Financial Data and Key Metrics Changes - Non-GAAP operating earnings were $455 million, or $1.48 per share, down 6% year over year on a per-share basis [4][14] - Adjusted for notable items, non-GAAP operating EPS was $1.67, up 2% compared to the prior year [5][14] - Total assets under management reached a record $1.1 trillion, up 4% sequentially and 7% year over year [5][14][16] - The consolidated GAAP net loss was $1.3 billion, primarily due to a one-time impact from asset transfers related to the life reinsurance transaction [14] Business Line Data and Key Metrics Changes - Retirement businesses generated $1.1 billion of net flows during the quarter, driven by growth in umbrella sales [5] - Wealth management had $2.2 billion of advisory net inflows, reflecting a 12% annualized growth rate [5] - Asset management reported total net outflows of $2.3 billion, but excluding low-fee assets transferred to RGA, net inflows were $1.7 billion [5][18] Market Data and Key Metrics Changes - The retirement segment saw a 7% increase in RILA sales, achieving record sales in nine of the last ten quarters [31][44] - Private markets assets increased 17% year over year to $80 billion, on track to meet the $90-$100 billion target by 2027 [5][13] Company Strategy and Development Direction - The company focuses on three core growth businesses: retirement, asset management, and wealth management, which provide synergies and flywheel benefits [8][9] - Key strategic pillars include defending and growing existing businesses, scaling high-growth wealth management, and investing in high-potential opportunities [8][9] - The acquisition of Stifel Independent Advisors aims to enhance the wealth management business, expected to close in the first half of 2026 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, supported by strong organic growth momentum and increased assets under management [4][23] - The company anticipates continued double-digit growth in wealth management earnings, driven by asset growth and improved advisor productivity [11][18] - Management expects to see less volatility in life results going forward due to the benefits of the life reinsurance transaction [14][35] Other Important Information - The company returned $757 million to shareholders, including $676 million in share repurchases, and reduced outstanding debt by $500 million [7][21] - The adjusted debt to capital ratio was reported at 24.5% [16] - The consolidated tax rate for the quarter was 17%, below the normal expectation of 20% [20][21] Q&A Session Summary Question: Perspectives on the private credit environment and underwriting process - Management views private credit as a good asset class and emphasizes the importance of underwriting capabilities [25][28] Question: Differentiation in the RILA market amidst increased competition - The company maintains a sustainable edge through attractive yields, privileged distribution, and a track record of innovation [31][32] Question: Comments on unfavorable mortality experience and expectations for normalization - Management noted that retained experience was only about $10 million worse than expected, indicating modest impact from mortality [35] Question: Strategy for capital deployment from the RGA deal - The company plans to balance capital returns and acquisitions, emphasizing the ability to do both due to excess capital [58][59] Question: Growth opportunities in the spread lending business - The company has significant capacity to grow the FABN business, having issued about $4.5 billion year to date [61]

