%. Tangible book value per share is up 5.7% from the prior year. This was impacted by the mark-to-market due to higher interest rates. Adjusting for AOCI, tangible book value per share increased 15.4%.

"For the quarter, P&C underwriting income is $2.1 billion, which led to a combined ratio of 84.1%, and on a current accident year ex-CAT basis, our combined ratio is 82.6%, simply excellent. Year-to-date underwriting income of $5.8 billion is up nearly 34% from 2025.

"On the investment side of our business, adjusted net investment income is a record $1.9 billion, supported by rising interest rates and an excellent fixed-income investment environment, which we have been anticipating for some time, given government deficits and the capital investment cycle. On the alternative asset side, as publicly announced in the quarter, Strategic Holdings, our holding company partnership with KKR, agreed to sell our investment in USI Insurance Services to Aon, which is expected to result in a realized gain of $460 million on an investment of $740 million.

"While the market continues to grow more competitive in commercial P&C across the board, particularly in the U.S. and London, the substantial majority of our underwriting businesses grew in the quarter, with the balance flat or purposely shrinking due to inadequate pricing or terms.

"We are benefiting from our diversification. Overseas General grew 6.7%, with Latin America up 11.7%, Asia up 7.5% and Europe up about 7%. North America personal lines was up 5.3% and agriculture was up 5.1%. North America commercial was down 2.7%, impacted by a reduction in exposure, including increased use of reinsurance and underwriting related non-renewal actions, predominantly property and financial lines-related. I fully expect North America commercial growth to improve in future quarters.

"Our deep local presence and capabilities globally, our large and growing invested asset along with rising interest rates, and operating discipline provide us continued growth opportunities and sustainability of value creation. I am confident in our ability to continue to outperform and to generate strong growth in operating earnings and EPS and, most important, double-digit growth in tangible book value."

Operating highlights for the quarter ended September 30, 2026 were as follows:

Chubb Limited

Q3

Q3

(in millions of U.S. dollars except for percentages)

2026

2025

Change

Consolidated

Net premiums written (increase of 1.8% in constant dollars)

$

15,143

$

14,866

1.9 %

P&C

Net premiums written (increase of 1.6% in constant dollars)

$

13,183

$

12,934

1.9 %

Underwriting income

$

2,061

$

2,259

(8.8) %

Combined ratio

84.1 %

81.8 %

Current accident year underwriting income excluding catastrophe losses (CATs)

$

2,255

$

2,183

3.3 %

Current accident year combined ratio excluding CATs

82.6 %

82.5 %

Global P&C (excludes Agriculture)

Net premiums written (increase of 1.1% in constant dollars)

$

11,651

$

11,476

1.5 %

Underwriting income

$

1,894

$

2,079

(8.9) %

Combined ratio

83.4 %

81.0 %

Current accident year underwriting income excluding CATs

$

2,085

$

2,029

2.7 %

Current accident year combined ratio excluding CATs

81.8 %

81.6 %

Life Insurance

Net premiums written (increase of 3.7% in constant dollars)

$

1,960

$

1,932

1.4 %

Segment income (increase of 14.7% in constant dollars)

$

369

$

332

11.4 %

Consolidated net premiums earned increased 3.9%, or 4.0% in constant dollars. P&C net premiums earned increased 4.3%, or 4.0% in constant dollars.
Operating cash flow was $6.07 billion and adjusted operating cash flow was $5.55 billion. Both were records.
Total capital returned to shareholders in the quarter was $1.57 billion, comprising share repurchases of $1.18 billion at an average purchase price of $344.32 per share and dividends of $393 million. Total capital returned to shareholders for the nine months was $4.47 billion, comprising share repurchases of $3.30 billion at an average purchase price of $332.33 per share and dividends of $1.17 billion.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2026 are presented below:             

Chubb Limited

Q3

Q3

(in millions of U.S. dollars except for percentages)

2026

2025

Change

Total North America P&C Insurance

(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)

Net premiums written

$

8,953

$

8,935

0.2 %

Combined ratio

81.3 %

79.2 %

Current accident year combined ratio excluding CATs

80.7 %

80.6 %

North America Commercial P&C Insurance

Net premiums written (increase of 1.7% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance)

$

5,512

$

5,663

(2.7) %

Major accounts retail and excess and surplus (E&S) wholesale (increase of 1.2% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance)

$

3,210

$

3,379

(5.0) %

Middle market and small commercial (with P&C lines up 2.6%, or up 4.0% excluding workers' compensation payroll-related premium adjustments (1), and financial lines down 5.9%, or up 1.8% adjusting for underwriting related exposure changes including additional reinsurance)

$

2,302

$

2,284

0.8 %

Combined ratio

86.3 %

81.5 %

Current accident year combined ratio excluding CATs

82.1 %

80.8 %

North America Personal P&C Insurance

Net premiums written

$

1,909

$

1,814

5.3 %

Combined ratio

60.3 %

65.1 %

Current accident year combined ratio excluding CATs

69.9 %

72.1 %

North America Agricultural Insurance

Net premiums written

$

1,532

$

1,458

5.1 %

Combined ratio

89.3 %

88.0 %

Current accident year combined ratio excluding CATs

89.0 %

89.7 %

Overseas General Insurance

Net premiums written (increase of 5.2% in constant dollars)

$

3,943

$

3,695

6.7 %

Commercial P&C

$

2,248

$

2,114

6.3 %

Consumer P&C

$

1,695

$

1,581

7.2 %

Combined ratio

86.4 %

83.3 %

Current accident year combined ratio excluding CATs

84.3 %

84.4 %

Global Reinsurance

Net premiums written

$

287

$

304

(5.6) %

Combined ratio

80.7 %

77.4 %

Current accident year combined ratio excluding CATs

78.7 %

75.6 %

Life Insurance

Net premiums written (increase of 3.7% in constant dollars)

$

1,960

$

1,932

1.4 %

Net premiums written and deposits (increase of 17.7% in constant dollars)

$

2,797

$

2,428

15.2 %

Segment income (increase of 14.7% in constant dollars)

$

369

$

332

11.4 %

(1) Relates to workers' compensation annual payroll-related audit premium adjustments which are made in the third quarter every year, as previously disclosed were significantly larger in 2025.

