Financial Performance - Net investment income increased by 7.9% in the quarter, primarily due to higher bond portfolio yields, with an average reinvestment rate on corporate bonds at 4.6% compared to 4.2% from the previous year [1] - Net operating income for the quarter was $185 million, down from $227 million year-over-year, translating to $0.74 per share compared to $0.90 in the prior-year quarter [2] - Consolidated pre-tax operating income for the full year 2025 was reported at $1 billion, with a consolidated combined ratio of 94.7% [3] Segment Performance - In the fourth quarter, consolidated pre-tax operating income was $236 million, down from $285 million a year earlier, with a consolidated combined ratio of 96% compared to 92.7% in the prior-year quarter [4][5][8] - Title insurance segment reported premium and fee revenue of $789 million, up approximately 12% year-over-year, with pre-tax operating income of $66 million [6][20] - Specialty insurance saw net premiums earned grow by 8.3% in Q4 and 10.9% for the full year, but profitability declined with pre-tax income falling to $178 million and a combined ratio of 97.3% [7][11] Capital Management - The company returned over $1 billion in capital in 2025, including nearly $700 million in dividends and $56 million in share buybacks, with about $850 million remaining in the repurchase program [6][23] - Management anticipates recommending a regular dividend increase and plans to be opportunistic with share repurchases based on market conditions [25] Future Outlook - Looking ahead to 2026, the company expects net investment income growth to slow, emphasizing underwriting discipline and a focus on maintaining a combined ratio similar to 2025 levels [1][24] - The title business is projected to see commercial title activity improve by 15% to 20% from 2025 levels, while residential activity may see a single-digit increase [20]

Financial Performance - Gross premiums written increased by 5.8% year-on-year, reaching $1,356.2 million[5] - Insurance revenue increased by 8.9% year-on-year to $930.1 million[5] - Profit after tax was $109.2 million, resulting in a 7.6% change in DBVS[6] - The total investment return was 3.7%, inclusive of unrealized gains and losses[7] Underwriting Results - The insurance service result was $155.7 million, with a discounted combined ratio of 87.4% and an undiscounted combined ratio of 97.8%[5] - The Group experienced net losses from catastrophe, weather, and large loss events totaling $211.2 million, with catastrophe and weather losses accounting for $172.0 million[13] - Favorable prior accident year loss development resulted in a $109.1 million undiscounted net movement in loss reserves[13] Capital and Outlook - The estimated Q2 2025 BSCR coverage ratio is approximately 257%[20] - The Group expects a high-teens RoE for 2025, upgraded from mid-teens, assuming a similar H2 loss environment to 2024[7, 21] - Group RPI of 96%[10]