Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our whole lives around insurance, and we will say plainly what we see: Chubb is the finest large-scale property and casualty underwriting operation in the world today. It earns that description the only way an insurer can — not with slogans, but with a decade-plus record of combined ratios consistently several points better than nearly every global peer, produced across hurricanes, wildfires, a pandemic, and an inflation shock. The second quarter of 2026, per the 10-Q just filed, showed net income of $2.85 billion ($7.30 per diluted share), core operating income of $7.26 per share (up 18.2%), a P&C combined ratio of 83.8%, and a core operating return on tangible equity of 21.2%. Those are numbers most insurers cannot produce at the top of a cycle, and Chubb produces them routinely. The business is wonderful.
Recent filings analysed: 10-Q (2026-07-28), 8-K (2026-07-21), 8-K (2026-06-10), FWP (2026-06-04).
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