- 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.
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- Adjusted compensation ratio improved to 65.4%, down 60 basis points year-over-year, while adjusted noncompensation expenses rose 9% due to technology and occupancy costs.
- Adjusted operating income was $157 million, a 37% increase versus Q2 2024, with adjusted EPS of $2.42, up 34% year-over-year.
- Advisory fees increased 23% year-over-year to $698 million, a record for the quarter.
- Asset Management and Administration Fees grew 3% to $21 million, driven by market appreciation and net inflows.
- Cash and investment securities totaled over $1.7 billion as of June 30, with positive cash flow and $532 million returned to shareholders in the first half through buybacks and dividends.
- Evercore delivered adjusted net revenues of $839 million in Q2 2025, up nearly 21% year-over-year, marking record revenues for both the quarter and first half of the year.
- GAAP net revenues, operating income, and EPS were $834 million, $150 million, and $2.36 per share respectively in Q2 2025.
- Share repurchases totaled approximately 1.7 million shares year-to-date at an average price of $258.5 per share, fully offsetting dilution from RSU grants.
- Underwriting revenues rose 4% to $32 million, commissions and related revenue increased 10% to $58 million.
- A $37.7 million pretax gain on prior investments, including $29.4 million from Voyager Technologies, contributed to strong results.
- Average loans increased 12.7% to $36.4 billion and average deposits increased 10.7% to $55.6 billion, reflecting organic growth and Heartland acquisition impact.
- CET1 capital ratio increased 28 basis points to 10.39% following a $294 million Series B preferred stock offering and redemption of $115 million Series A preferred stock.
- Excluding acquisition and nonrecurring items, net operating income was $225.4 million or $2.96 per share.
- Legacy UMB average loan balances increased 15.3% annualized, outpacing peer banks' median 5.2% increase.
- Net charge-offs for legacy UMB were $9 million or 13 basis points; total net charge-offs including acquired loans were 17 basis points.
- Nonperforming loans to total loans improved 2 basis points to 26 basis points; legacy UMB NPLs were 10 basis points compared to peer median of 0.50%.
- UMB Financial reported net income available for common shareholders of $215.4 million in Q2 2025, including $13.5 million of acquisition expenses.
- Deposit costs were managed below 2%, with cumulative deposit beta reaching mid-50% range, matching terminal beta from the rising rate cycle.
- Loan growth was strong, with commercial loans up about $3 billion year-to-date, and average loans up $1.6 billion period-end.
- Net charge-offs were $102 million, down 7% sequentially, with credit metrics improving for the sixth consecutive quarter.
- Net interest income grew 28% year-over-year and 4% sequentially, with net interest margin increasing 8 basis points to 2.66%.
- Noninterest income rose 10% year-over-year, driven by investment banking, commercial mortgage servicing, commercial payments, and wealth management.
- Pre-provision net revenue increased by $44 million sequentially, marking the fifth consecutive quarter of growth, with aggregate PPNR up over 60% since Q1 2024.
- Reported second quarter earnings per share of $0.35, with revenues up 21% year-over-year and expenses up about 6% excluding charitable contributions.
- Tangible book value per share increased 3% sequentially and 27% year-over-year.
- Allowance for credit losses was 10.35% of loan receivables, down 24 basis points from prior quarter.
- Capital ratios improved with CET1 at 13.7%, Tier 1 capital ratio at 14.9%, and total capital ratio at 17%.
- Efficiency ratio increased 140 basis points to 32.6% due to higher expenses and RSAs impact.
- Net earnings of $1.1 billion or $2.86 per diluted share in Q3 2025.
- Net interest income increased 2% to $4.7 billion, with net interest margin up 58 basis points to 15.62%.
- Provision for credit losses decreased by $451 million to $1.1 billion, driven by lower net charge-offs and reserve releases.
- Purchase volume grew 2% year-over-year to $46 billion across five platforms.
- Return on average assets was 3.6%, and return on tangible common equity was 30.6%.
- Business Insurance saw 8% written premium growth with an underlying combined ratio of 88; Small Business delivered 9% premium growth and an 89 combined ratio.
- Catastrophe losses were $212 million before tax, representing 4.9 combined ratio points, primarily from tornado, wind, and hail events, with CAT losses below market share.
- Employee Benefits achieved a core earnings margin of 9.2%, driven by strong life and disability results, with persistency in the low 90s and flat fully insured premium growth.
- Expense ratios improved across Business Insurance and Personal Insurance, driven by operating leverage and higher earned premiums.
- Net investment income increased to $664 million, with a portfolio yield of 4.6% before tax, and limited partnership returns expected to improve in the second half of the year.
- Personal Insurance improved with a combined ratio of 88, auto combined ratio improved by 9.7 points to 95.2, and homeowners combined ratio was 72.7 with 17% written premium growth.
- The Hartford reported outstanding second quarter 2025 results with core earnings nearly $1 billion and a trailing 12-month core earnings ROE of 17%.
- Fee-paying AUM grew 9% year-over-year to $69 billion; contracted not yet fee-paying AUM increased 19% to $8.7 billion.
- Fee-related earnings, adjusted EBITDA, and adjusted net income increased by 6%, 9%, and 9% respectively compared to Q2 2024.
- Fee-related earnings margin for the quarter was 42%, up 200 basis points year-over-year.
- Incentive fees realized were $16 million in the quarter, including $1 million annual performance fees and $15 million carried interest.
- Total assets under management (AUM) reached $86 billion, a 5% increase from Q1 2025.
- Unrealized carried interest at NAV surpassed $900 million, with the firm's share at approximately $450 million, up 9% from last quarter.
- Year-to-date fee-related earnings, adjusted EBITDA, and adjusted net income grew by 14%, 17%, and 19% respectively compared to the first half of 2024.
- Horace Mann reported second quarter core earnings per share of $1.06, nearly tripling prior year results.
- Individual Supplemental and Group Benefits segment contributed $13 million to core earnings, with record Individual Supplemental sales up 43% year-over-year.
- Life and Retirement segment core earnings doubled to $25 million, driven by higher net investment income and lower mortality costs.
- Net premiums and contract charges earned increased by 8%, with total revenues up 6%.
- Property and Casualty segment core earnings improved by $25 million to $17 million, with a combined ratio of 97%, a 14.5-point improvement over prior year.
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