AFG reported core net operating earnings of $2.14 per share for Q2 2025, down from $2.56 in the prior year quarter.
AFG returned over $100 million to shareholders in Q2 2025 through dividends and share repurchases.
Alternative investments returned 1.2% annualized in Q2 2025, down from 5.1% in the prior year quarter, negatively impacting overall investment income by about 5%.
Annualized core operating return on equity was 15.5%, despite lower returns from alternative investments.
Gross and net written premiums increased 10% and 7%, respectively, driven partly by earlier crop acreage reporting.
Net investment income excluding alternatives increased 10% year-over-year due to higher interest rates and asset balances.
Underwriting margins in Specialty Property & Casualty insurance were strong with a 93.1% combined ratio, up 2.6 points year-over-year.
Capital levels remained stable with CET1 ratio near 11%, and $9 million of share repurchases executed in Q2.
Charge-off ratio remained stable at 22 basis points, consistent with expectations, with net charge-offs increasing slightly to $34 million.
Expenses increased by $4 million excluding deferred compensation, with personnel costs down $3 million but advertising and outside services up due to marketing investments.
Fee income decreased by $3 million quarter-over-quarter, impacted by a 6% decline in ADR and a flat rate environment affecting fixed income performance.
First Horizon reported an adjusted EPS of $0.45 for Q2 2025, a $0.03 increase from the prior quarter, driven by $10 million incremental net interest income and strong credit conditions.
Loans and deposits both increased by 2% quarter-over-quarter, with loans to mortgage companies up $689 million and C&I loans up $316 million.
Net interest income grew by $10 million, primarily from loan portfolio growth, especially in mortgage warehouse lending.
Net interest margin compressed by 2 basis points to 3.40%, influenced by higher interest-bearing deposit costs and brokered CDs growth.
Asset Servicing fees increased 6% year-over-year to $692 million, with assets under custody and administration reaching $16.9 trillion, up 9% year-over-year.
Capital ratios remained strong with a common equity Tier 1 ratio of 12.2% and Tier 1 leverage ratio of 7.6%.
Expenses increased 4.8% year-over-year excluding notable items, the lowest rate of growth in six quarters.
Net interest income on an FTE basis was a record $615 million, up 7% sequentially and 16% year-over-year.
Northern Trust reported second quarter net income of $421 million, earnings per share of $2.13, and a return on average common equity of 14.2%.
Provision for credit losses increased to $16.5 million, mainly due to reserves for a small number of nonperforming loans, expected to normalize in future quarters.
Returned $486 million to shareholders through dividends and share repurchases, reflecting a payout ratio of 117%.
Revenue grew 8% year-over-year excluding notables, with trust, investment and other servicing fees totaling $1.2 billion, a 6% increase compared to last year.
Wealth Management assets under management were $469 billion, up 12% year-over-year, with pretax profit increasing 18% over the prior year period.
Adjusted cash operating expenses were $198 million with a compensation ratio of 19% cash and 23% including stock.
Adjusted EBITDA margin reached 65%, the highest since Q1 2022, reflecting disciplined expense management and operational efficiency.
Adjusted EPS was $1.53 for Q2 2025, an 83% increase compared to Q2 2024.
Debt to LTM adjusted EBITDA ratio stood at 1.5x, maintaining financial flexibility.
Equity TCV was up 17% quarter-over-quarter, or about 12% excluding sub-dollar share volumes; notional U.S. equity volumes increased 9% quarter-to-quarter.
Growth initiatives accounted for $1.3 million per day or 15% of total adjusted net trading income per day, an all-time high.
Market Making contributed $451 million and Execution Services contributed $116 million to adjusted net trading income.
Virtu Financial reported $568 million in adjusted net trading income for Q2 2025, equating to $9.2 million per day, marking a recent high and a 50% increase from $6.1 million per day in Q2 2024.
Virtu repurchased $66 million of shares in Q2 2025 and $135 million year-to-date, totaling $1.4 billion since inception at an average price of about $26 per share.
Cross-border volume increased 15% globally, reflecting growth in both travel and non-travel related spending.
Domestic assessments were up 9%, cross-border assessments increased 15%, transaction processing assessments were up 18%.
EPS was $4.15, including a $0.09 contribution from share repurchases.
Net income and EPS increased 12% and 14%, respectively, driven primarily by strong operating income growth, partially offset by a higher effective tax rate due to global minimum tax rules.
Net revenue growth was ahead of expectations, primarily driven by higher-than-expected revenue from FX volatility.
Operating expenses increased 14%, including a full ppt increase from acquisitions.
Operating income was up 17%, which includes a 1 ppt headwind from acquisitions.
Outside the U.S., volume increased 10% with credit growth of 9% and debit growth of 11%.
Payment Network net revenue increased 13%, driven by domestic and cross-border transaction and volume growth.
Second quarter net revenues were up 16% and adjusted net income up 12% versus a year ago on a non-GAAP currency-neutral basis.
Switch transactions grew 10% year-over-year; contactless penetration now represents 75% of all in-person switched purchase transactions.
Total adjusted operating expenses increased 14%, including a 4 ppt impact from acquisitions, driven by spending on strategic initiatives.
Value Added Services & Solutions net revenue increased 22%, with acquisitions contributing approximately 4 ppt to this growth.
Worldwide gross dollar volume (GDV) increased by 9% year-over-year; U.S. GDV increased 6%, impacted by lapping of the Citizens debit portfolio migration.
Dafinchi