Chubb Limited provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, casualty, workers' compensation, package policies, risk management, financial lines, marine, construction, environmental, medical risk, cyber risk, surety, and casualty; and group accident and health insurance to large, middle market, and small commercial businesses. Its North America Personal P&C Insurance segment provides affluent and high net worth individuals and families with homeowners, automobile and collector cars, valuable articles, personal and excess liability, travel insurance, and recreational marine insurance and services. The company's North America Agricultural Insurance segment offers multiple peril crop and crop-hail insurance; and coverage for farm, ranch, and specialty property and casualty, and commercial agriculture products. Its Overseas General Insurance segment provides coverage for traditional commercial property and casualty; specialty categories, such as financial lines, marine, energy, aviation, political risk, and construction; and group accident and health, and traditional and specialty personal lines for corporations, middle markets, and small customers through retail brokers, agents, and other channels. The company's Global Reinsurance segment offers traditional and specialty reinsurance under the Chubb Tempest Re brand to property and casualty companies. Its Life Insurance segment provides protection and savings products comprising whole life, endowment plans, individual and life, group term life, health protection, personal accident, credit life, universal life, group employee benefits, and unit linked contracts. It markets its products primarily through insurance and reinsurance brokers. The company was formerly known as ACE Limited and changed its name to Chubb Limited in January 2016. Chubb Limited was incorporated in 1985 and is headquartered in Zurich, Switzerland.

Chubb Limited combines strong profitability with a moderately expensive balance-sheet valuation, so the picture looks high quality but not cheap. P/E of 12.76 and P/S of 2.18 are around the industry median, which does not provide a strong signal of either overvaluation or clear undervaluation. At the same time, P/B of 1.74 is noticeably above the industry median, meaning the market is already pricing in a premium for capital quality and business resilience. On the other hand, P/FCF of 9.36 is below the median, which supports the valuation and points to solid free cash flow generation. Profitability looks very convincing: ROE of 14.08%, ROA of 4.04%, ROI of 15.50%, and return on tangible equity of 21.10% are significantly above industry benchmarks. Net profit margin of 18.15% and operating margin of 23.81% remain stable and show no meaningful deterioration over the years, which is important for an insurance business. Revenue, net income, and operating income overall remain strong and show no signs of structural weakness, although quarterly momentum does not appear to be accelerating. The balance sheet does not raise serious concerns about leverage: debt/equity is formally low, but absolute debt and liabilities are increasing, while current and quick liquidity are very weak. A low current ratio of 0.35 and quick ratio of 0.00 are not always critical for an insurer, but they still limit the cushion and call for caution. Dividend yield of 0.30% remains very modest and does not support the valuation. Overall, the fundamentals point to a high-quality, profitable, and relatively resilient business, but one that already carries a substantial quality premium in its price. Therefore, only a moderate conservative downward adjustment to the forecast is warranted, rather than a significant revision of the valuation.

Chubb Limited

Сильный индекс, значительно упал. Оптимистичный взгляд на свои позиции резко сменился на неуверенность.

Strong index, significantly down. An optimistic view of his position suddenly changed to uncertainty.

Сильный индекс, незначительно вырос. Рынок не поддерживает быков.

Strong index, slightly up. The market does not support the bulls.

Средний индекс, незначительно вырос. Отток средств из лонгов на высоком уровне.

Medium index, slightly up. Outflow of funds from longs at a high level.

The business quality is high, profitability is strong, but the P/B valuation is already premium, liquidity is weak, and dividend support is minimal.

Key Points
Chubb generated $2.98 billion in core operating income during the quarter.
Overseas General property and casualty premiums grew 6.7% in the quarter.
The third quarter fixed income portfolio yield reached 5.2%.
On its third quarter of 2026earnings call held on Oct. 21, 2026, Chubb (NYSE:CB) reported core operating earnings of $2.98 billion, or a record $7.66 per share. This performance demonstrates how geographic diversification and underwriting discipline protect profit margins even as commercial property and casualty, or P&C, market pricing softens. Three takeaways from the call highlight how management is positioning the business for durable compound growth.
1. Underwriting Discipline Takes Priority Over Unprofitable Premium Growth
Management is actively walking away from property and financial lines business where market pricing fails to cover rising loss costs. Expanding into mid-sized commercial markets allows Chubb to maintain underwriting margins without chasing underpriced risks.
The substantial majority of our businesses are growing, with the balance flat or purposely shrinking due to inadequate pricing or terms. There's nothing new there. In the quarter, we again shed more property and financial lines exposure.
-- Evan Greenberg, Chairman and Chief Executive Officer
2. Rising Interest Rates Boost Investment Yields Across Fixed Income Portfolios
Fixed income investments make up 88% of the total portfolio, leaving Chubb well positioned to capture higher yields on new cash flow. Higher reinvestment rates build steady income support for future earnings even during periods of underwriting volatility.
Our current and future operating income benefits from a rising interest rate environment, which we have expected for some time given growing fiscal deficits, inflation, and the public and private sector competition for money. We positioned ourselves with that in mind by maintaining a moderate duration and a conservative approach to credit quality. We are a buy and hold investor of a high-quality investment-grade portfolio.
-- Evan Greenberg, Chairman and Chief Executive Officer
3. Digital Transformation Programs Lower Expense Ratios Across Global Operations
Technological investments in artificial intelligence and automated underwriting continue to drive down the company's operational expense ratio. Efficiency gains across claims, sales, and administration strengthen Chubb's structural cost advantage over competitors.
Our operating expense ratio has been trending lower and continues to improve. Our digital transformation programs and other efficiencies are visibly appearing. That's all around employing foundational tech and data and smart layer of technology, algorithmic, large language, and agentic related. We are on track in terms of the medium and longer-term efficiencies and an improvement to our competitive profile, which goes beyond efficiencies that we have described in the past.
-- Evan Greenberg, Chairman and Chief Executive Officer
Looking Ahead
Global diversification provides insulation against regional soft spots, while high reinvestment rates expand investment income. Management watches pricing discipline in commercial casualty lines.
In sum, our global diversification, our presence and capabilities globally, our large and growing invested asset, along with rising interest rates and our operating discipline, provide us with strong margins, continued growth opportunities, and sustainability of value creation.
-- Evan Greenberg, Chairman and Chief Executive Officer
Value creation rests on patient capital allocation across cycles.
We are a consistent compounder of wealth and an all-weather firm with many sources of opportunity on both the liability and asset side of the balance sheet, and we are patient.
-- Evan Greenberg, Chairman and Chief Executive Officer
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Chubb: 3 Key Takeaways for Long-Term Investors

