It has been about a month since the last earnings report for Chubb (CB Quick QuoteCB - Free Report) . Shares have added about 0.9% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Chubb due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

CB Q1 Earnings & Revenues Beat on Higher Underwriting Profit

Chubb Limited reported first-quarter 2026 core operating income of $6.82 per share, which outpaced the Zacks Consensus Estimate by 5.2%. The bottom line increased 85.2% year over year.

Total operating revenues improved 11.8% year over year to $15.3 billion. The top line beat the Zacks Consensus Estimate by 3%.
Chubb Limited’s strong performance was driven by strong growth in P&C underwriting income, investment income and life income. These results were further supported by lower catastrophe losses, leading to an improved combined ratio.

Quarter in Detail

Net premiums written improved 10.7% year over year to $14 billion in the quarter. Our estimate was $13.6 billion, while the Zacks Consensus Estimate was pegged at $13.5 billion.

Net investment income was $1.7 billion, up 9.5% year over year. The Zacks Consensus Estimate was pegged at $1.8 billion, and our estimate was $2 billion.

Property and casualty (P&C) underwriting income was $1.8 billion, reflecting a fourfold increase year over year. Global P&C underwriting income, excluding Agriculture, was $1.6 billion, up more than fourfold year over year.

Chubb Limited incurred pre-tax net catastrophe losses of $500 million, narrower than the year-ago quarter’s loss of $1.64 billion. The losses include $1.47 billion from the California wildfires.

The P&C combined ratio improved 1,170 basis points (bps) on a year-over-year basis to 84% in the quarter under review. The Zacks Consensus Estimate for the combined ratio was pegged at 83, while our estimate was 76.4.

Segmental Update

North America Commercial P&C Insurance: Net premiums written increased 2.3% year over year to $4.7 billion. Our estimate was $5 billion. The combined ratio deteriorated 190 bps to 84%. Our estimate was 72.6%.

North America Personal P&C Insurance: Net premiums written climbed 8.3% year over year to $1.7 billion. Our estimate was $1.7 billion. The combined ratio improved 7,550 bps to 84%. Our estimate was 125.6%.

North America Agricultural Insurance: Net premiums written increased 12.7% from the year-ago quarter to $311 million. Our estimate was $313.8 million. The combined ratio improved 3,000 bps to 37.5%. Our estimate was 74.3%.

Overseas General Insurance: Net premiums written jumped 14.4% year over year to $4.4 billion. Our estimate was $4.2 billion. The combined ratio deteriorated 20 bps to 83.6%. Our estimate was 75%.

Life Insurance: Net premiums written increased 33.1% year over year to $2.3 billion. Our estimate was $1.8 billion. The Life Insurance segment income was $316 million, up 8.5%.

Financial Update

The cash balance of $2.6 billion as of March 31, 2026, increased 6.6% from the 2025-end level. Total shareholders’ equity grew 0.2% from the level at 2025 end to $79.9 billion as of March 31, 2026. Book value per share, as of March 31, 2026, was $189.93, up 0.7% from the figure as of Dec. 31, 2025.

Core operating return on tangible equity expanded 760 bps year over year to 20.6%. Operating cash flow was $3.95 billion in the quarter under consideration, while adjusted operating cash flow was $3.80 billion.

Capital Deployment

In the quarter, Chubb Limited bought back shares worth $1.14 billion and paid $380 million in dividends.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in estimates review.

VGM Scores

At this time, Chubb has a average Growth Score of C, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Chubb has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Chubb belongs to the Zacks Insurance - Property and Casualty industry. Another stock from the same industry, Travelers (TRV Quick QuoteTRV - Free Report) , has gained 1.8% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Travelers reported revenues of $11.88 billion in the last reported quarter, representing a year-over-year change of +0%. EPS of $7.71 for the same period compares with $1.91 a year ago.

Travelers is expected to post earnings of $4.85 per share for the current quarter, representing a year-over-year change of -25.5%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.1%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Travelers. Also, the stock has a VGM Score of A.