Community operating expenses increased by 7%, mainly due to acquisitions and higher payroll and maintenance costs, but same-property operating expense ratio improved to 38.2% from 39.4% last year.
Debt totaled approximately $659 million with a weighted average interest rate of 4.63%, mostly fixed rate, and total market capitalization increased 13% to approximately $2.4 billion.
Gross sales of manufactured homes increased by 19% for the quarter, with gains from sales at 14% of total sales.
Normalized FFO for Q2 2025 was $0.23 per share, unchanged from Q2 2024, with a 16% increase in normalized FFO in dollar terms to $19.5 million.
Same-property rental and related income increased by 8%, and same-property NOI increased by 10% for the quarter.
Total revenue increased approximately 10% year-over-year to $66.6 million, driven by a 9% increase in rental and related income and a sales record of $10.5 million in manufactured home sales.
Employee Benefits segment earnings rose 15% to $69 million, driven by improved loss ratios and favorable claims experience.
Investment Management net inflows were about $2 billion in Q2, contributing to nearly $10 billion year-to-date.
Investment Management segment posted $51 million in adjusted operating earnings for Q2 and $214 million over the last 12 months, increases of 2% and 15% respectively.
Retirement segment generated $235 million in adjusted operating earnings for the quarter, up 10% year-over-year, with over $860 million in the last 12 months, up 19%.
Total defined contribution net inflows were approximately $12 billion in Q2, with year-to-date net flows exceeding $40 billion.
Voya Financial reported adjusted operating earnings per share of $2.46 in Q2 2025, a 13% increase year-over-year.
Voya generated approximately $200 million of excess capital in Q2 and $400 million year-to-date, strengthening the balance sheet.
Book value per share increased over 12.6% to $25.14, driven by strong operating earnings and higher investment valuations.
Favorable prior year loss reserve development continued, benefiting the consolidated loss ratio by 2.1 percentage points.
Net investment income increased 2.4% due to higher bond yields despite a lower invested asset base after a $500 million special dividend.
Net operating income was $209 million for the quarter, up from $202 million last year, with earnings per share increasing 9% to $0.83 from $0.76.
Old Republic International produced $267.5 million of consolidated pretax operating income in Q2 2025, up from $253.8 million in Q2 2024.
Regular cash dividends of $71 million were paid, with minimal share repurchases during the quarter.
Specialty Insurance net premiums earned grew 14.6% with pretax operating income of $253.7 million, up from $202.5 million last year, and a combined ratio improvement to 90.7 from 92.4.
The consolidated combined ratio was 93.6 compared to 93.5 in the prior year quarter.
Title Insurance premiums and fees earned grew 5.2% to $698 million, but pretax operating income declined to $24.2 million from $46 million, with the combined ratio rising to 99 from 95.4.
Adjusted net income return on equity was 28.6% over the trailing 12 months.
Auto insurance combined ratio was 86%, a 9.9 point improvement from the second quarter of 2024.
Divestitures of Employee Voluntary Benefits and Group Health businesses generated $3.25 billion, representing a 25 times multiple of latest 12-month earnings.
Homeowners business had an underlying combined ratio of 58.6 but was offset by $1.6 billion in catastrophe losses, leading to a combined ratio of 102 in the quarter.
Investment income was $754 million in the quarter, representing a total return of 1.4% for the quarter and 5.4% for the last 12 months.
Net income was $2.1 billion and adjusted net income was $1.6 billion or $5.94 per diluted share.
Personal property-liability policies in force increased by 0.8 points.
Property-Liability business generated nearly $1.3 billion of underwriting income with a combined ratio of 91.1%, a 10-point improvement from prior year quarter.
Protection Services revenues were $867 million in the quarter, generating $60 million of income.
Returned $1.1 billion in dividends and repurchased $445 million of common stock in the past year.
Revenues were $16.6 billion in the second quarter, a 5.8% increase compared to the second quarter of 2024.
Total policies in force increased by 4.2% over the prior year, led by Allstate Protection Plans.
Dafinchi