Shares of Berkshire Hathaway Inc. BRK.B closed at $505.48 on Friday, a nearly 6% discount to its 52-week high of $537.74.
BRK.B stock has gained 1.2% year to date compared with the industry’s 0.9% growth, the Finance sector’s 6.3% decrease and the Zacks S&P 500 composite's gain of 17.1% in the same time frame.
Berkshire Hathaway is a conglomerate with more than 90 subsidiaries engaged in diverse business activities. This provides it with stability in various economic cycles.
BRK.B vs Industry, Sector, S&P 500 YTD
BRK.B’s peer, Chubb Limited CB, has gained 5.9% year to date, while another peer, The Progressive Corporation PGR, has lost 8.6% in the same time frame.
BRK.B is Expensive
Shares of Berkshire Hathaway are overvalued compared with its industry. The stock is currently trading at a price-to-book multiple of 1.44, higher than the industry average of 1.41 but below the three-year median of 1.53.
Image Source: Zacks Investment Research
A premium valuation reflects a strong balance sheet, substantial insurance float, diversified earnings and proven capital allocation. Its high-quality businesses and resilience across economic cycles attract a quality premium.
It has a Value Score of D. Berkshire Hathaway is relatively cheap compared with PGR, but expensive compared with CB.
The Case for BRK.B Stock
Berkshire Hathaway is a highly diversified conglomerate with more than 90 businesses spanning insurance, energy, railroads, manufacturing, retail and consumer products. This broad operating footprint limits dependence on any single industry and enhances earnings stability across economic cycles.
Insurance remains Berkshire Hathaway’s largest business, contributing roughly one-fourth of total revenues. Disciplined underwriting, steady premium growth and favorable pricing support segment performance. More importantly, Berkshire Hathaway’s sizable insurance float—premiums collected before claims are paid—provides a low-cost source of capital that can be deployed across investments and acquisitions. This structural advantage strengthens the company’s capital-allocation flexibility and supports long-term value creation.
Berkshire Hathaway is also reshaping its investment portfolio to enhance income stability and geographic diversification. The company has increased its exposure to Japanese trading houses and airline-related businesses while reducing selected payment-company holdings. Its planned $6.8 billion acquisition of Taylor Morrison Home Corp. further expands its exposure to the U.S. housing market and reflects confidence in the sector’s long-term fundamentals.
Financial strength remains a key advantage. With more than $370 billion in cash and U.S. Treasury holdings, conservative leverage and a strong balance sheet, Berkshire Hathaway has substantial capacity to pursue acquisitions, make opportunistic investments and withstand periods of economic volatility.
Additionally, Berkshire Hathaway’s return on equity of 6.6% remains above the industry average, highlighting its relatively efficient use of shareholder capital.
Optimistic Analyst Sentiment
The Zacks Consensus Estimate for 2026 and 2027 revenues indicates a 5.6% and 4.5% year-over-year increase, respectively. The same for 2026 and 2027 earnings implies a 5.1% and 1.9% year-over-year increase, respectively. The expected long-term earnings growth is pegged at 12%, better than the industry average of 7.9%.
Image Source: Zacks Investment Research
The consensus estimate for 2026 and 2027 earnings has moved 3.8% and 2% north, respectively, in the last 60 days.
The same for CB too moved up in the last 60 days.
However, for PGR, 2026 estimates moved north while 2027 estimates moved south in the past 60 days.
Parting Thoughts on BRK.B Shares
Berkshire Hathaway has been a cornerstone of investor portfolios for decades, generating steady shareholder value under Warren Buffett’s nearly 60-year leadership. The spotlight has now shifted to the next chapter, with Greg Abel becoming CEO on Jan. 1, 2026, and Buffett leaving leadership of the behemoth altogether and remaining chairman emeritus.
Stocks like Berkshire Hathaway warrant a premium. Price appreciation, optimistic analysts' sentiments and growth estimates instill confidence in the stock. Investors can add this Zacks Rank #2 (Buy) stock to the portfolio to have a feeling of dynamism by holding a single stock like BRK.B.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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This article originally published on Zacks Investment Research (zacks.com).

