- Adjusted operating expenses were $331 million, stable sequentially, with a decline in adjusted long-term incentives and an 8% increase in non-compensation expenses due to marketing, G&A, and acquisitions.
- Adjusted revenue increased 2% sequentially and 9% year-over-year, driven by higher management fees on increased average AUM and improved mutual fund performance fees.
- Assets under management (AUM) increased 23% to $457.3 billion, the highest quarterly AUM ever, driven by the Guardian partnership, market gains, and favorable currency adjustments.
- Excluding Guardian, net flows remained positive despite market volatility, with 15 strategies including 4 ETFs each having at least $100 million of net inflows.
- Investment performance improved meaningfully in the 1-year period, with at least two-thirds of assets beating benchmarks across 1-, 3-, 5-, and 10-year periods and over 70% of AUM in the top 2 Morningstar quartiles.
- Janus Henderson delivered a solid second quarter 2025 with adjusted diluted EPS of $0.90, a 6% increase year-over-year.
- Net inflows for the quarter were $46.7 billion, including $46.5 billion from Guardian's general account, marking the fifth consecutive quarter of positive net flows.
- Net management fee margin was 47.5 basis points in Q2, down from the prior quarter due to mix shifts and one-time adjustments.
- The adjusted operating margin was 33.5%, and the firm maintained a strong balance sheet with $900 million in cash and cash equivalents.
- The company returned $202 million to shareholders in the first half of 2025 through dividends and share repurchases, reducing shares outstanding by over 22% since 2018.
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- Book value per share increased 16% year-to-date, inclusive of dividends, on an 82% combined ratio and double-digit net investment income growth.
- Casualty and Surety segments posted 7% premium growth each, with Casualty combined ratio at 96.5% and Surety at 87.9%.
- Net earnings on a GAAP basis were $1.34 per share versus $0.89 in Q2 2024, influenced by $44 million unrealized equity gains this quarter compared to $4 million last year.
- Operating cash flow for Q2 was $175 million, up $33 million from last year, with a 2.9% total return for the quarter and strong first half performance.
- Property segment premiums declined 10%, influenced by rate decreases in E&S Property, but Marine and Hawaii Homeowners products grew.
- Second quarter operating earnings were $0.84 per share, supported by solid underwriting performance and a 16% increase in investment income.
- The total combined ratio was 84.5%, up from 81.5% last year, reflecting modest increases in loss and expense ratios but still within expectations.
- 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.
- A $50 million new private placement debt was closed in August 2025 to retire $60 million of senior notes maturing the same month.
- Adjusted net income per adjusted share was flat compared to last quarter and up slightly compared to the second quarter of 2024.
- Adjusted operating expenses increased 3% from the first quarter and 5% from the same quarter last year, mainly due to higher incentive compensation and a $1.2 million charge related to the closure of the China Post-Venture strategy.
- Adjusted operating income increased slightly compared to the prior quarter and 3% compared to the same quarter last year.
- Average AUM for the quarter was flat sequentially and up 5% compared to the June 2024 quarter; year-to-date average AUM improved 7% over the prior year 6-month period.
- Balance sheet remains strong with approximately $140 million of seed capital invested in seeded products and an unused $100 million revolving credit facility.
- Net client cash outflows during the June quarter were $1.9 billion, driven by lower gross equity inflows and outflows, partially offset by positive fixed income flows.
- Revenues for the quarter were up 2% compared to the March quarter and up 4% compared to the prior year second quarter.
- Second quarter results reflect strong equity market returns across global markets, driving ending AUM to $176 billion, up 8% compared to the March quarter.
- The Board declared a quarterly dividend of $0.73 per share for the June 2025 quarter, a 7% increase over the prior quarter.
- The second quarter marks the 12th consecutive quarter of positive flows for the fixed income business.
- Weighted average recurring fee rate for the quarter was 68 basis points, slightly up from the prior quarter.
- Year-to-date 2025 revenues were up 5% compared to the first half of 2024; adjusted operating expenses increased 4% primarily from higher incentive compensation and long-term incentive award grants.
- Brighthouse Financial reported second quarter 2025 adjusted earnings of $198 million or $3.43 per share, down from $245 million in Q1 2025 and $346 million in Q2 2024.
- Corporate expenses were $202 million pretax, down from $239 million in Q1 2025 but slightly higher than $200 million in Q2 2024.
- Estimated combined risk-based capital (RBC) ratio was between 405% and 425%, within the target range of 400% to 450%.
- Holding company liquid assets exceeded $900 million as of June 30, 2025.
- Life insurance sales reached $33 million in Q2, contributing to a record $69 million year-to-date, up 21% year-over-year.
- Total annuity sales increased 16% sequentially to $2.6 billion, with Shield sales contributing $1.9 billion and fixed annuities $500 million.
- Book value per common share increased to $33.18, and adjusted book value per share grew to $34.93.
- Net investment income increased 20% year-over-year, supported by higher yields on fixed maturity investments.
- Second quarter net income was $0.87 per diluted share, with adjusted operating income of $0.90 per diluted share.
- The combined ratio improved by 9.2 points to 96.4%, with an underlying loss ratio improvement of 1.3 points to 57.6%.
- UFG Insurance reported record net written premium of $373 million in Q2 2025, a 14% increase driven by improved retention, new business production, and rate increases.
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