Chubb Ltd: 2Q26 Wrap: Modest Updates to Premium Growth and Margins, EPS Largely Unchanged

研报英文原文证据摘录

Chubb Ltd: 2Q26 Wrap: Modest Updates to Premium Growth and Margins, EPS Largely Unchanged

Pablo S. Singzon AC North America Equity Research

(1-212) 622-2295 24 July 2026 J P M O R G A N

pablo.s.singzon@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We are Neutral. We like Chubb because of its strong franchise

value, its long-term growth potential (mainly from international

markets), and its disciplined and consistent approach to

underwriting. In addition, publicly communicated cost savings

from AI implementation should add to its already strong

underwriting margins. On the other hand, softening P&C pricing

and the potential uneven negative impact of the Iran conflict

across various countries could be headwinds. Additionally,

Chubb is a serial acquirer (the major reason why headline ROE,

YTD 1m 3m 12m which is depressed by goodwill, is lower than peers), and while

Abs 13.2% 6.4% 6.1% 30.8% it has executed well on M&A historically, the potential for a large

Rel 5.0% 5.8% 1.9% 14.3%

deal could be an overhang on the stock. Having said this, we

Company Data think the stock looks more reasonably valued than most of its

Shares O/S (mn) 386 peers, especially when considering its price-to-book multiple

52-week range ($) 365.29-264.10 and long-term ROE. Furthermore, Chubb’s diversified business

Market cap ($ mn) 136,225.20

Exchange rate 1.00 mix gives it more optionality in a softening P&C environment.

Free float (%) 90.1%

3M ADV (mn) 1.79

3M ADV ($ mn) 595.8 Performance Drivers

Volatility (90 Day) 22

Index S&P 500

BBG ANR (Buy | Hold | Sell) 12|13|2

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E FY28E

Financial Estimates

Operating profit - Life 1,280 1,368 1,480 1,595

Operating profit - Non life 12,348 12,896 13,311 14,090