Analyst Consensus ?
ConsensusBuy43 ratings
Bullish2353.5%
Neutral1841.9%
Bearish24.6%
Chubb Limited · CB · FY2026 Q2 · Calendar Q3 2026
Chubb Q2 2026: EPS Beats Estimates, Revenue Misses Amid Pricing Softness
Chubb's diversified insurance franchise extended its streak of double-digit core earnings growth in Q2 2026, with core operating earnings of $2.8 billion (up 14.6% year-over-year) and tangible book value per share rising 17.1%. Record adjusted net investment income of $1.88 billion, driven by strong fixed-income and private-equity performance, was the standout. Underwriting remained disciplined despite $475 million in pre-tax catastrophe losses and persistent pricing softness in U.S. commercial lines. The company launched a $7.5 billion share repurchase program and returned $1.4 billion to shareholders this quarter. EPS of $7.26 beat the $6.77 consensus by 7.2%, but revenue of $14.7 billion missed the $15.07 billion estimate by 2.5%, reflecting competitive pricing pressure. The stock fell 3.3% on the report before recovering 5.9% in subsequent sessions, suggesting the market initially…
Reported After market closeNYSEFinancial Services
$139.21B market cap
100quality score
Company context
Snapshot as of publicationChubb Limited, headquartered in Zurich, Switzerland, is a global insurer and reinsurer, offering a broad spectrum of products across various markets. In North America, its Commercial Property & Casualty (P&C) division caters to businesses of all scales, from large corporations to small enterprises, providing a wide range of policies. These encompass commercial property, casualty, workers' compensation, package deals, risk management, financial lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty, alongside group accident and health insurance. The North America Personal P&C unit serves affluent individuals and high-net-worth families, delivering coverage for homeowners, automobiles (including collector vehicles), valuable possessions, personal and excess liability, travel, and recreational marine risks, complete with related services.…
Earnings scorecard
Reported versus consensus
Reported EPS
$7.26
Consensus $7
EPS surprise
+7.2%
Reported versus consensus
Reported revenue
$14.71B
Consensus $15.07B
Revenue surprise
-2.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$350.68Previous close
$170Low
$309.05Average
$387High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Aug 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 22, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 20, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Jul 15, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 10, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 9, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 9, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 8, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jul 8, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 6, 2026 |
| HSBC | Hold | Buy | Downgrade | Jul 6, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jun 12, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Apr 14, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Mar 23, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Feb 10, 2026 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Feb 9, 2026 |
| Citigroup | Buy | Buy | Maintain | Feb 9, 2026 |
| Roth Capital | Buy | Buy | Maintain | Feb 4, 2026 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jan 8, 2026 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 22, 2025 |
| Jefferies | Hold | Hold | Maintain | Apr 11, 2025 |
| RBC Capital | Outperform | Outperform | Maintain | Jan 30, 2025 |
| Roth MKM | Buy | Buy | Maintain | Jul 24, 2024 |
| William Blair | Underperform | Market Perform | Downgrade | Jun 28, 2024 |
| MKM Partners | Buy | Buy | Maintain | Dec 5, 2022 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Nov 15, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 1, 2021 |
| Wolfe Research | Outperform | Outperform | Maintain | Aug 17, 2021 |
| Argus Research | Buy | Hold | Upgrade | Jul 30, 2021 |
| Compass Point | Neutral | Buy | Downgrade | May 29, 2019 |
| Sandler O'Neill | Hold | Buy | Downgrade | Apr 3, 2019 |
| Argus | Hold | Hold | Maintain | Apr 6, 2018 |
| PiperJaffray | Overweight | Overweight | Maintain | Oct 15, 2015 |
| Sterne Agee CRT | Buy | Buy | Maintain | Sep 21, 2015 |
| Bernstein | Outperform | Market Perform | Upgrade | Jul 31, 2015 |
