Article ID: 52ab75af17c6c92b9b227f8a734e5968af67e1b41a7d6a144a7e2bfcbc0556a7
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URL: https://www.businessinsurance.com/chubb-profit-jumps-as-insurer-exits-underpriced-property-business/
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Chubb profit jumps; company curbs property business - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Chubb profit jumps; company curbs property business by Claire Wilkinson Evan Greenberg Catastrophes , Excess and Surplus Lines , Financial Results , P/C Insurers , Property , Workers Comp Coverage Chubb Apr 22, 2026 Chubb Ltd. is pulling back on property business as softening accelerates in shared and layered markets, Chairman and CEO Evan G. Greenberg said during the insurer’s first-quarter earnings call Wednesday. Chubb’s first-quarter net income jumped 74.3% to $2.32 billion, driven by lower catastrophe losses and higher investment income. Total net premiums written increased 10.7% to $14.01 billion, while property/casualty net premiums written rose 7.2% to $11.72 billion, the insurer reported Tuesday after markets closed. Commercial net premiums written were up 4.6%. Net investment income increased 9.5% to $1.71 billion. Given inadequate price levels, Chubb reduced exposures in its major accounts and E&S divisions by nonrenewing a substantial portion of shared and layered property business and purchasing additional reinsurance, Mr. Greenberg said. “Property pricing in those markets is softening at a pace that frankly I’d only describe as dumb,” he said. Shared and layered property rates in North America and London fell about 25% in the quarter, with Chubb declining to write business where rates dropped 30% to 40%, Mr. Greenberg said. Pricing on business it wrote fell 14.3%. In North America commercial P&C, net premiums written rose 2.3%, or 7.3% excluding large account property, which fell 55% due to market conditions. In middle market and small commercial, property pricing increased 1.5%. Casualty pricing in North America rose 9.6%, with rates up 8.4% and exposure up 1.1%. Workers compensation pricing increased 4.3%, while financial lines pricing was flat. Chubb’s property/casualty combined ratio improved to 84.0% from 95.7% a year earlier, while underwriting income increased 306.3% to $1.79 billion. Catastrophe losses totaled $500 million, down sharply from $1.64 billion in the prior-year quarter, which included $1.47 billion from the California wildfires. The current accident-year combined ratio excluding catastrophe losses increased 0.5 percentage points, driven by a higher underlying loss ratio primarily related to the reduction in property business, Chubb said in its earnings release. Competitive market pressure is being driven by an influx of capital chasing a “relatively finite amount of business,” and volume-based incentives, Mr. Greenberg said. “Inadequate pricing in property tends to correct quickly, so if losses materialize, this soft cycle could reverse,” Mr. Greenberg said. Terms and conditions have eased only marginally, he said. 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