Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [5][14] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months, with total net income of $1.7 billion [14][15] - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values [5][25] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [14] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year over year [17] - The infrastructure and renewable power businesses remain at the forefront of secular trends, with significant initiatives announced for next-generation power and AI infrastructure [20] Market Data and Key Metrics Changes - Economic activity and corporate earnings remain healthy, with capital markets open and transaction activity picking up across most asset classes [5] - The real estate recovery is gaining momentum, with strong leasing activity and high occupancy rates in the Super Core and Core Plus portfolios [20][21] - The company has advanced $75 billion of monetizations across its franchise, including various asset classes [21][24] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key trends for future growth [9] - Strategic transactions include the acquisition of Just Group in the UK and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [10][19] - The company aims to leverage its scale and expertise in real assets to capture opportunities in energy transition and AI infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment, noting potential policy easing from the Federal Reserve and the benefits of real assets in a low nominal rate environment [6][8] - The company anticipates continued strong growth in its results over the remainder of the year and into 2026, supported by a record $180 billion of deployable capital [9][25] - Management highlighted the importance of disciplined capital deployment and the potential for significant growth in AI and renewable energy sectors [29][79] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - A quarterly dividend of $0.06 per share was declared, consistent with the previous quarter's dividend [26] - The company maintains a conservatively capitalized balance sheet with high levels of liquidity [25] Q&A Session Summary Question: How do you see humanoids and AI potentially creating another leg of the stool for Brookfield over time? - Management indicated that capital deployment is focused on building infrastructure to support AI growth, with significant investment in renewable energy and data centers [29][31] Question: Can you talk about the reinsurance agreement in Japan and its contribution to global ambitions? - Management confirmed that the reinsurance agreement is a flow arrangement that will build over time, with a focus on growth in both the UK and Japan markets [33][34] Question: How long to reach the 200 basis point target net investment yield spread? - Management stated that achieving the target is a medium to long-term goal, with expectations for the spread to widen as attractive investment opportunities arise [37][38] Question: What is the impact of the Oaktree acquisition on share repurchases? - Management confirmed that the acquisition will not impact the broader buyback strategy, with a portion of shares issued being repurchased [41] Question: Can you elaborate on the trajectory of the insurance business and spread dynamics? - Management acknowledged the current spread of 165 basis points, emphasizing a disciplined approach to capital deployment and a focus on long-term performance [44][46] Question: What are the downside protections sought in nuclear project investments? - Management indicated that investments in nuclear projects will be structured to provide strong downside protection, with a focus on scaling Westinghouse's services [53][55] Question: How is the outlook for Kerry Generation shaping up for 2026? - Management expects a step-up in carried interest in 2026, with a healthy transaction market supporting continued activity [61][62]

Group 1: Turtle Creek Asset Management Overview - Turtle Creek Asset Management released its third-quarter 2025 investor letter, indicating a compelling portfolio opportunity in a highly valued market environment [1] - The net asset value of the Turtle Creek Equity Fund increased by 0.4% in Q3 2025, underperforming compared to the S&P MidCap 400 index's 7.7% increase and the S&P/TSX Completion index's 16.3% gain [1] - Performance of other funds included a 1.4% increase in Turtle Creek Synthetic PE Fund, a 1.0% decrease in Turtle Creek United States Equity Fund, and a 7.8% increase in Turtle Creek Canadian Equity Fund during the same period [1] Group 2: Kinsale Capital Group, Inc. Analysis - Kinsale Capital Group, Inc. (NYSE:KNSL) is highlighted as a specialty insurance company with a 2% market share in the U.S. excess and surplus market, growing rapidly despite being smaller than industry leader Lloyds of London [3] - The company has a strong underwriting approach and a technology-driven model that provides a sustainable cost advantage over competitors [3] - Kinsale Capital Group's stock experienced a one-month return of -9.48% and a 52-week loss of 16.22%, closing at $396.94 per share with a market capitalization of $9.234 billion on November 12, 2025 [2] Group 3: Investment Sentiment and Hedge Fund Activity - Kinsale Capital Group is not among the 30 most popular stocks among hedge funds, with 31 hedge fund portfolios holding the stock at the end of Q2 2025, down from 33 in the previous quarter [4] - While acknowledging Kinsale's potential, there is a belief that certain AI stocks may offer greater upside potential and less downside risk [4] - Jim Cramer expressed a positive sentiment towards Kinsale Capital Group, stating it is a "Very Good Group, Very Good Stock" [4]

