- 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.
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- Adjusted EBITDA was $195.7 million.
- Gain on sale margin increased to 113 basis points, up 19 basis points from Q1 2025.
- MSR portfolio stood at $211.2 billion UPB with a weighted average coupon of 5.51%.
- Net income was $314.5 million, including a $111 million decline in fair value of MSRs.
- Purchase originations totaled $27.3 billion, marking the third-best purchase quarter ever and tracking to over $100 billion for the year.
- Refinance volume doubled year-over-year to $12.4 billion, representing about 11% of the industry volume despite owning only 2% of the servicing market.
- Total equity increased to $1.7 billion and cash position was $490 million with total available liquidity of $2.2 billion.
- UWM reported $39.7 billion in production volume for Q2 2025, the best quarter since 2021 and nearly 20% higher than Q2 2024.
- Jackson Financial reported adjusted operating earnings of $350 million in Q2 2025, driven by strong spread product performance and higher yields in the bond portfolio.
- Jackson returned $216 million to shareholders in Q2, extending 15 consecutive quarters of capital return, with $447 million returned in the first half of 2025.
- RILA account balances grew nearly 80% year-over-year to nearly $15 billion, with RILA sales up 16% sequentially to $1.4 billion.
- Total adjusted capital increased to $5.3 billion, with a risk-based capital ratio of 566%, well above the 425% target minimum.
- Total retail annuity net outflows improved to $2.2 billion, down 27% from a year ago and 39% from Q1 2025.
- Variable annuity account values increased to $239 billion by the end of Q2, with total retail annuity sales rising 4% year-over-year to $4.4 billion.
- 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%.
- Bank lending balances rose sequentially to $174 billion, supporting net interest income growth to $2 billion.
- Institutional Securities revenues were $8.5 billion, driven by strong investment banking and equities performance.
- Investment Management reached a record $1.8 trillion in assets under management (AUM) with $1.7 billion in revenues.
- Morgan Stanley reported record revenues of $18.2 billion and EPS of $2.80 for Q3 2025.
- Net new assets totaled $81 billion, with fee-based flows exceeding $40 billion for the second consecutive quarter.
- Return on tangible common equity (ROTCE) was strong at 23.5%, reflecting operating leverage.
- Total client assets increased by $1.3 trillion year-over-year to $8.9 trillion.
- Wealth Management achieved record revenues over $8 billion with a 30.3% margin.
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