- Brighthouse Financial reported second quarter 2025 adjusted earnings of $198 million or $3.43 per share, down from $245 million in Q1 2025 and $346 million in Q2 2024.
- Corporate expenses were $202 million pretax, down from $239 million in Q1 2025 but slightly higher than $200 million in Q2 2024.
- Estimated combined risk-based capital (RBC) ratio was between 405% and 425%, within the target range of 400% to 450%.
- Holding company liquid assets exceeded $900 million as of June 30, 2025.
- Life insurance sales reached $33 million in Q2, contributing to a record $69 million year-to-date, up 21% year-over-year.
- Total annuity sales increased 16% sequentially to $2.6 billion, with Shield sales contributing $1.9 billion and fixed annuities $500 million.
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- Adjusted EBITDA increased by 128% or $66 million in the second quarter and more than doubled to $356 million in the first half.
- Adjusted EBITDA margin was 17% in the quarter and 23% year-to-date, an increase of nearly 500 basis points versus last year.
- Benefits and Insurance segment revenue was $102 million, up approximately 5%, with adjusted EBITDA up 21% and margin improving by 260 basis points.
- Financial Services segment revenue was $570 million, up approximately 84%, with adjusted EBITDA more than doubling to $111 million and margin improving by 250 basis points.
- Second quarter adjusted diluted earnings per share increased by 64% to $0.95 per share, and first half adjusted diluted earnings per share increased by 47% to $3.26 per share.
- Second quarter interest expense was higher by $22 million compared to last year, driven by higher outstanding debt associated with the acquisition.
- Second quarter revenue was $684 million, and first half revenue was $1.5 billion, a 63% and 66% increase, respectively, largely driven by the Marcum acquisition.
- Second quarter tax expense was $7 million higher than last year, with an effective tax rate lower by approximately 240 basis points compared to last year.
- 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.
- Book value increased 6% sequentially and 13.2% year-to-date, with ongoing share repurchases totaling $48.2 million in Q2 and July.
- Combined ratio improved by approximately 7 points year-over-year, with ex-CAT combined ratio improving by 3 points.
- Core Commercial combined ratio was 93%, with an ex-CAT combined ratio of 88.9%, and net written premium growth of 4.4%.
- Net investment income increased 16.7% to $105.5 million, driven by higher earned yields and strong cash flows.
- Operating earnings were $4.35 per diluted share with earnings growth of approximately 25% on an ex-CAT basis.
- Operating ROE was 18.7%, a record for the second quarter.
- Personal Lines showed strong profitability and balanced growth with 3.7% growth and 84.8% ex-CAT combined ratio.
- Specialty segment achieved 4.6% net written premium growth and a mid-80s combined ratio, with strong profitability.
- Adjusted operating expenses were $331 million, stable sequentially, with a decline in adjusted long-term incentives and an 8% increase in non-compensation expenses due to marketing, G&A, and acquisitions.
- Adjusted revenue increased 2% sequentially and 9% year-over-year, driven by higher management fees on increased average AUM and improved mutual fund performance fees.
- Assets under management (AUM) increased 23% to $457.3 billion, the highest quarterly AUM ever, driven by the Guardian partnership, market gains, and favorable currency adjustments.
- Excluding Guardian, net flows remained positive despite market volatility, with 15 strategies including 4 ETFs each having at least $100 million of net inflows.
- Investment performance improved meaningfully in the 1-year period, with at least two-thirds of assets beating benchmarks across 1-, 3-, 5-, and 10-year periods and over 70% of AUM in the top 2 Morningstar quartiles.
- Janus Henderson delivered a solid second quarter 2025 with adjusted diluted EPS of $0.90, a 6% increase year-over-year.
- Net inflows for the quarter were $46.7 billion, including $46.5 billion from Guardian's general account, marking the fifth consecutive quarter of positive net flows.
- Net management fee margin was 47.5 basis points in Q2, down from the prior quarter due to mix shifts and one-time adjustments.
- The adjusted operating margin was 33.5%, and the firm maintained a strong balance sheet with $900 million in cash and cash equivalents.