Core Insights - MetLife, Inc. has been recognized for the second consecutive year as one of the Fortune World's 25 Best Workplaces™, achieving the 10th position on the list [1] Company Recognition - The recognition reflects MetLife's commitment to its employees, customers, and the communities it serves [1] - The award is given to only 25 companies globally, highlighting the competitive nature of this accolade [1]

Core Insights - Markel Insurance has launched its Storage Tank Liability (STL) insurance product on the Markel Connect digital platform in Canada, enhancing its digital offerings in the market [1] Company Developments - The introduction of the STL insurance product signifies Markel Group Inc.'s commitment to digital innovation and improving access to specialized coverage solutions for brokers in Canada [1]

Financial Data and Key Metrics Changes - The company reported a core EPS growth of 16% year-over-year, supported by record core earnings and strong underlying business growth across various segments [10][12][28] - The LICAT ratio remained strong at 138%, providing a buffer above the supervisory target ratio, while the leverage ratio improved to 22.7% [10][27][28] - Book value per share increased by 7% year-over-year, reflecting continued capital return to shareholders [10][27] Business Line Data and Key Metrics Changes - Insurance new business performance showed growth of 15% or greater in new business CSM across all segments, with APE sales increasing by 8% year-over-year [14][21] - Asia segment reported a 29% year-on-year increase in core earnings, with new business CSM and value metrics increasing by 18% and 7%, respectively [11][21] - Global WAM experienced net outflows of $6.2 billion but maintained a 19% growth in pre-tax core earnings, demonstrating strong operating leverage [9][22] - The U.S. segment saw a 51% increase in APE sales, but core earnings decreased by 20% due to unfavorable claims experience [25][26] Market Data and Key Metrics Changes - The company is well-positioned to capture growth opportunities in Asia and Global WAM, with a joint venture in India expected to enhance market presence [7][9] - The Hong Kong market showed a modest decline in APE sales year-over-year, but the fundamentals remain strong with high customer demand [21][80] Company Strategy and Development Direction - The refreshed enterprise strategy focuses on sustainable growth, diversification, and leveraging AI to enhance customer engagement [6][8][9] - The company aims to maintain a balanced portfolio while investing in growth opportunities in Canada and the U.S. [7][60] - The strategy emphasizes the importance of being present in major economies, with a specific focus on expanding in India [7][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2027 financial targets, highlighting the strength and resilience of the business [10][28] - The company anticipates continued strong capital generation and a focus on maintaining a diversified portfolio to mitigate risks [7][60] Other Important Information - The company completed its annual basis change, resulting in a net favorable impact on core earnings and validating the prudence of reserves [19][20] - The company returned nearly $4 billion of capital to shareholders year-to-date through dividends and share buybacks [26][27] Q&A Session Summary Question: Details on the India venture - Management highlighted the favorable regulatory environment and digital infrastructure in India, with a 12-18 month timeline for operational launch [31][33] Question: Outlook for Asia markets - Continued strong sales momentum in Asia was noted, with broad-based success across multiple markets [38][39] Question: Private credit exposure - The company has a CAD 4 billion below-investment-grade private credit portfolio, with strong performance despite market challenges [41][42] Question: Impact of mandatory provident fund fee changes - Guidance of about $25 million per quarter remains intact, with proactive measures taken to mitigate impacts [48][49] Question: Actuarial review and LTC component - The review led to a favorable impact on reserves, with a modest positive effect on core earnings expected [70][72] Question: U.S. business strategy - The focus remains on high net worth segments without returning to riskier products, with plans to broaden customer access [88][90] Question: Efficiency targets - The company maintains its sub 45% efficiency ratio target while investing in AI to enhance operational efficiency [94][96]

