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Jackson Financial Inc.

JXN

2025 Q2

Financial Services

2mo

RILA Account Balances Up 80% YoY Supporting Spread Income

RILA account balances increased by nearly 80% from Q2 2024 to support sustainable investment spread income.
Growth in RILA assets under management driven by product launches like Market Link Pro III and Market Link Pro Advisory III, offering NASDAQ 100 Index options and principal protection.
RILA now accounts for nearly 1/3 of total retail annuity sales, highlighting Jackson’s leadership in equity participation with downside protection.

Janus Henderson Group plc

JHG

2025 Q2

Financial Services

2mo

Financial Performance Summary

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.

Annaly Capital Management, Inc.

NLY

2025 Q2

Financial Services

3mo

Financial Performance Summary

Annaly delivered an economic return of 0.7% for Q2 2025, marking the seventh consecutive quarter of positive economic returns.
Book value per share decreased 3% quarter-over-quarter to $18.45 after accounting for dividends.
Earnings available for distribution (EAD) per share increased by $0.01 to $0.73, exceeding the dividend of $0.70 for the quarter.
Higher yields on the investment portfolio at 5.41% compared to 5.23% in the prior quarter contributed to results.
Lower average repo rates of 4.53% during the quarter, a modest decline of 3 basis points, partially offset gains.
Net interest spread excluding PAA increased to 1.47% in Q2 from 1.24% a year ago; net interest margin ex PAA rose to 1.71% from 1.58%.
Residential credit business generated additional income due to growth in accretive OBX securitizations and record issuance activity.
Total facility capacity for residential credit was $4.2 billion with 40% utilization; MSR business had $2.1 billion capacity with 50% utilization.
Unencumbered assets ended Q2 at approximately $6 billion, including $4.7 billion in unencumbered Agency MBS.
Year-to-date economic return reached 3.7% with total shareholder return over 10% through quarter end.

NMI Holdings, Inc.

NMIH

2025 Q2

Financial Services

2mo

Record NIW Volume and Insured Portfolio Growth

Generated $12.5 billion of NIW volume in Q2 2025, a key driver of growth.
End of quarter insured portfolio reached a record $214.7 billion, up 2% from Q1 and 5% YoY.
Management emphasizes sustained growth and high-quality, high-performing insurance in force.

Annaly Capital Management, Inc.

NLY

2025 Q3

Financial Services

Positive Economic Return for 8 Consecutive Quarters

8.1% Q3 economic return, 11.5% YTD

Annaly recorded a positive economic return for 8 consecutive quarters, demonstrating the strength of its diversified housing finance strategy.

Reinsurance Group of America, Incorporated

RGA

2025 Q2

Financial Services

2mo

Financial Performance Summary

Book value per share increased to $156.63, representing a compounded annual growth rate of 9.7% since 2021.
Consolidated net premiums increased 14% year-over-year, with traditional business premiums up 11% on a constant currency basis, driven by strong growth in the U.S., EMEA, and Asia.
Excess capital increased to $3.8 billion at the end of Q2, or $2.3 billion pro forma for the Equitable transaction; deployable capital rose to $3.4 billion.
Investment income was strong, with a nonspread portfolio yield of 4.98% (up 8 basis points from Q1) and total variable investment income of $105 million, driven by realizations in limited partnerships and real estate joint ventures.
RGA reported operating EPS of $4.72 per share for Q2 2025, with an adjusted operating return on equity (ROE) of 14.3% for the trailing 12 months, in line with intermediate-term targets.
The effective tax rate was 25.2% for the quarter, above the expected 23%-24%, due to valuation allowances on foreign tax credits, but full-year tax rate guidance remains unchanged.
The quarter's results were below expectations due to large claims volatility in U.S. individual life and unfavorable claims in the healthcare excess business within U.S. Group.

Equitable Holdings, Inc.

EQH

2025 Q2

Financial Services

2mo

Impact of RGA Reinsurance Transaction on Earnings Volatility and Capital Flexibility

Reinsurance of 75% of in-force individual life block with RGA closed on July 31.
Significantly reduces future mortality claims exposure and earnings volatility.
Generated over $2 billion in value through ceding commission and capital release.
Plan to execute $500 million of share repurchases in second half of 2025.
Remaining capacity for opportunistic growth investments or additional buybacks.

The RMR Group Inc.

RMR

2025 Q3

Financial Services

2mo

Strategic Deleveraging and Share Price Gains in Managed REITs

RMR has focused on deleveraging through asset sales and refinancings.
Share prices of DHC and ILPT increased substantially year-to-date.
Share price improvements led to potential incentive fees exceeding $17 million for RMR.
Active asset management and sector fundamentals contributed to strong performance.

Regional Management Corp.

2025 Q2

Financial Services

2mo

Financial Performance Summary

30-day delinquency rate improved to 6.6%, down 50 basis points sequentially and 30 basis points year-over-year.
Book value per share reached $36.43 at quarter end.
Capital generation was $16.9 million in Q2, with $26.8 million year-to-date.
Net credit loss rate was 11.9%, improving 50 basis points sequentially and 80 basis points year-over-year.
Net receivables grew by $70 million sequentially and were up 10.5% year-over-year.
Operating expense ratio improved to 13.2%, an all-time best and 60 basis points better year-over-year.
Quarterly revenue reached a record $157 million, up 10% year-over-year.
Regional Management delivered net income of $10.1 million and diluted EPS of $1.03 in Q2 2025, a 20% year-over-year improvement.
Returned $17.6 million to shareholders year-to-date via $11.6 million in stock repurchases and $6.1 million in dividends.
Total originations hit a record $510 million, up 20% year-over-year.

James River Group Holdings, Ltd.

JRVR

2025 Q2

Financial Services

2mo

Financial Performance Summary

Adjusted net operating income was $0.23 per share for the quarter, with net income from continuing operations available to common shareholders at $3.2 million or $0.07 per diluted share.
Gross written premium for casualty E&S increased 4% year-over-year, with the overall E&S segment growing 3%.
James River Group reported an annualized adjusted net operating return on tangible common equity of 14% for Q2 2025, consistent with their mid-teens return target.
Net investment income was $20.5 million, up from $20 million in the previous quarter, with a conservative portfolio averaging an A+ credit rating and 3.5 duration.
Segment expenses declined over 20% year-to-date compared to the prior year, with corporate expenses down $2.4 million sequentially and $400,000 quarter-over-quarter.
Tangible common book value per share increased 5.3% to $7.49.
The combined ratio in the E&S segment was 91.7%, nearly 4 points lower than the prior year quarter, supported by underwriting profit of $11.7 million.
The group's overall combined ratio was 98.6%, consisting of a 68.1% loss ratio and a 30.5% expense ratio, with retroactive capacity lowering the combined ratio by 6.1%.

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