Financial Data and Key Metrics Changes - Hamilton Insurance Group reported a net income of $136 million for Q3 2025, representing an annualized return on average equity of 21%, compared to $78 million and 14% in Q3 2024 [3][17] - Operating income for the quarter was $123 million, or $1.20 per diluted share, up from $17 million or $0.16 per diluted share in the same quarter last year [17] - Book value per share increased by 6% in the quarter and 18% year-to-date to a record $27.06 [17][28] Business Line Data and Key Metrics Changes - Gross premiums written increased by 26% in Q3 2025, with year-to-date gross premiums written reaching $2.3 billion, up from $1.9 billion in the same period last year [5][18] - The Bermuda segment grew by 40% in Q3, driven by casualty and specialty reinsurance classes [6] - The international segment, including Hamilton Global Specialty and Hamilton Select, saw gross premiums written grow by 17% in the quarter [7][20] Market Data and Key Metrics Changes - The U.S. E&S market is expected to experience increased competition, particularly in small to mid-market accounts, while large accounts may face pricing pressure [9][10] - The reinsurance market is anticipated to see supply outpacing demand, leading to rate pressures, especially in property cat reinsurance [11][12] Company Strategy and Development Direction - Hamilton continues to focus on disciplined underwriting and maintaining a balanced portfolio, allowing for growth in attractive lines while backing away from less favorable business [5][14] - The company is strategically growing its U.S. E&S platform and has appointed a new Chief Underwriting Officer to enhance its operations [4][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current market dynamics, emphasizing the importance of maintaining underwriting discipline and capitalizing on opportunities [15][11] - The company anticipates moderate growth in casualty reinsurance, with expectations for continued rate increases, albeit at a slower pace [10][12] Other Important Information - Total assets increased by 18% to $9.2 billion, with total investments and cash rising by 19% to $5.7 billion [28] - The company announced a $150 million share repurchase authorization, with $40 million repurchased in Q3 2025 [27] Q&A Session Summary Question: Can you provide insights on the Bermuda underlying loss ratio? - Management acknowledged that the increase in the underlying loss ratio is driven by a mix of business, particularly towards casualty [31][32] Question: What changes are being observed in loss trends within the casualty portfolio? - Management noted growth in both reinsurance and insurance portfolios, with a strong feedback loop across underwriting, pricing, and reserving [33][34] Question: Can you quantify the larger renewal moving from Q2 to Q3? - A renewal that changed from Q2 to Q3 contributed about $20 million to the growth in Bermuda's casualty line [40][43] Question: What are the objectives for Hamilton Select going forward? - The objectives include producing sustainable underwriting profitability while adhering to disciplined underwriting culture [49] Question: How should we think about the acquisition cost ratio moving forward? - Management indicated a slight uptick in acquisition costs due to the business mix, but it is not expected to change significantly [62]

Financial Data and Key Metrics Changes - The company reported net income of $33.5 million for Q3 2025 and $94.9 million for the first nine months, resulting in an annualized return on average equity of 20% for Q3 and 19% for the first nine months [5][24] - Book value per share grew by almost 10% to $16.23 in the first nine months of 2025, with total equity reaching just under $690 million [6][24] - The combined ratio for Q3 was 76.5%, significantly improved from 86% in Q3 of the previous year, while the combined ratio for the first nine months was just over 87% compared to 80.5% for the same period in 2024 [12][13] Business Line Data and Key Metrics Changes - Gross premiums written in Q3 were just over $131 million, a decrease of about 5%, while for the first nine months, gross premiums were up marginally to just over $525 million [10][11] - The short-tail segment saw gross premiums up 2% in Q3 but down 2.7% for the first nine months, with net premiums earned down about 10.4% and 8.1% for Q3 and the first nine months, respectively [17] - The reinsurance segment generated gross premiums of just under $98 million for the first nine months, reflecting almost 25% growth compared to the same period in 2024, with underwriting income up 35% for Q3 [19][20] Market Data and Key Metrics Changes - The company noted increasing competitive pressures across the market, particularly in the long-tail segment, which has seen declining rates and margins [20][32] - The U.S. market remains a significant focus, with opportunities for new business in specialty treaty and short-tail portfolios despite competitive pressures [33][34] - The company is optimistic about the potential for improvement in the long-tail segment by 2026 and 2027, although current conditions remain challenging [32][34] Company Strategy and Development Direction - The company emphasizes disciplined underwriting and capital management to generate high-quality returns, focusing on areas with the best risk-adjusted returns [5][25] - A new $5 million common share repurchase authorization was approved, indicating a commitment to returning value to shareholders [9][23] - The company is expanding its presence in specialty treaty business and enhancing distribution capabilities to drive additional margin [30][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the elevated level of competitive pressure but characterized it as orderly and disciplined, with confidence in finding growth opportunities [25][27] - The recent S&P upgrade to an A rating is expected to open new business opportunities and enhance the company's market position [9][27] - Management remains focused on intelligent risk selection and will not sacrifice profitability for top-line growth, emphasizing the importance of cycle management [34][35] Other Important Information - The company returned a total of about $98 million to shareholders in share repurchases and dividends in the first nine months of 2025 [24] - Total assets increased by just over 4% to $2.12 billion, with total investments and cash at $1.32 billion [22] Q&A Session Summary Question: Comments on market conditions and long-tail business - Management indicated that while competitive pressures are increasing, they are not currently considering walking away from other accounts outside of the specific non-renewed account mentioned [38][39] Question: Outlook for the reinsurance segment - Management noted that while Q1 has historically been strong, they anticipate more pressure on the top line for the reinsurance book as the market generates excess capital [40][41] Question: Perspectives on large account property in the U.S. - Management does not believe that large account property has bottomed out and expects continued pressure in that area [44]

