Dafinchi AI

HWC

Financial Services

1mo

Adjusted net income was $118 million or $1.37 per share, slightly down from prior quarter.
Capital ratios remain strong with TCE at 9.84% and CET1 at 14.03%.
Cost of funds decreased by two basis points to 1.57%, driven by lower deposit costs.
Deposits decreased by $148 million due to CD maturities and promotional rate reductions, but DDA balances increased with a 37% mix.
Fee income grew 4%, driven primarily by trust fees and treasury products.
Loans grew $364 million or 6% annualized driven by stronger demand and increased line utilization.
Loan yield increased two basis points to 5.86%, with fixed rate loans up 13 basis points and variable rate loans down two basis points.
Net charge-offs increased to 31 basis points but expected to average 15-25 basis points for full year 2025.
Net interest margin (NIM) expanded by six basis points to 1.37% ROA after adjusting for transaction expenses.
Pre-provision net revenue (PPNR) increased by $5 million or 3%, with an efficiency ratio improvement to 54.91%.

RNR

Financial Services

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.

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