- The company returned $202 million to shareholders in the first half of 2025 through dividends and share repurchases, reducing shares outstanding by over 22% since 2018.
- Common equity Tier 1 ratio increased, loan-to-deposit ratio remained flat at 81%, and tangible book value per common share grew over 3% to $35.13.
- Expenses increased modestly by $2.1 million due to investments in human capital and technology, maintaining an efficiency ratio of 45.4%.
- Net interest income increased by $9 million, while net interest margin decreased 4 basis points to 3.44%, influenced by deposit mix shifts and higher cash balances.
- Non-interest income rose by $3 million, driven by deposit service fees and lower credit valuation adjustment impact.
- Non-performing assets decreased 5%, and commercial classified loans declined 4%, indicating improving asset quality.
- Provision for credit losses decreased by $31 million to $47 million, with net charge-offs at $36 million and allowance for loan losses at $722 million (1.35% of loans).
- Return on tangible common equity was 18%, ROAA nearly 1.3%, with over 1% linked quarter growth in loans and deposits.
- Revenue grew 1.6% over the prior quarter, with net income to common shareholders up $31 million and EPS increasing to $1.52 from $1.30.
- 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%.
- Blue Foundry Bancorp reported a net loss of $2 million or $0.10 per diluted share for Q2 2025, an improvement of $735,000 from the prior quarter.
- Cost of funds declined by 13 basis points to 2.72%, with deposit costs down 13 basis points to 2.62% and borrowings cost down 9 basis points to 3.30%.
- Deposits increased by $29.1 million or 2%, with core deposits growing approximately 4%, fueled by full banking relationships with commercial customers.
- Gross loans increased by $47.4 million during the quarter, with organic growth in owner-occupied commercial real estate and construction, plus $45 million in credit-enhanced consumer loan purchases.
- Interest income rose by $725,000 primarily due to loan growth, while interest expense declined by $171,000 reflecting lower deposit costs.
- Loan portfolio yield improved by 8 basis points to 4.80%, and total interest-earning assets yield increased by 7 basis points to 4.58%.
- Net interest income increased by $896,000 or 8.3%, driven by a 12 basis point expansion in net interest margin and loan growth.
- Noninterest expense decreased by $90,000 compared to prior quarter, mainly due to seasonal occupancy expense, and is expected to remain in the mid- to high $13 million range.
- Nonperforming assets and loans increased slightly but remain low at 0.30% and 0.38% respectively, with allowance coverage ratios slightly decreased but still strong.
- Provision for credit losses was $463,000, primarily for reserves on unfunded loan commitments scheduled to close in Q3.
- Adjusted net investment income was nearly $1.7 billion, up 8%, with a fixed income portfolio yield of 5.1% and new money rate averaging 5.4%.
- Annualized core operating return on tangible equity was 21%.
- Core operating EPS was a record $6.14, up 14% from a year ago, supported by record underwriting, strong investment results and good premium revenue growth.
- Core operating income of $2.5 billion was a record result, up 13%.
- Current accident year underwriting income, excluding cats, was up almost 11.5%, supported by a combined ratio of 82.3%, nearly a full point improvement from prior year.
- Global P&C premiums grew 5.8% and 6.4% in constant dollars, with commercial up 4.2% and consumer up 11.9%.
- International general insurance premiums were up 8.5% or over 10% in constant dollar, with Asia growing over 12.5%, Europe over 8%, and Latin America over 17%.
- Life division produced $305 million of pretax income, up about 10.5%.
- Life Insurance premiums grew almost 17.5%.
- North America P&C premiums, excluding agriculture, were up 5.3%, with personal insurance up 9.1% and commercial up 4.1%.
- Operating cash flow in the quarter was $3.2 billion.
- Pretax catastrophe losses were $630 million for the quarter, split 60% U.S. and 40% international.
- Pretax prior period development was favorable $319 million, mostly short tail commercial property-related lines and personal auto.
- Published underwriting income of $1.6 billion was up 15% from a year ago, leading to a combined ratio of 85.6%, more than 1 percentage point better than a year earlier.
- Renewal retention on a policy count basis was 86%.
- Tangible book value growth was up 23.7% per share from a year ago and 8% from the previous quarter.
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