Fee income was $95 million for the quarter, fully recovering from losses last quarter, with management fees of $57 million and performance fees of $39 million.
Gross premiums written were $3.4 billion, flat year-over-year, with net premiums written at $2.7 billion, also flat, but with shifts at the class of business level.
Operating expense ratio was 5.2%, up about 1 point from last year, reflecting continued investment in the business.
RenaissanceRe delivered a 24% operating return on equity this quarter and grew tangible book value per share by 10% year-to-date and over 20% over the past 12 months despite significant catastrophe losses and share repurchases.
Retained net investment income was $286 million, slightly up from the first quarter, driven by growth in invested assets and a cautious but accretive investment approach.
Share repurchases totaled $808 million year-to-date, with 3.3 million shares repurchased, demonstrating strong capital management and conviction in stock value.
The new 15% Bermuda corporate income tax impacted results with a tax expense of $177 million and an effective tax rate on GAAP net income of 13%.
Underwriting income was $602 million, up 26% from last year, with an adjusted combined ratio of 73%, reflecting low catastrophe losses and favorable development.
Average premium per policy increased by 11.9%, with policies in-force growth of 1.7% and a strong policy retention ratio of 89.7%.
Erie Insurance Exchange's direct and assumed written premiums grew by 9.2% in Q2 2025 and 11.4% in the first half of 2025 compared to the prior year.
Excluding catastrophe losses and prior accident year reserve development, the direct current year non-catastrophe loss ratio was 94.6% in Q2 and 95.1% year-to-date 2025.
Indemnity net income was $175 million or $3.34 per diluted share in Q2 2025, up from $164 million or $3.13 per diluted share in Q2 2024.
Investment income totaled nearly $20 million in Q2 2025, up from $14 million in Q2 2024; year-to-date investment income was $39 million versus $29 million last year.
Management fee revenue increased 8.3% in Q2 to $824 million and nearly 11% year-to-date to $1.6 billion.
Non-commission expenses increased 6.1% in Q2 and 7.7% year-to-date, driven by higher IT, sales, advertising, and personnel costs.
Operating income increased nearly 5% in Q2 to almost $200 million and 7% year-to-date to $350 million, driven by higher management fee revenue.
Policyholder surplus slightly decreased from $9.3 billion at December 2024 to $9.2 billion at June 2025.
The Exchange's combined ratio was 116.9% in Q2 2025, slightly higher than 115.9% in Q2 2024, driven by catastrophic weather events contributing 20.7 points versus 16.2 points previously.
Total cost of operations increased 9.1% in Q2 and 11.5% year-to-date, with commission expenses rising over 10% in Q2 and 13.1% year-to-date.
Year-to-date combined ratio was 112.6% in 2025 compared to 111.1% in 2024, with catastrophe losses increasing to 18.5 points from 12.7 points.
Year-to-date Indemnity net income was $313 million or $5.99 per diluted share, compared to $289 million or $5.52 per diluted share last year.
Completed 555 full and partial upgrades in Q2, leased 381 upgraded units with an average rent premium of $73 and 26% ROI.
Core FFO for Q2 was $18 million or $0.71 per diluted share, up from $0.69 in Q2 2024.
Entered a new 5-year $100 million SOFR swap at 3.489% fixed rate.
Net loss for Q2 2025 was $7 million or $0.28 loss per diluted share on total revenue of $63.1 million, compared to net income of $10.6 million or $0.40 EPS on $64.2 million revenue in Q2 2024.
NOI was $38 million on 35 properties versus $38.9 million on 36 properties in Q2 2024.
Paid a Q2 dividend of $0.51 per share, a 147.6% increase since inception, with 1.39x core FFO coverage and 72.2% payout ratio.
Repurchased 223,109 shares for $7.6 million at an average price of $34.29 per share.
Same-store rent and occupancy decreased 1.3% and 0.8%, respectively, leading to a 1.1% decrease in same-store NOI compared to Q2 2024.
Since inception, 9,113 upgrades installed with average monthly rental increases of $165, $50, and $43 for full/partial upgrades, kitchen/laundry appliances, and tech packages respectively, with strong ROI.
Dafinchi