BRK.B Trading at a Discount to 52-Week High: More Upside Left?

American International Group, Inc. AIG is scaling artificial intelligence across underwriting and claims, but the financial impact remains difficult to isolate. The initiative is particularly relevant as the insurance market becomes more competitive and insurers face greater pressure to maintain underwriting margins. These capabilities could improve risk selection, increase underwriting capacity and reduce processing costs, potentially supporting margins as adoption expands.
AIG's clearest evidence of AI's operating impact is in its underwriting workflow. As Underwriting by AIG Assist and Claims by AIG Assist have scaled, underwriters are reviewing more submissions and generating quotes faster. However, the company has not provided comparable quantitative metrics for claims-cycle improvements.
AIG’s broader efficiency metrics are moving in the right direction, although the gains cannot yet be directly linked to AI. General Insurance underwriting income rose 10% year over year to $686 million, while the combined ratio improved 30 basis points to 89.0% and the expense ratio declined 20 basis points to 30.8%. Global Personal showed a sharper improvement, with its general operating expense ratio falling 130 basis points to 13.3% and its combined ratio improving 560 basis points to 92.9%.
These trends point to better operating performance, but more disclosure is needed to determine how much AI is contributing. The key metrics to watch are submission-processing time, quote turnaround, claims-cycle times and productivity as adoption expands. Continued gains alongside measurable improvements in these areas could strengthen the case that AI is translating into tangible financial benefits.
How Are Competitors Faring?
AIG’s Peers in the Finance Space, such as The Travelers Companies, Inc. TRV and Chubb Limited CB, are also leveraging technology and AI to enhance underwriting and claims efficiency.
Travelers has expanded AI across underwriting and claims, including TravelersLLM and its AI Claim Assistant. TRV generated $1.7 billion of total underwriting income in the second quarter, providing a strong operating base for continued technology investments
Chubb is leveraging technology and data to support underwriting and claims efficiency and risk insights. CB reported $1.94 billion in P&C underwriting income in the second quarter, up 18.8%, while its combined ratio improved to 83.8%.
AIG’s Price Performance, Valuation & Estimates
Shares of American International have lost 4.7% over the past year against the industry’s 3.4% growth over the same period.
Image Source: Zacks Investment Research
From a valuation standpoint, AIG trades at a trailing 12-month price-to-tangible book ratio of 1.06, below the industry average of 1.23. AIG carries a Value Score of A.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AIG’s 2026 earnings is pegged at $8.02 per share, indicating 13.1% year-over-year growth, followed by an estimated 8.7% increase in 2027.
AIG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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Here's How AIG's AI Push Can Improve Underwriting and Claims Efficiency

American International Group, Inc.’s AIG property business is facing a more competitive pricing environment as additional capacity pressures rates, particularly in North America. Rather than chasing premium growth, AIG is reducing exposure where pricing no longer supports adequate risk-adjusted returns.
AIG’s Lexington property business reflects this discipline. Premium retention declined 9 percentage points in the second quarter as AIG reduced targeted exposures and walked away from business that failed to meet its underwriting standards. These actions, along with softer pricing, reduced growth in North America by more than 3 percentage points. The insurer continues to pursue selective opportunities in North America Retail Property, while International Property remains relatively more favorable as rate declines are more moderate.
AIG is still generating growth elsewhere. General Insurance net premiums written increased 9% year over year, or 11% excluding North America Property, highlighting stronger momentum across better-priced businesses. Underwriting performance also remains solid. General Insurance underwriting income rose 10% to $686 million, while the adjusted accident-year combined ratio improved 30 basis points to 88.1%. However, North America Commercial’s adjusted accident-year combined ratio increased 50 basis points, reflecting business-mix changes and rate pressure, particularly in property.
Casualty provides another area of pricing support, with North America Retail Casualty pricing rising 10%, including a 14% increase in Excess Casualty. Pricing in these businesses remains above loss-cost trends, giving room to pursue growth where returns are attractive. AIG’s shift toward better-priced businesses should help protect underwriting profitability as market conditions evolve.
How Are Competitors Faring?
Peers such as The Travelers Companies, Inc. TRV and Chubb Limited CB are also emphasizing underwriting discipline as property pricing becomes more competitive.
TRV is prioritizing underwriting discipline as property pricing softens. National Property net premiums written declined 2% in the second quarter as Travelers reduced business where pricing and terms were less attractive.
Similarly, CB is accepting slower property growth to maintain underwriting discipline amid soft conditions in large-account and E&S property. Chubb’s P&C premiums rose 3%, or 6.3% excluding these property lines, while the combined ratio was 83.8%.
AIG’s Price Performance, Valuation & Estimates
Shares of American International have lost 3.5% over the past year against the industry’s 4.1% growth over the same period.
Image Source: Zacks Investment Research
From a valuation standpoint, AIG trades at a trailing 12-month price-to-tangible book ratio of 1.08X, below the industry average of 1.25X. AIG carries a Value Score of A.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AIG’s 2026 earnings is pegged at $8.02 per share, indicating 13.1% year-over-year growth, followed by an estimated 8.7% increase in 2027.
AIG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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How AIG Is Protecting Underwriting Quality as Property Pricing Softens