Financial Data and Key Metrics Changes - The company reported a core EPS growth of 16% year-over-year, supported by record core earnings and strong underlying business growth across various segments [10][12][28] - The LICAT ratio remained strong at 138%, providing a buffer above the supervisory target ratio, while the leverage ratio improved to 22.7% [10][27] - Book value per share increased by 7% year-over-year, reflecting continued capital return to shareholders [10][26] Business Line Data and Key Metrics Changes - Insurance new business performance showed growth of 15% or greater in new business CSM across all segments, with APE sales increasing by 8% year-over-year [14][9] - Asia segment core earnings increased by 29% year-over-year, with new business CSM and value metrics rising by 18% and 7% respectively [21][11] - Global WAM reported a 19% growth in pre-tax core earnings, despite net outflows of $6.2 billion due to challenges in the North American retail market [22][15] Market Data and Key Metrics Changes - The company experienced net outflows of $6.2 billion in global WAM, primarily due to pressures in the U.S. retirement channel and intermediary channels [15][22] - APE sales in Canada increased by 9% year-over-year, driven by strong growth in the individual insurance business [24] - The U.S. segment saw a 51% increase in APE sales, although core earnings decreased by 20% year-over-year due to unfavorable life insurance claims experience [25] Company Strategy and Development Direction - The refreshed enterprise strategy focuses on sustainable growth, leveraging strengths in Asia and global WAM, and entering the Indian insurance market through a joint venture with Mahindra [7][6] - The company aims to become an AI-powered organization, enhancing product offerings and customer engagement through digital innovation [8][9] - The strategy emphasizes balanced growth across markets, with continued investments in Canada and the U.S. to sustain scale and capital generation [60][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, highlighting strong fundamentals and growth potential in Asia and global WAM [10][28] - The company anticipates challenges in net flows but remains optimistic about future earnings potential driven by strong market fundamentals [22][25] - Management noted the importance of adapting strategies to evolving external environments to ensure long-term success [58][59] Other Important Information - The company completed its annual basis change, resulting in a net favorable impact of a $605 million decrease in overall pre-tax fulfillment cash flows [18][19] - The company expects remittances for 2025 to be approximately $6 billion, contributing to a cumulative target of at least $22 billion by 2027 [27][28] Q&A Session Summary Question: Details on the India venture - Management highlighted the favorable regulatory environment and digital infrastructure in India, with plans to enter the market through a joint venture with Mahindra, expected to take 12-18 months for regulatory approvals [31][32][33] Question: Outlook for Asia markets - Management noted strong sales momentum in Asia, with broad-based success across multiple markets, and expressed optimism for continued growth [38][39] Question: Private credit exposure - The company reported a below-investment-grade private credit portfolio of around CAD 4 billion, emphasizing strong performance and low risk [41][42] Question: Impact of GMWAM fee changes - Management confirmed guidance of about $25 million per quarter in impacts from fee changes, with proactive measures taken to mitigate effects [48][49] Question: Actuarial review and LTC assumptions - Management discussed the favorable impact of the LTC triennial review, reflecting higher medical inflation and utilization trends [50][51][52] Question: Strategy refresh rationale - Management explained the need for a refreshed strategy to adapt to changing external environments while maintaining focus on balanced growth across markets [57][58][60]

Financial Performance - The company's Q3 2025 combined ratio was 790%, the best as a publicly traded company to date[14] - The annualized Operating ROAE was 214% for Q3 2025[14, 15] - Book value per diluted common share grew to $2329[14, 19] - Gross premiums written for the trailing twelve months ended September 30, 2025 were $47 billion[7, 8] Growth and Premiums - Gross premiums written grew by 8% in Q3 2025 compared to Q3 2024, reaching $798 million[15, 18] - Year-to-date gross premiums written increased by 8% or $290 million, totaling $3739 million[19, 20] - Insurance gross premiums written increased by 6% year-to-date, reaching $2775 million[23, 25] - Reinsurance gross premiums written increased by 16% year-to-date[27, 30] Capital Management - The company returned $180 million of capital to common shareholders in the nine months ended September 30, 2025, including $143 million in share repurchases and $37 million in dividends[20] - The company has $1531 million remaining for share repurchase authorization[37] Investment Portfolio - Net investment income for Q3 2025 was $46 million, bringing the year-to-date total to $140 million[15, 36]

