# Chubb’s Tangible Book Value Per Share Excluding AOCI Rises 10.1% Through Sept. 30 By John Kim Canonical URL: https://www.tokenpost.com/news/business/37548 Published: 2026-10-22T06:09:34.000Z Updated: 2026-10-22T06:09:34.000Z Section: Business > Chubb’s $740 million USI investment is held through Strategic Holdings, its holding-company partnership with KKR. Aon expects to close its $17 billion USI acquisition in the fourth quarter of 2026, subject to customar… Chubb’s tangible book value per share excluding accumulated other comprehensive income rose 10.1% through Sept. 30, and the insurer expects a $460 million gain if Aon’s USI acquisition closes. At Sept. 30, the measure stood at $150.70 per share, compared with $136.91 on Dec. 31, 2025. The increase covered the first nine months of 2026. On the unadjusted measure, which includes AOCI, tangible book value per share was $126.96, up from $126.22, a 0.6% increase over the same period. Accumulated other comprehensive income, or AOCI, includes accounting items that can fluctuate mainly with interest rates and foreign currency movements. Chubb excludes AOCI from one version of its tangible book value calculation to reduce the effect of those swings. The company calculates tangible book value per share by taking shareholders’ equity, subtracting goodwill and other intangible assets net of tax, and dividing by shares outstanding. The AOCI-excluded calculation removes that balance from the numerator; the unadjusted calculation retains it. Over the 12 months through Sept. 30, the AOCI-excluded measure gained 15.4%, while the unadjusted figure rose 5.7%. Chairman and CEO Evan G. Greenberg expressed confidence in “double-digit growth in tangible book value.” His statement did not identify a forecast period or establish a formal numerical target. Chubb’s third-quarter results also included [core operating income of $7.66 per share](), a quarterly earnings measure distinct from tangible book value, which is an equity measure per share at a reporting date. Chubb expects a $460 million realized gain on its investment in USI Insurance Services if Aon’s acquisition closes. The insurer holds its $740 million investment through Strategic Holdings, its holding-company partnership with KKR. Aon agreed to acquire USI from KKR and other shareholders for $17 billion. That amount is the purchase price for USI as a whole, while Chubb’s expected gain concerns its own investment. Aon expects the deal to close in the fourth quarter of 2026, subject to customary conditions, including regulatory approvals. ## Links in this article - [core operating income of $7.66 per share](https://www.tokenpost.com/news/business/36441)