- Adjusted EPS increased 11% to $1.85, while GAAP EPS was $1.51.
- Adjusted operating income grew 13% to $1.4 billion, with adjusted operating margin expanding 30 basis points to 22.7%.
- Consolidated revenue increased 11% to $6.4 billion in Q3 2025, with 4% underlying growth despite headwinds from fiduciary interest income.
- Consulting segment revenue grew 9% to $2.5 billion, with 5% underlying growth and adjusted operating margin up 40 basis points to 22.1%.
- Fiduciary interest income declined by $29 million to $109 million due to lower interest rates.
- Mercer’s revenue increased 9% to $1.6 billion, with 3% underlying growth; assets under management reached $683 billion, up 25% year-over-year.
- Oliver Wyman revenue rose 9% to $886 million, with 8% underlying growth, though Q3 benefited from favorable timing.
- Risk and Insurance Services (RIS) revenue rose 13% to $3.9 billion, with 3% underlying growth; adjusted operating margin was 24.7%.
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- Accident year combined ratio as adjusted was 88.4%, calendar year combined ratio improved by 320 basis points to 89.3%, and core operating ROE was 11.7%.
- Adjusted pretax income increased 37% to $1.4 billion, with General Insurance gross premiums written up 4% to $10.1 billion.
- AIG delivered adjusted after-tax income per diluted share of $1.81, a 56% increase year-over-year, with adjusted after-tax income of $1 billion, up 35%.
- Capital returned to shareholders totaled $2 billion in the quarter, $4.5 billion year-to-date, with plans to repurchase $5-6 billion in 2025.
- Catastrophe charges were $170 million (2.9 loss ratio points), with favorable prior year development of $128 million.
- Financial strength ratings were upgraded by S&P Global to AA- and Moody's to A1, marking significant milestones.
- General Insurance expense ratio improved by 50 basis points to 31%, with ongoing investments in cybersecurity and Gen AI absorbed within the business.
- General Insurance underwriting income rose 46% year-over-year to $626 million, with net investment income increasing 9% to $955 million on an adjusted pretax basis.
- Net premiums written increased 1% to $6.9 billion, driven by growth in Global Commercial and North America Commercial segments, offset by declines in Retail Property and Lexington Property.
- 15 acquisitions completed in the quarter with estimated annual revenues of $22 million; 29 acquisitions year-to-date with $60 million annual revenues.
- Adjusted earnings per share grew over 10% to $1.03.
- Adjusted EBITDAC margin improved by 100 basis points to 36.7%.
- Brown & Brown delivered $1.3 billion in revenue for Q2, growing 9.1% total and 3.6% organically versus prior year.
- Cash flow from operations was $537 million, up $164 million over first half of 2024.
- Completed 15 acquisitions in the quarter with estimated annual revenues of $22 million; 29 acquisitions year-to-date with $60 million in annual revenues.
- Dividends paid per share increased 15.4% compared to prior year quarter.
- Generated $537 million cash flow from operations, up $164 million over first half of 2024.
- Programs segment grew 6.1% total revenues with 4.6% organic growth; EBITDAC margin expanded 320 basis points to 52.8%.
- Retail segment revenue grew 7.9% total with 3% organic growth; EBITDAC margin decreased 50 basis points to 27.5% due to seasonality.
- Weighted average shares increased by approximately 10 million due to equity issuance.
- Wholesale Brokerage segment revenues increased 14.5% total and 3.9% organically; EBITDAC margin increased 80 basis points to 34.1%.
- Adjusted EPS increased 166% year over year to $1.15 per share in Q3 2025.
- Adjusted net revenue was $2.2 billion, up 3% year over year; 9% growth excluding credit card sale.
- CET1 ratio stood at 10.1%, representing $4.5 billion excess capital above regulatory minimum.
- Core ROTCE was 15% headline, approximately 12% excluding AOCI impact.
- Net interest margin (NIM) excluding core OID expanded 10 basis points quarter over quarter to 3.55%.
- Noninterest expense was $1.2 billion, slightly up year over year but down sequentially by $22 million.
- Provision expense declined 36% year over year to $415 million, driven by credit normalization.
- Retail auto net charge-off rate improved 36 basis points year over year to 1.88%, despite a 13 basis point sequential increase due to seasonality.
- Adjusted consolidated net operating income was $84.1 million or $1.30 per diluted share.
- Commercial Auto segment had an underlying combined ratio of 90% with 18% PIF growth, despite $19 million adverse prior-year development.
- Kemper reported net income of $72.6 million or $1.12 per diluted share for Q2 2025.
- Life segment showed stable operating results with strong return on capital and distributable cash flows.
- Operating cash flow hit an all-time high of nearly $600 million trailing 12 months.
- Return on adjusted equity was 14.9%, with adjusted book value per share growth of 14.3% year-over-year.
- Specialty Auto segment produced an underlying combined ratio of 93.5% and 8% year-over-year policies in force (PIF) growth.
- The company repurchased $80 million of common stock since April 1 and received board approval for an additional $500 million repurchase authorization.
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