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.
Credit loss improved by 21 basis points to 89 basis points for the quarter, with year-to-date credit loss at 72 basis points.
FFO totaled $297.6 million for the quarter, driven by a $20.8 million increase in pro rata NOI, higher minimum rents, stronger net recoveries, and improved credit loss.
Kimco completed a $500 million bond issuance at 5.3% interest, the lowest issuance spread in many years, and ended the quarter with consolidated net debt to EBITDA of 5.4x.
Kimco delivered funds from operations (FFO) of $0.44 per diluted share in Q2 2025, a 7.3% increase year-over-year.
Liquidity remains robust at over $2.2 billion, including $228 million in cash.
Same-site NOI increased 3.1%, driven by contractual rent growth, ancillary income, and credit loss improvement.
Small shop occupancy reached a record high of 92.2%, with strong leasing spreads including a blended pro-rata leasing spread of 15%.
The company repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield and a 24% discount to consensus NAV.
Balance sheet remained liquid and conservatively positioned with deposits increasing to $12.8 billion, partly due to FX effects.
Butterfield reported net income of $53.3 million and core net income of $53.7 million in Q2 2025.
Core earnings per share were $1.26 with a core return on average tangible common equity of 22.3%.
Credit quality improved with negligible net charge-offs and nonaccrual loans decreasing to 2% of gross loans.
Net interest income before provision for credit losses increased to $89.4 million, driven by higher average interest-earning assets but offset by lower treasury yields.
Net interest margin (NIM) was 2.64%, a decline of 6 basis points from the prior quarter, partly due to early redemption of $100 million subordinated debt causing a 2 basis point one-time negative impact.
Noninterest expenses were $91.4 million, higher than the prior quarter's $98.3 million, influenced by FX impacts, increased incentive accruals, and lower prior quarter healthcare costs.
Noninterest income totaled $57 million, down $1.4 million linked quarter due to seasonal reductions in merchant and international money transfer volumes and foreign exchange revenue, partially offset by increased trust revenue.
Dafinchi