| Janney Montgomery Scott | Buy | Neutral | Upgrade | Jul 24, 2015 |
| Janney Capital | Buy | Neutral | Upgrade | Jul 24, 2015 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Jul 6, 2015 |
| Nomura | Neutral | Neutral | Maintain | Apr 25, 2014 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Dec 13, 2013 |
| Miller Tabak | Hold | Buy | Downgrade | Oct 3, 2013 |
| Guggenheim | Buy | Buy | Maintain | Sep 18, 2013 |
| Sterne Agee | Buy | Buy | Maintain | Jun 26, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $350.68. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $356 | $343.23 | +1.5% | Jul 23, 2026 |
| Deutsche Bank | Cave Montazeri | $354 | $341.6 | +0.9% | Jul 22, 2026 |
| Atlantic Equities | Analyst unavailable | $301 | $339.6 | -14.2% | Jul 15, 2026 |
| Piper Sandler | Analyst unavailable | $374 | $346.22 | +6.6% | Jul 15, 2026 |
| Evercore ISI | Analyst unavailable | $374 | $345.34 | +6.6% | Jul 10, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $337 | $355.09 | -3.9% | Jul 9, 2026 |
| Mizuho Securities | Analyst unavailable | $352 | $355.09 | +0.4% | Jul 9, 2026 |
| UBS | Brian Meredith | $369 | $356.49 | +5.2% | Jul 8, 2026 |
| Barclays | Analyst unavailable | $387 | $356.53 | +10.4% | Jul 7, 2026 |
| Morgan Stanley | Analyst unavailable | $340 | $361.17 | -3.0% | Jul 6, 2026 |
| HSBC | Vikram Gandhi | $373 | $361.17 | +6.4% | Jul 6, 2026 |
| Barclays | Analyst unavailable | $368 | $327.93 | +4.9% | Jun 12, 2026 |
| Wells Fargo | Elyse Greenspan | $333 | $325.43 | -5.0% | Apr 23, 2026 |
| BMO Capital | Michael Zaremski | $326 | $326.17 | -7.0% | Feb 10, 2026 |
| UBS | Analyst unavailable | $340 | $331.56 | -3.0% | Feb 9, 2026 |
| Seaport Global | Analyst unavailable | $373 | $330.7 | +6.4% | Feb 9, 2026 |
| Mizuho Securities | Analyst unavailable | $336 | $331.28 | -4.2% | Feb 6, 2026 |
| Goldman Sachs | Analyst unavailable | $366 | $331.28 | +4.4% | Feb 5, 2026 |
| Roth Capital | Analyst unavailable | $360 | $332.15 | +2.7% | Feb 4, 2026 |
| HSBC | Analyst unavailable | $354 | $299.96 | +0.9% | Jan 16, 2026 |
| Morgan Stanley | Analyst unavailable | $350 | $301.11 | -0.2% | Jan 16, 2026 |
| Mizuho Securities | Analyst unavailable | $317 | $300.69 | -9.6% | Jan 14, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $309 | $300.69 | -11.9% | Jan 14, 2026 |
| Wells Fargo | Analyst unavailable | $305 | $306.62 | -13.0% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $339 | $306.63 | -3.3% | Jan 8, 2026 |
| Goldman Sachs | Robert Cox | $351 | $306.63 | +0.1% | Jan 7, 2026 |
| Evercore ISI | David Motemaden | $346 | $307.52 | -1.3% | Jan 7, 2026 |
| Morgan Stanley | Bob Huang | $310 | $312.54 | -11.6% | Dec 16, 2025 |
| Mizuho Securities | Analyst unavailable | $318 | $312.54 | -9.3% | Dec 15, 2025 |
| Goldman Sachs | Alex Scott | $309 | $281.68 | -11.9% | Oct 27, 2025 |
| UBS | Analyst unavailable | $298 | $281.02 | -15.0% | Oct 27, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $300 | $281.12 | -14.5% | Oct 27, 2025 |
| BMO Capital | Michael Zaremski | $283 | $281.16 | -19.3% | Oct 23, 2025 |
| Wells Fargo | Analyst unavailable | $293 | $276.52 | -16.4% | Oct 23, 2025 |
| Barclays | Analyst unavailable | $310 | $289.24 | -11.6% | Oct 8, 2025 |
| Evercore ISI | Analyst unavailable | $315 | $282.76 | -10.2% | Oct 1, 2025 |
| Wolfe Research | Tracy Benguigui | $320 | $274.33 | -8.7% | Sep 15, 2025 |
| Evercore ISI | David Motemaden | $312 | $270.15 | -11.0% | Jul 23, 2025 |
| Barclays | Alex Scott | $298 | $283.19 | -15.0% | Jul 7, 2025 |
| UBS | Brian Meredith | $304 | $282.18 | -13.3% | Apr 28, 2025 |
| Wells Fargo | Elyse Greenspan | $278 | $282 | -20.7% | Apr 24, 2025 |
| HSBC | Analyst unavailable | $323 | $287.01 | -7.9% | Mar 5, 2025 |
| J.P. Morgan | Jimmy Bhullar | $294 | $283.76 | -16.2% | Oct 30, 2024 |
| Bank of America Securities | Joshua Shanker | $282 | $282.83 | -19.6% | Oct 10, 2024 |
| Bank of America Securities | Joshua Shanker | $275 | $288.54 | -21.6% | Oct 4, 2024 |
| Barclays | Alex Scott | $349 | $290.94 | -0.5% | Sep 4, 2024 |
| Bank of America Securities | Joshua Shanker | $264 | $263.25 | -24.7% | Jul 24, 2024 |
| Morgan Stanley | Bob Huang | $259 | $253.34 | -26.1% | Jul 10, 2024 |
| Evercore ISI | David Motemaden | $278 | $252.97 | -20.7% | May 16, 2024 |
| RBC Capital | Mark Dwelle | $285 | $243.01 | -18.7% | Apr 25, 2024 |
| HSBC | Vikram Gandhi | $270 | $254.79 | -23.0% | Apr 4, 2024 |
| Citigroup | Analyst unavailable | $229 | $216.25 | -34.7% | Feb 8, 2023 |