Financial Performance - Third quarter net income reached $39 million, or $1.49 per share, nearly doubling from the previous year[8] - The combined ratio for the third quarter was 91.9%, and the year-to-date ROE was 12.7%, marking the best results in nearly 20 years[8] - Net investment income increased by 6% due to a 17% growth in fixed maturity income[8] - Adjusted operating income reached $40 million, compared to $21 million in the prior year[5] - Net premiums written grew by 7% to a third quarter record of $328 million[8, 15] Underwriting Performance - The net loss ratio improved by 5 percentage points to 57.3% in the third quarter[5] - The underwriting expense ratio improved to 34.6%, reflecting disciplined expense management and business growth[5, 15] - The catastrophe loss ratio was 1.3% in Q3, outperforming historical averages[5, 15] Production Results - Core commercial net written premium increased 22% from the prior year[17] - Core commercial rate increases moderated to 5.8% while maintaining strong margins[17] Investment Portfolio - Invested assets totaled $2.3 billion, with 89% allocated to fixed income securities[20] - The average credit rating on fixed maturity assets improved to AA[20] - Fixed maturity income increased 17% due to portfolio management and reinvestment at higher yields[21, 24]

Financial Performance - Adjusted Operating Earnings Per Share increased to $2.45 in 3Q'25 from $1.90 in 3Q'24[14] - Adjusted Operating Earnings After-Tax increased to $239 million in 3Q'25 from $190 million in 3Q'24[14] - Net Income Available to Common Shareholders increased to $176 million in 3Q'25 from $93 million in 3Q'24[14] - Excess Capital Generation was $0.2 billion in 3Q'25 and the company is on track to exceed the original guidance of $0.7 billion for the year[14] - Retirement's 3Q'25 adjusted operating earnings increased by 20%+ year-over-year[16] - Investment Management's 3Q'25 adjusted operating earnings increased by 13% year-over-year[19] - Employee Benefits' 3Q'25 adjusted operating earnings increased by 104% year-over-year[23] Business Segments - Retirement has Defined Contribution net inflows of $30 billion YTD'25[17] - Investment Management had net inflows of $3.9 billion in 3Q'25, contributing to YTD'25 net inflows of over $13 billion[21] - Investment Management YTD'25 organic growth of 4.4%[21] - Employee Benefits is focused on Stop Loss margin improvement[22] Capital Management - YTD'25 Capital Allocation includes 36% for Strategic Investments, 36% for Share Repurchases & Dividends, and 28% for Excess Capital[32]

