- Book value per common share increased to $33.18, and adjusted book value per share grew to $34.93.
- Net investment income increased 20% year-over-year, supported by higher yields on fixed maturity investments.
- Second quarter net income was $0.87 per diluted share, with adjusted operating income of $0.90 per diluted share.
- The combined ratio improved by 9.2 points to 96.4%, with an underlying loss ratio improvement of 1.3 points to 57.6%.
- UFG Insurance reported record net written premium of $373 million in Q2 2025, a 14% increase driven by improved retention, new business production, and rate increases.
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- Declared quarterly cash dividend of $0.27 per share payable September 15.
- Effective tax rate was 23.5% and expected to remain between 22% and 24%.
- Net income for Q2 2025 was $18.3 million or $0.67 per diluted share.
- Net interest income increased 3.6% quarter-over-quarter to $59.8 million.
- Net interest margin expanded by 13 basis points to 3.44%, driven by higher loan yields and lower deposit costs.
- Repurchased approximately 103,000 shares at $25 per share for $2.6 million; $25.3 million share repurchase authorization remains.
- Return on average assets was 1.00% and return on average equity was 13.04%.
- Total other operating expense was $43.9 million, up $1.9 million quarter-over-quarter due to deferred compensation and software expenses.
- Total other operating income was $13.0 million, up $1.9 million quarter-over-quarter due to higher BOLI income.
- Adjusted net income was $11.5 million, a 58.8% decrease compared to prior year's adjusted net income of $27.9 million.
- Commission expense ratio decreased to 13.2% from 13.9% a year ago.
- Current accident year loss and LAE ratio on voluntary business was 69%, up from 66% in the first quarter of 2025.
- Gross written premium decreased by 2.2% compared to 2024 due to a decrease in new business written premium within the middle market.
- Net investment income was $27.1 million, slightly higher than the second quarter of 2024.
- Net premiums earned increased 5.6%, primarily due to strong increases in net written premium in 2024.
- Repurchased $23 million of common stock at an average price of $48.08 per share during the quarter.
- Total investment return was $57.5 million compared to $26.5 million for the prior year.
- Underwriting expense ratio decreased to 21.7% from 22.4% a year ago.
- Average total deposits increased 6% year-over-year and 1% quarter-over-quarter to $7.6 billion.
- Commercial real estate concentration decreased to under 500% for the first time since Q3 2023.
- Criticized and classified loans to total loans improved to 108 basis points from 133 basis points prior quarter.
- GAAP and core net interest margin expanded 3 basis points quarter-over-quarter, with GAAP NIM at 2.54% and core NIM at 2.52%.
- GAAP earnings per share of $0.41 and core earnings per share of $0.32, increases of 128% and 78% year-over-year respectively.
- Net charge-offs totaled 15 basis points for the quarter, down from 27 basis points in the prior quarter.
- Noninterest-bearing deposits grew 6% year-over-year and 2% quarter-over-quarter to $875 million.
- Nonperforming assets stable at 70 to 75 basis points quarter-over-quarter.
- Pre-provision pretax net revenue of $23.1 million and core PPNR of $19 million reached highest levels since late 2022.
- Strong liquidity with $3.6 billion of undrawn lines and resources at quarter end.
- Tangible common equity grew by 25 basis points to 8.04%.
- GAAP earnings per share of $1.04, up 25.3% year over year and 7.2% sequentially.
- Loan balances grew 4.9% year over year and 2.2% sequentially, with deposits up 4.3% year over year.
- Net interest income grew 13.7% year over year to $128.2 million, marking six consecutive quarters of growth.
- Net interest margin increased by 3 basis points to 3.33%, driven by higher loan yields and stable funding costs.
- Non-interest expenses increased 3.3% year over year, including costs related to branch expansion and consulting.
- Provision for credit losses was $5.6 million, down from $7.7 million a year ago.
- Record operating earnings per share of $1.09, a 23.9% increase year over year.
- Total operating revenues reached a quarterly high of $206.8 million, up 9.4% year over year.
- Adjusted operating expenses were $331 million, stable sequentially, with a decline in adjusted long-term incentives and an 8% increase in non-compensation expenses due to marketing, G&A, and acquisitions.
