- Assets under management (AUM) reached a record $5.4 trillion, up 15% year over year.
- Expenses increased 5% year over year to $2.4 billion, driven by investments in technology and strategic initiatives, partially offset by productivity savings.
- FX trading revenue increased 16% and securities finance revenues grew 19% year over year, excluding notable items.
- Management fees rose 16% to a quarterly record of $612 million, supported by higher market levels and net inflows.
- Net interest income (NII) was $715 million, down 1% year over year, reflecting margin compression and deposit mix shifts.
- Pretax margin expanded by approximately 270 basis points to 31%.
- Return on tangible common equity rose about 160 basis points to 21%.
- Servicing fees increased 7% driven by higher market levels, net new business, and currency translation.
- Third quarter earnings per share (EPS) increased 23% year over year to $2.78.
- Total revenue grew 9% year over year to approximately $3.5 billion, with fee revenue up nearly 12% excluding notable items.
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- Adjusted operating margin was 18.5% for the quarter, a 150 basis point improvement over prior year, driven by strong organic growth and expense management.
- Free cash flow for the first half of 2025 was $217 million, down $88 million from prior year due to increased incentive costs, retirement program redesign, higher cash taxes, and absence of TRANZACT cash inflows.
- Health, Wealth & Career (HWC) segment revenue grew 4% with strong growth in Health at 8%, Wealth at 3%, Career at 1%, and flat growth in Benefits Delivery & Outsourcing (BD&O).
- HWC operating margin increased 190 basis points to 23.8%, and R&B operating margin improved 60 basis points to 21.2%, or 100 basis points excluding foreign exchange impact.
- Returned $591 million to shareholders via $500 million in share repurchases and $91 million in dividends during the quarter.
- Risk & Broking (R&B) segment revenue grew 6%, with Corporate Risk & Broking (CRB) growing 6% or 7% excluding book of business activity and fiduciary interest income.
- WTW delivered 5% organic revenue growth and 150 basis points of adjusted operating margin expansion in Q2 2025, with adjusted EPS of $2.86, up roughly 20% year-over-year.
- 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.
- Book value per diluted share, excluding AOCI, increased 6% to $38.05.
- Capital and liquidity remain strong with a consolidated RBC ratio of 378% and Holdco liquidity of $187 million.
- CNO delivered strong Q2 2025 results with operating earnings per diluted share of $0.87, benefiting from favorable insurance product margins and solid investment results.
- Net investment income grew 2% year-over-year, with average yield on allocated investments at 4.92%, up 11 basis points.
- Operating return on equity was 11.8% on a trailing 12-month basis and 11.2% excluding significant items, on track to meet 2025 and 3-year targets.
- Record total new annualized premiums reached $120 million, up 17%, with double-digit insurance sales growth in both Consumer and Worksite divisions.
- Share repurchases totaled $100 million in the quarter, reducing weighted average diluted shares outstanding by 8%.
- Adjusted cash operating expenses were $198 million with a compensation ratio of 19% cash and 23% including stock.
- Adjusted EBITDA margin reached 65%, the highest since Q1 2022, reflecting disciplined expense management and operational efficiency.
- Adjusted EPS was $1.53 for Q2 2025, an 83% increase compared to Q2 2024.
- Debt to LTM adjusted EBITDA ratio stood at 1.5x, maintaining financial flexibility.
- Equity TCV was up 17% quarter-over-quarter, or about 12% excluding sub-dollar share volumes; notional U.S. equity volumes increased 9% quarter-to-quarter.
- Growth initiatives accounted for $1.3 million per day or 15% of total adjusted net trading income per day, an all-time high.
- Market Making contributed $451 million and Execution Services contributed $116 million to adjusted net trading income.
- Virtu Financial reported $568 million in adjusted net trading income for Q2 2025, equating to $9.2 million per day, marking a recent high and a 50% increase from $6.1 million per day in Q2 2024.
- Virtu repurchased $66 million of shares in Q2 2025 and $135 million year-to-date, totaling $1.4 billion since inception at an average price of about $26 per share.
- Credit Sensitive Strategies contributed $22 million to pretax income, including $17 million from organically created CRT investments.
- Interest Rate Sensitive Strategies had a pretax loss of $5 million, with fair value increases on MSR investments offset by declines in MBS and interest rate hedges.
- Net income excluding market-driven value changes was $36 million, down from $41 million in the prior quarter due to higher realized and projected prepayment activity.
- PMT declared a second quarter common dividend of $0.40 per share; book value per share at June 30 was $15, down modestly from March 31.
- PMT reported a net loss to common shareholders of $3 million or loss per share of $0.04 in Q2 2025, driven by fair value declines and a $14 million nonrecurring tax adjustment.
- Total correspondent loan acquisition volume was $30 billion, up 30% from the prior quarter, with $3 billion acquired for PMT's account, up 11%.
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