We saw employee engagement scores rise again to an all-time high, We completed the sale of Armada MGA and announced the sale of Acadian MGA which crystallized $390,000,000 of liquidity and almost $200,000,000 of off balance sheet value while agreeing long-term capacity deals on underwriting. Finally, it has been important to attract top talent to the company while growing talent internally. We have had great momentum, and in 2025, we welcomed 18 senior leaders to the company as well as promoting six from wi ...

SiriusPoint (NYSE:SPNT) Q4 2025 Earnings call February 19, 2026 08:30 AM ET Speaker5Good morning, and welcome to the SiriusPoint fourth quarter 2025 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference line will be open for questions with instructions to follow. As a reminder, this conference call is being recorded. I would now like to turn the call over to Mr. Liam Blackledge, Investor Relations and Strategy Manager. Pl ...

The Allstate Corporation Investor Supplement Fourth Quarter 2025 The condensed consolidated financial statements and financial exhibits included herein are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The results of operations for interim periods should not be considered indicative of results to be expected for the full year. Measures used in these financial ...

Financial Data and Key Metrics Changes - The core combined ratio improved to 89.1%, resulting in an 11% increase in underwriting income compared to the previous year, aided by no catastrophe losses in the quarter [4][5] - Operating return on equity for the quarter was 17.9%, significantly above the target range of 12% to 15%, with a year-to-date operating return on equity of 16.1% [5][32] - Net income for the quarter was $87 million, a substantial increase from $5 million in the previous year [18] Business Line Data and Key Metrics Changes - Gross premiums written grew by 26% year-over-year, marking the sixth consecutive quarter of double-digit growth, driven by strong performance in the insurance and services business, particularly in accident and health, surety, and attritional property [8][9] - The accident and health division accounted for nearly $1 billion in gross premiums written annually, providing stability and high capital returns [9][10] - The insurance and services segment achieved a combined ratio of 90.1%, a 2.3-point improvement from the prior year, driven by better risk selection and a favorable business mix [21] Market Data and Key Metrics Changes - The reinsurance segment saw a slight decrease in gross written premium by 2% to $310 million, with growth in casualty offset by a decrease in aviation premium [24] - Casualty reinsurance gross written premium increased by 7% in the quarter, benefiting from positive rate trends [25] Company Strategy and Development Direction - The company aims to become a disciplined underwriter with a low volatility portfolio, focusing on sustained best-in-class performance [4][6] - The sale of MGA investments is part of a strategy to rationalize investments and enhance book value, with expected proceeds to be used for redeeming outstanding preference shares [12][31] - The company continues to prioritize bottom-line performance over top-line growth, particularly in casualty lines where pricing challenges exist [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to profitably grow a low-volatility portfolio, with expectations for continued strong returns on equity [32] - The company remains cautious about certain classes of business due to pricing challenges but is optimistic about growth opportunities in accident and health and surety [22][23] Other Important Information - The company received multiple upgrades in outlook from credit rating agencies, including S&P, AM Best, and Fitch, reflecting improved financial health [30] - The BSCR ratio improved to 226%, indicating a strong capital position [29] Q&A Session Summary Question: Inquiry about attritional loss ratio improvements - Management acknowledged the improvements in the attritional loss ratio, attributing it to a mix shift in the portfolio and expressed that while they aim to reduce it further, significant changes are not expected in the near term [34][36] Question: Modeling premium growth going forward - Management clarified that the recent growth was not due to anomalies but rather a result of strengthening relationships and pipeline growth, with expectations for fourth-quarter premiums to align more closely with year-to-date growth [39][41]

