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S&P 500 Financials Sector SEC Filings — October 28, 2026

USA S&P 500 Financials

By Gunpowder Editorial ·

10 high priority 3 medium priority 13 total filings analysed

Executive Summary

Across the 13 filings, the dominant theme is a split between strong top-line growth and weaker bottom-line quality among large financials. Robinhood posted record Q3 revenue of $1.42B (+12% YoY) and 5.2M Gold subscribers, yet net income fell 14% YoY and operating expenses rose 16%, with crypto revenues down 55%.

Wells Fargo showed revenue of $21.87B (+2% YoY, -3% QoQ) and net income of $5.95B (+6% YoY), but its efficiency ratio deteriorated to 63% from 60% and NIM compressed to 2.43% from 2.61%. Truist's Q3 net income fell 45% YoY to $799M on a $1.45B securities loss, though its nine-month investment banking and trading income rose 30.8%. Chubb grew nine-month net income 12.9%, but a $(4.8)B unrealized fixed-maturity depreciation pushed Q3 comprehensive income to a loss and cut equity to $78.5B from $79.8B. S&P Global's Q3 revenue rose 6.8% YoY, yet net income attributable grew only 5.4% after a discontinued-operations swing and the Mobility Global separation, with short-term debt rising to $2.45B from $0.72B. Insider activity skewed to sales at Travelers (EVP sold 11,000 shares, ~$4.33M) and Chubb (EVP sold ~$4.6M), while Price T. Rowe and BlackRock activity was small. Capital return remained a consistent support: Wells Fargo dividends rose 11% YoY to $0.50, Truist repurchased $3.57B year-to-date, and S&P Global bought back $4.1B in treasury shares over nine months.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 8-K · 10-Q · 13F · Form 4

Tracking the trend? Catch up on the prior S&P 500 Financials Sector SEC Filings digest from October 21, 2026.

Investment Signals (9)

  • Truist Financial ↓ (BULLISH)
    ▲

    Nine-month investment banking and trading income rose 30.8% to $1,048M and wealth management income rose 8.8%, while $3,567M of YTD buybacks cut shares outstanding about 6.6% since year-end 2025

  • Wells Fargo ↓ (BULLISH)
    ▲

    Dividend per share rose 11% YoY to $0.50 in Q3 and nine-month net income grew 10% to $17.6B with headcount down 8% YoY

  • Chubb Ltd ↓ (MIXED)
    ▲

    Nine-month net income attributable rose 12.9% to $8,018M and Q3 diluted EPS rose 4.4% to $7.30, though Q3 comprehensive loss of $(716)M reflects mark-to-market pressure

  • Robinhood Markets ↓ (MIXED)
    ▲

    Nine-month net revenues rose 19% to $3,799M and transaction-based revenues rose 19% in Q3, but Q3 net income fell 16% and operating expenses rose 16%

  • S&P Global ↓ (BULLISH)
    ▲

    Q3 operating profit grew 25.7% and diluted EPS from continuing operations rose to $4.45 from $3.54, with $4.1B of nine-month treasury share repurchases

  • Travelers Companies ↓ (BEARISH)
    ▲

    EVP & Chief Tech & Ops Officer Mojgan Lefebvre sold 11,000 shares at $393.84 (~$4.33M) after exercising options at $139.83, a sizable monetization by a senior operator

  • Chubb Ltd (insider) ↓ (BEARISH)
    ▲

    EVP Timothy Boroughs sold 12,930 shares at $356.74 (~$4.61M) and an additional 666 shares, after exercising 13,596 options at $150.11, retaining 5,588 shares

  • Price T. Rowe Group ↓ (NEUTRAL)
    ▲

    Director Robert MacLellan exercised 4,417 options at $62.85 (~$278K) and retains about 60,337 shares, a modest, routine-looking transaction

  • T. Rowe Price OHA Select Private Credit Fund ↓ (NEUTRAL)
    ▲

    Monthly distribution of $0.20 gross per share maintained, NAV $26.02, debt-to-equity ~0.99x, with a $2.5B continuous offering still open

