- Adjusted net income was $11.5 million, a 58.8% decrease compared to prior year's adjusted net income of $27.9 million.
- Commission expense ratio decreased to 13.2% from 13.9% a year ago.
- Current accident year loss and LAE ratio on voluntary business was 69%, up from 66% in the first quarter of 2025.
- Gross written premium decreased by 2.2% compared to 2024 due to a decrease in new business written premium within the middle market.
- Net investment income was $27.1 million, slightly higher than the second quarter of 2024.
- Net premiums earned increased 5.6%, primarily due to strong increases in net written premium in 2024.
- Repurchased $23 million of common stock at an average price of $48.08 per share during the quarter.
- Total investment return was $57.5 million compared to $26.5 million for the prior year.
- Underwriting expense ratio decreased to 21.7% from 22.4% a year ago.
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- Adjusted diluted EPS was $0.39 for the quarter.
- Declines were driven by lower U.S. agent count, broker fees, and revenue from previous acquisitions, partially offset by new revenue streams including RE/MAX Media Network and lead concierge initiatives.
- Revenue excluding marketing funds was $54.5 million, down 6.8% year-over-year due to negative organic growth of 5.7% and adverse foreign currency movements of 1.1%.
- Selling, operating, and administrative expenses decreased by $1 million or 2.8% to $33.9 million, primarily due to lower personnel expenses partially offset by severance and investments in flagship websites.
- Total leverage ratio was 3.58:1 as of June 30, consistent with March 31, with expectations to decrease in the second half of the year.
- Total revenue for Q2 2025 was $72.8 million, with adjusted EBITDA of $26.3 million and an adjusted EBITDA margin of 36.1%, up 30 basis points from Q2 2024.
- Book value per diluted share, excluding AOCI, increased 6% to $38.05.
- Capital and liquidity remain strong with a consolidated RBC ratio of 378% and Holdco liquidity of $187 million.
- CNO delivered strong Q2 2025 results with operating earnings per diluted share of $0.87, benefiting from favorable insurance product margins and solid investment results.
- Net investment income grew 2% year-over-year, with average yield on allocated investments at 4.92%, up 11 basis points.
- Operating return on equity was 11.8% on a trailing 12-month basis and 11.2% excluding significant items, on track to meet 2025 and 3-year targets.
- Record total new annualized premiums reached $120 million, up 17%, with double-digit insurance sales growth in both Consumer and Worksite divisions.
- Share repurchases totaled $100 million in the quarter, reducing weighted average diluted shares outstanding by 8%.
- Europe accounted for $889 million or 76% of investment volume at a 7.3% weighted average initial cash yield, while U.S. investments totaled $282 million at a 7% yield.
- Net debt to annualized pro forma adjusted EBITDA was 5.5x, in line with the company’s leverage target.
- Portfolio occupancy ended at 98.6%, 10 basis points higher than the prior quarter and above the historical median of 98.2%.
- Realty Income invested $1.2 billion in Q2 2025 at a 7.2% weighted average initial cash yield, with acquisitions having a weighted average lease term of approximately 15.2 years.
- Rent recapture rate was 103.4% across 346 leases, generating $97 million of annual cash from prior rents.
- The company sold 73 properties for $117 million in net proceeds, with $100 million related to vacant properties.
- The company sourced $43 billion in investment opportunities in Q2, matching the total volume sourced in all of 2024 and marking the highest quarterly volume in its history.
- Fee-related performance revenues were $54 million, up 45% year-over-year, driven by offshore Infrastructure K-Series vehicle performance allocation.
- Fee-related performance revenues were $54 million, up 45% year-over-year, driven by performance allocation from offshore Infrastructure K-Series vehicle.
- FRE margin improved by 360 basis points to 69%, and FRE per share increased 33% over the last 12 months.
- FRE margin improved by 360 basis points to 69%, and FRE per share increased 33% over the last 12 months ending June 30, 2025.
- Insurance segment operating earnings were $278 million, modestly ahead of prior guidance of $250 million plus/minus, with all-in pretax ROE approaching 20%.
- Insurance segment operating earnings were $278 million, modestly ahead of prior guidance of $250 million plus/minus, with pretax ROE approaching 20% when including related economics.
- KKR reported fee-related earnings (FRE) of $0.98 per share, total operating earnings (TOE) of $1.33 per share, and adjusted net income (ANI) of $1.18 per share for Q2 2025, all among the highest in company history.
- Management fees in Q2 were $996 million, up 18% year-over-year, driven by Americas XIV fund activation and broader fundraising and deployment initiatives.
- Private equity portfolio appreciated 5% in the quarter and 13% over 12 months; Real Assets and Credit portfolios showed positive returns across sub-segments.
- Private equity portfolio appreciated 5% in the quarter and 13% over the last 12 months; Real Assets and Credit portfolios also showed positive returns.
- Realized performance income was $419 million and realized investment income was $154 million, driven by public secondary sales, private transactions, and K-PRIME crystallization.
- Strategic Holdings operating earnings were $29 million, with nearly 80% of segment earnings driven by recurring earnings streams.
- Strategic Holdings operating earnings were $29 million, with nearly 80% of segment earnings from recurring streams over the last 12 months.
- Total transaction and monitoring fees were $234 million, with $200 million from Capital Markets, over half from European activities.
- Total transaction and monitoring fees were $234 million, with Capital Markets transaction fees at $200 million, over half from European activities.
- Earnings per share increased 1% to $11.55, impacted by higher operating income offset by lower non-operating income and increased diluted share count.
- Net inflows for the quarter totaled $205 billion, reflecting 10% annualized organic base fee growth, the highest since 2021.
- Operating income was $2.6 billion, up 23% year over year.
- Operating margin was 44.6%, down 120 basis points year over year due to higher performance fees and related compensation.
- Organic base fee growth was 8% over the last twelve months, the highest in over four years.
- Performance fees increased 33% year over year to $516 million, with $270 million from HPS.
- Technology services and subscription revenue grew 28% year over year, boosted by the Preqin acquisition.
- Third quarter revenue reached $6.5 billion, a 25% increase year over year, driven by acquisitions and organic base fee growth.
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