Accident year combined ratio as adjusted was 88.4%, calendar year combined ratio improved by 320 basis points to 89.3%, and core operating ROE was 11.7%.
Adjusted pretax income increased 37% to $1.4 billion, with General Insurance gross premiums written up 4% to $10.1 billion.
AIG delivered adjusted after-tax income per diluted share of $1.81, a 56% increase year-over-year, with adjusted after-tax income of $1 billion, up 35%.
Capital returned to shareholders totaled $2 billion in the quarter, $4.5 billion year-to-date, with plans to repurchase $5-6 billion in 2025.
Catastrophe charges were $170 million (2.9 loss ratio points), with favorable prior year development of $128 million.
Financial strength ratings were upgraded by S&P Global to AA- and Moody's to A1, marking significant milestones.
General Insurance expense ratio improved by 50 basis points to 31%, with ongoing investments in cybersecurity and Gen AI absorbed within the business.
General Insurance underwriting income rose 46% year-over-year to $626 million, with net investment income increasing 9% to $955 million on an adjusted pretax basis.
Net premiums written increased 1% to $6.9 billion, driven by growth in Global Commercial and North America Commercial segments, offset by declines in Retail Property and Lexington Property.
Adjusted Funds From Operations (AFFO) was $53.1 million or $0.24 per share in Q2 2025.
GNL reported Q2 2025 revenue of $124.9 million and a net loss attributable to common stockholders of $35.1 million.
Gross outstanding debt was reduced to $3.1 billion, down $2 billion from Q2 2024, with 85% fixed-rate debt and a weighted average interest rate of 4.3%.
Liquidity increased to approximately $1 billion with $1.1 billion capacity on the revolving credit facility.
Net debt to adjusted EBITDA ratio improved significantly to 6.6x from 8.1x a year ago.
Strategic Expansion into Residential Business Purpose Lending via Constructive Acquisition
NYMT completed the full acquisition of Constructive on July 15, marking a milestone in expanding into residential business purpose loans.
Constructive's origination of over $5.2 billion in loans across 48 states, with a focus on high-quality, diversified portfolio including 93% rental loans and 7% bridge loans.
The acquisition is expected to be immediately accretive to EAD and will enhance recurring earnings and gain on sale income.
Management emphasized the long-term growth potential of the platform, with plans to scale origination volume and expand geographic footprint, aiming for a 15% annual equity return.
Dafinchi