Chubb Ltd. (CB): First Take: 2Q26 EPS Beat on Loss Ratio; NA Commercial Results Lighter than Street + Soft Market Conditions

Research evidence excerpt

Chubb Ltd. (CB): First Take: 2Q26 EPS Beat on Loss Ratio; NA Commercial Results Lighter than Street + Soft Market Conditions

Equity Research

21 July 2026 | 7:29PM EDT

Chubb Ltd. (CB): First Take: 2Q26 EPS Beat on Loss Ratio; NA

Commercial Results Lighter than Street + Soft Market Conditions

CB reported core EPS of $7.26 beat Visible Alpha Consensus Data/GSe of Robert Cox

+1(212)902-9813 | rob.cox@gs.com

$6.74/$7.02. The beat versus the Street was driven by the P&C loss ratio with fairly Goldman Sachs & Co. LLC

equal ~70bps beats on Core losses, CATs, and PYD, plus a 2% beat on NII. This was Jack Kendall

partially offset by a 20bps miss on the expense ratio, coinciding with 1.6pp miss on +1(212)902-0331Goldman Sachs & Co.| jack.kendall@gs.comLLC

P&C NPW growth of +3.0%. By business, NA Personal & Overseas General supported Victoria Gong

the majority of the 50bps core CR beat, while NA Commercial missed the Street on +1(212)902-7254victoria.gong@gs.com|

NPW growth (-2.3% vs +2.2%/+0.8% Street/GSe) and the core CR (81.8% vs Goldman Sachs & Co. LLC

81.3%/82.3% VA Cons/GSe). NA Comm’l growth was +4.1% excluding large account

and E&S property, however, with Middle Market /Small growth accelerating to +8.9%

(vs. 3.3% 1Q26). Share repurchases of $979mn were a bit lighter than $1.1bn Street

expectations. CB mgmt reiterated its view that property underwriting conditions are

overly soft in certain pockets globally (particularly large account & E&S related), and

notably highlighted that soft market conditions are spreading to certain areas of

casualty, while financial lines also remain soft. Mgmt also reiterated confidence in

CB’s ability to generate strong growth in operating earnings and EPS, and

double-digit growth in tangible book value (though DD growth in EPS no longer