Chubb Limited
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+ FollowMarket Cap$139.76B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Strong quarter + record profitability (good)
- Core operating earnings: $2.98B (record $7.66/share), down ~2% QoQ/YoY and up ~1% per share (explained by exceptionally light CAT losses last year).
- First 9 months: core operating income $8.6B (+21%), core operating EPS $21.94 (+24.5%).
- P&C underwriting income ~$2.1B; combined ratio 84.1% (strong underwriting driven by “world-class underwriting margins”).
- Local underwriting strength: Overseas General global ex-CAT combined ratio 81.8%; North America High Net Worth combined ratio 60.3% with premium growth ~5.5%.
Growth is solid but uneven—property/financial lines reductions are deliberate (bad/mixed)
- Total P&C premiums +1.9%, with notable mix:
- Overseas General +6.7%; international regions generally strong (Latin America +11.7%, Asia +7.5%, Europe ~+7%).
- North America personal lines +5.3%, agriculture +5%+.
- North America commercial -2.7%, with the key driver: non-renewals / shedding property & financial lines exposure and additional reinsurance purchasing.
- Management explicitly frames this as term/pricing-driven portfolio shaping rather than a structural decline; Evan expects North America Commercial growth to improve materially in future quarters as headwinds diminish.
Pricing environment challenging and capacity “naive” (risk/opportunity mix)
- Competitive market is intensifying, especially commercial P&C in U.S. and London, spreading from property into more casualty lines.
- Evan: loss costs steady but still outpace general inflation, while capacity is hungry and naive → risk that underwriting margins could be pressured if pricing continues to lag.
- Opportunity: Chubb’s strategy emphasizes selectivity, diversification (geography + lines), deep local presence, and capability-driven differentiation (data/tech and underwriting discipline).
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$601.93
60.9% upside
Current Fair Value
60.9% upsideUndervalued by 60.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $139.76 Billion |
|---|---|
| Enterprise Value | $137.01 Billion |
| Annual dividend | $3.98 |
| Dividend yield | 1.09% |
| Earnings per Share | $25.91 |
| Beta | 0.37 |
| Outstanding Shares | 385,554,748 |
Return
| Return on Equity | 14.83% |
|---|---|
| Return on Assets | 3.97% |
| Return on Invested Capital | 3.71% |
Valuation & Multiples
| P/E Ratio | 12.65 |
|---|---|
| PEG | -96.23 |
| Price to Sales | 2.34 |
| Price to Book Ratio | 1.79 |
| Enterprise Value to Revenue | 2.22 |
| Enterprise Value to EBIT | 13.14 |
| Enterprise Value to Net Income | 12 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$6.34
Consensus analyst estimateRevenue Estimate
$15.68 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 2, 2027
EPS Estimate
$7.36
Consensus analyst estimateRevenue Estimate
$13.66 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 72.06% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 4,000▼ 99.66% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.54%▼ 84.92% |
|---|---|
| Total Invested | $5.78B▼ 95.18% |
| Investors Holding | 879▼ 1351.00% |
About Chubb Limited
31,000 employees
CEO: Evan Greenberg
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and suppleme...