| Jefferies | Analyst unavailable | $246 | $227.18 | -29.9% | Jan 9, 2023 |
| RBC Capital | Analyst unavailable | $250 | $219.96 | -28.7% | Dec 14, 2022 |
| MKM Partners | Analyst unavailable | $260 | $216.79 | -25.9% | Dec 5, 2022 |
| Morgan Stanley | Analyst unavailable | $220 | $211.85 | -37.3% | Nov 22, 2022 |
| Raymond James | Analyst unavailable | $260 | $184.79 | -25.9% | Jul 28, 2022 |
| Wells Fargo | Analyst unavailable | $250 | $187 | -28.7% | Jul 28, 2022 |
| Morgan Stanley | Michael Phillips | $216 | $207.31 | -38.4% | May 24, 2022 |
| Barclays | Tracy Benguigui | $249 | $204 | -29.0% | May 22, 2022 |
| Raymond James | Gregory Peters | $250 | $206.45 | -28.7% | May 1, 2022 |
| Barclays | Tracy Benguigui | $250 | $206.45 | -28.7% | Apr 30, 2022 |
| RBC Capital | Analyst unavailable | $243 | $210.62 | -30.7% | Apr 28, 2022 |
| Barclays | Tracy Benguigui | $244 | $210.52 | -30.4% | Apr 16, 2022 |
| RBC Capital | Mark Dwelle | $239 | $212.58 | -31.8% | Apr 7, 2022 |
| Goldman Sachs | Alex Scott | $237 | $206.74 | -32.4% | Feb 2, 2022 |
| Evercore ISI | David Motemaden | $233 | $207.53 | -33.6% | Feb 2, 2022 |
| Wells Fargo | Elyse Greenspan | $230 | $206.74 | -34.4% | Feb 2, 2022 |
| JMP Securities | Matthew Carletti | $225 | $195.52 | -35.8% | Jan 14, 2022 |
| Credit Suisse | Andrew Kligerman | $225 | $190.79 | -35.8% | Nov 1, 2021 |
| Bank of America Securities | Joshua Shanker | $156 | $176.91 | -55.5% | Oct 7, 2021 |
| Deutsche Bank | Phil Stefano | $170 | $162.59 | -51.5% | Jul 12, 2021 |
Track every rating change on CB the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-3.3%
Event window
SPY move
-0.1%
Same window
Abnormal move
-3.1%
Stock minus SPY
Volume
2.5×
Versus trailing sessions
Subsequent drift
+5.9%
Up to 20 sessions
CBSPY benchmark
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What changed
Core operating earnings grew from $2.7 billion in Q1 to $2.8 billion in Q2, a 14.6% year-over-year increase, while tangible book value per share growth decelerated from 21.5% to 17.1%. Adjusted net investment income hit a record $1.88 billion, a new high. Chubb launched a $7.5 billion share repurchase program and issued $2.2 billion of new multi-currency debt at a 4.2% weighted-average cost, compared with the smaller CHF 200 million issuance at 1% in Q1. The paid-to-incurred loss ratio improved to 90%, well below pre-COVID averages. Quarterly catastrophe losses of $475 million pre-tax were disclosed. International premium growth remained strong, with Asia up 12% and Latin America up 15.6%. The U.S. government-backed Gulf shipping insurance program highlighted in Q1 was not mentioned in Q2.
Guidance delta
Management maintained its prior guidance stance, reiterating confidence in sustained double-digit EPS growth despite competitive pricing pressures. No formal guidance metrics were revised upward or downward. The tone was consistent with Q1, where guidance sentiment was also characterized as maintained.
Key takeaways
- Core operating earnings of $2.8 billion, up 14.6% year-over-year, with tangible book value per share up 17.1%.
- Record adjusted net investment income of $1.88 billion, driven by fixed-income yields above 5% and private-equity performance.
- EPS of $7.26 beat consensus of $6.77 by 7.2%; revenue of $14.7 billion missed the $15.07 billion estimate by 2.5%.
- Geographic diversification mitigated U.S. pricing softness, with Asia premiums up 12% and Latin America up 15.6%.
- Capital return accelerated: $1.4 billion returned via buybacks and dividends, plus a new $7.5 billion repurchase authorization.
- Paid-to-incurred loss ratio improved to 90%, below pre-COVID historical averages, signaling claims discipline.
Management priorities
- Maintain an aggressive capital return program through the new $7.5 billion share repurchase authorization and dividends.
- Invest in technology and data analytics to enhance underwriting quality and distribution efficiency.
- Continue organic growth of Chubb Benefits and worksite benefits offerings.
- Leverage the investment portfolio to fund growth and drive book-value compounding.
- Expand the mid- and small-commercial franchise globally, supported by digital tools.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-07-22T16:07:13.830038+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T20:51:50.428041+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T20:51:50.425348+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.