Chubb's earnings blew past the Street. Here's why the stock is falling

chubb's stock fell wednesday despite a big earnings beat and a slew of price target hikes from wall street. investors are spooked by signs of a softening property insurance market, where competition is increasing and rates are declining. ceo evan greenberg called the aggressive price-cutting in the industry "dumb." the company is intentionally shrinking its business in large accounts and surplus lines where prices don't meet the risk. piper sandler analyst paul newsome called the approach "deliberate," saying chubb is focused on profitability over growth. the company reported first quarter eps of $6.82, beating the $6.60 consensus. greenberg expressed confidence in the balance sheet despite inflation risks from the iran war. chubb is the administrator for a federal marine reinsurance program for the persian gulf, though no ships have used it yet. greenberg also noted new cyber vulnerabilities exposed by ai, stating "the arms race is on."