CB · Chubb Limited Q2 FY2026 earnings call record财报电话会记录

“As you know, we are well diversified globally by geography and product, and by the type of customer we serve in both commercial and consumer businesses.”

“We are well diversified by distribution channel, reaching customers the way they want to buy.”

“North America was up about 0.5%, with commercial down 2.3%, while personal lines and A&H were up each 6%.”

“Our international retail business, which produces more than $17 billion in gross premiums annually, operates in 51 countries and is about 90% of our overseas general division.”

“In North America Commercial, premiums on our middle market and small commercial division grew almost 9%, with P&C lines up 12% and financial lines down about 3%.”

“In North America, pricing for commercial property and casualty, excluding fin lines and comp, was up 1.3%, with rates down 1.4% and exposure change of 2.7%.”

“On the consumer side of North America, our high net worth personal lines business, the clear market leader in that category, had a really good quarter, with premium growth of 6% and renewal retention on an account basis of 90%.”

“First, we issued $2.2 billion of debt across a few currencies at a weighted average cost of 4.2% and an average term of about 7.5 years.”

“In the quarter, we returned $1.4 billion of capital to shareholders, including $979 million in share repurchases at an average price of $327.18 per share and $395 million in dividends.”

“Our paid to incurred ratio for the quarter was 90%, and our net loss reserves increased to nearly $69 billion, representing a growth of 4% from the second quarter last year.”

“We continue to expect our core operating effective tax rate for the full year to be in the range of 19.5%-20%.”

“At the same time, longer-term yields remain exposed to structural pressures, rising federal deficits, corporate credit demands, persistent inflation, and the potential for foreign rotation out of U.S.”