Risk Flags (9)

  • Wells Fargo/Margin Pressure↓ [HIGH RISK]
    ▼

    NIM compressed to 2.43% from 2.61% a year earlier while efficiency ratio worsened to 63% from 60% QoQ; Q3 net income fell 7% QoQ and net gains from equity securities dropped 97% YoY to $4M

  • Robinhood Markets/Earnings Quality↓ [HIGH RISK]
    ▼

    Q3 net income fell 16% YoY to $468M, diluted EPS down 16%, and other expense swung to $60M; crypto revenue fell 55% YoY and crypto notional volumes fell 38%

  • Chubb Ltd/Balance Sheet Marks↓ [HIGH RISK]
    ▼

    Q3 unrealized depreciation of $(4,836)M on fixed maturities drove comprehensive loss of $(716)M and AOCI deterioration to $(9,483)M, while shareholders' equity declined to $78.5B from $79.8B

  • Truist Financial/Earnings Dependence on One-Offs↓ [MEDIUM RISK]
    ▼

    Q3 net income fell 45% YoY on a $1,447M securities loss, and the $253M provision benefit versus a $436M expense flatters credit costs; nine-month net income fell 3%

  • S&P Global/Leverage and Reporting Noise↓ [MEDIUM RISK]
    ▼

    Short-term debt jumped to $2,448M from $718M at year-end 2025, discontinued operations swung to a $58M loss, and Q3 net income grew only 5.4% despite 25.7% operating profit growth

  • Chubb Ltd/Insider Selling↓ [MEDIUM RISK]
    ▼

    EVP sales of ~$4.6M in a single filing combined with exercises of expiring options may signal limited near-term conviction at elevated share prices near $357

  • Travelers/Insider Selling↓ [MEDIUM RISK]
    ▼

    EVP sale of ~$4.33M at $393.84 following option exercises at $139.83 implies a roughly 180% gain on exercised options, raising questions about insider confidence

  • Robinhood Markets/Operating Cost Growth↓ [MEDIUM RISK]
    ▼

    Operations expense rose from $33M to $79M and provision for credit losses rose from $26M to $71M in Q3, signaling rising operating and credit costs

  • T. Rowe Price OHA Private Credit Fund/Leverage [LOW RISK]
    ▼

    Debt-to-equity near 0.99x and NAV per share of $26.02 leave limited cushion if private credit marks deteriorate; net Class S distribution after fees is $0.1816

Opportunities (7)

  • Truist Financial/Capital Return Plus Fee Recovery↓ (OPPORTUNITY)
    ◆

    Investment banking and trading income up 30.8% YTD and wealth management up 8.8%, combined with a 6.6% share count reduction, supports per-share earnings growth as securities losses normalize

  • Wells Fargo/Capital Return and Cost Discipline↓ (OPPORTUNITY)
    ◆

    12% nine-month dividend growth and an 8% headcount reduction indicate management is prioritizing shareholder returns and efficiency, with NIM recovery a potential upside if rate sensitivity improves

  • S&P Global/Post-Separation Focus↓ (OPPORTUNITY)
    ◆

    Revenue growth of 6.8% in Q3 and 9.5% for nine months, plus operating profit growth of 25.7%, after shedding Mobility Global, suggests a cleaner core earnings base, with $4.1B of buybacks supporting per-share results

  • Chubb Ltd/Underlying Earnings Power↓ (OPPORTUNITY)
    ◆

    Nine-month net income up 12.9% and nine-month losses flat at $20.3B suggest underwriting discipline; Q3 mark-to-market losses may reverse if rates ease, restoring AOCI

  • Robinhood Markets/Diversified Revenue Mix↓ (OPPORTUNITY)
    ◆

    Net deposits of $15.7B, Gold subscribers at a record 5.2M, and transaction revenues rising 19% show a shift from interest-rate-sensitive income toward recurring and trading-driven revenue