Financial Data and Key Metrics Changes - The company reported net operating income of $734 million and an annualized operating return on equity (ROE) of nearly 20% [5][20] - The combined ratio was 90.4%, reflecting strong underwriting profit of $385 million [5][20] - Net investment income was robust at $532 million, supported by favorable private equity performance [7][26] Business Line Data and Key Metrics Changes - Reinsurance generated a profit of $436 million, up $133 million from the prior year, with a combined ratio of 85.6% [7][22] - Insurance recorded an underwriting loss of $18 million with a combined ratio of 102% and an attritional loss ratio of 68.7% [12][24] - Gross written premiums for reinsurance increased by 1.6% in constant dollars, while insurance premiums decreased by 3.3% [20][23] Market Data and Key Metrics Changes - Casualty premiums declined by 7.3%, while primary casualty rates are rising [9][13] - International insurance business grew at a rate of 23% this quarter, with improving margins [16] - Property premiums increased by approximately 8% year over year, with property cat XOL growing over 15% [8][15] Company Strategy and Development Direction - The company is focused on reshaping its portfolio, particularly in the U.S. casualty business, while expanding in property, Asia, and Latin America [10][11] - The strategy includes a one renewal approach in U.S. casualty to improve portfolio quality and profitability [12][19] - The company aims to optimize its share in attractive programs with core seeds, leveraging deep relationships [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the reinsurance business's ability to deliver strong results regardless of external conditions [12][18] - The company is optimistic about the future, focusing on executing across both businesses and managing the cycle with discipline [19] - Management noted that the current pricing environment remains favorable, with strong returns expected from property cat [44][62] Other Important Information - The company repurchased $200 million worth of shares in the second quarter, returning $400 million to shareholders year to date [17][28] - The operating income tax rate was 16.4%, slightly below the working assumption of 17% to 18% for the year [28] Q&A Session Summary Question: What is the outlook for the underlying loss ratio in insurance? - Management indicated that the risk margin is necessary due to legal uncertainties, and the mix of business will impact the overall loss ratio positively over time [32][33] Question: Can you provide insights on accident and health growth? - The company is focusing on accident business growth, particularly in business travel and participant accident coverage, which has shown strong performance [39][41] Question: What are the competitive dynamics in the reinsurance renewals? - Management noted that pricing was flat in June renewals and slightly down in July, but terms and conditions remained stable, indicating discipline in the market [42][43] Question: How is the company managing its expense ratio? - Management expects the expense ratio to improve post-remediation of the casualty book, with a focus on scaling the international business [120][121] Question: What is the company's stance on PMLs and capital deployment? - Management believes the current market is still hard, and they are comfortable deploying capital at attractive rates while remaining within risk guidelines [62][63] Question: How is the company addressing the California workers' comp market? - The company has reduced its exposure in California and is only writing comp when part of a broader portfolio, focusing on overall market recovery [112][113]

Financial Data and Key Metrics Changes - The company reported net operating income of $734 million and an annualized operating return on equity (ROE) of nearly 20% for the second quarter of 2025 [5][21] - The combined ratio was 90.4%, reflecting strong underwriting performance and light catastrophe losses [21][22] - Net investment income was strong at $532 million, supported by favorable private equity performance [5][27] Business Line Data and Key Metrics Changes - Underwriting profit totaled $385 million with a combined ratio of 90.4% [5] - Reinsurance generated a profit of $436 million, up $133 million from the prior year, with a combined ratio of 85.6% [7][23] - Insurance recorded an underwriting loss of $18 million with a combined ratio of 102% [13][24] - Gross written premiums for reinsurance increased by 1.6% in constant dollars, while insurance gross written premiums decreased by 3.3% [21][24] Market Data and Key Metrics Changes - The company experienced a 1.1% increase in reinsurance gross written premiums, while insurance premiums declined by 3.3% [21][24] - International insurance business grew at a rate of 23% this quarter, with improving margins [17] - Property premiums increased by 5% globally, with 21% growth internationally, offsetting a 2% decline in North America [16] Company Strategy and Development Direction - The company is focused on reshaping its portfolio, particularly in the U.S. casualty business, and is committed to disciplined growth [12][19] - The strategy includes expanding in U.S. property, Asia, and Latin America while reducing exposure in U.S. casualty [12][19] - The company aims to optimize its share in attractive programs with core clients, leveraging its strong relationships [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the reinsurance business's ability to deliver strong results regardless of external conditions [13] - The company is optimistic about the quality of its casualty portfolio improving, which is expected to lead to more consistent profitability over time [19] - Management noted that the current market conditions are favorable for deploying capital into well-structured accounts [58][59] Other Important Information - The company repurchased $200 million worth of shares in the second quarter, totaling $400 million year-to-date [18][28] - The operating income tax rate for 2025 was 16.4%, slightly below the working assumption of 17% to 18% [27][28] Q&A Session Summary Question: What is the outlook for the underlying loss ratio in insurance? - Management indicated that the risk margin is necessary due to legal uncertainties, and the mix of business will impact the overall loss ratio positively over time [31][32] Question: How is the company approaching international investments? - Management acknowledged that international growth is lumpier but emphasized leveraging existing infrastructure to improve the expense ratio over time [34] Question: What are the dynamics in the accident and health market? - The company is focusing on accident coverage rather than health, with strong growth in accident business both domestically and internationally [37][38] Question: Can you elaborate on the reinsurance renewals and competitive environment? - Management noted that pricing was flat during renewals, with terms and conditions holding steady, indicating discipline in the market [40][41] Question: How does the company view the current pricing environment? - Management clarified that while rates have softened slightly, the market remains strong, and they are comfortable deploying capital at current pricing levels [58][59] Question: What is the company's strategy regarding PMLs? - Management stated that they are increasing net PMLs due to favorable pricing dynamics and are confident in the risk-reward trade-off [59][60] Question: What is the status of the London court decision? - Management believes the issue is resolved barring any unexpected legal shifts, and it does not relate to previous reserve actions [95][96]

