Latest news with #Shareholders
Yahoo
a day ago
- Business
- Yahoo
Is McKesson (MCK) an Overlooked Dividend Stock in the Pharma Sector for 2025?
McKesson Corporation (NYSE:MCK) is included among the 14 Best Pharma Dividend Stocks to Buy in 2025. A successful pharmacist in front of shelves of drugs in a community-based oncology pharmacy. In its fourth-quarter 2025 earnings announcement, the company revealed plans to spin off its Medical-Surgical Solutions segment into a separate entity, referred to as 'NewCo.' Management emphasized that disciplined portfolio management remains a core element of its overall strategy. McKesson stated that this separation is expected to strengthen the strategic direction and operational focus of both businesses, while also delivering greater value to shareholders. McKesson Corporation (NYSE:MCK)'s cash position came in strong in fiscal 2025. Over the full fiscal year, the company returned $3.5 billion to its shareholders, comprising $3.1 billion in share buybacks and $345 million in dividends. It reported $6.1 billion in cash flow from operations and allocated $859 million toward capital expenditures, leading to a free cash flow of $5.2 billion. McKesson Corporation (NYSE:MCK) has been growing its payouts for eight consecutive years, and in the past five years, its dividend growth came in at nearly 12%. The company currently offers a quarterly dividend of $0.71 per share and has a dividend yield of 0.40%, as of July 17. While we acknowledge the potential of MCK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Globe and Mail
3 days ago
- Business
- Globe and Mail
Saputo Inc.: 2025 Annual General Meeting of Shareholders and Fiscal 2026 First Quarter Results
MONTRÉAL, July 17, 2025 (GLOBE NEWSWIRE) -- Saputo Inc.'s Annual Meeting of Shareholders will be held on August 8, 2025, at 10:30 a.m. (Eastern Time), in a hybrid format. The Meeting will be conducted in-person at Lumi Experience – 1250 René-Lévesque Blvd. West, Suite 3610, Montréal, Québec, H3B 4W8, and by live webcast at this link. Fiscal 2026 First Quarter Results Saputo will release its fiscal 2026 first quarter results on Thursday, August 7, 2025. A press release will be issued after markets close, and a conference call is scheduled on Friday, August 8, 2025, at 8:30 a.m. (Eastern Time) to discuss the Company's results. The speakers will be Mr. Carl Colizza, President and CEO, and Mr. Maxime Therrien, CFO and Secretary. To participate: Webcast: A live webcast of the event can be accessed using this link. Presentation slides will be included in the webcast and can also be accessed in the 'Investors' section of Saputo's website ( under 'Calendar of Events'. Conference line: 1-888-596-4144 Conference ID: 8145823 Please dial in five minutes before the call. Replay of the conference call and webcast presentation For those unable to join, the webcast presentation will be archived on Saputo's website ( in the 'Investors' section, under 'Calendar of Events'. About Saputo Saputo, one of the top ten dairy processors in the world, produces, markets, and distributes a wide array of dairy products of the utmost quality, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products, and dairy ingredients. Saputo is a leading cheese manufacturer and fluid milk and cream processor in Canada, a leading dairy processor in Australia and the top dairy processor in Argentina. In the USA, Saputo ranks among the top three cheese producers and is one of the top producers of extended shelf-life and cultured dairy products. In the United Kingdom, Saputo is the leading manufacturer of branded cheese and dairy spreads. In addition to its dairy portfolio, Saputo produces, markets, and distributes a range of dairy alternative products. Saputo products are sold in several countries under market-leading brands, as well as private label brands. Saputo Inc. is a publicly traded company and its shares are listed on the Toronto Stock Exchange under the symbol 'SAP'. Follow Saputo's activities at or via Facebook, Instagram, and LinkedIn.