  • Truist Financial/Credit Reserve Release↓ (OPPORTUNITY)
    ◆

    The $253M provision benefit versus a $436M expense in Q3 2025 indicates reserve strength that could sustain earnings if credit quality holds

  • T. Rowe Price OHA Private Credit Fund/Income Stream (OPPORTUNITY)
    ◆

    Monthly distributions of $0.20 gross per share with a continuous offering up to $2.5B provide income exposure to private credit, with Class I bearing no fee drag

Sector Themes (5)

  • Revenue Growth Outpacing Earnings Growth
    ◆

    Robinhood (+12% revenue vs -14% net income), S&P Global (+6.8% revenue vs +5.4% net income), and Wells Fargo (+2% revenue, +6% net income) show top-line expansion not reliably flowing to bottom line, as operating expenses and discontinued or one-off items absorbed gains [IMPLICATION: favor names with expense discipline]

  • Mark-to-Market Pressure on Insurance and Bank Balance Sheets
    ◆

    Chubb's $(4.8)B unrealized depreciation and Truist's $1.45B securities loss show rate-driven fixed-income marks compressing reported equity and comprehensive income even as operating results stay positive [IMPLICATION: watch AOCI sensitivity]

  • Capital Return Remains Central
    ◆

    Truist repurchased $3.57B YTD, S&P Global $4.1B in treasury shares, and Wells Fargo raised dividends 11%, indicating large financials are still returning excess capital despite margin pressure [IMPLICATION: buybacks support EPS but depend on sustained earnings]

  • Net Interest Margin Compression
    ◆

    Wells Fargo NIM fell 18 bps YoY to 2.43%, and Robinhood net interest revenues fell 9% YoY on lower short-term rates and securities lending [IMPLICATION: rate-cut cycle pressures spread-based revenue across banks and brokers]

  • Insider Selling Concentrated in Insurance
    ◆

    Travelers and Chubb executives sold roughly $4.3M and $4.6M respectively, while asset-management insider activity (BlackRock gift, T. Rowe director exercise) was small [IMPLICATION: insurance insider sales may warrant monitoring against stock strength]

Watch List (8)

  • Wells Fargo↓
    👁

    NIM at 2.43% and efficiency ratio at 63% are the key metrics; monitor the next earnings report for any further NIM compression or dividend guidance (next scheduled earnings date not in the filing data)

  • Chubb Ltd↓
    👁

    Watch whether the Q4 2026 AOCI reverses as fixed-income marks recover, and whether EVP option exercises and sales continue; the 10-Q comprehensive loss is the key signal

  • Truist Financial↓
    👁

    Track whether the $253M provision benefit persists into Q4 and whether the $3.57B YTD buyback pace continues; the securities loss normalization is a near-term catalyst

  • Robinhood Markets↓
    👁

    Monitor crypto volume recovery (down 38% YoY) and whether operating expense growth of 16% moderates; the 8-K/A and 10-Q disclose a Q3 other-expense swing to $60M that bears watching

  • S&P Global↓
    👁

    Monitor short-term debt of $2.45B (up from $0.72B) and whether the discontinued-operations loss persists after the Mobility Global separation

  • Travelers Companies↓
    👁

    Track whether further EVP option exercises and sales follow the 11,000-share transaction, as repeated senior sales would strengthen the bearish read

  • T. Rowe Price OHA Select Private Credit Fund↓
    👁

    Next monthly distribution payable on or about November 30, 2026 (record date October 30, 2026); watch debt-to-equity drift from ~0.99x

  • Chubb Ltd/Truist Financial (fixed income exposure)↓
    👁

    Watch Q4 2026 for any change in unrealized depreciation trends and whether AOCI continues deteriorating from $(9,483)M

Filing Analyses (13)
Robinhood Markets, Inc. 8-K/A mixed materiality 8/10

28-10-2026

Robinhood reported record Q3 2026 revenues of $1.42 billion, up 12% YoY, with Net Deposits of $15.7 billion and Robinhood Gold Subscribers reaching a record 5.2 million. However, profitability declined: net income fell 14% YoY to $476 million and diluted EPS fell 16% to $0.51, while Adjusted EPS dropped 3% to $0.60. Net interest revenues fell 9% YoY and crypto revenues fell 55% YoY, while total operating expenses rose 16% YoY.