Financial Data and Key Metrics Changes - Adjusted after-tax income per diluted share was $2.20, a 77% increase year-over-year [5] - Adjusted after-tax income for the quarter reached $1.2 billion, up 52% year-over-year, primarily driven by the general insurance business [5] - Underwriting income was $793 million, reflecting an 81% year-over-year increase [5] - Net investment income on an adjusted pre-tax basis was $1 billion, a 15% increase year-over-year [5] - The accident year combined ratio, as adjusted, was 88.3%, maintaining a sub-90% result for the 16th consecutive quarter [5][6] - The calendar year combined ratio improved to 86.8%, a 580 basis point improvement from the prior year quarter [6][30] Business Segment Data and Key Metrics Changes - North America commercial insurance net premiums written were flat year-over-year, but adjusted for a prior year closeout transaction, would have increased by 3% [6] - International commercial insurance net premiums written increased by 1% year-over-year, driven by Marine (up 11%) and property (up 6%) [7] - Global personal insurance net premiums written decreased by 4%, impacted by a high net worth quota share reinsurance treaty [8] Market Data and Key Metrics Changes - North America commercial renewal pricing increased by 5%, with casualty pricing showing favorable conditions [33] - International commercial overall pricing was down 2%, but property pricing increased by 4% driven by rate increases in Japan [35] Company Strategy and Development Direction - The company announced strategic investments with Convex Group, Onyx Corporation, and a transaction with Everest Group, all expected to be accretive to earnings, EPS, and ROE in the first year post-closing [4][9] - AIG aims to enhance its earnings potential and drive long-term sustainable profitable growth through these transactions [18] - The company is embedding GenAI solutions into core underwriting and claims processes to improve efficiency and decision-making [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and liquidity to pursue compelling opportunities [18] - The company is well-positioned to drive continued strong performance despite a dynamic macro and insurance market [43] - Management highlighted the importance of maintaining a disciplined approach to capital management while seeking strategic investments [42][55] Other Important Information - AIG returned $1.5 billion of capital to shareholders in Q3 2025 through share repurchases and dividends [42] - Book value per share increased by 6% year-over-year to $75.45, reflecting strong net income growth [43] Q&A Session Summary Question: Expected underwriting profitability from quota share and renewal rights - Management clarified that the quota share with Convex is expected to be positive due to their strong track record of profitability [44] - For the Everest renewal rights, management expects combined ratios to align closely with AIG's due to operational efficiencies [45][46] Question: Capacity for further deals - Management indicated that they are actively looking for strategic opportunities that enhance AIG's position and are open to more deals [52][53] Question: Minimum level of liquidity to maintain - Management stated that they will keep several billion dollars of liquidity on the balance sheet for prudent capital management [55] Question: Expense ratio target and potential improvements - Management acknowledged that while the target is below 30%, there may be further improvements driven by operational efficiencies and strategic acquisitions [57]

Core Insights - Oscar Health is launching affordable, tech-powered health insurance plans for individuals and families in Charlotte for the 2026 Open Enrollment period [1] Company Overview - Oscar Health is focusing on providing accessible health insurance options in the individual marketplace [1]

Financial Data and Key Metrics Changes - Aflac reported net earnings per diluted share of $3.08 and adjusted earnings per diluted share of $2.49 for Q3 2025, with adjusted earnings increasing by 15.3% year-over-year [3][10] - Adjusted book value per share increased by 6.3%, and adjusted return on equity (ROE) was 19.1% [10][11] - The total net impact from the Q3 assumption update increased EPS by $0.76 [10] Business Line Data and Key Metrics Changes - Aflac Japan experienced an 11.8% year-over-year sales increase, with a notable 42% increase in cancer insurance sales driven by the Miraito product [3][4] - Aflac U.S. generated $390 million in new sales during Q3, a 2.8% year-over-year increase, while maintaining a strong premium persistency of 79% [5][6] - Net earned premiums in Aflac Japan declined by 4%, while underlying earned premiums decreased by 1.2% [11] Market Data and Key Metrics Changes - Aflac Japan's total benefit ratio improved to 39.3%, down nearly 10 percentage points year-over-year, while the third sector benefit ratio was 27.8%, down approximately 14 percentage points year-over-year [11] - In the U.S., the total benefit ratio was 45.6%, 200 basis points lower than Q3 2024, driven by favorable reserve reinvestment gains [13] Company Strategy and Development Direction - The company continues to emphasize third sector protection and innovative products like Tsumitas to attract younger customers [4][9] - Aflac is focused on maintaining strong premium persistency and driving profitable growth through disciplined underwriting [5][6] - The company plans to launch a new medical insurance product in Japan by the end of December, supported by a new cross-functional organizational structure [40][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for Aflac's products, highlighting the importance of financial protection in challenging times [6][9] - The company expects the benefit ratio in Japan to be in the 58%-60% range for 2025, with a pre-tax profit margin of 35%-38% [19] - In the U.S., the benefit ratio is expected to be at the lower end of the 48%-52% range, with a pre-tax profit margin in the upper end of the 17%-20% range for 2025 [19] Other Important Information - Aflac repurchased $1 billion of its stock and paid dividends of $309 million in Q3 2025, marking 43 consecutive years of dividend increases [7][18] - The company has maintained a strong capital position, with an SMR above 900% and an estimated regulatory ESR above 250% [18] Q&A Session Summary Question: Sales performance in the U.S. and individual product pressure - Management noted that brokers are leaning towards group products, impacting individual product sales, but they are focused on increasing producer recruitment and productivity [23][25] Question: Trends in cancer sales and Tsumitas product demand - Management reported strong performance in cancer insurance sales driven by Miraito and positive growth in Tsumitas following its repricing [26][31] Question: Repricing details and product launches - The repricing related to Tsumitas involved increasing the assumed interest rate, while no repricing occurred for cancer products [36][38] Question: Future M&A considerations - Management emphasized a focus on organic growth and building out existing capabilities before considering larger M&A opportunities [64][67] Question: Japan cash earnings drivers - High FSA earnings have been driven by a weakening yen and executed reinsurance transactions, which are expected to persist for a couple more years [72][74] Question: U.S. sales growth and future targets - Management acknowledged the need for more scale in the U.S. business and emphasized the importance of bundling products to drive sales growth [83][86]