- Adjusted revenue increased 2% sequentially and 9% year-over-year, driven by higher management fees on increased average AUM and improved mutual fund performance fees.
- Assets under management (AUM) increased 23% to $457.3 billion, the highest quarterly AUM ever, driven by the Guardian partnership, market gains, and favorable currency adjustments.
- Excluding Guardian, net flows remained positive despite market volatility, with 15 strategies including 4 ETFs each having at least $100 million of net inflows.
- Investment performance improved meaningfully in the 1-year period, with at least two-thirds of assets beating benchmarks across 1-, 3-, 5-, and 10-year periods and over 70% of AUM in the top 2 Morningstar quartiles.
- Janus Henderson delivered a solid second quarter 2025 with adjusted diluted EPS of $0.90, a 6% increase year-over-year.
- Net inflows for the quarter were $46.7 billion, including $46.5 billion from Guardian's general account, marking the fifth consecutive quarter of positive net flows.
- Net management fee margin was 47.5 basis points in Q2, down from the prior quarter due to mix shifts and one-time adjustments.
- The adjusted operating margin was 33.5%, and the firm maintained a strong balance sheet with $900 million in cash and cash equivalents.
- The company returned $202 million to shareholders in the first half of 2025 through dividends and share repurchases, reducing shares outstanding by over 22% since 2018.
- Book value per share increased 26% year-to-date inclusive of dividends, driven by an 84 combined ratio and double-digit net investment income growth.
- Casualty segment premiums grew 8% with a 98 combined ratio, benefiting from favorable prior year reserve development and improved current accident year loss ratio.
- Expense ratio rose due to higher acquisition costs and investments in technology and personnel.
- Net earnings on a GAAP basis were $1.35 per share, up from $1.03 in Q3 2024.
- Property segment premiums declined 11% but posted a strong 60 combined ratio due to absence of hurricane losses and favorable reserve development.
- Surety premiums declined 3% for the quarter but commercial and transactional surety grew 53% year-to-date.
- Third quarter operating earnings of $0.83 per share, supported by solid underwriting and a 12% increase in investment income.
- Total combined ratio improved to 85.1% from 89.6% last year, reflecting a benign hurricane season.
- Average premium per policy increased by 11.9%, with policies in-force growth of 1.7% and a strong policy retention ratio of 89.7%.
- Erie Insurance Exchange's direct and assumed written premiums grew by 9.2% in Q2 2025 and 11.4% in the first half of 2025 compared to the prior year.
- Excluding catastrophe losses and prior accident year reserve development, the direct current year non-catastrophe loss ratio was 94.6% in Q2 and 95.1% year-to-date 2025.
- Indemnity net income was $175 million or $3.34 per diluted share in Q2 2025, up from $164 million or $3.13 per diluted share in Q2 2024.
- Investment income totaled nearly $20 million in Q2 2025, up from $14 million in Q2 2024; year-to-date investment income was $39 million versus $29 million last year.
- Management fee revenue increased 8.3% in Q2 to $824 million and nearly 11% year-to-date to $1.6 billion.
- Non-commission expenses increased 6.1% in Q2 and 7.7% year-to-date, driven by higher IT, sales, advertising, and personnel costs.
- Operating income increased nearly 5% in Q2 to almost $200 million and 7% year-to-date to $350 million, driven by higher management fee revenue.
- Policyholder surplus slightly decreased from $9.3 billion at December 2024 to $9.2 billion at June 2025.
- The Exchange's combined ratio was 116.9% in Q2 2025, slightly higher than 115.9% in Q2 2024, driven by catastrophic weather events contributing 20.7 points versus 16.2 points previously.
- Total cost of operations increased 9.1% in Q2 and 11.5% year-to-date, with commission expenses rising over 10% in Q2 and 13.1% year-to-date.
- Year-to-date combined ratio was 112.6% in 2025 compared to 111.1% in 2024, with catastrophe losses increasing to 18.5 points from 12.7 points.
- Year-to-date Indemnity net income was $313 million or $5.99 per diluted share, compared to $289 million or $5.52 per diluted share last 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.
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