North America Commercial P&C Insurance: The combined ratio increased 4.8 percentage points, including a 3.1 percentage point increase from higher CATs, a 1.0 percentage point increase in the underlying loss ratio and a 0.3 percentage point increase in the underlying expense ratio with the acquisition ratio up, both driven by shift in mix of business, primarily due to reduction in property business.
North America Personal P&C Insurance: The combined ratio decreased 4.8 percentage points, including a 4.3 percentage point decrease from higher favorable prior period development (PPD) and a 2.2 percentage point decrease in the underlying loss ratio, partially offset by a 1.7 percentage point increase from higher CATs.
North America Agricultural Insurance: The combined ratio increased 1.3 percentage points, including a 1.9 percentage point increase from lower favorable PPD, partially offset by a 0.6 percentage point decrease in the underlying expense ratio.
Overseas General Insurance: The combined ratio increased 3.1 percentage points, including a 5.0 percentage point increase from higher CATs and a 1.0 percentage point increase in the underlying acquisition expense ratio, due to shift in the mix of business, offset by a 1.8 percentage point decrease from higher favorable PPD, and a 0.9 percentage point decrease in the underlying loss ratio.
Life Insurance: Net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars, with International Life of $1.60 billion, down 0.6%, or up 2.0% in constant dollars, reflecting an adverse impact of 8.8 percentage points in constant dollars, from a one-time large transaction in the prior year, and Chubb Benefits up 11.7%, or 12.1% in constant dollars. International life net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Segment income was $369 million, up 11.4%, or 14.7% in constant dollars, primarily reflecting growth in International Life of 7.0%, or 10.9% in constant dollars.

All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated September 30, 2026, which is posted on Chubb's investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its third quarter earnings conference call on Wednesday, October 21, 2026, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, click here to register and receive dial-in numbers.

In this release, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb's ownership interest and exclude the non-controlling interest.

Segment income and core operating income for current and prior periods have been redefined to reflect the definition of segment income and core operating income adopted in Q3 2026, which excludes intangible amortization expenses related to purchased intangibles other than long-term distribution agreements. Refer to "Regulation G – Non-GAAP Financial Measures" below for more information.

About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at: www.chubb.com.

Regulation G – Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of nil in Q3 2026 and $1 million in Q3 2025, and including investment income of $97 million and $127 million in Q3 2026 and Q3 2025, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization of the fair value adjustment on acquired invested assets was $3 million and $7 million for the nine months ended September 30, 2026 and 2025, and the investment income from private equity partnerships was $343 million and $349 million for the nine months ended September 30, 2026 and 2025. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders' share of gains and losses. The crop derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities.

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value adjustments of acquired invested assets and long-term debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. References in this release to "current accident year" or "underlying" metrics exclude catastrophe losses and prior period development, unless stated otherwise.

Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses), market risk benefits gains (losses), amortization of fair value adjustments, and other items described in this paragraph. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we believe that amortization of certain fair value adjustments arising from the application of acquisition method accounting to acquired businesses does not represent the associated true economic costs and also affects comparability of our operating results to peers. We therefore exclude amortization of fair value adjustments, which includes amortization expenses of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations (primarily agency distribution relationships and renewal rights); in contrast, amortization expenses associated with value of business acquired (VOBA) and unearned premium reserves (UPR) intangible assets are included in core operating income as they are generally comparable to underwriting expenses recognized by peers. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. These costs, as well as the amortization of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations, are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency. References to core operating income measures mean net of tax, whether or not noted.

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders' equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.

P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb's Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb's P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb's global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Tangible book value per common share is Chubb shareholders' equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.

Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai's asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader's analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.

Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because life deposits are an important component of production and key to our efforts to grow our business.

See the reconciliation of Non-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements: 
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve them, as well as management's response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)

(Unaudited)

September 30

2026

December 31
2025

Assets

Investments

$

172,507

$

168,720

Cash and restricted cash

3,010

2,470

Total invested assets

175,517

171,190

Insurance and reinsurance balances receivable

18,188

15,944

Reinsurance recoverable on losses and loss expenses

20,611

20,338

Goodwill and other intangible assets ($26,021 and $25,775 represents
Chubb portion as of 9/30/2026 and 12/31/2025, respectively)

26,665

26,448

Other assets

42,528

38,407

Total assets

$

283,509

$

272,327

Liabilities

Unpaid losses and loss expenses

$

91,829

$

88,018

Unearned premiums

28,608

26,279

Other liabilities

84,560

78,251

Total liabilities

204,997

192,548

Shareholders' equity

Chubb shareholders' equity, excl. AOCI

82,710

78,732

Accumulated other comprehensive income (loss) (AOCI)

(9,483)

(4,975)

Chubb shareholders' equity

73,227

73,757

Noncontrolling interests

5,285

6,022

Total shareholders' equity

78,512

79,779

Total liabilities and shareholders' equity

$

283,509

$

272,327

Book value per common share

$

191.43

$

188.59

Tangible book value per common share

$

126.96

$

126.22

Book value per common share, excl. AOCI

$

216.22

$

201.31

Tangible book value per common share, excl. AOCI

$

150.70

$

136.91

Chubb Limited

Summary Consolidated Financial Data

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30

September 30

2026

2025

2026

2025

Gross premiums written

$

18,359

$

18,069

$

52,857

$

50,450

Net premiums written

15,143

14,866

43,853

41,708

Net premiums earned

14,924

14,359

42,270

39,484

Losses and loss expenses

7,526

6,951

20,348

20,419

Policy benefits

1,477

1,372

4,877

4,005

Policy acquisition costs

2,739

2,563

7,967

7,291

Administrative expenses

1,126

1,138

3,443

3,343

Net investment income

1,791

1,648

5,260

4,777

Net realized gains (losses)

(455)

283

(700)

327

Market risk benefits gains (losses)

(65)

(142)

(46)

(251)

Interest expense

204

197

602

559

Other income (expense):

Gains (losses) from separate account assets

(24)

(9)

27

(31)

Other

388

52

694

812

Amortization of purchased intangibles

74

75

221

224

Integration expenses and severance

11

1

28

3

Income tax expense

666

787

2,054

1,825

Net income

$

2,736

$

3,107

$

7,965

$

7,449

Less: NCI income (loss)

(108)

306

(53)

349

Chubb net income

$

2,844

$

2,801

$

8,018

$

7,100

Diluted earnings per share:

