Greenberg remains Chubb’s biggest fan
Chubb hosted its second-quarter 2026 earnings call on July 22, highlighting the durability of its high-net-worth personal lines business, rapid growth in life and benefits, and its unchanged approach to deploying capital.
Chubb continues to deploy excess capital across underwriting and investments while returning money to shareholders through dividends and share repurchases.
Asked during the insurer’s second-quarter earnings call how investors should think about its growing excess capital, CFO Peter Enns said the company’s approach remains unchanged.
“Nothing’s changed in our framework. We’re deploying capital accretively in underwriting and investments. We’ll continue to return capital through dividends, repurchases. You’ve seen us do that over time, balanced by opportunities.” – CFO Peter Enns.
The insurer reported growth across most of its businesses outside property, including personal lines, small and middle-market commercial insurance, accident and health, life, and large accounts.
North American casualty pricing increased 7.1%, consisting of a 6.4% rate increase and 0.7% exposure growth. Financial-lines pricing increased 0.3%.
Chubb’s high-net-worth personal-lines business generated premium growth of 6% and account retention of 90%. The operation now represents more than $8 billion in annual gross premiums.
CEO Evan Greenberg said Chubb is largely insulated from the pricing pressure affecting the broader US personal-lines market because it does not participate in mass-market auto and focuses instead on wealthy customers with complex insurance needs.
These customers purchase coverage based on its breadth and the quality of claims service, not simply price. Restoring an antique or specially designed home following a catastrophe, for example, can be expensive and technically challenging. Chubb has also improved its risk selection and pricing through more sophisticated rating algorithms and technology. “.
“It’s the complexity in our actual rating algorithms and our risk selection and applying rate against exposure in a far more sophisticated manner. And by the way, that’s one example of use of technology, and that continues to evolve and will continue to evolve. So I feel quite confident and — in the future. And by the way, I am the biggest fan of this wonderful franchise that we have.” – Greenberg.
Internationally, the improving accident-year loss ratio in general insurance reflects changes in Chubb’s product and customer mix rather than faster growth in Asia and Latin America relative to Europe. The insurer is writing more consumer business, including accident, auto and specialty personal lines, while its commercial portfolio is shifting toward small and middle-market accounts.
Chubb’s international life premiums and deposits increased almost 14.5%, with most of its exposure in Asia and much of its growth coming from China, Hong Kong, Korea and Taiwan. The Life division produced $332 million in pretax income, up 9%, and now generates more than $8 billion in annual premiums, compared with $2.5 billion five years ago.
Greenberg also addressed regulatory developments in Singapore, noting that they do not affect Chubb because the insurer concentrates on supplemental health rather than traditional medical coverage.
“Remember, we write supplemental health. We don’t write traditional major medical and typical hospitalization. That’s not our business. And that’s what the Singapore decree that you referenced was about. So no impact to us there. It’s not our game.” – Greenberg.
Premiums at Chubb Worksite Benefits increased 14%. The company has invested in the business for more than five years and distributes its products through two primary channels: brokers selling benefits alongside commercial P&C coverage, and the former Combined Insurance agency force serving small and lower-middle-market employers.
Chubb has invested in distribution, products and technology that allows employees to purchase and service workplace benefits directly. Greenberg’s comments suggest the company sees room to continue expanding the operation organically without acquiring a larger benefits platform.
Chubb described its global diversification and operating discipline as sources of both growth and resilience. Excluding catastrophes and foreign-exchange movements, Greenberg expressed confidence in the company’s ability to continue delivering earnings growth and double-digit tangible book-value growth.
