Chubb Limited: 2Q26: Operating EPS Beat on Strong Underwriting Despite Property Headwinds

研报英文原文证据摘录

Chubb Limited: 2Q26: Operating EPS Beat on Strong Underwriting Despite Property Headwinds

Equity Research

North America Insurance/Non-Life

21 July 2026

Chubb Limited

2Q26: Operating EPS Beat on

Strong Underwriting Despite

CB EQUAL WEIGHTProperty Headwinds

Unchanged

Core operating EPS beat driven by better underwriting results North America Insurance/ NEUTRAL Non-Life

Unchangedin Personal, Overseas General, and Global Reinsurance which

more than offset a North America Commercial miss tied to Price Target USD 387.00 Unchanged

large account property retrenchment Price (21-Jul-26) USD 354.80

Potential Upside/Downside +9.1%

Operating EPS of $7.26 beat our estimate of $6.96 and Street expectations of $6.75, driven Source: Bloomberg, Barclays Research

primarily by significantly better underwriting results in North America Personal and Overseas

General, which more than offset a modest miss vs our estimates in North America Commercial. Market Cap (USD mn) 137612

North America Personal was the largest source of upside, with underwriting income exceeding Shares Outstanding (mn) 387.86

our estimate by more than $200m as the segment benefited from a lower attritional loss ratio, Free Float (%) 90.08

substantially higher favorable reserve development, and a lower expense ratio than expected. 52 Wk Avg Daily Volume (mn) 1.8

Overseas General was another major contributor, driven by exceptionally low catastrophe Dividend Yield (%) 1.15

losses, stronger reserve releases, better attritional loss experience, and stronger-than-expected Return on Equity TTM (%) 16.20

premium growth. Global Reinsurance also contributed positively, benefiting from favorable Current BVPS (USD) 189.93

AYLR and cats/PYD, as well as higher investment income. These strengths were partially offset Source: Bloomberg