Chubb net income

$

7.30

$

6.99

$

20.46

$

17.61

Core operating income

$

7.66

$

7.60

$

21.94

$

17.62

Weighted average shares outstanding

389.4

400.9

391.8

403.2

P&C combined ratio

Loss and loss expense ratio

58.7 %

56.7 %

57.1 %

60.8 %

Policy acquisition cost ratio

18.3 %

17.7 %

19.1 %

18.5 %

Administrative expense ratio

7.1 %

7.4 %

7.8 %

8.0 %

P&C combined ratio

84.1 %

81.8 %

84.0 %

87.3 %

P&C underwriting income

$

2,061

$

2,259

$

5,790

$

4,331

SOURCE Chubb Limited

NorthCrest Asset Manangement LLC increased its position in Chubb Limited (NYSE:CB – Free Report) by 85.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 99,758 shares of the financial services provider’s stock after buying an additional 46,025 shares during the quarter. Chubb accounts for approximately 0.8% of NorthCrest Asset Manangement LLC’s holdings, making the stock its 24th biggest holding. NorthCrest Asset Manangement LLC’s holdings in Chubb were worth $32,446,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CB. XXEC Inc. purchased a new position in shares of Chubb in the second quarter valued at about $228,226,000. Berkshire Hathaway Inc boosted its holdings in shares of Chubb by 9.3% during the fourth quarter. Berkshire Hathaway Inc now owns 34,249,183 shares of the financial services provider’s stock worth $10,689,855,000 after purchasing an additional 2,916,288 shares during the period. BlackRock Inc. purchased a new stake in shares of Chubb during the second quarter worth about $9,913,336,000. GQG Partners LLC bought a new stake in shares of Chubb in the second quarter worth about $4,250,113,000. Finally, Bank of America Corp DE grew its stake in shares of Chubb by 3.1% in the first quarter. Bank of America Corp DE now owns 4,908,624 shares of the financial services provider’s stock worth $1,599,868,000 after purchasing an additional 147,876 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Chubb Stock Performance Shares of CB opened at $345.12 on Tuesday. The company has a 50-day simple moving average of $340.36 and a two-hundred day simple moving average of $335.64. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market capitalization of $133.15 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 1.50 and a beta of 0.36. Chubb Limited has a one year low of $265.30 and a one year high of $365.91.

Chubb (NYSE:CB – Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.77 by $0.49. The firm had revenue of $11.97 billion during the quarter, compared to analyst estimates of $15.07 billion. Chubb had a return on equity of 14.47% and a net margin of 18.10%. The business’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $6.14 EPS. On average, analysts anticipate that Chubb Limited will post 27.68 EPS for the current fiscal year. Chubb Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 11th were issued a $1.02 dividend. The ex-dividend date was Friday, September 11th. This represents a $4.08 dividend on an annualized basis and a yield of 1.2%. Chubb’s dividend payout ratio is 14.43%.

Insiders Place Their Bets In other Chubb news, Director Michael Connors sold 5,500 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $345.00, for a total transaction of $1,897,500.00. Following the completion of the transaction, the director owned 12,803 shares of the company’s stock, valued at approximately $4,417,035. This trade represents a 30.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Joseph F. Wayland sold 8,502 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the sale, the executive vice president owned 33,749 shares in the company, valued at approximately $12,302,860.46. This trade represents a 20.12% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes A number of research firms have commented on CB. Cantor Fitzgerald upped their price target on Chubb from $330.00 to $333.00 and gave the company a “neutral” rating in a research report on Wednesday, October 7th. HSBC reiterated a “hold” rating and issued a $359.00 price objective on shares of Chubb in a research report on Wednesday, October 7th. Evercore reissued an “outperform” rating and set a $374.00 target price on shares of Chubb in a research note on Friday, July 10th. Morgan Stanley decreased their target price on Chubb from $360.00 to $350.00 and set an “equal weight” rating for the company in a report on Tuesday, October 6th. Finally, Piper Sandler raised their price target on Chubb from $340.00 to $374.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $358.36.

Read Our Latest Report on Chubb

Chubb Profile (Free Report)

Chubb Limited (NYSE: CB) is a global insurance company that provides property and casualty, accident and health, life, and reinsurance products and services. Its offerings serve individuals, businesses, multinational corporations, and institutional customers.

The company provides commercial and personal property and casualty coverage, including general liability, commercial property, professional liability, cyber insurance, workers’ compensation, homeowners insurance, automobile coverage, and specialty insurance.

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Key Takeaways CB's disciplined underwriting, diversified operations and strong investment income support earnings growth. CB's acquisitions, international expansion and AI investments support growth across key insurance markets.CB returned $2.9 billion to shareholders in the first half, while tangible book value per share rose 17.1%. Shares of Chubb Limited (CB - Free Report) have gained 22% in the past year, outperforming the industry’s growth of 3.1%.  

Chubb’s share-price gains were driven by strong earnings growth, disciplined underwriting and effective capital management, which supported profitability. While higher investment income and further strengthened earnings, and higher return on equity boosted investor confidence.

Shares of some of its peers, like The Travelers Companies, Inc. (TRV - Free Report) , have gained 37%, while W.R. Berkley Corporation (WRB - Free Report) and The Progressive Corporation (PGR - Free Report) have lost 6.2% and 6.6%, respectively, in the past year.

1-Year Price Performance: CB, TRV, WRB, PGR & Industry

Image Source: Zacks Investment Research

CB’s Premium ValuationChubb Limited shares are trading at a premium compared with the industry. Its trailing 12-month price-to-book value of 1.62X is higher than the industry average of 1.43X. However, it currently carries a Value Score of B.

 

Image Source: Zacks Investment Research

Shares of other insurers, including TRV, PGR and WRB, are trading at a multiple higher than the industry average.

CB’s Strong Return on EquityReturn on equity (ROE) for the trailing 12 months was 14.5%, significantly above the industry's 7.5%. Moreover, ROE has remained around 14% over the past three and five years, reflecting the company's consistent ability to generate returns from shareholders' funds.

CB’s Growth Projection EncouragesThe Zacks Consensus Estimate for Chubb’s 2026 earnings per share (EPS) indicates a year-over-year increase of 11.7%. The consensus estimate for revenues is pegged at $64.15 billion, implying a year-over-year improvement of 7%.

The consensus estimate for 2027 EPS and revenues indicates an increase of 4.1% and 4.2%, respectively, from the corresponding 2026 estimates. Long-term earnings growth is expected to be 8.2%.

Optimist Analyst Sentiment on CBThe Zacks Consensus Estimate for 2026 and 2027 earnings have moved up 1.4% and 0.3%, respectively, over the last 60 days.

Factors That Benefit CB StockChubb is poised to benefit from its disciplined underwriting strategy, diversified business portfolio and strong investment capabilities. The company prioritizes profitability over premium growth by exiting inadequately priced business, particularly in large-account property insurance. Its focus on pricing discipline, risk selection and underwriting profitability should support margins and sustainable earnings growth.

