- Balance sheet is strong with no secured debt maturing before 2028 and weighted average debt maturity of almost 8 years.
- Core community-based rental income increased 5.5% for the quarter and year-to-date.
- Core operating expenses were flat in the quarter, with expense growth 190 basis points lower than guidance.
- Core portfolio generated 6.4% NOI growth in the quarter, 70 basis points higher than guidance.
- Core RV and marina annual base rental income increased 3.7% in the quarter and 3.9% year-to-date.
- Membership business contributed $16 million net in the quarter and $31.4 million year-to-date.
- NOI increased 5% year-to-date compared to last year.
- Normalized per share FFO growth year-to-date is 5.7%.
- Seasonal rent decreased 5.6% and transient decreased 8.6% year-to-date.
- Second quarter normalized FFO was $0.69 per share, in line with midpoint guidance.
- Year-to-date expense growth was 70 basis points including insurance renewal impact.
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- Assurant delivered strong Q2 2025 results with adjusted EBITDA up 13% and adjusted EPS up 17%, excluding reportable catastrophes.
- Global Automotive earnings were modestly up, supported by improved loss experience and an 8% increase in net written premiums year-to-date.
- Global Housing segment showed robust growth with adjusted EBITDA up 25% year-to-date excluding catastrophes and 18% growth in Q2 excluding cats.
- Global Lifestyle segment earnings increased 2% year-to-date on a constant currency basis, with Connected Living adjusted EBITDA up 4% year-to-date.
- Year-to-date adjusted EBITDA increased 14% and adjusted EPS rose 16%, excluding catastrophes.
- Common Equity Tier 1 (CET1) ratio approached 12%, maintaining peer-leading capital ratios.
- Deposit balances increased while deposit costs declined, with total deposit cost down two basis points to 1.97%.
- Net charge-offs were stable at 42 basis points annualized, within the full-year target range of 40 to 45 basis points.
- Net interest income benefited from strong deposit and loan dynamics, achieving a 2.75% net interest margin (NIM), reaching year-end target one quarter early.
- Nonperforming assets declined 6% sequentially, and criticized loans decreased by 3%.
- Pre-provision net revenue increased by $33 million quarter-over-quarter, a 5% rise marking six consecutive quarters of improvement.
- Reported earnings per share of $0.41, with return on assets surpassing 1%.
- Revenues grew 17% year-over-year, adjusting for last year's securities portfolio repositioning.
- Common equity tier 1 (CET1) capital ratio increased 10 basis points to 10.7%.
- EPS grew by $0.13 sequentially, a 14% increase over Q2, reaching $1.50 in Q3 2025.
- Fee income grew 5% sequentially and 18% year-over-year, with Capital Markets delivering its second highest quarterly performance ever.
- Loans increased 1% period-end, with core retail loans growing by about $1 billion driven by home equity and mortgage.
- Net charge-offs decreased to 46 basis points from 48 basis points in the prior quarter, reflecting favorable credit trends.
- Net interest income (NII) increased 3.5% sequentially, driven by a 5 basis point expansion in net interest margin (NIM) to 3.0%.
- Operating leverage was positive at 3%, with expense growth limited to 1%.
- Private Bank deposits grew $3.8 billion to $12.5 billion, surpassing the year-end target of $12 billion.
- Analytics recurring sales hit a Q2 record, driven mainly by equity risk models.
- Equity index ETF AUM linked to MSCI indices surpassed $2 trillion, with total index ETF and non-ETF AUM at $6 trillion.
- Fixed income index ETF AUM linked to MSCI indices reached $84 billion, contributing to the highest quarterly ABF revenue ever.
- MSCI Inc. delivered strong Q2 2025 financial results with revenue growth over 9%, adjusted EBITDA growth over 10%, adjusted EPS growth nearly 15%, and free cash flow exceeding $300 million.
- Private capital solutions run rate grew nearly 13%, with new product launches and strong client interest.
- Retention rates remained stable overall but showed softness in analytics, sustainability, and hedge funds segments.
- Subscription run rate growth was double-digit across banks, broker-dealers, wealth managers, hedge funds, and asset owners, with active asset managers holding steady at 6%.
- Sustainability and climate subscription run rate grew 11%, with climate solutions growing nearly 20%.
- Total run rate growth was 11%, driven by record ETF AUM linked to MSCI indices, with asset-based fee (ABF) run rate growth of 17%.
- Year-to-date, MSCI repurchased $286 million of shares at an average price of $557, reflecting confidence in the franchise.
- Adjusted operating income was $68 million or $0.16 per share, driven largely by Enact's strong performance contributing $141 million.
- Corporate and Other segment reported a $29 million loss, higher than the prior year's $10 million loss due to favorable tax timing in 2024.
- Earnings from in-force rate actions were $342 million, down from $445 million the prior year due to completion of LTC legal settlements.
- Enact returned $94 million in capital to Genworth in the quarter, with a full-year expected return of approximately $400 million to shareholders.
- Enact's adjusted operating income was $141 million, slightly up from the prior quarter but down year-over-year due to a lower reserve release.
- Enact's pretax reserve release was $48 million, resulting in a loss ratio of 10%.
- Enact's primary insurance in-force grew 1% year-over-year to $270 billion with elevated persistency.
- Full-year 2025 share repurchase guidance is $100 million to $150 million, excluding potential AXA litigation proceeds.
- Genworth Life Insurance Company's consolidated risk-based capital ratio was estimated at 304%, with capital and surplus of $3.6 billion at quarter-end.
- Genworth reported net income of $51 million in the second quarter of 2025.
- Genworth's share of Enact's book value increased to $4.2 billion at quarter-end from $4.1 billion at year-end 2024.
- Holding company debt stands at $790 million with a cash interest coverage ratio of approximately 6x.
- Holding company ended the quarter with $248 million in cash and liquid assets, net $120 million after advanced cash payments.
- Life and Annuities segment reported an adjusted operating loss of $7 million, including a $20 million loss in life insurance and $13 million income from annuities.
- Life Insurance reported income of $18 million, and Annuities reported income of $89 million reflecting favorable market impacts.
- Liquidity remained strong with cash and liquid assets totaling $248 million at quarter-end.
- Long-Term Care Insurance segment reported an adjusted operating loss of $37 million, driven by a $42 million unfavorable actual-to-expected experience variance, partially offset by a $26 million pretax gain from policy recapture.
- Net investment income improved due to distributions and valuations from alternatives portfolio targeting 12% returns.
- Share repurchases totaled $30 million in the quarter at an average price of $7.01 per share, with an additional $10 million repurchased in July.
- Statutory pretax results for U.S. life insurance companies showed income of $81 million, with LTC losses of $26 million reflecting expected seasonal mortality decline.
- Total estimated pretax statutory income for U.S. life insurance companies was $81 million, primarily due to favorable impacts from equity market and interest rate movements.
Dafinchi