Chubb Reports 10% Increase in Tangible Book Value

Chubb saw strong growth in tangible book value excluding accumulated other comprehensive income through late September 2026.

Updated on Oct. 22, 2026 in Corporate Finance

Chubb Reports 10% Increase in Tangible Book Value

Live Poll

Do you prioritize growth in tangible book value when evaluating the stocks in your portfolio?

As of September 30, 2026, Chubb reported that its tangible book value per share, excluding accumulated other comprehensive income, reached $150.70. This figure represents a 10.1% increase compared to the value of $136.91 recorded on December 31, 2025.

Why it matters

The company excludes accumulated other comprehensive income from this metric to minimize the volatility caused by interest rate and foreign currency fluctuations. This adjustment provides a clearer picture of underlying shareholder equity growth.

Chubb's tangible book value per share reached $150.70 on September 30, 2026, up from $136.91 at the end of 2025. During the third quarter of 2026, the company also reported core operating income of $7.66 per share.

The players

Chubb

Chubb is a large publicly traded property and casualty insurance company that operates globally.

Aon

Aon is a professional services firm that provides a wide range of risk, retirement, and health solutions.

USI Insurance Services

USI Insurance Services is a provider of insurance brokerage and consulting services in the United States.

KKR

KKR is a global investment firm that manages multiple alternative asset classes, including private equity.

The details

Chubb calculates this per-share value by subtracting intangible assets and goodwill from total shareholders' equity before dividing by shares outstanding. The firm also anticipates a $460 million gain linked to Aon's $17 billion acquisition of USI Insurance Services, in which Chubb previously invested $740 million through a KKR partnership.

December 31, 2025: Tangible book value per share was $136.91.
September 30, 2026: Tangible book value per share rose to $150.70.
Q4 2026: Aon is expected to close the acquisition of USI Insurance Services.

Market Dynamics

Chubb's decision to exclude accumulated other comprehensive income follows established reporting patterns for insulating core equity metrics from market-driven volatility under the accounting standard ASC 220. These adjustments remain a standard practice for insurance firms managing large investment portfolios.

Shareholders may view this growth as a reflection of Chubb's investment strategy and operational efficiency. Investors tracking the company should monitor the pending Aon-USI deal, as its completion is expected to trigger a significant gain for Chubb.

The takeaway

Understanding the distinction between adjusted and unadjusted book value helps investors identify growth driven by core operations versus external market fluctuations. Stakeholders should note that a significant portion of potential near-term upside depends on the successful finalization of external acquisition deals.