Chubb's presence across commercial and personal insurance, life insurance, accident and health, and multiple international markets reduces its dependence on any single business line. Growth opportunities in overseas markets, high-net-worth personal insurance and small and middle-market commercial insurance are expected to help offset softer conditions in large-account property and financial lines.

CB pursues strategic mergers and acquisitions to diversify its portfolio, add capabilities and synergies, and expand its geographic footprint. Acquisitions, including Catalyst Aviation Insurance and Liberty Mutual's operations in Thailand and Vietnam, have strengthened its product offerings, distribution network and presence in key international markets. Continued investments in AI, digital capabilities and distribution, along with strong broker relationships, are driving new business growth and improving renewal rates.

Chubb Limited’s fixed-income and alternative asset portfolios and steady operating cash flows provide a strong foundation for recurring investment income, providing an additional source of earnings growth alongside underwriting operations.

Rising ransomware, data breach and business interruption risks are driving cyber insurance demand among small and midsize businesses. Chubb's expanding distribution network, customizable coverage and cross-selling capabilities position it to capture this opportunity. Investments in AI, data analytics and underwriting technology are expected to improve risk assessment, pricing accuracy and operational efficiency, supporting profitable growth.

Chubb Limited's strong cash generation supports shareholder returns and continued capital deployment. First-half capital returns totaled $2.9 billion. Continued earnings and operating cash flow provide capacity for further distributions while retaining resources for business growth and balance-sheet needs.
Chubb Limited continues to generate strong growth in book value. As of 30 June 2026, tangible book value per share rose 17.1% to $131.93. The continued growth in book value and tangible book value reflects the company's strong earnings generation and supports the case for its valuation.

Risks for CBChubb Limited remains exposed to catastrophe losses from hurricanes, wildfires, earthquakes and other severe events, which induce volatility in underwriting profitability and affect the combined ratio.  

Softening commercial insurance pricing remains a headwind for Chubb, as continued rate declines could weigh on premium growth and profitability.

ConclusionChubb is positioned to deliver continued earnings and book-value growth through strong underwriting profitability, middle-market and overseas commercial expansion, higher investment income and disciplined capital management. Favorable estimates, optimistic analyst sentiment and higher ROE are other positives. Catastrophe losses and softer commercial pricing remain risks. It is wise to retain this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Chubb launches an online platform offering Personal Accident and Leisure Travel insurance to UK employees.Chubb Benefits grew 17% in 2025 and generated $1.2 billion in premiums, providing a base for expansion.CB has not disclosed premium or revenue targets, leaving the platform's near-term contribution uncertain. Chubb Limited (CB - Free Report) is expanding its employee-benefits business in the UK with the launch of Flexible Benefits Direct, an online platform that allows employers to offer Chubb’s Personal Accident and Leisure Travel insurance directly to employees.

The move strengthens Chubb’s distribution capabilities and could help the company reach more employers and employees through a simpler online channel. It also aligns with Chubb’s broader focus on expanding digital distribution and making insurance products easier for customers to access and purchase.

Chubb’s employee-benefits business provides a meaningful base for further expansion. Chubb Benefits grew 17% in 2025 and generated $1.2 billion in premiums, highlighting the business’s scale. The new platform could support further growth by improving access to employers, increasing policy adoption and creating another channel for premium generation.

The initiative could also help Chubb reach smaller and mid-sized employers that may be less accessible through traditional distribution channels. If successful, the digital model could be expanded to other markets and insurance products.

However, Chubb has not disclosed a specific premium or revenue target for Flexible Benefits Direct, so its near-term financial contribution remains uncertain. Overall, the launch strengthens Chubb’s digital insurance strategy and could support employee-benefits premium growth as insurance distribution becomes increasingly digital.

What About Its Peers?Aflac Incorporated (AFL - Free Report) has a strong presence in supplemental and worksite insurance. In 2026, it became a strategic Workday Wellness partner, integrating its supplemental health products with Workday’s AI-driven benefits platform to simplify access and benefits administration.

MetLife, Inc. (MET - Free Report) offers a broad range of employee benefits, including accident, disability and life insurance. In July 2026, it joined Rippling’s Preferred Carrier Program, enabling direct integration of eligibility, enrollment and coverage data and supporting more efficient benefits administration.

Chubb's Price PerformanceChubb shares have gained 15.5% in the past year, outperforming the industry’s 1.3% decline.

Image Source: Zacks Investment Research

CB’s ValuationShares of CB are trading at a premium compared with the industry. Its trailing 12-month price-to-book value of 1.58X is higher than the industry average of 1.37X.

Image Source: Zacks Investment Research

CB’s Growth ProjectionThe Zacks Consensus Estimate for Chubb’s 2026 earnings per share (EPS) indicates a year-over-year increase of 10.5%.

The consensus estimate for revenues is pegged at $64.33 billion, implying a 7.3% year-over-year improvement.

The consensus estimate for 2027 EPS and revenues indicates an increase of 5.7% and 4.1%, respectively, from the corresponding 2026 estimates.

The Zacks Consensus Estimate for 2026 and 2027 earnings has moved up 0.1%, respectively, over the past 30 days.

Image Source: Zacks Investment Research

CB stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Chubb's Life premiums rose 7.5% year over year in the second quarter and 20% in the first half. International Life grew 6.2%, while Chubb Benefits increased 14%, primarily driven by worksite business. Life segment earnings rose 9%, helping diversify Chubb beyond the P&C underwriting cycle. Chubb Limited’s (CB - Free Report) Life segment consists primarily of Chubb Life’s international operations, Huatai Life and related asset-management businesses, Chubb Life Re, and Chubb Benefits’ supplemental accident, health, disability and life operations. About 95% of Chubb Life’s premiums, deposits and earnings come from Asia, making the segment an important source of international growth.

The Chubb Life platform has significant exposure to international markets, where protection, savings and health products can generate recurring premium growth that is less directly tied to the commercial P&C pricing cycle. The growing asset base also generates investment income, providing CB with an additional earnings lever beyond P&C underwriting.

The segment is becoming increasingly important to Chubb Limited’s earnings diversification. Life Insurance net premiums written rose 7.5% year over year in the second quarter of 2026 and 20% in the first half, reaching $4.23 billion. International Life grew 6.2%, while Chubb Benefits increased 14%, primarily driven by worksite business. Meanwhile, Life segment earnings increased 9% in the second quarter, with International Life income rising 13%.