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares U.S. Financials ETF (Symbol: IYF) where we have detected an approximate $165.4 million dollar outflow -- that's a 3.9% decrease week over week (from 32,450,000 to 31,200,000). Among the largest underlying components of IYF, in trading today Blackrock Inc (Symbol: BLK) is off about 1.6%, Standard and Poors Global Inc (Symbol: SPGI) is off about 0.5%, and Chubb Ltd (Symbol: CB) is lower by about 1.1%. For a complete list of holdings, visit the IYF Holdings page » The chart below shows the one year price performance of IYF, versus its 200 day moving average:
Looking at the chart above, IYF's low point in its 52 week range is $113.62 per share, with $139.09 as the 52 week high point — that compares with a last trade of $129.87. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further IYF Research:

Notable ETF Outflow Detected - IYF, BLK, SPGI, CB

For Immediate Release
Chicago, IL – September 22, 2026 – Zacks Equity Research shares NVIDIA Corp. NVDA as the Bull of the Day and Travelzoo TZOO as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Berkshire Hathaway BRK.B, The Progressive Corp. PGR and Chubb Ltd. CB.
Here is a synopsis of all five stocks:
NVIDIA Corp. is back to being a Zacks Rank #1 (Strong Buy).
Are you in?
NVIDIA is the leading AI and accelerated computing company in the world. It is in the exclusive "trillion-dollar" club. NVIDIA has a market cap of $5.4 trillion.
NVIDIA Beat Again in the Fiscal Second Quarter 2027
On Aug 26, 2026, NVIDIA reported its fiscal second quarter 2027 results and beat on the Zacks Consensus by $0.13. Earnings were $2.22 versus the Zacks Consensus Estimate of $2.09.
It was the fifth earnings beat in a row. NVIDIA has only missed on earnings three times in the last five years with two of those in 2022, before the AI Revolution began. That's an impressive record.
Revenue soared another 106% to $96.2 billion, up from $46.7 billion in Q2 of fiscal 2026. Data center revenue jumped 117% to $89 billion.
Gross margins were 75%.
As usual, NVIDIA's CEO, Jensen Huang, was bullish.
"AI has reached its inflection point," said Huang.
"It's doing useful work. Its tokens are productive and profitable. Now, compute is revenue," he added.
Analysts Remain Bullish on NVIDIA in F2027 and F2028
Despite all the doom and gloom about AI being "over" the earnings estimates on NVIDIA don't tell that story.
One estimate is higher in just the last week with thirteen estimates higher in the last thirty days, which is the analysts raising estimates after the earnings report.
The fiscal 2027 Zacks Consensus Estimate has jumped to $9.25 from $8.91, which is earnings growth of 93.9% because NVIDIA only made $4.77 last year.
Twelve estimates are also higher for fiscal 2028 with the Zacks Consensus rising to $15.33. That would be further earnings growth of 65.8%.
I have said many times over the years on the Zacks Market Edge Podcast that we will never see this kind of earnings, and sales, growth from a large cap company, over this many years, ever again.
Shares of NVIDIA are Beating the S&P 500 in 2026
NVIDIA has been a hot stock for the last few years but in 2026, it took a break. But that "break" means it is still up 20.4% year-to-date.
And that's beating the S&P 500.
NVIDIA is attractively priced. No, I'm not calling it "cheap" but valuations are more attractive now than the last few years.
NVIDIA trades with a forward price-to-earnings (P/E) ratio of 24. That's low for NVIDIA historically.
It also has a price-to-sales (P/S) ratio of 17.7. While that is expensive, even for a growth company, it's down from the high of 40 in 2023.
Sales are expected to rise 88% in fiscal 2027 and another 65.5% in fiscal 2028.
NVIDIA is also shareholder friendly. It now pays an annual dividend of $1.00 which is yielding 0.5%. It also has a massive share repurchase authorization, which still has $99 billion left as of the end of the fiscal second quarter of 2027.
For years, many have doubted NVIDIA. But it has the coveted Zacks #1 (Strong Buy) rank again.
For investors who were waiting for NVIDIA to get more attractive on a fundamental basis, now is the time. NVIDIA should be on your short list.
Travelzoo was negatively impacted by international conflicts, such as the Iran War, in the second quarter. Analysts cut their full year earnings estimates on this Zacks Rank #5 (Strong Sell).
Travelzoo is a club for travel enthusiasts. It reaches 30 million travelers. Club Members receive Club Offers negotiated and vetted by the company's deal experts around the globe. It has relationships with thousands of top travel companies which gives them access to irresistible deals.
Travelzoo Missed Big on Earnings in the Second Quarter of 2026
On July 28, 2026, Travelzoo reported its second quarter 2026 results and missed on the Zacks Consensus by $0.36. Earnings were a loss of $0.21 versus the Zacks Consensus of $0.15.
Revenue was down 3% to $23.2 million. Its revenue consists of advertising revenues and commissions derived from and generated in connection with purchases made by Travelzoo members, as well as membership fees.
Travelzoo said international conflicts created uncertainty among advertisers and travelers. All of Travelzoo's business segments were negatively impacted.
Travelzoo also spent more on marketing in the second quarter in order to grow the membership business. The marketing spend averaged $2.3 million per quarter from Q1 2025 to Q1 2026. But in the second quarter of 2026, the company spent $4.7 million.
It costs $50 to get an annual membership as a Club Member. But this revenue isn't captured immediately. Membership fee revenue is recognized ratably over the full one-year subscription period.
But the cost outlay happens immediately.
Travelzoo's membership revenue was $7.7 million in 2025, or 8% of the total revenue. The company estimates it will be $17.2 million in 2026, or 13% of the total revenue. It also estimates by 2027 it will be $30 million, or 30% of total revenue.
Analysts Cut Travelzoo's Earnings Estimates for 2026 and 2027
The costs are going to outweigh the gains for a while. Three estimates were lowered for 2026 over the last 60 days. That pushed the Zacks Consensus down to a loss of $0.14 from $0.58.
That's a decline of 134% as the company made $0.41 last year.
Three estimates were also cut for 2027 in the last 60 days as well. But analysts expect the company to rebound back to positive earnings. The Zacks Consensus is now looking for $0.73 in 2027, down from the prior consensus of $0.96.
That's earnings growth of 616%.
Shares of Travelzoo Fall to a Multi-Year Low
It's been a tough few months for Travelzoo shares as it unveiled its strategy to grow the membership fee business.
They've fallen back to early 2026 lows, which were multi-year lows.
But Travelzoo is cheap. It has a price-to-sales (P/S) ratio of just 0.6. A P/S ratio under 1.0 usually indicates a company is undervalued. An investor is buying $1.00 worth of sales for just $0.60. The sales are on sale.
Travelzoo also has been repurchasing shares. It repurchased $1.9 million worth of shares in the second quarter.
It finished the second quarter of 2026 with a cash balance of $7.6 million.