  • · Net interest revenues fell 9% YoY, driven by lower securities lending activity and short-term interest rates
  • · Cash Sweep declined 9% YoY to $32.3B
  • · Crypto notional volumes fell 38% YoY, with Robinhood App volumes down 48% and Bitstamp down 28%
  • · Net income included $67M ($0.07 diluted EPS) of unrealized losses from Robinhood Ventures Fund I
  • · FY2026 Adjusted Operating Expenses and SBC outlook lowered at the top end by $25M to $2.675B–$2.75B, excluding provision for credit losses and pending acquisition costs
  • · Q3 share repurchases were $25M (0.2M shares at about $105), a small amount relative to cumulative $1.3B since Q3 2024
  • · Robinhood Chain generated over $80B in DEX volume and over $50M in chain fees in its first quarter on Mainnet
  • · Rothera surpassed $100M annualized revenue in its first full quarter, with over 6.4 billion contracts traded since launch
  • · Dubai DFSA authorization received, with product rollout planned for 2027
S&P Global Inc. 10-Q mixed materiality 9/10

28-10-2026

S&P Global reported Q3 2026 revenue of $3,678M, up 6.8% YoY from $3,443M, and nine-month revenue of $11,074M, up 9.5% from $10,117M. Diluted EPS from continuing operations rose to $4.45 from $3.54 in Q3, but Q3 net income attributable to S&P Global rose only 5.4% to $1,240M, and Q3 discontinued operations swung to a $58M loss from $98M income. Balance sheet totals fell sharply to $48,032M in assets from $61,200M, reflecting the separation of Mobility Global, while short-term debt rose to $2,448M and $4,100M of treasury shares were repurchased in the nine months.

  • · Q3 2026 net income attributable to S&P Global grew only 5.4% despite 25.7% operating profit growth, as discontinued operations swung to a $58M loss and noncontrolling interest income rose to $108M from $89M
  • · Q3 2026 unearned revenue declined to $3,767M from $4,010M at year-end 2025, and nine-month cash used in unearned revenue was $219M versus $74M a year earlier
  • · Short-term debt rose to $2,448M from $718M at year-end 2025, while long-term debt fell to $10,614M from $12,370M
  • · Retained income fell to $16,481M from $23,666M, reflecting the $9,753M Mobility Global separation charge and $4,137M of nine-month share repurchases
  • · Q3 2026 dividend declared was $0.97 per share, up from $0.96 a year earlier, while nine-month dividends paid declined to $856M from $880M
  • · Nine-month 2026 capital expenditures fell to $93M from $133M and nine-month net change in cash was $734M, against a $6M decline a year earlier
Robinhood Markets, Inc. 10-Q mixed materiality 8/10

28-10-2026

Robinhood's Q3 2026 10-Q (three months ended September 30, 2026) shows total net revenues of $1,424 million, up 12% from $1,274 million a year earlier, and net income attributable to Robinhood of $468 million, down 16% from $556 million. Nine-month net revenues rose 19% to $3,799 million and nine-month net income attributable to Robinhood rose 8% to $1,379 million, but quarterly profitability weakened as operating expenses rose 16% and other income swung to a $60 million expense.