These trends suggest that Life Insurance can meaningfully reduce CB’s sensitivity to P&C underwriting cycles. If Chubb Limited can sustain roughly high-single-digit earnings growth in Life, the business should become a larger and more stable contributor to consolidated earnings as P&C pricing moderates and catastrophe-related volatility persists.

The Chubb Life segment is no longer simply a diversification side business. Its combination of international growth, recurring protection premiums, employee benefits and investment-related income is creating a meaningful second earnings engine. Continued high-single-digit earnings growth could gradually reduce CB’s dependence on the P&C underwriting cycle while supporting more balanced and resilient earnings growth.

What About Its Peers?The Hartford Insurance Group, Inc. (HIG - Free Report) operates Employee Benefits alongside Business Insurance and Personal Insurance. The segment provides group life, group disability and related employee-benefit products, giving HIG a recurring premium stream that is less directly tied to commercial P&C pricing cycles. Employee Benefits gives HIG another earnings engine besides P&C. HIG's second-quarter release specifically said earnings benefited from both 5% P&C earned-premium growth and 5% Employee Benefits premium growth.

Lincoln National Corporation (LNC - Free Report) Life Insurance business generates revenues from premiums, cost-of-insurance assessments, fees, and investment income, with profitability influenced by mortality, persistency, product sales and investment income. LNC's second-quarter 2026 results also showed improving profitability, with $439 million of adjusted operating income available to common stockholders, highlighting the importance of its diversified Life, Annuities, Group Protection and Retirement businesses.

CB’s Price PerformanceCB shares have gained 21.7% over the past year, outperforming the industry.

Image Source: Zacks Investment Research

CB’s OvervaluationThe stock is overvalued compared with its industry. It is currently trading at a price-to-book value multiple of 1.61, higher than the industry average of 1.42. It carries a Value Score of B.

Image Source: Zacks Investment Research

Estimate Movement for CBThe Zacks Consensus Estimate for CB’s third-quarter 2026 earnings has moved up 0.5% in the past 30 days. The same for the full-year 2026 and 2027 earnings per share has moved up 0.1% and 0.5%, respectively, in the past 30 days.

Image Source: Zacks Investment Research

Key Takeaways Chubb's P&C underwriting income rose 18.8% to $1.94 billion, while its combined ratio improved to 83.8%.CB's adjusted net investment income reached a record $1.88 billion, up 11.4% year over year.Chubb returned $1.37 billion to shareholders in Q2, bringing first-half capital returns to $2.90 billion. Shares of Chubb Limited (CB - Free Report) are trading at a premium compared with the industry. Its trailing 12-month price-to-book value of 1.62X is higher than the industry average of 1.43X. However, it currently carries a Value Score of B.

The premium valuation reflects investors' confidence in Chubb's strong profitability, underwriting discipline and growth prospects. However, the higher multiple raises the question of whether the company's fundamentals are strong enough to justify the premium.

Image Source: Zacks Investment Research

Shares of some of its peers, like The Travelers Companies, Inc. (TRV - Free Report) , W.R. Berkley Corporation (WRB - Free Report) and The Progressive Corporation (PGR - Free Report) , are trading at a multiple higher than the industry average.

CB’s Strong Return on EquityReturn on equity (ROE) for the trailing 12 months was 14.5%, significantly above the industry's 7.5%. Core operating return on tangible equity was 21.2% in the second quarter of 2026. Moreover, ROE has remained around 14% over the past three and five years, reflecting the company's consistent ability to generate returns from shareholders' funds.

CB Is an OutperformerChubb shares have gained 21.3% in the past year, outperforming the industry’s growth of 0.8%.  

Shares of other insurers, including TRV, have gained 31.1%, while PGR and WRB have lost 11.1% and 6.5%, respectively, in the past year.

1-Year Price Performance: CB, TRV, WRB, PGR & Industry

Image Source: Zacks Investment Research

CB’s Growth Projection EncouragesThe Zacks Consensus Estimate for Chubb’s 2026 earnings per share (EPS) indicates a year-over-year increase of 10.3%. The consensus estimate for revenues is pegged at $64.34 billion, implying a year-over-year improvement of 7.3%.

The consensus estimate for 2027 EPS and revenues indicates an increase of 5.6% and 4.1%, respectively, from the corresponding 2026 estimates. The expected long-term earnings growth is pegged at 7.7%.

Optimist Analyst Sentiment on CBThe company has witnessed 13 upward earnings estimate revisions for 2026 over the past 60 days, against no movement in the opposite direction. For 2027, it has witnessed five upward revisions against one downward movement. Thus, the Zacks Consensus Estimate for 2026 and 2027 earnings have moved up 2.7% and 0.2%, respectively, over the same time frame.

Image Source: Zacks Investment Research

Factors That Benefit CB StockChubb's underwriting operations remain a major earnings driver. The company prioritizes profitability over premium growth by exiting inadequately priced business, particularly in large-account property insurance. P&C underwriting income increased 18.8% year over year to $1.94 billion in the second quarter of 2026, while the combined ratio improved to 83.8% from 85.6% in the prior-year quarter, reflecting strong underwriting profitability.

Chubb continues to benefit from broad-based premium growth across its businesses, supported by strong performance in its middle-market and international commercial businesses. Middle-market and small commercial premiums increased 8.9% in the second quarter, while overseas commercial insurance premiums rose 8.8%.

CB pursues strategic mergers and acquisitions to diversify its portfolio, add capabilities and synergies, and expand its geographic footprint. Acquisitions, including Catalyst Aviation Insurance and Liberty Mutual's operations in Thailand and Vietnam, have strengthened its product offerings, distribution network and presence in key international markets. Continued investments in AI, digital capabilities and distribution, along with strong broker relationships, are driving new business growth and improve renewal rates.

Higher investment income, supported by the company's fixed-income and alternative asset portfolios, provides an additional source of earnings growth alongside underwriting operations. Adjusted net investment income reached a record $1.88 billion in the second quarter of 2026, up 11.4% year over year.

Chubb's strong cash generation supports shareholder returns and continued capital deployment. The company returned $1.37 billion to shareholders in the second quarter of 2026 through dividends and share repurchases, bringing total capital returned in the first six months to $2.90 billion.

Chubb continues to generate strong growth in book value. As of 30 June 2026, tangible book value per share rose 17.1% to $131.93. The continued growth in book value and tangible book value reflects the company's strong earnings generation and supports the case for its valuation.

