- 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.
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- Adjusted EBITDA was $11.2 million, positive but down year-over-year, impacted by lower gross margin and strategic investments including severance costs.
- Agent count was 82,704, down 5% year-over-year but up 1% sequentially quarter-over-quarter, with increased transactions per agent indicating higher productivity.
- eXp World Holdings generated $1.3 billion in revenue in Q2 2025, with real estate sales volume up 1% year-over-year despite a 2% decrease in sales transactions.
- International segment revenue grew 59% year-over-year, driven by increased productive agents and new market launches, though adjusted EBITDA loss increased due to expansion and events.
- Non-GAAP gross margin was 12%, while GAAP gross margin was 7.1%, down 40 basis points from Q2 2024 due to more agents reaching their cap.
- North America Realty segment remains the largest revenue and profit generator with $1.3 billion revenue and $19.8 million adjusted EBITDA in Q2.
- Other affiliated services contributed modest revenue but had an adjusted EBITDA loss of $2.3 million.
- The company ended Q2 with $94.6 million in cash, after paying $17 million of a $34 million antitrust litigation settlement.
- Book value per share increased by 16% since year-end 2024.
- Diluted operating earnings per share was $4.78 for the quarter compared to $3.75 in Q2 2024.
- Expense ratio improved to 20.7% from 21.1% last year, benefiting from ceding commissions and expense management.
- In Q2 2025, Kinsale's operating earnings per share increased by 27.5% and gross written premium grew by 4.9% over Q2 2024.
- Net income and net operating earnings increased by 44.9% and 27.4%, respectively.
- Net investment income increased by 29.6% due to portfolio growth from strong operating cash flows.
- The company posted a combined ratio of 75.8% and a 6-month operating return on equity of 24.7%.
- 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.
- All rent payments are current from tenants despite the increased provision for credit losses.
- Operating expenses increased by $65.6 million primarily due to a noncash provision for credit losses based on a more pessimistic economic forecast.
- Record year-over-year revenue, AFFO, and adjusted EBITDA were achieved in the quarter.
- Rent coverage ratios ranged from 1.69 to 2.72x on master leases as of the prior quarter end.
- Total income from real estate for Q2 2025 exceeded Q2 2024 by over $14 million, driven by cash rent increases of over $22 million from acquisitions and escalations.
- Book value per share decreased to a negative $43.14 as of June 30, 2025, from a negative $40.99 at year-end 2024, mainly due to the consolidated net loss for the first six months of 2025.
- MBIA Insurance Corp. reported statutory net income of $4 million in Q2 2025 compared to a statutory net loss of $35 million in Q2 2024.
- MBIA reported a consolidated GAAP net loss of $56 million for Q2 2025, a significant improvement from a $254 million net loss in Q2 2024.
- National reported statutory net income of $6 million in Q2 2025 versus a statutory net loss of $131 million in Q2 2024.
- The adjusted net loss was $8 million for Q2 2025 compared to $138 million in Q2 2024, primarily due to lower losses in Loss Adjustment Expenses (LAE) at National related to PREPA exposure.
- Adjusted net investment income hit a record $1.8 billion, up 8.3%, supported by a fixed income portfolio yield of 5.1%.
- Core operating income reached a record $3 billion, up 29% year-over-year, driving EPS growth of 31% to $7.49 per share.
- Life Insurance premiums grew over 24.5%, with the Life division producing $324 million pretax income, up over 14%.
- Operating cash flow was strong at $4.5 billion, contributing to a nearly 10% growth in invested assets over 12 months.
- Pretax catastrophe losses were $285 million for the quarter, higher than prior year but still manageable.
- Published underwriting income was $2.3 billion, a 55% increase from the prior year, with a record combined ratio of 81.8%.
- Tangible book value per share grew 17% year-over-year and 6.6% sequentially, with an annualized core operating return on tangible equity of 24.5%.
- Total company premiums grew 7.5%, with consumer premiums up nearly 16% and commercial premiums up 3.3%.
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