  • · Net interest revenues declined about 9% YoY in Q3 to $415M, while transaction-based revenues rose 19% to $867M, shifting the revenue mix toward trading activity
  • · Operations expense rose from $33M to $79M and provision for credit losses rose from $26M to $71M in Q3, both signaling higher operational and credit costs
  • · Other income (expense), net swung to a $60M expense in Q3 versus $1M expense a year earlier, a key driver of the quarterly net income decline
  • · Effective tax rate increased to roughly 24% in Q3 (149 on 625 pre-tax income) from roughly 12% a year earlier (78 on 634)
  • · Long-term borrowings of $2,660M were added in 2026, alongside 0.00% Convertible Notes issued June 25, 2026, with capped calls purchased for $123M
  • · Operating cash flow was $3,983M for nine months 2026, up from $2,575M, and cash and equivalents rose to $5,829M from $4,261M at year-end 2025
  • · Share repurchases totaled $689M over nine months 2026 versus $553M a year earlier, while diluted weighted-average shares declined to 911M in Q3 from 918M
  • · Total assets grew to $58,271M from $38,137M at December 31, 2025, driven largely by receivables from users and securities segregated under regulation, reflecting larger customer balances
  • · Acquisitions of WonderFi (June 2026) and TradePMR (March 2026) expanded the platform, with WonderFi customers now counted as Funded Customers and its crypto included in Total Platform Assets
  • · Goodwill increased to $515M from $385M and intangible assets to $231M from $168M, reflecting recent business combinations
Mastercard Foundation Asset Management Corp 13F-HR neutral materiality 4/10

28-10-2026

Mastercard Foundation Asset Management Corp, a Toronto-based institutional investment manager, filed its Form 13F-HR for the quarter ended September 30, 2026, reporting total 13F holdings of approximately $32.69 Billion across its listed positions. The largest disclosed position is in Class A common stock (CUSIP 57636Q104) valued at approximately $31.68 Billion, with the remainder in fixed-income ETFs including Vanguard Total Bond Market ETF and iShares Core U.S. Aggregate Bond ETF. The filing is a routine quarterly disclosure with no indication of material corporate action.

  • · Filer address: 333 Bay Street, Suite 4900, Toronto; SEC file number 028-24987; accession number 0002006397-26-000014
  • · Information table reports holdings under investment discretion type DFND with sole voting authority over most positions
  • · Class A common stock position is held as the dominant holding, representing roughly 97% of reported 13F value
Wells Fargo Commercial Mortgage Trust 2025-C65 8-K neutral materiality 3/10

28-10-2026

Wells Fargo Commercial Mortgage Trust 2025-C65 filed an 8-K under Item 6.04 (Failure to Make a Required Distribution) to disclose that, after the October 19, 2026 Distribution Date, the Master Servicer notified the Certificate Administrator on October 26, 2026 of a curtailment payment on the Hilton Tucson East Mortgage Loan (Loan Number 16 on Annex A-1). The curtailment produced an additional principal payment of $3,660,971.99 to Class A-1 Certificateholders, which was distributed on October 28, 2026. The filing is a timing-related supplemental distribution rather than a credit event.

  • · The Master Servicer notified the Certificate Administrator on October 26, 2026, after the October 19, 2026 Distribution Date, so the curtailment was reflected in a subsequent supplemental distribution made October 28, 2026
  • · The filing is labeled Item 6.04 'Failure to Make a Required Distribution' but describes a late-identified curtailment payment that was distributed, not a missed payment
TRAVELERS COMPANIES, INC. 4 negative materiality 8/10

28-10-2026

EVP & Chief Tech & Ops Officer Lefebvre Mojgan M sold 11,000 Common Stock at $393.84 (~$4.33M). Lefebvre Mojgan M holds 11,000 shares after the transaction.

  • · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M exercised/converted 11,000 Common Stock at $139.83 (~$1.54M)
  • · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M sold 11,000 Common Stock at $393.84 (~$4.33M)
  • · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M exercised/converted 11,000 Stock Options (Right to Buy)
Chubb Ltd 4 negative materiality 6/10

28-10-2026

Executive Vice President* BOROUGHS TIMOTHY ALAN sold 12,930 Common Shares at $356.74 (~$4.61M). 4 transactions reported in total. BOROUGHS TIMOTHY ALAN holds 5,588 shares after the transaction.

