Chubb Limited (CB) · Q3 2026 results and valuation

At 10.0% growth a year (3-year revenue growth), the model's fair value is $604.94 a share — the stock trades 39% below it. Today's price assumes 2.8% growth a year.

1. Figure

   Core operating income reached $8.6 billion and core operating EPS was $2194 for the first nine months of the year, increasing by 21% and 24.5% respectively from last year.

   Source quote

   “From a more meaningful perspective, looking to the first nine months of the year, core operating income was $8.6 billion, up 21% from the prior year, and core operating EPS was $2194, up 24.5% from last year.”

2. Guidance

   The company maintains its forecast for the core operating effective tax rate for the full year to be in the range of 19.5% to 20%.

3. Figure

   Adjusted net investment income reached a record $1.89 billion due to a materially improved fixed income investment environment and record cash flows.

   Source quote

   “On the investment side of our business, adjusted net investment income was a record $1.89 billion, supported by a materially improved fixed income investment environment and record cash flows.”

4. Figure

   Premiums and deposits in the international life insurance business rose over 15.5% during the quarter.

   Source quote

   “In our international life insurance business, premiums and deposits rose over 15.5%.”

5. Figure

   The company reported a book value of $73 billion and a record $12.8 billion in adjusted operating cash flow over the last nine months to demonstrate a financially strong position.

   Source quote

   “We continue to effectively manage our balance sheet and remain in a financially strong position with book value of $73 billion and excellent liquidity as evidenced by a record $12.8 billion in adjusted operating cash flow over the last nine months.”

3 more

1. Figure

   The company returned 1.6 billion in capital to shareholders for the quarter, consisting of 1.2 billion in share repurchases and 393 million in dividends.

   Source quote

   “For the quarter, we've returned 1.6 billion of capital to shareholders, including 1.2 billion in share repurchases at an average price of $344.32 and $393 million in dividends.”

2. Figure

   Adjusting for an 8% impact, net written premium production was 10.5% on a comparable basis, which the company considers to be at a normal level.

   Source quote

   “The impact is approximately 8%, so the production really is more like 10.5% on a comparable basis for net written premium, which we think is more at a normal level.”

3. Key theme

   The company expects to generate strong growth in operating earnings, EPS, and double-digit growth in tangible book value over the medium term.

   Source quote

   “CATS and FX aside, as I look out over the medium term, I am confident in our ability to continue to outperform and to generate strong growth in operating earnings and EPS, and most important, double-digit growth in tangible book value.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“In sum, our global diversification, our presence and capabilities globally, our large and growing invested asset, along with rising interest rates, and our operating discipline provide us with strong margins,...”

“CATS and FX aside, as I look out over the medium term, I am confident in our ability to continue to outperform and to generate strong growth in operating earnings...”

“This pattern of growth, again speaks to the breadth of our business and our diversified sources of growth and opportunity globally.”

Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.