- After-tax net investment income was $101 million, generating 13 points of ROE, up 50 basis points from Q2 2024.
- Book value per share increased 9% in the first half of 2025, driven by profitability and reduced after-tax net unrealized fixed income security losses.
- Excess and Surplus lines grew 9% with a combined ratio of 89.8%, while Personal Lines combined ratio improved to 91.6%, 26.5 points better than a year ago.
- Expense ratio increased by 60 basis points due to higher expected employee compensation after lower profit-based payouts last year.
- Fully diluted EPS was $1.36 and non-GAAP operating EPS was $1.31 for the quarter.
- Insurance segments grew 5%, with combined ratios at or below the 95% long-term target for Excess and Surplus and Personal Lines.
- Selective Insurance Group delivered an operating return on equity of 10.3% in Q2 2025 with investment income increasing 18% year-over-year.
- Standard Commercial Lines reported a combined ratio of 102.8%, including 4.8 points of unfavorable prior year casualty development.
- The GAAP combined ratio was elevated primarily due to prior year casualty reserve development; catastrophe losses were 6.7%, better than anticipated.
- The overall combined ratio for the quarter was 100.2%, impacted by 3.8 points of unfavorable prior year casualty reserve development and 6 points of catastrophe losses.
- Underlying combined ratio improved 170 basis points year-over-year to 89.7% for the quarter.
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- Advisory revenue was $127 million with strong contributions from financials, industrials, and improving health care and technology sectors.
- Asset management revenues rose 6%, reflecting market appreciation and improved organic growth.
- Commissions and principal transactions rose 11% with gains in both Global Wealth and Institutional segments.
- Compensation ratio was 58%, consistent with the high end of full year guidance, and operating pretax margin was 20.3%.
- Equity capital raising totaled $46 million with a market shutdown for six weeks post-Liberation Day but recovery mid-May.
- Equity transactional revenue increased 16% year-over-year, and fixed income revenue rose 21% year-over-year.
- Fixed income underwriting revenue was $54 million, up 18% sequentially driven by public finance activity.
- Global Wealth Management posted its strongest second quarter ever with record client asset levels and higher net interest income.
- Institutional business revenue increased 7% year-over-year, with record fixed income revenue and a late quarter pickup in investment banking.
- Investment banking revenue totaled $233 million, exceeding guidance by over $20 million due to six transactions closing late in the quarter.
- Net interest income increased 8% due to higher interest earning assets and lower funding costs.
- Net interest income of $270 million came in at the high end of guidance with a 12 basis point increase in bank net interest margin.
- Non-compensation expenses increased 7% year-over-year, with severance and restructuring charges of $28 million in European operations.
- Operating EPS of $1.71 was up 7% from the prior year.
- Provision for income taxes was 25.4%, slightly above consensus due to nondeductible foreign losses.
- Stifel Financial delivered over $1.28 billion of net revenue and $1.71 in core EPS in Q2 2025, marking the best second quarter in company history with a return on tangible common equity of 22%.
- Tier 1 leverage capital ratio was 10.8%, and Tier 1 risk-based capital ratio was 17.5%, with approximately $315 million of excess capital.
- Adjusted EBITDA for Q2 was $76.3 million, down 12.5% year-over-year, with an adjusted EBITDA margin of 35%, the second highest quarterly margin in company history despite a 90 basis point decrease from last year.
- Capital Markets Compliance and Communications Management segment net sales declined 17.8% to $93.5 million due to lower transactional revenue and print volume.
- Donnelley Financial Solutions reported second quarter 2025 net sales of $218.1 million, a 10.1% decrease from Q2 2024, driven by declines in Compliance and Communications Management segments and capital markets transactional revenue.
- Donnelley Financial Solutions reported second quarter 2025 total net sales of $218.1 million, a 10.1% decrease from Q2 2024, driven by declines in Compliance and Communications Management segments and capital markets transactional revenue.
- Free cash flow was $51.7 million, $14.9 million higher than Q2 2024, driven by favorable working capital and lower capital expenditures despite lower adjusted EBITDA.
- Free cash flow was $51.7 million, up $14.9 million year-over-year, driven by favorable working capital and lower capital expenditures despite lower adjusted EBITDA.
- Investment Companies Compliance and Communications Management segment net sales decreased 25.2% to $32.4 million, primarily due to lower print and distribution volume impacted by regulatory changes.
- Investment Company Software Solutions segment net sales increased 17% to $33.1 million, driven by Tailored Shareholder Report solution revenue.
- Non-GAAP net leverage ratio was 0.7x as of June 30, 2025, with total debt at $190.1 million and $77 million drawn on the revolver.
- Non-GAAP net leverage ratio was 0.7x with total debt at $190.1 million and $156.3 million non-GAAP net debt as of June 30, 2025.