  • · Executive Vice President* BOROUGHS TIMOTHY ALAN exercised/converted 13,596 Common Shares at $150.11 (~$2.04M)
  • · Executive Vice President* BOROUGHS TIMOTHY ALAN sold 12,930 Common Shares at $356.74 (~$4.61M)
  • · Executive Vice President* BOROUGHS TIMOTHY ALAN sold 666 Common Shares at $357.39 (~$238K)
  • · Executive Vice President* BOROUGHS TIMOTHY ALAN exercised/converted 13,596 Options to Acquire Common Shares
T. Rowe Price OHA Select Private Credit Fund 8-K neutral materiality 4/10

28-10-2026

T. Rowe Price OHA Select Private Credit Fund declared regular monthly distributions of $0.2000 per share gross across Class I, Class S, and Class D shares, payable on or about November 30, 2026 to holders of record as of October 30, 2026. As of September 30, 2026, NAV per share was $26.02, aggregate NAV was $1,625.3 million, and debt-to-equity was approximately 0.99x, with a continuous public offering of up to $2.5 billion still underway. The filing is a routine monthly update with no change in headline distribution rate and no negative disclosures flagged.

  • · Class S net distribution is $0.1816 per share after a $0.0184 shareholder servicing and/or distribution fee; Class D net is $0.1946 after a $0.0054 fee; Class I bears no fee
  • · Record date is October 30, 2026; payment date is on or about November 30, 2026
  • · Debt-to-equity ratio of approximately 0.99x as of September 30, 2026
  • · Subscription figures are as of October 1, 2026 and exclude shares issued through the distribution reinvestment plan
TRUIST FINANCIAL CORP 10-Q mixed materiality 8/10

28-10-2026

Truist Financial reported Q3 2026 net income of $799 million ($0.57 basic EPS) versus $1,452 million ($1.05) in Q3 2025, a 45% decline, driven largely by a $1,447 million securities loss and a lower noninterest income line of $84 million versus $1,558 million a year earlier. Net interest income rose modestly to $3,663 million from $3,629 million (+0.9%), and the provision for credit losses was a $253 million benefit versus a $436 million expense, partly offsetting weaker fee income and higher noninterest expense of $3,105 million (+3.0%). For the nine months, net income was $3,833 million versus $3,953 million (-3.0%), while wealth management income ($407 million, +8.8%) and investment banking and trading income in the nine-month period ($1,048 million vs $801 million, +30.8%) grew.

  • · Q3 2026 securities losses of $1,447M drove total noninterest income down to $84M from $1,558M, the main reason net income fell despite stable net interest income.
  • · Q3 2026 provision for credit losses was a $253M benefit versus a $436M expense in Q3 2025, a notable reserve release.
  • · Common equity fell as the company repurchased $3,567M of common stock year-to-date, reducing shares outstanding by about 6.6% since December 31, 2025.
  • · Accumulated other comprehensive loss widened to $(8,272)M from $(5,769)M at year-end 2025, weighing on book value.
  • · Preferred stock increased by $495M through a 2026 preferred issuance, while preferred dividends rose to $253M for nine months.
  • · Mortgage banking income grew modestly to $113M in Q3 from $118M, a slight decline, and lending related fees rose to $120M from $103M.
BlackRock, Inc. 4 neutral materiality 2/10

28-10-2026

Senior Managing Director Kushel J. Richard gifted 900 Shares Of Common Stock (par Value $0.01 Per Share). Kushel J. Richard holds 61,080.34 shares after the transaction.

  • · Senior Managing Director Kushel J. Richard gifted 900 Shares Of Common Stock (par Value $0.01 Per Share)
WELLS FARGO & COMPANY/MN 10-Q mixed materiality 8/10

28-10-2026

Wells Fargo reported Q3 2026 total revenue of $21,870 million, up 2% from Q3 2025 but down 3% from Q2 2026, and net income of $5,951 million, up 6% YoY but down 7% QoQ. Diluted EPS was $1.87 (up 13% YoY, down 6% QoQ), while the efficiency ratio deteriorated to 63% from 60% in Q2 2026 and NIM compressed to 2.43% from 2.61% a year earlier. Nine-month net income rose 10% to $17,611 million, though headcount fell 8% YoY and Q2-to-Q3 performance softened.