Risks for CBChubb remains exposed to catastrophe losses from hurricanes, wildfires, earthquakes and other severe events, which induce volatility in underwriting profitability and affect the combined ratio.  Pretax catastrophe losses totaled $475 million in the second quarter of 2026.

Softening commercial insurance pricing remains a headwind for Chubb, as continued rate declines could weigh on premium growth and profitability.

ConclusionChubb is positioned to deliver continued earnings and book-value growth through strong underwriting profitability, middle-market and overseas commercial expansion, higher investment income and disciplined capital management. Favorable estimates, optimistic analyst sentiment and higher ROE are other positives. A VGM Score of A instils confidence.

While the premium valuation appears justified by Chubb's profitability and growth profile, continued earnings growth and underwriting discipline will be important to sustain the higher multiple. Catastrophe losses and softer commercial pricing remain risks. It is wise to retain this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Chubb's middle-market and small commercial premiums rose 8.9% to $2.3 billion in Q2 2026.CB's overseas commercial P&C premiums increased 8.8%,supporting growth as property exposure declines.P&C underwriting income rose 18.8%, while the combined ratio improved to 83.8% in Q2 2026. Chubb Limited (CB - Free Report) is benefiting from strong commercial insurance growth in its middle-market and international businesses, helping offset pressure in large-account property.

Chubb’s P&C net premiums written increased 3% year over year to $12.8 billion in the second quarter. Excluding large-account and E&S property, P&C premiums grew 6.3%, highlighting stronger underlying growth.

Within North America Commercial P&C, middle-market and small commercial business remained a key growth driver. In the second quarter of 2026, net premiums written in this business increased 8.9% year over year to $2.3 billion. Its agency reach, product breadth and technology-enabled access to smaller distributors create a structural advantage in an underpenetrated market. In contrast, net premiums written in major accounts and specialty declined 9%, primarily due to underwriting actions in property. Excluding large-account and E&S property, this business increased 0.4%

Chubb’s strategy of reducing exposure to less attractive property risks while expanding in middle-market and small commercial business could support more sustainable growth. The insurer’s diversified portfolio also provides an advantage as pricing conditions moderate across parts of the commercial market. In the second quarter of 2026, overseas commercial P&C premiums rose 8.8%.

CB’s P&C underwriting income rose 18.8%, and the combined ratio improved to 83.8% in the second quarter. Strong underwriting performance continues to support earnings.

Chubb continues to invest in middle-market and small commercial businesses through broader distribution, industry-specific underwriting, digital capabilities and localized service. Its strong middle-market and overseas commercial growth, combined with disciplined underwriting, should help it navigate softer market conditions while maintaining profitable growth.

What About Its Peers?W.R. Berkley Corporation (WRB - Free Report) continues to benefit from its strong presence in commercial and specialty insurance. In the second quarter of 2026, pre-tax underwriting income increased 21.8% to $317.5 million, and the reported combined ratio improved to 90%. WRB is focusing on disciplined underwriting and selective growth as competition increases across parts of the commercial market.

Travelers Companies (TRV - Free Report) is also benefiting from continued demand across its commercial businesses, particularly in the middle-market segment. Strong new business activity and disciplined pricing are supporting growth, while its diversified commercial portfolio provides resilience as insurance pricing moderates.

Chubb s’ Price PerformanceShares of Chubb have gained 22.4% in the past year, outperforming the industry’s growth of 1.4%.

Image Source: Zacks Investment Research

CB’s Premium ValuationShares of CB are trading at a premium compared with the industry. Its trailing 12-month price-to-book value of 1.62X is higher than the industry average of 1.42X.

Image Source: Zacks Investment Research

CB’s Growth ProjectionThe Zacks Consensus Estimate for Chubb’s 2026 earnings per share (EPS) indicates a year-over-year increase of 10.3%.

The consensus estimate for revenues is pegged at $64.37 billion, implying a year-over-year improvement of 7.3%.

The consensus estimate for 2027 EPS and revenues indicates an increase of 5.6% and 4.1%, respectively, from the corresponding 2026 estimates.

The Zacks Consensus Estimate for 2026 and 2027 earnings has moved up 0.3% and 0.5%, respectively, over the past 30 days.

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CB stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

, /PRNewswire/ -- The Board of Directors of Chubb Limited (NYSE: CB) today declared a quarterly dividend equal to $1.02 per share, payable on October 2, 2026 to shareholders of record at the close of business on September 11, 2026. The dividend will be payable out of legal reserves and will be made in United States dollars by the company's transfer agent, as described in the Chubb Limited 2026 proxy statement. This will be the second installment as approved by the company's shareholders on May 21, 2026.

About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at: www.chubb.com.

Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding dividends, and our expectations and intentions and other statements that are not historical facts, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, payment of scheduled or future dividends could be affected by extraordinary company events or capital constraints or similar factors that could require the company to adjust, delay or withhold dividend payments. Additional information regarding factors that could cause differences from these forward-looking statements appears in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. 

SOURCE Chubb Limited

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Can Trupanion Turn Pet Insurance Loyalty Into Real Earnings?Chubb NYSE: CB reported a strong second quarter of 2026, with Chairman and Chief Executive Officer Evan Greenberg pointing to underwriting performance, investment income, life insurance growth and global diversification as key contributors to results.

Core operating earnings were $2.8 billion, or $7.26 per share, up 14.6% and 18.2%, respectively, from the prior year, Greenberg said on the company’s earnings call. Tangible book value per share rose 17.1% year over year, which Greenberg described as the company’s “most important measure of shareholder wealth creation.”

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3 Insurance Stocks That Can Act as a New Inflation Hedge The insurer posted an annualized core operating return on tangible equity of 21.2% for the quarter and a core operating return on equity of 14.5%. Property and casualty underwriting income exceeded $1.9 billion, up almost 19%, with a combined ratio of 83.8%. On a current accident year basis excluding catastrophe losses, the combined ratio was 82.2%.

Investment Income Hits Record Level Adjusted net investment income reached a record $1.88 billion, up more than 11%, supported by performance in fixed income and alternative asset portfolios. Greenberg said the fixed income portfolio yield was 5.1%, while the current new money rate averaged 5.5% as of June 30. Chubb’s invested assets stood at $175 billion, up from $161 billion a year earlier.

Looking to Insure Your Portfolio? Start With These 3 StocksChief Financial Officer Peter Enns said adjusted operating cash flow totaled $3.5 billion in the quarter. He also noted that Chubb issued $2.2 billion of debt across several currencies at a weighted average cost of 4.2% and an average term of about 7.5 years, with proceeds intended for general corporate purposes, including repayment and refinancing of debt.

