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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 Performance
Shares 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 Valuation
Shares 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 Projection
The 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.
View the Zacks #1 Rank List
Image: Bigstock
Chubb's Middle-Market, Overseas Operations Boost Commercial Growth
Key Takeaways
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 Performance
Shares 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 Valuation
Shares 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 Projection
The 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.
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.