- Print and distribution net sales declined by approximately $14 million or 26%, primarily due to lower proxy statement and annual report volumes and the impact of the Tailored Shareholder Reports regulation.
- Segment results showed Capital Markets Software Solutions net sales increased 3.1% to $59.1 million, led by ActiveDisclosure's 11% growth, while Venue revenue was nearly flat but down 1% year-over-year.
- Software solutions net sales grew approximately 8% year-over-year, including 15% growth in recurring compliance software offerings, making up 42.3% of total net sales, up 700 basis points from last year.
- The company repurchased approximately 787,000 shares for $34.3 million in Q2, with a new $150 million share repurchase authorization effective May 16, 2025.
- Allowance for credit losses was 10.35% of loan receivables, down 24 basis points from prior quarter.
- Capital ratios improved with CET1 at 13.7%, Tier 1 capital ratio at 14.9%, and total capital ratio at 17%.
- Efficiency ratio increased 140 basis points to 32.6% due to higher expenses and RSAs impact.
- Net earnings of $1.1 billion or $2.86 per diluted share in Q3 2025.
- Net interest income increased 2% to $4.7 billion, with net interest margin up 58 basis points to 15.62%.
- Provision for credit losses decreased by $451 million to $1.1 billion, driven by lower net charge-offs and reserve releases.
- Purchase volume grew 2% year-over-year to $46 billion across five platforms.
- Return on average assets was 3.6%, and return on tangible common equity was 30.6%.
- Adjusted EPS was $4.51, a 16% increase year-over-year.
- Client cash revenue was $414 million, up $5 million from Q1; client cash balances ended at $51 billion, down $2 billion sequentially.
- Commission and advisory fees net of payout were $349 million, down $14 million from Q1.
- Core G&A expenses were $426 million, below outlook range; full year 2025 outlook lowered to $1.720 billion to $1.750 billion excluding deals.
- Corporate cash ended Q2 at $3.6 billion, up $3 billion from Q1 due to capital raises; expected to decrease post-Commonwealth close.
- Depreciation and amortization were $96 million, up $4 million sequentially; expected to increase by $5 million in Q3.
- Gross profit was $1.304 billion, up $32 million sequentially.
- ICA yield was 342 basis points, up 5 basis points from Q1; expected to be flat in Q3.
- Including Commonwealth, new core G&A outlook is $1.880 billion to $1.920 billion.
- Interest expense was $102 million, up $22 million sequentially due to April debt issuance; expected to increase by $5 million in Q3.
- Leverage ratio was 1.23x at end of Q2; expected to be 2.25x post-close with a path to 2x by end of 2026.
- Organic net new assets were $21 billion, representing a 5% annualized growth rate.
- Payout rate was 87.3%, up approximately 60 basis points from Q1, with an expected increase to 87.6% in Q3.
- Promotional expense was $164 million, up $12 million from Q1; expected to increase by $35 million in Q3.
- Service and fee revenue was $152 million, up $7 million from Q1; expected to increase by $20 million in Q3.
- Tax rate was approximately 26% in Q2; expected around 27% in Q3.
- Total assets increased to a record $1.9 trillion in Q2, driven by solid organic growth and higher equity markets.
- Transaction revenue was $61 million, down $7 million sequentially; expected to increase by $5 million in Q3.
- Adjusted EPS increased 11% to $2.72, while GAAP EPS was $2.45.
- Adjusted operating income rose 14% to $2.1 billion, with an adjusted operating margin expansion of 50 basis points to 29.5%.
- Consulting segment revenue was $2.4 billion, up 7% (3% underlying growth), with adjusted operating income up 9%.
- Dividend increased 10% to $0.90 per share, marking 16 consecutive years of dividend increases.
- Fiduciary interest income declined to $99 million, down $26 million year-over-year due to lower interest rates.
- Guy Carpenter revenue was $677 million, up 7% (5% underlying growth), despite soft pricing environment.
- Interest expense increased to $243 million due to higher debt from McGriff acquisition.
- Marsh & McLennan reported consolidated revenue of $7 billion for Q2 2025, a 12% increase year-over-year, with 4% underlying growth.
- Marsh revenue was $3.8 billion, up 18% (5% underlying growth), with strong international growth.
- Mercer revenue was $1.5 billion, up 9% (3% underlying growth), with assets under management at $670 billion, up 36% year-over-year driven by acquisitions and net inflows.
- Oliver Wyman revenue was $873 million, up 5% (3% underlying growth).
- Risk and Insurance Services (RIS) revenue grew 15% to $4.6 billion, with 4% underlying growth; adjusted operating income in RIS increased 16% with margin expansion.
- Share repurchases totaled $300 million in the quarter.
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