Financial Data and Key Metrics Changes - The company achieved net income of $58 million and a return on equity of 12.9%, with year-over-year increases in core gross and net premiums written [19][20] - The combined ratio for the core business was 95.4%, impacted by $59 million in losses from California wildfires, which was below the previous estimate [8][20] - The company reported a 12% year-over-year growth in gross written premiums and a 20% increase in net written premiums [10][19] Business Line Data and Key Metrics Changes - The Insurance and Services segment saw gross written premiums increase by $111 million or 21%, driven by growth in accident and health, property, and other specialty lines [27] - The Reinsurance segment experienced a slight decrease in gross premiums written by $2 million, with casualty premiums decreasing in double digits [35] - The accident and health business provided stable underwriting profit, with premiums up 19% in the first quarter [28] Market Data and Key Metrics Changes - The company noted double-digit rate hardening in U.S. Medical while U.S. Non-medical pricing remained largely flat [29] - Casualty rates remained elevated due to current loss trends, with positive rate changes exceeding loss costs [30] - The pricing environment within accident and health continues to meet the company's risk and return profile, with growth opportunities identified [30] Company Strategy and Development Direction - The company aims to become a high-performing specialty underwriter, focusing on stable and consistent returns for shareholders [17] - A deliberate strategy to retain a greater proportion of profitable underwriting books is in place, with a focus on underwriting margin [11] - The company is investing in data capabilities in the MGA space to enhance its competitive edge [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increased uncertainty due to tariff changes but remains proactive in monitoring impacts and adjusting strategies as needed [15][16] - Inflation is a primary focus, with readiness to react quickly if necessary [15] - The company expects continued strong premium growth and aims for double-digit net premium growth for fiscal year 2025 [21] Other Important Information - The company completed a $753 million shareholder repurchase agreement and participated in a secondary offering, both of which were accretive for shareholders [7] - The company received positive outlook revisions from Fitch and AM Best, affirming its ratings [14][49] - The investment portfolio remains strong, with net investment income of $71 million for the quarter [43] Q&A Session Summary Question: What is the outlook for premium growth in 2025? - The company expects double-digit net premium growth for fiscal year 2025, driven by strong performance across various lines of business [21] Question: How is the company managing the impact of inflation? - Management stated that inflation remains a top focus, and the company is prepared to react quickly to any changes in the operating environment [15] Question: What are the expectations for the underwriting margin? - The company aims to maintain a strong underwriting margin, with a focus on retaining profitable books and disciplined underwriting practices [11]

Financial Data and Key Metrics Changes - The company reported net income of $42 million and adjusted operating income of $37.3 million, with adjusted operating income of 90¢ per diluted share, marking the best reported metrics in company history [5][8] - Gross written premiums grew by 17% for the quarter, while net written premiums increased by 20%, with a net retention rate of 64.1%, up from 62.6% the previous year [8][9] - The first quarter combined ratio was 90.5%, including 2.2 points of catastrophe losses, with a non-cat loss ratio of 60.2%, the best in company history [9][10] Business Line Data and Key Metrics Changes - The A and H division and global agriculture unit showed extraordinary growth, contributing significantly to overall growth, while transactional E and S, surety, and specialty programs also contributed positively [6][15] - The newly added agriculture and credit insurance and reinsurance division accounted for 16% of gross written premiums, expected to stabilize at 10% to 12% for the full year [9] - The expense ratio improved to 28.1%, with expectations to maintain a sub-30% target for the year [10][11] Market Data and Key Metrics Changes - The company experienced a decrease in global property premiums but maintained a strong account retention rate of over 95% [19] - Bid bond requests in the surety segment increased by 19% year-over-year, indicating robust demand despite a reduction in bonding activity for federal contractors [21] - Submission growth was strong, with a 59% increase in RFP submission count for the Accident and Health division year-over-year [72] Company Strategy and Development Direction - The company is focused on diversifying its portfolio and reallocating capital to underwriting units that offer the greatest returns, particularly in high-return areas less exposed to property and casualty cycles [6][15] - The strategy includes leveraging technology and talent, particularly in the use of AI and predictive analytics for risk selection and pricing [18] - The company aims to continue generating top quartile returns across market cycles, emphasizing the importance of underwriting discipline [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to grow earnings in agriculture and accident health divisions, highlighting unique solutions and strong demand [15][16] - The company is monitoring various economic factors, including tariffs and federal funding reductions, which may impact loss cost trends and overall market conditions [29][34] - Management remains optimistic about maintaining strong underwriting returns despite potential market softening, with a focus on durable business relationships [96][98] Other Important Information - The company reported a net investment income of $19.3 million for the quarter, with an embedded yield of 5.2% [11][12] - The effective tax rate for the quarter was 18.2%, expected to be between 21-22% for the full year [12][13] - The company is addressing a material weakness in IT controls, with new procedures being implemented [13] Q&A Session Summary Question: Growth opportunities in agriculture and credit insurance - Management highlighted the hiring of industry veteran James Tran to lead agriculture efforts, with a focus on a diversified global portfolio [25][26] Question: Loss cost trends and tariffs - Management indicated that the overall loss cost trend is estimated to be in the 5-6% range, with efforts to limit exposure to high inflation categories [30][31] Question: Seasonality of growth in crop and A&H - Management noted that the first quarter typically sees high growth due to significant renewals, with expectations for lower growth in the second quarter [42][44] Question: Favorable emergence in reserves - Management reported favorable emergence in accident years 2020 and after, particularly in MAT, property surety, and professional liability [47][48] Question: Government-related business size - Management indicated that government-related business accounts for approximately $20 million of the book, with a focus on federal contractors [73][74] Question: Submission growth and quality - Management confirmed strong submission growth, particularly in E and S, with a notable increase in RFP submissions for A&H [68][72] Question: Hiring climate and strategy - Management is evaluating hiring plans based on business performance, proceeding cautiously in uncertain market conditions [109][110]