  • · Dividends declared per common share rose 11% QoQ and YoY to $0.50 in Q3 2026; nine-month dividends were up 12% to $1.40.
  • · Net gains from equity securities were $4 million in Q3 2026, down 97% YoY from $149 million, while nine-month equity securities gains rose to $1,023 million from a loss of $(75) million.
  • · Net gains from trading activities fell 21% YoY to $1,109 million in Q3 2026, and 'Other' noninterest income fell 37% YoY to $386 million.
  • · Mortgage banking revenue fell 39% YoY to $164 million in Q3 2026 and 25% over nine months.
  • · Markets net interest income was $428 million in Q3 2026, up from $144 million a year earlier, lifting total net interest income growth; excluding Markets, NII grew 2% YoY.
  • · Credit card average yield was 12.12% in Q3 2026 versus 12.70% in Q3 2025, while average auto loan balances grew 32% YoY.
  • · Tier 1 leverage ratio of 6.83% and SLR of 5.68% declined QoQ and YoY, while TLAC ratio improved slightly to 22.99% from 22.81% QoQ but fell from 24.62% YoY.
  • · Liquidity Coverage Ratio rose to 122% from 119% QoQ, though it was flat-to-slightly-up YoY versus 121%.
PRICE T ROWE GROUP INC 4 neutral materiality 5/10

28-10-2026

Director MacLellan Robert F. exercised/converted 4,417 Common Stock at $62.85 (~$278K). MacLellan Robert F. holds 60,336.8477 shares after the transaction.

  • · Director MacLellan Robert F. exercised/converted 4,417 Common Stock at $62.85 (~$278K)
  • · Director MacLellan Robert F. exercised/converted 4,417 Stock Option
Chubb Ltd 10-Q mixed materiality 8/10

28-10-2026

Chubb Ltd reported Q3 2026 net income attributable to Chubb of $2,844M, up 1.6% from $2,801M in Q3 2025, and diluted EPS of $7.30 versus $6.99 (+4.4%). Nine-month net income attributable to Chubb rose 12.9% to $8,018M from $7,100M. However, comprehensive income attributable to Chubb swung to a loss of $(716)M in Q3 2026 from $3,967M, driven by a $(4,836)M unrealized depreciation on fixed maturities, and total shareholders' equity declined from $79,779M at year-end 2025 to $78,512M as AOCI deteriorated to $(9,483)M.

  • · Q3 2026 losses and loss expenses rose 8.3% YoY to $7,526M from $6,951M, while nine-month losses were roughly flat ($20,348M vs $20,419M), indicating a lower Q3 claims trend offset earlier in the year.
  • · Q3 2026 policy benefits increased 7.6% YoY to $1,477M and nine-month policy benefits rose 21.8% to $4,877M from $4,005M.
  • · Q3 2026 other (income) expense was a $(364)M benefit versus $(43)M in Q3 2025, supporting pre-tax income despite the realized losses.
  • · Q3 2026 effective tax rate was approximately 19.6% ($666M on $3,402M) versus about 20.2% in Q3 2025.
  • · Fixed maturities AFS gross unrealized depreciation widened to $(8,690)M at Sept 30, 2026 from $(3,948)M at Dec 31, 2025, while gross unrealized appreciation fell to $401M from $1,954M.
  • · Long-term debt increased to $17,990M from $15,728M, with short-term debt declining to $668M from $1,499M.
  • · Cash flow from operating activities more than doubled to $13,748M for nine months (vs $8,756M), but investing outflows rose to $(9,895)M.
  • · Nine-month share repurchases of $3,299M exceeded dividends of $1,168M, reducing shares outstanding by roughly 8.4M since year-end 2025.

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