Skyward Specialty Insurance (US:SKWD)2026-02-23 21:11Financial Performance - Fourth quarter 2025 net income was $43.2 million, or $1.03 per diluted share, compared to $14.4 million, or $0.35 per diluted share in the same period of 2024[1]. - Adjusted operating income for Q4 2025 was $48.9 million, or $1.17 per diluted share, up from $33.2 million, or $0.80 per diluted share in Q4 2024[2]. - Net income for the twelve months ended December 31, 2025, was $170,028,000, a 43.1% increase compared to $118,828,000 in 2024[20]. - Basic earnings per share rose to $4.21 in 2025 from $2.97 in 2024, reflecting a 41.8% increase[21]. - Total revenues for the twelve months ended December 31, 2025, reached $1,416,541,000, a 23.2% increase from $1,150,200,000 in 2024[20]. - Adjusted operating income for Q4 2025 was $61,758,000, compared to $48,855,000 in Q4 2024, marking a 26.4% increase[24]. - Annualized ROE improved to 17.5% in Q4 2025 from 7.2% in Q4 2024[21]. Premiums and Underwriting - Gross written premiums for Q4 2025 reached $439.5 million, a 13.2% increase from $388.4 million in Q4 2024[3]. - Net written premiums for the year ended 2025 were $1.4 billion, a 25.2% increase from $1.1 billion in 2024[4]. - Net earned premiums for Q4 2025 were $356,800,000, up 21.6% from $293,240,000 in Q4 2024[20]. - Total gross written premiums for the twelve months ended December 31, 2025, reached $2,166,317,000, a 24.3% increase from $1,743,249,000 in 2024[29]. - Accident & Health gross written premiums increased by 50.9% in Q4 2025, totaling $67,297,000 compared to $44,594,000 in Q4 2024[29]. - The Agriculture and Credit (Re)insurance segment saw a dramatic increase of 193.2% in gross written premiums for the twelve months ended December 31, 2025, totaling $346,212,000 compared to $118,070,000 in 2024[29]. - Specialty Programs gross written premiums increased by 75.1% in Q4 2025, reaching $91,304,000 compared to $52,151,000 in Q4 2024[29]. - The Surety segment reported a 21.1% increase in gross written premiums for Q4 2025, totaling $45,876,000 compared to $37,889,000 in Q4 2024[29]. - Underwriting income for Q4 2025 was $41,008,000, significantly higher than $12,239,000 in Q4 2024[25]. Assets and Equity - Total assets increased to $4,791,852,000 in 2025 from $3,729,478,000 in 2024, representing a growth of 28.5%[19]. - Stockholders' equity rose to $1,009.6 million at December 31, 2025, a 5.0% increase from $961.4 million at September 30, 2025[9]. - Tangible stockholders' equity as of December 31, 2025, was $921,525,000, up from $706,651,000 in 2024[28]. - Book value per share increased by 26% to $24.92 as of December 31, 2025, from $19.77 at the end of 2024[3]. - Book value per share increased to $24.92 in 2025 from $19.79 in 2024, a growth of 25.0%[21]. Liabilities and Reserves - Total liabilities increased to $3,782,287,000 in 2025 from $2,935,479,000 in 2024, an increase of 28.9%[19]. - Reserves for losses and loss adjustment expenses increased to $2,318,894,000 in 2025 from $1,782,383,000 in 2024, a rise of 30.0%[19]. Investment Income - Net investment income for Q4 2025 was $23.5 million, an increase of $2.8 million compared to Q4 2024[7]. - Net investment income for the twelve months ended December 31, 2025, was $83,619,000, compared to $80,600,000 in 2024[25]. - Interest expense for the twelve months ended December 31, 2025, decreased to $7,919,000 from $9,496,000 in 2024[25]. Strategic Goals - The company aims to continue building and maintaining winning positions across the specialty insurance market, leveraging its diversified portfolio[2].