Financial Data and Key Metrics Changes - The company reported a net income of $42 million and adjusted operating income of $37.3 million, with adjusted operating income of $0.90 per diluted share, marking the best performance in company history [4][6]. - Gross written premiums grew by 17% for the quarter, while net written premiums increased by 20%, with a net retention rate of 64.1%, up from 62.6% the previous year [6][7]. - The first quarter combined ratio was 90.5%, including 2.2 points of catastrophe losses, with a non-cat loss ratio of 60.2%, the best in company history [7][8]. Business Line Data and Key Metrics Changes - The Agriculture and Health division and the global agriculture unit showed extraordinary growth, contributing significantly to overall growth [5][13]. - The newly added agriculture and credit insurance and reinsurance division accounted for 16% of gross written premiums, expected to stabilize at 10% to 12% for the full year [7][11]. - Transactional E&S, surety, and specialty programs also contributed positively to growth, with double-digit growth reported in these areas [19][22]. Market Data and Key Metrics Changes - The company observed a decrease in global property premiums but maintained a strong account retention rate of over 95% [18][22]. - Bid bond requests increased by 19% year-over-year, indicating robust demand despite a reduction in bonding activity for federal contractors [20][22]. - The company noted a competitive environment with increasing submission activity, particularly in the E&S area, where submissions were materially above 20% [64][66]. Company Strategy and Development Direction - The company emphasizes a diversified portfolio and the ability to adapt quickly to market conditions, focusing on high-return areas less exposed to property and casualty cycles [13][14]. - The strategy includes leveraging technology and talent, particularly in the agriculture and health sectors, to drive growth and maintain competitive advantages [16][17]. - The company aims to continue generating top quartile returns across market cycles, supported by strong underwriting results and consistent earnings growth [23]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to grow earnings in the agriculture unit, citing favorable market conditions and unique solutions developed for clients [13][14]. - The company is monitoring various economic factors, including tariffs and federal funding reductions, which could impact loss cost trends and overall performance [30][34]. - Management remains cautious but optimistic about the future, expecting to deliver mid-teens growth despite economic uncertainties [45][46]. Other Important Information - The company reported a net investment income of $19.3 million, with an embedded yield of 5.2% as of March 31 [9][10]. - The effective tax rate for the quarter was 18.2%, lower than the previous year, with expectations for a full-year rate between 21-22% [10][11]. - The company is addressing material weaknesses in IT controls, with new procedures being implemented to ensure compliance [11]. Q&A Session Summary Question: Growth opportunities in agriculture and credit insurance - Management highlighted the hiring of industry veteran James Tran to lead the agriculture unit, which is active in multiple countries and has significant treaty opportunities lined up for Q3 [25][27]. Question: Loss cost trends and tariffs - Management indicated that the overall loss cost trend is estimated to be in the 5-6% range, with efforts to limit exposure to high inflation categories [30][31]. Question: Seasonality of growth in crop and A&H - Management noted that the first quarter typically shows high growth due to significant renewals, with expectations for lower growth in the second quarter [42][44]. Question: Favorable emergence in reserves - Management reported favorable emergence in accident years 2020 and after, particularly in MAT, property surety, and professional liability [46][47]. Question: Government-related business size - Management indicated that government-related business constitutes about $20 million of their book, with a focus on private and public-private contracts [69]. Question: Submission growth and quality - Management confirmed strong submission growth, particularly in E&S, with a notable increase in RFP submissions for A&H, indicating a compelling market proposition [68][66]. Question: Hiring climate and strategy - Management is evaluating hiring plans based on business performance, proceeding cautiously in uncertain market conditions [102][104].