Enns said Chubb returned $1.4 billion of capital to shareholders in the quarter, including $979 million of share repurchases at an average price of $327.18 per share and $395 million in dividends. The company ended the quarter with book value of $75 billion, or $195.45 per share. Book value per share and tangible book value per share excluding accumulated other comprehensive income grew 2.8% and 3.8%, respectively, during the quarter.

Chief Investment Officer Chris Hogan said the public fixed income portfolio generated $1.63 billion of income, up 12% year over year, while private investments, representing 12% of the portfolio, contributed $250 million, up 9.5%. Hogan called the current environment “ideal” for investment-grade bond investors, citing reinvestment rates above the portfolio’s book yield.

Premium Growth Varies by Business Line Global property and casualty premiums rose 3%, or 6.3% excluding large account and excess and surplus property, Greenberg said. Overseas general premiums grew 10.2%, or 4.8% in constant dollars. North America premiums increased about 0.5%, as commercial lines declined 2.3%, while personal lines and accident and health each rose 6%.

Greenberg said the “substantial majority” of Chubb’s businesses are growing, while some are flat or shrinking because of inadequate pricing or terms. He specifically cited U.S. large account and E&S property as an area where the company again reduced premium volume.

International retail, which Greenberg said produces more than $17 billion in annual gross premiums and operates in 51 countries, grew almost 12%, or about 6% in constant dollars. Consumer-related businesses, including accident and health and personal lines, were up more than 12%, while commercial lines rose more than 11%. Latin America grew 15.6%, Asia grew 12% and Europe grew nearly 7.5%.

In North America commercial, middle market and small commercial premiums grew almost 9%, with property and casualty lines up 12% and financial lines down about 3%. Premiums in major account and specialty, including E&S, declined 9% because of property.

In North America personal lines, Chubb’s high-net-worth business generated 6% premium growth and renewal retention of 90% on an account basis. Greenberg said the North America personal lines business now produces more than $8 billion in annual gross premiums.

Greenberg Warns on Casualty Pricing Greenberg said soft market conditions have begun to extend beyond property into more casualty lines, particularly in E&S. He said certain classes of large account and middle market business are becoming more competitive, and pricing in multiple casualty areas is not keeping pace with loss costs.

“U.S. casualty loss costs are rising at a pretty steady 6%-7% for primary casualty, and 9.5%-12% for excess,” Greenberg said, adding that pricing can become inadequate quickly under those conditions. He said financial lines remain soft, with some newer market participants and managing general agents underwriting at prices and terms he considers inadequate.

In North America, commercial property and casualty pricing excluding financial lines and workers’ compensation was up 1.3%, with rates down 1.4% and exposure change of 2.7%. Property pricing was down about 6%, while casualty pricing rose 7.1%, including a 6.4% rate increase and 0.7% exposure growth. Financial lines pricing was up 0.3%.

Asked during the question-and-answer session about casualty pricing, Greenberg said the issue was not limited to commercial auto. “It’s across casualty,” he said, adding that there is “zero evidence across the industry” that loss costs have abated.

Life Insurance and Worksite Benefits Grow Life income was $332 million, up 9% from a year earlier. Greenberg said international life insurance premiums and deposits rose almost 14.5%, with most exposure in Asia and most growth in North Asia, including China, Hong Kong, Korea and Taiwan.

Chubb’s North America Worksite Benefits business grew premiums 14%. Greenberg said the business has been built steadily over more than five years, through brokerage distribution tied to small and middle market commercial relationships and through a retooled agency force focused on small and lower middle market employers.

Greenberg said the company sees “a tremendous opportunity” to continue growing Worksite Benefits organically at double-digit rates, and expects it to become a more significant contributor to Chubb’s top and bottom line over time.

Reserves, Catastrophe Losses and Capital Pre-tax catastrophe losses were $475 million, principally from weather-related events in the U.S., Enns said. Chubb recorded favorable pre-tax prior period development of $441 million in active companies, with 89% from short-tail lines and 11% from long-tail lines. The corporate runoff portfolio had adverse development of $158 million, more than two-thirds of which came from molestation-related claims development.

Net loss reserves increased to nearly $69 billion, up 4% from the second quarter of 2025. The paid-to-incurred ratio was 90% for the quarter, or 86% excluding catastrophe losses, prior period development and agriculture. When asked why the ratio remains below pre-pandemic levels, Greenberg said it “speaks to overall the strength of our reserves.”

Enns said the core operating effective tax rate was 19.2% for the quarter, below the company’s previously guided range because of shifts in income mix and discrete tax benefits. Chubb continues to expect a full-year core operating effective tax rate of 19.5% to 20%.

Greenberg said Chubb remains confident in its ability to generate strong operating earnings growth and double-digit tangible book value growth over time, while acknowledging softer commercial property and casualty market conditions. “We have many sources and handles to pull,” he said, citing the company’s global mix, life business, invested assets and capital management.

About Chubb (NYSE:CB)Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Chubb (CB - Free Report) came out with quarterly earnings of $7.26 per share, beating the Zacks Consensus Estimate of $6.63 per share. This compares to earnings of $6.14 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.50%. A quarter ago, it was expected that this insurer would post earnings of $6.48 per share when it actually produced earnings of $6.82, delivering a surprise of +5.25%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Chubb, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $15.77 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.8%. This compares to year-ago revenues of $14.81 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Chubb shares have added about 13% since the beginning of the year versus the S&P 500's gain of 8.7%.

What's Next for Chubb?While Chubb has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Chubb was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $6.33 on $16.81 billion in revenues for the coming quarter and $26.77 on $64.36 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the bottom 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, The Hartford Insurance Group (HIG - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.

This insurance and financial services company is expected to post quarterly earnings of $3.13 per share in its upcoming report, which represents a year-over-year change of -8.2%. The consensus EPS estimate for the quarter has been revised 2% lower over the last 30 days to the current level.

The Hartford Insurance Group's revenues are expected to be $5.19 billion, up 6% from the year-ago quarter.

Key Takeaways Chubb is expected to report Q2 revenue growth of 7.3% and EPS growth of 7.5%. Premium growth and higher investment income are expected to support results. CB's underwriting discipline and share buybacks are likely to support earnings. Chubb Limited (CB - Free Report) is expected to have registered an improvement in both top and bottom lines when it reports second-quarter 2026 results on July 21, after market close.

