2Q26: Diversification drives stable underlying margins

Research evidence excerpt

2Q26: Diversification drives stable underlying margins

Global Research

21 July 2026ab

First Read

EquitiesChubb Limited

2Q26: Diversification drives stable underlying Americas

margins Insurance, Property & Casualty

12-month rating Neutral

12m price target US$369.00

Q: How would we expect investors to react?

A: We expect a Neutral reaction to the CB results despite the earnings beat and a better

than expected Global P&C underlying margin. Post TRV's earnings beat, sentiment was Price (20 Jul 2026) US$352.53

skewed positive on CB heading into results, and NA Commercial underlying combined RIC: CB.N BBG: CB US

ratio and premiums were weaker than consensus expectations (although the weaker

Trading data and key metrics

than expected NPW was not a surprise given CB's active reduction of large commercial

and E&S property business). On a positive note, Overseas General and Personal reported 52-wk range US$361.17-265.99

better than expected NPW growth and underlying margins. Once again, we see results Market cap. US$140b

reflecting the consistency and strong returns of CB's diverse operations. Shares o/s 396m (COM)

Free float 99%

Q: Has the company's outlook/guidance changed? Avg. daily volume ('000) 538

A: Mgmt reiterated that soft P&C market conditions persist, particularly in large-account Avg. daily value (m) US$178.5

property and E&S business, and emphasized a continued commitment to underwriting Common s/h equity (12/26E) US$89.4b

discipline over volume growth. As a result, property premiums will likely remain P/BV (12/26E) 1.7x

pressured, though the company expects the headwind to moderate going forward.

EPS (UBS, diluted) (USD)

Mgmt also noted that competitive pricing pressure is beginning to extend into select

12/26E

casualty lines, while financial lines remain soft.