Financial Data and Key Metrics Changes - The company reported a core EPS growth of 16% year-over-year, supported by record core earnings and strong underlying business growth across various segments [9][12][27] - The LICAT ratio remained strong at 138%, indicating a solid capital position, while the leverage ratio improved to 22.7% [9][26] - Book value per share increased by 7% year-over-year, reflecting continued capital return to shareholders [9][25] Business Line Data and Key Metrics Changes - Insurance new business performance showed growth of 15% or greater in new business CSM across all segments, with total new business CSM increasing over 20% year-over-year for the fifth consecutive quarter [8][12][13] - Asia segment reported a 29% year-on-year increase in core earnings, with APE sales up 5% and new business CSM increasing by 18% [10][19] - Global WAM experienced net outflows of $6.2 billion but maintained a record level of core earnings with a 19% increase in pre-tax core earnings [8][20][21] - The U.S. segment saw APE sales growth of 51%, but core earnings decreased by 20% due to unfavorable life insurance claims experience [24][25] Market Data and Key Metrics Changes - The company is expanding into the Indian insurance market through a joint venture with Mahindra, aiming to leverage local expertise and distribution [6][30] - The company continues to focus on Asia and global WAM for growth opportunities, with a strong emphasis on digital innovation and AI [7][10] Company Strategy and Development Direction - The refreshed enterprise strategy aims to build on strengths and focus on sustainable growth, with a diversified portfolio to mitigate risks [5][6][8] - The company plans to enhance its leadership position in its home market while maintaining a scaled presence in the U.S. [6][7] - Investments will be made to leverage AI capabilities and improve customer engagement [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, emphasizing the importance of diversified growth across segments [9][27] - The company remains optimistic about the fundamentals in Asia, particularly in markets like China and Singapore [32][33] - Management acknowledged challenges in net flows but highlighted strong core earnings generation and operational resilience [12][27] Other Important Information - The company returned nearly $4 billion of capital to shareholders year-to-date through dividends and share buybacks [25][26] - The annual actuarial review resulted in a favorable impact on reserves, validating the prudence of the company's reserves [18][48] Q&A Session Summary Question: Details on the India venture - Management highlighted the favorable regulatory environment and digital infrastructure in India, with expectations to launch operations within 12-18 months [30][31] Question: Outlook for Asia markets - Continued strong sales growth is expected in Asia, with broad-based success across multiple markets [32][33] Question: Private credit exposure - The company has a CAD 4 billion below-investment-grade private credit portfolio, focusing on middle-market lending [34] Question: Impact of mandatory provident fund fee changes - Guidance remains intact for a $25 million quarterly impact post-transition, with expectations for improved margins [36][37] Question: Actuarial review impact - The annual review led to a reserve reduction of $605 million, positively impacting core earnings [48][49] Question: U.S. business strategy - The focus remains on high net worth customers, with no intention to revert to previous high-risk products [57][58]

Core Insights - Greenlight Capital Re, Ltd. has received an upgrade in its Financial Strength Rating to "A" from "A-" and the Long-Term Issuer Credit Rating to "a" from "a-" for its subsidiaries, reflecting strong financial health and operational performance [1][2] - The ratings upgrade is attributed to the company's strong balance sheet, adequate operating performance, neutral business profile, and effective enterprise risk management [2] - The company's CEO highlighted the achievement as a recognition of the progress made in transforming the underwriting portfolio and the strength of the long-term strategy, alongside record quarterly underwriting performance [2] Financial Ratings - AM Best upgraded the Financial Strength Rating of Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, DAC to "A" (Excellent) from "A-" (Excellent) [1] - The Long-Term Issuer Credit Rating for the company was upgraded to "a" (Excellent) from "a-" (Excellent) [1] - The Long-Term Issuer Credit Rating for the company was also upgraded to "bbb" (Good) from "bbb-" (Good) [1] Company Overview - Greenlight Re provides multiline property and casualty insurance and reinsurance through its licensed entities in the Cayman Islands and Ireland, as well as its Lloyd's platform [4] - The company employs a non-traditional investment approach aimed at achieving higher long-term returns compared to traditional reinsurance investment strategies [4] - The Greenlight Re Innovations unit supports technology innovators in the (re)insurance sector by providing investment capital, risk capacity, and access to a broad insurance network [4]

Financial Performance - Q3 2024 - Net revenues for Q3 2024 were $118.292 million, compared to $132.037 million in Q3 2023[28] - Net loss for Q3 2024 was $15.366 million, compared to a net income of $(56.204) million in Q3 2023[28] - Adjusted EBITDA for Q3 2024 was $(12.106) million, compared to $(11.475) million in Q3 2023[28] - Adjusted EBITDA margin for Q3 2024 was (10.2)%, compared to (8.7)% in Q3 2023[28] Financial Performance - YTD 2024 - Net revenues for the nine months ended September 30, 2024, were $409.762 million, compared to $457.974 million for the same period in 2023[28] - Net loss for the nine months ended September 30, 2024, was $(65.294) million, compared to $(148.976) million for the same period in 2023[28] - Adjusted EBITDA for the nine months ended September 30, 2024, was $2.480 million, compared to $18.091 million for the same period in 2023[28] - Adjusted EBITDA margin for the nine months ended September 30, 2024, was 0.6%, compared to 4.0% for the same period in 2023[28] Financial Performance - TTM - TTM net revenues as of Q3 2024 were $686.459 million, compared to $527.350 million as of Q3 2023[32] - TTM net loss as of Q3 2024 was $(67.588) million, compared to $(299.713) million as of Q3 2023[32] - TTM Adjusted EBITDA as of Q3 2024 was $59.480 million, compared to $(76.690) million as of Q3 2023[32] - TTM Adjusted EBITDA margin as of Q3 2024 was 8.7%, compared to (14.5)% as of Q3 2023[32]