The Zacks Consensus Estimate for CB’s second-quarter revenues is pegged at $15.89 billion, indicating 7.3% growth from the year-ago reported figure. The consensus estimate for earnings is pegged at $6.60 per share.

The Zacks Consensus Estimate for CB’s second-quarter earnings has moved up 0.5 % in the past 60 days. The figure suggests a year-over-year rise of 7.5%.

What the Zacks Model Unveils for CBOur proven model predicts an earnings beat for Chubb this time around. This is because a stock needs to have the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). This is not the case, as you can see below:

Earnings ESP: Chubb has an Earnings ESP of +1.09%. This is because the Most Accurate Estimate of $6.67 is pegged higher than the Zacks Consensus Estimate of $6.60. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Factors Likely to Shape CB's Q2 ResultsChubb's second-quarter revenues are likely to have benefited from higher investment income and solid premium growth, driven by strong new business generation, healthy policy retention, favorable pricing in casualty and specialty lines, increased insured exposures and continued expansion across international markets. The high-net-worth personal lines business is also likely to have contributed through robust new business, strong retention and favorable pricing. Additionally, digital initiatives and AI-enabled underwriting are also expected to have supported premium growth and operational efficiency.

Premium growth in the Life Insurance segment is also expected to have been supported by strong new business in North Asia, particularly in Huatai, Hong Kong, Taiwan and Korea, reflecting continued momentum across Chubb's international life operations. The Zacks Consensus Estimate for net premiums earned is pegged at $14 billion. We expect net premiums earned to be $13.9 billion, indicating a 6.6% year-over-year increase.

Net investment income is likely to have benefited from higher average invested assets and higher reinvestment rates on fixed maturities. Chubb expects quarterly adjusted net investment income of $1.825-$1.85 billion in the second quarter of 2026. We expect net investment income to be $2 billion in the quarter to be reported, indicating a 27.6% year-over-year increase. The Zacks Consensus Estimate is pegged at $1.86 billion, indicating an 19.2% year-over-year increase.

Prudent pricing in casualty and specialty lines, disciplined underwriting and favorable prior-year reserve development are expected to have supported underwriting profitability and the combined ratio. However, softer commercial property pricing and higher catastrophe losses from severe weather events are likely to have partially offset these benefits. The Zacks Consensus Estimate for the combined ratio is pegged at 85.6.

Expenses are expected to have increased because of higher policy acquisition costs, administrative expenses and interest expenses. We estimate the metric to be $12.6 billion, indicating an 13.5% year-over-year increase.

Nevertheless, share buybacks in the to-be-reported quarter are likely to have aided the bottom line.

Other Stocks to ConsiderHere are three P&C insurance stocks you may want to consider, as our model shows that these also have the right combination of elements to post an earnings beat:

Cincinnati Financial Corporation (CINF - Free Report) has an Earnings ESP of +8.84% and a Zacks Rank #2 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $1.77, indicating a year-over-year decrease of 7.6%.

CINF’s earnings beat estimates in each of the last four reported quarters.

The Allstate Corporation (ALL - Free Report) has an Earnings ESP of +23.32% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $4.92, indicating a year-over-year decrease of 17.1%.

ALL’s earnings beat estimates in each of the last four reported quarters.

Kinsale Capital Group, Inc. (KNSL - Free Report) has an Earnings ESP of +1.33% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $5.09 per share, indicating a year-over-year increase of 6.5%.

KNSL’s earnings beat estimates in each of the last four reported quarters.

Key Takeaways CB raised its quarterly dividend by 5.2%, extending its streak to 33 consecutive annual dividend increases. CB authorized a new $7.5 billion share repurchase program, enhancing capital return flexibility. Strong underwriting, investment income and cash flow support reinvestment and shareholder distributions. Chubb Limited (CB - Free Report) follows a disciplined and balanced capital deployment strategy that prioritizes profitable business growth while consistently returning excess capital to shareholders. Its strong underwriting performance, substantial operating cash flow and recurring investment income enable the company to maintain financial strength and deploy capital efficiently.

Chubb has a long track record of increasing its dividend. In 2026, the board approved a 5.2% increase in the quarterly dividend to $1.02 per share, marking the 33rd consecutive year of dividend increases. Share buybacks are a key component of Chubb's capital allocation strategy. Effective July 1, 2026, the board authorized a new $7.5 billion share repurchase program, providing management with significant flexibility to return excess capital when valuations are attractive.

Several factors that provide Chubb with the financial flexibility to deploy capital effectively are strong underwriting profitability and disciplined risk selection; robust operating cash flow generated from recurring insurance premiums; significant investment income; and excellent capital adequacy and balance sheet strength.

Chubb invests heavily in expanding its global insurance franchise through product innovation, geographic expansion, technology, AI-driven underwriting, digital claims capabilities and distribution partnerships to support long-term profitable growth.

Chubb prioritizes preserving its superior capitalization and liquidity, enabling it to support underwriting growth and maintain high financial strength ratings across market cycles.

Chubb's combination of steady dividend growth, substantial share repurchases, disciplined reinvestment and selective acquisitions reflects a prudent capital allocation philosophy. Backed by industry-leading underwriting performance, strong cash generation, and a fortress balance sheet, the company is well-positioned to create sustainable long-term shareholder value.

What About Its Peers?First American Financial Corporation (FAF - Free Report) follows a balanced capital-return strategy that combines a steadily growing dividend with opportunistic share repurchases. FAF generally uses a combination of regular dividend increases and selective share repurchases to distribute excess capital. FAF has increased its dividend for more than 15 consecutive years, reflecting management's commitment to returning capital through various housing market environments.

American Financial Group, Inc. (AFG - Free Report) has one of the most shareholder-friendly capital allocation policies in the U.S. insurance sector. AFG regularly generates capital that is needed to support underwriting operations. Returning excess capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of American Financial’s capital management strategy. The combination of growing regular dividends, frequent special dividends, opportunistic buybacks and strong underwriting profitability has enabled the company to deliver substantial cash returns to investors over time.

CB’s Price PerformanceShares of CB have gained 26.6% in the past year, outperforming the industry.

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CB’s OvervaluationThe stock is overvalued compared with its industry. It is currently trading at a price-to-book value multiple of 1.72, higher than the industry average of 1.49. It carries a Value Score of B.

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Estimate Movement for CBThe Zacks Consensus Estimate for CB’s second-quarter 2026 has moved up 0.1%, and the third-quarter 2026 EPS has moved down 0.1% in the past 30 days. The same for the full-year 2026 and 2027 EPS has moved down 0.1% and 0.2%, respectively, in the past 30 days.

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