- 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%.
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- Adjusted compensation expense was $504 million in Q2 with a ratio of 65.5%, and adjusted non-compensation expense was $157 million with a ratio of 20.4%.
- Adjusted effective tax rate for Q2 was 36.5%, expected full year 2025 rate in mid-20% range.
- Asset Management adjusted net revenue was $268 million in Q2, up 1% year-over-year, with average AUM of $239 billion, 3% lower than Q2 2024 but up 3% sequentially.
- Asset Management delivered adjusted net revenue of $533 million for the first half, with AUM increasing 10% year-to-date and positive net flows in Q2.
- Financial Advisory achieved a record first half with adjusted net revenue of $861 million, driven by geographic and product diversity including record revenue in France and Germany.
- Lazard reported total firm-wide adjusted net revenue of $1.4 billion for the first half of 2025.
- Returned $60 million to shareholders in Q2 including a $47 million dividend; declared quarterly dividend of $0.50 per share.
- Second quarter firm-wide adjusted net revenue was $770 million, up 12% year-over-year, with Financial Advisory revenue up 20% to $491 million.
- Adjusted EBITDA grew 5%, exceeding the top end of the outlook, with margins improving 200 basis points sequentially.
- Adjusted EPS was $1.36, meeting expectations despite higher depreciation and amortization expenses.
- Banking EBITDA margin contracted 70 basis points due to an $8 million bad debt charge; Capital Markets margin contracted 50 basis points due to acquisition-related dilution.
- Banking revenue grew 6%, above the high end of guidance, driven by commercial excellence and strong client retention.
- Capital Markets revenue grew 5%, slightly below expectations due to temporary slowdown in loan syndication activity.
- FIS delivered 5% revenue growth in Q2 2025, accelerating from 4% in Q1, driven primarily by momentum in the Banking segment.
- Free cash flow was $292 million with a cash conversion rate of 52% in Q2, and 61% year-to-date, improving from 53% prior year.
- Leverage increased modestly to 3x, or 2.9x excluding currency impacts, with a long-term target of 2.8x.
- Recurring revenue represented 81% of total revenue, growing 6% overall with 7% growth in Banking recurring revenue.
- Book value per share increased quarter-over-quarter to $13.49.
- Combined cash and unencumbered assets increased to about $920 million, more than 50% of total equity.
- Ellington Financial reported GAAP net income of $0.45 per share and adjusted distributable earnings (ADE) of $0.47 per share in Q2 2025.
- Leverage ratios remained stable with recourse debt-to-equity at 1.7:1 and overall debt-to-equity at 8.7:1 including securitizations.
- Longbridge segment contributed $0.13 per share to ADE, driven by strong origination volumes, securitization gains, and servicing income.
- Net interest margin (NIM) on the credit portfolio increased by 21 basis points, while the NIM on Agency decreased by 17 basis points.
- Portfolio size remained roughly unchanged quarter-over-quarter with growth in mortgage loan portfolios offset by securitizations and tactical sales.
- The company achieved an annualized economic return of nearly 14% and a total economic return of 3.3% for the quarter (non-annualized).
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