Equitable Holdings Third Quarter 2025 Earnings Results November 4, 2025 Growth in assets driving increased earnings power Equitable Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" ...

Financial Data and Key Metrics Changes - Adjusted net income for Q3 2025 was $18 million, with gross written premium growing by 33% year over year to $311 million, up from $234 million in Q3 2024 [5][13] - Net written premium increased by 30% year over year to $118 million, up from $91 million in Q3 2024 [15] - Consolidated net income for Q3 was $98 million, or $3.77 per diluted share, a $107 million improvement year over year [19] - Total shareholders' equity at the end of the quarter was $422 million, up 14% from $362 million at year-end 2024 [19][20] Business Line Data and Key Metrics Changes - Casualty increased to 25% of gross written premium, up from 14% last year, while commercial and multi-peril increased to 21%, up from 13% [14] - Homeowners decreased from 47% of gross written premium in Q3 2024 to 32% in Q3 2025 [14] - Renters increased to 22% of net written premium, up from 10% last year, with a significant growth of 203% year over year [15][16] Market Data and Key Metrics Changes - The company bound its first new policies with Westwood Insurance Agency, which is expected to triple access to annual new home closings [7] - The underwriting results improved significantly, with a net loss ratio improving by 25 percentage points year over year to 48% [9][17] Company Strategy and Development Direction - The company is focusing on three strategic pillars: strategic diversification, unlocking market growth, and optimized risk management [6] - The introduction of a new reporting structure aligns with a unified way of managing the business, emphasizing gross and net premium by line of business [12] - The company anticipates growth in the homeowners market over the next three years, aiming for over $2 billion in premium by 2028 [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underwriting discipline and the ability to maintain pricing standards amid increased competition [8] - The company raised its full-year 2025 guidance for gross written premium to a range of $1.09-$1.11 billion, reflecting expectations for continued growth in newer lines of business [20] - The consolidated net loss ratio guidance was improved to a range of 63%-64%, driven by positive loss trends [21] Other Important Information - The company appointed Robin Gordon as Chief Data Officer to enhance risk management and customer experience [10] - The consolidated combined ratio improved by 28 percentage points year over year to 100% [18] Q&A Session Summary Question: Growth in casualty business - Management noted that casualty growth is a combination of cyber, commercial general liability, and other lines, with a cautious approach to risk retention until profitability is established [25][26] Question: Competition in homeowners market - Management indicated that the admitted market is rebounding, leading to increased competition, but they feel confident in their pricing adequacy [27] Question: Future business mix by 2028 - Management expects to diversify further while anticipating growth in the homeowners market, aiming for over $2 billion in premium by 2028 [30][31] Question: Share repurchases and capital use - Management stated that capital will be used for portfolio growth and potential acquisitions to accelerate diversification [34]