Investors interested in Travelzoo might want to wait to see if their strategy is going to work, and for the earnings to turn around, before getting in.
Additional content:
Berkshire After Buffett: Can It Continue to Endure (& Compound)?
Berkshire Hathaway is witnessing its biggest leadership transition. Warren Buffett is stepping down as chairman and assuming the role of chairman emeritus, and his son Howard G. Buffett is becoming the chairman. Greg Abel has already succeeded Warren Buffett as CEO on Jan. 1, 2026.
Over nearly six decades, Warren Buffett created extraordinary shareholder value through his exceptional investment judgment and disciplined approach to capital allocation. His departure marks the end of a remarkable era, but it does not undermine the durable enterprise he built. Although the transition could generate near-term uncertainty, Berkshire's decentralized operating model, financial strength and institutionalized investment discipline should support continued long-term value creation.
Abel's extensive operating experience, deep familiarity with Berkshire's businesses and commitment to its distinctive culture provide important continuity. His involvement in operations and capital allocation has also enabled an orderly transition rather than an abrupt handover.
Concerns surrounding Buffett's departure are further mitigated by Berkshire's underlying economic strength. The company owns high-quality businesses across insurance, railroads, utilities, manufacturing and consumer industries. Substantial insurance float and recurring cash flows from BNSF, Berkshire Hathaway Energy and other subsidiaries provide significant capital-allocation flexibility. Moreover, its fortress balance sheet—including more than $370 billion of cash and U.S. Treasury holdings at year-end 2025—offers resilience during downturns and the capacity to pursue major opportunities during periods of market distress.
More than eight and a half months into the CEO transition, Berkshire's post-Buffett investment case rests not on finding another Buffett, but on preserving its culture, allocating capital rationally and compounding intrinsic value through its uniquely durable collection of businesses.
What About Its Peers?
The Progressive Corp., an insurance company, is a leading independent agency writer of private passenger auto coverage and the market share leader for motorcycle products since 1998. The president and chief executive officer of Progressive Corporation is Tricia Griffith, who has led the company since July 2016. Progressive has grown to become the most significant motor insurance carrier in the United States as of late 2022.
Chubb Ltd. boasts being one of the world's largest providers of property and casualty (P&C) insurance and reinsurance and the largest publicly traded P&C insurer based on market capitalization of $131.4 billion. Evan G. Greenberg has been the chairman and chief executive officer of Chubb since 2004.
BRK.B's Price Performance
Shares of BRK.B have gained 1% year to date, underperforming the industry.
BRK.B's Expensive Valuation
BRK.B trades at a price-to-book value ratio of 1.46, above the industry average of 1.43.
Estimate Movement for BRK.B
The Zacks Consensus Estimate for BRK.B's third-quarter and fourth-quarter 2026 EPS has witnessed no movement over the past 30 days. The consensus estimate for full-year 2026 and 2027 EPS has moved 0.8% and 0.4% north, respectively, in the last 30 days.
The consensus estimates for BRK.B's 2026 and 2027 revenues and earnings indicate year-over-year increases.
BRK.B stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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Berkshire Hathaway BRK.B is witnessing its biggest leadership transition. Warren Buffett is stepping down as chairman and assuming the role of chairman emeritus, and his son Howard G. Buffett is becoming the chairman. Greg Abel has already succeeded Warren Buffett as CEO on Jan. 1, 2026.
Over nearly six decades, Warren Buffett created extraordinary shareholder value through his exceptional investment judgment and disciplined approach to capital allocation. His departure marks the end of a remarkable era, but it does not undermine the durable enterprise he built. Although the transition could generate near-term uncertainty, Berkshire’s decentralized operating model, financial strength and institutionalized investment discipline should support continued long-term value creation.
Abel’s extensive operating experience, deep familiarity with Berkshire’s businesses and commitment to its distinctive culture provide important continuity. His involvement in operations and capital allocation has also enabled an orderly transition rather than an abrupt handover.
Concerns surrounding Buffett’s departure are further mitigated by Berkshire’s underlying economic strength. The company owns high-quality businesses across insurance, railroads, utilities, manufacturing and consumer industries. Substantial insurance float and recurring cash flows from BNSF, Berkshire Hathaway Energy and other subsidiaries provide significant capital-allocation flexibility. Moreover, its fortress balance sheet—including more than $370 billion of cash and U.S. Treasury holdings at year-end 2025—offers resilience during downturns and the capacity to pursue major opportunities during periods of market distress.
More than eight and a half months into the CEO transition, Berkshire’s post-Buffett investment case rests not on finding another Buffett, but on preserving its culture, allocating capital rationally and compounding intrinsic value through its uniquely durable collection of businesses.
What About its Peers?
The Progressive Corporation PGR, an insurance company, is a leading independent agency writer of private passenger auto coverage and the market share leader for motorcycle products since 1998. The president and chief executive officer of Progressive Corporation is Tricia Griffith, who has led the company since July 2016. Progressive has grown to become the most significant motor insurance carrier in the United States as of late 2022.
Chubb Limited CB boasts being one of the world’s largest providers of property and casualty (P&C) insurance and reinsurance and the largest publicly traded P&C insurer based on market capitalization of $131.4 billion. Evan G. Greenberg has been the chairman and chief executive officer of Chubb since 2004.
BRK.B’s Price Performance
Shares of BRK.B have gained 1% year to date, underperforming the industry.
BRK.B’s Expensive Valuation
BRK.B trades at a price-to-book value ratio of 1.46, above the industry average of 1.43.
Estimate Movement for BRK.B
The Zacks Consensus Estimate for BRK.B’s third-quarter and fourth-quarter 2026 EPS has witnessed no movement over the past 30 days. The consensus estimate for full-year 2026 and 2027 EPS has moved 0.8% and 0.4% north, respectively, in the last 30 days.
The consensus estimates for BRK.B’s 2026 and 2027 revenues and earnings indicate year-over-year increases.
BRK.B stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Berkshire After Buffett: Can It Continue to Endure and Compound?

