- Asset quality improved with decreases in nonaccrual loans, criticized loans, and past due loans.
- Deposits remained flat, partly due to efforts to control deposit costs.
- Loan growth was approximately 7% on an annualized basis in Q2, with early indications of increased loan demand in July.
- Loan loss reserves are deemed sufficient to cover any exposures.
- Net interest margin improved to 3.85% from 3.75% last quarter.
- Preferred Bank reported a second quarter net income of $32.8 million or $2.52 per share, showing reasonable improvement from the previous quarter.
- The bank repurchased $56 million of stock this quarter, which slightly impacted net interest income, PPNR, and net interest margin.
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- Excluding the $0.03 impact from noncash provisions, adjusted Q2 EPS was $0.42.
- Liquidity stood at approximately $1.2 billion with no corporate debt maturities until 2027 and a weighted average debt maturity of 19 years.
- Safehold reported Q2 2025 GAAP revenue of $93.8 million, net income of $27.9 million, and earnings per share of $0.39.
- The portfolio earned a 3.7% cash yield and a 5.4% annualized yield on a GAAP basis, with an economic yield of 5.8%, increasing to 7.5% when including inflation adjustments and unrealized capital appreciation.
- The year-over-year decline in GAAP earnings was mainly due to a $1.7 million increase in noncash general provision for credit losses, primarily from new leasehold loan originations.
- Total portfolio value was $6.9 billion with an estimated unrealized capital appreciation portfolio of approximately 37 million square feet of commercial real estate.
- Adjusted net income was $96.5 million or $1.22 per diluted share, with a 16.3% adjusted return on equity.
- Claims expense was $13.4 million in the quarter.
- Defaults declined to 6,709 at June 30 from 6,859 at March 31, with a default rate of 1%.
- GAAP net income was $96.2 million and diluted EPS was $1.21.
- Investment income was $24.9 million, up from $23.7 million in Q1 and $20.7 million in Q2 2024.
- National MI generated $12.5 billion of new insurance written (NIW) volume in Q2 2025, ending with a record $214.7 billion of primary insurance in force.
- Net premiums earned were $149.1 million, slightly down from $149.4 million in Q1 2025 but up from $141.2 million in Q2 2024.
- Net yield was 28 basis points; core yield (excluding reinsurance and cancellation earnings) was 34.2 basis points, up from 34.1 basis points in Q1.
- Shareholders' equity was $2.4 billion with book value per share of $31.14, up 4% from Q1 and 16% from Q2 2024.
- The company repurchased $23.2 million of common stock in Q2, retiring 628,000 shares at an average price of $36.90, with $281 million of repurchase capacity remaining.
- Total cash and investments were $3 billion, including $169 million at the holding company.
- Total revenue was a record $173.8 million, up from $173.2 million in Q1 2025 and $162.1 million in Q2 2024.
- Underwriting and operating expenses were $29.5 million, down from $30.2 million in Q1, resulting in a record low expense ratio of 19.8%.
- Adjusted EBITDA from continuing operations was a loss of $5 million, down from a sub $1 million loss in Q2 2024, impacted by increased intangible amortization and interest expense related to the Beat acquisition.
- Ambac reported a net loss from continuing operations of $21 million or $0.45 per share in Q2 2025, compared to a loss of $15 million or $0.33 per share in Q2 2024.
- Everspan's net earned premiums declined 41% to $16 million, but loss ratio improved to 67.8% from 85.1%, and adjusted EBITDA improved by $1.7 million to $0.7 million.
- Insurance Distribution revenues rose 148% to $33 million, with adjusted EBITDA on an operating basis of $5 million at a 13.9% margin.
- Total revenues increased 8% to $55 million, driven by Insurance Distribution segment growth, while Everspan premiums declined due to underwriting repositioning.
- Adjusted compensation and related costs of $662 million essentially flat to Q1 2025; technology, occupancy, and facility costs up 7% from Q1 2025.
- Adjusted diluted earnings per share of $2.24 for Q2 2025 is in line with prior quarter's $2.23 and Q2 2024 EPS of $2.26.
- Adjusted net revenue of $1.76 billion is flat to Q2 2024 and down marginally from Q1 2025.
- Adjusted operating expenses of just over $1.1 billion, up 1% from Q1 2025 and 3.7% from Q2 2024.
- Average equity AUM down 5% and overall average AUM down 2% from Q1 2025; effective fee rate lowered to 39.6 basis points due to mix shift and flows into lower-priced products.
- Net outflows of $14.9 billion driven by U.S. equities, timing of client redemptions, and rebalancing activity coinciding with equity market snapback.
- Positive net flows in fixed income, multi-asset, alternatives, and $2.5 billion net flows into ETF products.
- Returned over $395 million to stockholders in first half of 2025, including $286 million in dividends and $109 million in share buybacks during Q2.
- Consolidated operating income for Q2 2025 was $1.1 billion, up from $410 million in Q2 2024, driven largely by unrealized gains on the equity portfolio.
- Expense ratio increased to 36.3% from 34.5% due to severance, professional fees, and controllable expense increases, with a commitment to reduce controllable expenses over time.
- Favorable reserve development of 6 points was reported in the first half of 2025 despite reserve strengthening in runoff lines.
- Gross written premiums in Markel Insurance were down 2% in Q2 2025 but net earned premiums were up 3%, reflecting underwriting actions to improve profitability.
- Investments operating income rose to $822 million in Q2 2025 from $100 million a year ago, with a 5.4% return on the equity portfolio and $597 million in mark-to-market gains.
- Markel Group shares have compounded at an annual growth rate of over 16% over the last 5 years.
- Markel Insurance combined ratio was 96.9% in Q2 2025 versus 93.8% a year ago, impacted by adverse development in discontinued product lines and runoff businesses.
- Markel Insurance operating income declined to $128 million in Q2 2025 from $177 million a year ago due to less favorable prior year loss development and a higher expense ratio.
- Markel Ventures funded all capital expenditures internally and generated cash for share repurchases and other uses.
- Markel Ventures revenues increased 7% to $1.55 billion in Q2 2025, with operating income up 17% to $208 million, driven by acquisitions and growth in construction services.
- Net investment income was $228 million in Q2 2025, slightly up from $220 million in Q2 2024, with fixed income yields improving but moderated by lower short-term interest rates.
- Commercial Lines also showed consistent profitability, beating industry combined ratios by 8 to 20 points over the last 20 years despite a challenging commercial auto market.
- Expense ratios, including loss adjustment expenses (LAE), have been reduced over the last decade, contributing to maintaining competitive pricing and profitability.
- Personal auto saw a less than 1% rate decline in the quarter, with increased marketing spend of $2.5 billion year-to-date, up $900 million from last year, supporting growth despite competitive pressures.
- Progressive delivered strong profitability in the first half of 2025, adding over $5 billion in premiums written and nearly 2.4 million additional policies in force (PIFs) compared to the first half of 2024.
- The company outperformed the industry combined ratio by more than 7 points in 2024 and gained over 1.5 points in personal auto market share, the largest share gain by any carrier in 15 years.
- The company’s combined ratio target remains at or below 96, balancing growth and underwriting profit.
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