First quarter 2026 net income at insurer Chubb was up more than 74% compared to the same period in 2025, with property/casualty underwriting income up 306%.
Net income for the first three months finished at $2.3 billion. Underwriting income was about $1.8 billion as pretax net catastrophe losses were $500 million compared to Q1 2025 losses of $1.6 billion—nearly all due to the California wildfires.
P/C underwriting income for Q1 was 84 compared with 95.7 last year during the same time.
Consolidated net premiums written (NPW) increased 10.7% to about $14 billion. P/C net premiums were up 7.2% and life insurance increased NPW about 33%.
Pretax net investment income was $1.7 billion, up 9.5%.
In North America, P/C insurance NPW was up 4.1% and the segment, which includes commercial insurance, personal insurance, and agricultural insurance, logged a combined ratio for Q1 of 82.8 compared with 99.8 for Q1 2025. Personal insurance in North America finished Q1 with a combined ratio of 84 compared with 159.5 last year.
NPW increased 2.3% in North America commercial admitted and excess & specialty. It increased 7.3% if large account property is excluded.
“Both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace,” said CEO Evan G. Greenberg, in a statement. “Given inadequate price levels, we moved during the quarter to reduce exposures in our major accounts and E&S divisions by non-renewing a substantial percentage of our shared and layered property business that was up for renewal while purchasing additional reinsurance.”
Greenberg said the conflict on the Middle East “raises the specter globally of higher inflation and slower economic growth, while adding pressure to certain financial, fiscal and economic conditions already present.” But, he said, the insurer should remain resilient.
Related: Chubb Outlines Structure of $20B Gulf Reinsurance Facility, Now Including Liability Cover | US Doubles Hormuz Reinsurance Guarantees to $40 Billion With New Partners
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Chubb
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