Prudent pricing, increasing climate-related risks and rapid digital transformation are likely to influence the insurance industry’s outlook in 2026. Although insurers remain exposed to catastrophe losses, driven by climate change, stronger pricing continues to support profitability. Notably, global commercial insurance rates are expected to have moderated, largely due to abundant capacity and heightened competition among insurers.
At its latest meeting, the Federal Reserve raised the benchmark interest rate by 25 basis points under Chair Kevin Warsh, lifting the federal funds rate target range to 3.75%-4%. The unanimous decision marked the Fed’s first rate increase since 2023 and a notable policy reversal after three consecutive cuts.
In this scenario, industry giants Berkshire Hathaway Inc. BRK.B and Chubb Limited CB are expected to remain resilient.
At the same time, increasing adoption of digital technologies is likely to drive a rise in merger and acquisition (M&A) activity, particularly in tech-focused deals, as highlighted by Willis Towers Watson’s Quarterly Deal Performance Monitor.
Against this backdrop, which of these stocks presents a more compelling opportunity for long-term investors focused on the insurance sector? Let’s take a closer look at their fundamentals.
Factors to Consider for BRK.B
Berkshire Hathaway is a highly diversified conglomerate with more than 90 businesses spanning insurance, energy, railroads, manufacturing, retail and consumer products. Its broad operating portfolio reduces its reliance on any single industry, supporting earnings stability and resilience across economic cycles.
Insurance remains Berkshire’s largest business, accounting for roughly one-fourth of total revenues. Disciplined underwriting, steady premium growth and favorable pricing support the segment’s performance. Berkshire’s substantial insurance float—premiums collected before claims are paid—also provides a valuable source of low-cost funding for investments and acquisitions. This structural advantage has been central to the company’s long-term value creation and capital-allocation flexibility.
Beyond insurance, Berkshire continues to reshape its investment portfolio to strengthen income stability and increase geographic diversification. The company has expanded its investments in Japanese trading houses and airline-related businesses while trimming selected payment-company holdings. Its planned $6.8 billion acquisition of Taylor Morrison Home Corp. also underscores its confidence in the long-term prospects of the U.S. housing market.
Berkshire maintains exceptional financial strength, supported by more than $370 billion in cash and U.S. Treasury holdings, conservative leverage and a fortress balance sheet. These resources provide ample flexibility to pursue strategic investments, capitalize on acquisition opportunities and navigate economic uncertainty.
The company’s return on equity of 6.6% exceeds the industry average. BRK.B shares have gained 5.7% over the past six months.
Factors to Consider for CB
Chubb is one of the world’s largest providers of property and casualty insurance and reinsurance and the largest publicly traded P&C insurer by market capitalization. Its broad diversification across products, industries and geographic markets supports earnings stability and resilience throughout insurance cycles.
The company is pursuing growth opportunities in the middle-market segment in the United States and internationally while strengthening its core commercial packages and expanding specialty offerings. Targeted investments in capabilities, distribution and customer reach should further support growth.
Chubb is also a leading U.S. cyber insurer, consistently ranking among the top carriers by direct premiums written. The increasing frequency and sophistication of cyberattacks are driving demand for protection against data breaches, network disruptions and other digital risks. Chubb’s comprehensive offerings position it well to capitalize on this expanding market.
Disciplined underwriting has helped the company maintain one of the industry’s lowest combined ratios. Commercial P&C rate increases, strong renewal retention and expansion in emerging markets should support premium growth and higher long-term returns. Strategic acquisitions also enable Chubb to broaden its capabilities, realize synergies, diversify its portfolio and expand geographically.
Its high-quality, liquid, investment-grade portfolio provides a growing and relatively predictable earnings stream. Strong cash generation, reinvestment above the portfolio yield and a conservative duration profile should support further investment income growth while preserving flexibility to capitalize on attractive opportunities during periods of market dislocation.
Chubb’s solid capital position and cash-generating ability support business expansion and shareholder returns. Its disciplined capital-deployment strategy further enhances long-term value creation. The company’s return on equity of 14.5% exceeds the industry average. Its shares have gained 5.6% over the past six months.
Estimates for BRK.B and CB
The Zacks Consensus Estimate for BRK.B’s 2026 revenues implies a year-over-year increase of 5.6% and that for EPS implies a year-over-year increase of 5.1%. EPS estimates have moved northward over the past 30 days.
The Zacks Consensus Estimate for CB’s 2026 revenues implies a year-over-year decrease of 7.3%, while that for EPS implies a year-over-year increase of 10.3%. EPS estimates have moved northward over the past 30 days.
Are BRK.B and CB Shares Expensive?
Berkshire is trading at a price-to-book multiple of 1.45, on par with its median over the last five years. Chubb’s price-to-book multiple sits at 1.63, lower than its median of 1.86 over the last five years.
Conclusion
Holding shares of Berkshire Hathaway adds dynamism to shareholders’ portfolios. It is a diversified operating conglomerate supported by durable cash flows, financial strength and a proven reinvestment framework that has compounded shareholder wealth over decades. Investors are keen to see how the conglomerate fares under the leadership of its new CEO.
Chubb is poised to grow on better pricing, new business growth and high renewal rates. It is also focused on business lines that have immense room for growth. Chubb is considered a premium insurer, especially in high-net-worth personal lines.
Though both these insurers engage in share buybacks, Berkshire does not pay dividends. On the other hand, Chubb has a solid track record of increasing dividends for the last 33 years. The company’s current dividend yield of 1.3% is better than the industry average of 0.3%, which makes the stock an attractive pick for yield-seeking investors.
On the basis of return on equity, which reflects a company’s efficiency in generating profit from shareholders' equity as well as gives a clear picture of the company's financial health, CB scores higher than BRK.B.
Though both these stocks carry a Zacks Rank #3 (Hold), Chubb has an edge over Berkshire.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
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Berkshire vs. Chubb: Which Stock Has Better Long-Term Potential?

