Overview
- Fourth-quarter net income rose to $676 million, or $4.29 per share, and full-year profit reached $2.393 billion, or $15.17 per share.
- Non-GAAP operating income increased 7% to $531 million, or $3.37 per share, topping the $2.86 Zacks consensus.
- Earned premiums grew 10% to $2.59 billion in the quarter, and investment income rose 9% to $305 million on higher bond interest.
- A $145 million after-tax increase in the fair value of equity securities still held materially boosted quarterly results.
- The insurance combined ratio was 85.2% in Q4 and 94.9% for 2025, marking a 14th straight year of underwriting profit, as book value per share climbed to $102.35.