Key Points
American Express is a major Berkshire holding, although the stock has recently underperformed.
Chubb's strong underwriting and book value gains keep it well-positioned to continue climbing.
Moody's has a significant economic moat and strong growth track record.
Warren Buffett retired as chief executive officer of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) at the end of 2025, but he still remains chairman of the holding company. Moreover, since taking over as CEO at the start of 2026, Greg Abel has largely kept Berkshire's investing strategy the same as his predecessor.
Although Abel jettisoned positions in financial stocks such as Mastercard and Visa, Berkshire continues to hold large stakes in numerous other financial services companies. In fact, there may be as much opportunity, if not more, with some of these companies today as there is with Berkshire itself.
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Three Berkshire holdings worth mentioning are American Express (NYSE: AXP), Chubb (NYSE: CB), and Moody's (NYSE: MCO).
1. American Express benefits from robust spending by affluent customers
American Express was one of the early Buffett investments. Back in 1964, Buffett's investment funds made a big contrarian wager on the company following its involvement in the "Salad Oil Scandal." However, it wasn't until the 1990s that the stock, commonly known as Amex, became part of the Berkshire stock portfolio.
Berkshire has held on to it since then, with its 22.5% stake in the payments and financial services company accounting for about 13.5% of the overall portfolio. In recent years, the shares have performed well, doubling in price since 2021, but the mixed recent performance may have many investors thinking twice about buying right now.
However, this recent turbulence may work in your favor if you have a long investing time horizon. Even as the company, which profits from both its closed-loop payments network and fee revenue on its famed payment cards, continues to benefit from robust spending by high-income households, investors reacted negatively to Amex's latest quarterly earnings release in July. While earnings of $4.53 per share came in ahead of forecasts, a slight shift in revenue mix and lukewarm outlook led to post-earnings weakness.
Considering some green shoots, such as CEO Stephen Squeri's post-earnings commentary regarding successful membership growth among young and affluent spenders, the market's recent reaction could prove overblown in hindsight. While not necessarily "cheap" at about 16 times forward earnings, the shares could rise in tandem with improved results. In the recent past, the stock, thanks to its affluent, spending-driven growth, has traded at well above 20 times earnings.
2. Chubb keeps climbing on underwriting gains
Compared to American Express, Chubb is a more recent Berkshire holding, with the position first disclosed in 2024. Then again, Berkshire is hardly a stranger to the industry. Since Buffett took control of Berkshire in the 1960s, this former textile company has made numerous investments in insurance stocks. It's acquired so many insurance companies outright that many classify it as an insurance company rather than as a conglomerate or holding company.
It's unclear whether Berkshire ultimately plans to buy this property and casualty (P&C) insurer outright. For the time being, however, it owns 8.9% of Chubb's shares outstanding. The position represents about 3.2% of Berkshire's stock portfolio. So, what's the big potential opportunity with Chubb shares? Over the past year, the stock has surged by nearly 25%.
Berkshire bought in because of Chubb's economic moat in specialty insurance and its higher-than-average underwriting margins. Based on the latest financial results, the bull case for Chubb still stands. During Q2 2026, Chubb reported 18.2% growth in core operating income year over year, with book value and tangible book value increasing by 12.3% and 17.1%, respectively, year over year.
Chubb currently trades for less than 12 times forward earnings. As other P&C insurers well-respected for underwriting strength, like WR Berkley and Markel Group, trade at even higher forward multiples, don't rule out the potential for Chubb to catch up.
3. A deep moat remains for Moody's
Moody's is one of just a handful of Wall Street credit raters. Due to this oligopoly, companies like this one have a deep economic moat because corporations and governments issuing debt must obtain credit ratings for institutional investors to buy the securities.
It's not surprising that Moody's became a major Berkshire holding back in the early 2000s. Currently, Berkshire owns a 14.2% stake in Moody's, an $11.5 billion position that accounts for 3.2% of its overall stock portfolio. If you're looking at Moody's shares for the first time today, they may seem a bit pricey. This financial services stock trades for about 24 times forward earnings.
Yet while that represents a premium to other credit rating stocks, like S&P Global, which trades for only 20 times forward earnings, keep in mind that S&P Global is far more diversified, with lower-margin, weaker-moat segments like Market Intelligence, where it competes with multiple financial data providers.
For Moody's, as long as its core business keeps knocking it out of the park, with 15% annualized sales growth, operating margins nearing 50%, as well as adjusted earnings and operating cash flow growth exceeding 30%, the stock remains well positioned to sustain and increase its premium valuation.
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American Express is an advertising partner of Motley Fool Money. Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends American Express, Berkshire Hathaway, Markel Group, Mastercard, Moody's, S&P Global, Visa, and W. R. Berkley. The Motley Fool has a disclosure policy.

3 Financial Stocks Berkshire Hathaway Owns That I'd Buy Before Buying Berkshire Itself

Selective Insurance Group, Inc.’s SIGI investment income is likely to remain an important earnings contributor, although its growth could moderate as interest-rate and reinvestment tailwinds normalize. In the second quarter of 2026, after-tax net investment income rose 18% year over year to $119 million, generating 13.9 points of annualized ROE. For the first half, after-tax NII increased 18% to $232.3 million compared with $197 million a year earlier.
Selective Insurance Group continues to benefit from elevated investment income, supported by higher yields and growth in invested assets. Selective Insurance's invested assets increased $274 million from year-end 2025 to June 30, 2026, primarily as operating cash flows were reinvested. The company also maintained a sizable fixed-income portfolio, providing recurring interest income.
Management also raised its 2026 after-tax NII guidance to $480 million from $465 million, indicating that investment income should remain a significant earnings contributor.
However, investment income may become a less powerful incremental earnings catalyst if market yields decline or reinvestment rates move lower. Moreover, SIGI's results for the second quarter of 2026 show why underwriting remains important: after-tax underwriting income was only $19.3 million, versus $119.2 million of after-tax net investment income. For the first half of 2026, underwriting income was $36.1 million compared with $232.3 million of after-tax investment income.
Net investment income strengthens SIGI's earnings and ROE by monetizing its large investment portfolio, while providing an important cushion against fluctuations in underwriting results.
What About Other Insurers?
Chubb Limited's CB net investment income is an important earnings contributor. The metric benefits from higher interest rates and stronger portfolio yields, providing a steady source of earnings beyond underwriting profits. This helps improve profitability, offset claim volatility and strengthen overall financial performance.
The Travelers Companies, Inc.’s TRV net investment income is a material contributor to the company’s results of operations, consistently providing a reliable source of earnings that complements its underwriting activities. Net investment income acts as a second earnings engine for this property and casualty insurer after underwriting profit. Thus, even if underwriting profit weakens because of higher catastrophe losses, solid net investment income can help offset earnings pressure.
SIGI’s Price Performance
Shares of SIGI have gained 13.1% in the past year, outperforming the industry.
SIGI’s Expensive Valuation
The stock is overvalued compared with its industry. It is currently trading at a price-to-book ratio of 1.52, above the industry average of 1.46.
Estimate Movement for SIGI
The Zacks Consensus Estimate for SIGI’s third-quarter and fourth-quarter 2026 EPS has moved up 1.1% and 0.7%, respectively, in the past 60 days. The same for full-year 2026 EPS has moved up 3.3% in the past 60 days.
The consensus estimate for SIGI’s 2026 and 2027 EPS and revenues indicates a year-over-year increase.
SIGI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
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Chubb Limited

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