Yahoo
3 days ago
- Business
- Yahoo
Travelers Reports Excellent Second Quarter and Year-to-Date Results
Second Quarter 2025 Net Income per Diluted Share of $6.53, up 185%, and Return on Equity of 20.9% Second Quarter 2025 Core Income per Diluted Share of $6.51, up 159%, and Core Return on Equity of 18.8% Second quarter net income of $1.509 billion, up 183%, and core income of $1.504 billion, up 157%. Consolidated combined ratio improved 9.9 points from the prior year quarter to a very strong 90.3%. Underlying combined ratio improved 3.0 points from the prior year quarter to an excellent 84.7%. Catastrophe losses were $927 million pre-tax compared to $1.509 billion in the prior year quarter. Net favorable prior year reserve development of $315 million pre-tax, with favorable development in all three segments. Record net written premiums of $11.543 billion, up 4%, with growth in all three segments. Net investment income increased 6% after-tax over the prior year quarter. Total capital returned to shareholders of $809 million, including $557 million of share repurchases. Strong growth in book value per share, up 20%, and adjusted book value per share, up 14%, compared to the prior year quarter. NEW YORK, July 17, 2025--(BUSINESS WIRE)--The Travelers Companies, Inc. today reported net income of $1.509 billion, or $6.53 per diluted share, for the quarter ended June 30, 2025, compared to $534 million, or $2.29 per diluted share, in the prior year quarter. Core income in the current quarter was $1.504 billion, or $6.51 per diluted share, compared to $585 million, or $2.51 per diluted share, in the prior year quarter. Core income increased primarily due to lower catastrophe losses, a higher underlying underwriting gain (i.e., excluding net prior year reserve development and catastrophe losses), higher net favorable prior year reserve development and higher net investment income. Net realized investment gains in the current quarter were $6 million pre-tax ($5 million after-tax), compared to net realized investment losses of $65 million pre-tax ($51 million after-tax) in the prior year quarter. Per diluted share amounts benefited from the impact of share repurchases. Consolidated Highlights ($ in millions, except for per share amounts, and after-tax, except for premiums and revenues) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change 2025 2024 Change Net written premiums $ 11,543 $ 11,115 4 % $ 22,058 $ 21,297 4 % Total revenues $ 12,116 $ 11,283 7 $ 23,926 $ 22,511 6 Net income $ 1,509 $ 534 183 $ 1,904 $ 1,657 15 per diluted share $ 6.53 $ 2.29 185 $ 8.23 $ 7.09 16 Core income $ 1,504 $ 585 157 $ 1,947 $ 1,681 16 per diluted share $ 6.51 $ 2.51 159 $ 8.42 $ 7.20 17 Diluted weighted average shares outstanding 229.3 231.5 (1 ) 229.7 231.8 (1 ) Combined ratio 90.3 % 100.2 % (9.9 ) pts 96.3 % 97.1 % (0.8 ) pts Underlying combined ratio 84.7 % 87.7 % (3.0 ) pts 84.7 % 87.7 % (3.0 ) pts Return on equity 20.9 % 8.6 % 12.3 pts 13.4 % 13.3 % 0.1 pts Core return on equity 18.8 % 8.1 % 10.7 pts 12.3 % 11.8 % 0.5 pts As of Change From June 30, 2025 December 31,2024 June 30, 2024 December 31,2024 June 30, 2024 Book value per share $ 131.11 $ 122.97 $ 109.08 7 % 20 % Adjusted book value per share 144.57 139.04 126.52 4 % 14 % See Glossary of Financial Measures for definitions and the statistical supplement for additional financial data. "We are pleased to report excellent results for the quarter, with both underwriting and investment income contributing meaningfully to our performance," said Alan Schnitzer, Chairman and Chief Executive Officer. "We earned core income of $1.5 billion, or $6.51 per diluted share, driven by excellent underlying results, strong net favorable prior year reserve development and higher investment income. Underlying underwriting income of $1.6 billion pre-tax was up 35% over the prior year quarter, driven by 7% growth in net earned premiums to $10.9 billion and a consolidated underlying combined ratio that improved 3 points to an excellent 84.7%. All three segments contributed to these terrific results with strong net earned premiums and excellent reported and underlying profitability. In addition, our high-quality investment portfolio continued to perform well, generating after-tax net investment income of $774 million, driven by strong and reliable returns from our growing fixed income portfolio. During the quarter, we returned more than $800 million of excess capital to shareholders, including $557 million of share repurchases. "Through skilled execution by our field organization, we grew net written premiums in the second quarter to $11.5 billion. In Business Insurance, we grew net written premiums by 5% to $5.8 billion. Renewal premium change remained strong at 7.7%, with renewal premium change of 8.6% in our core Middle Market business and 10.7% in our small commercial Select business. Retention in the segment remained strong at 85%, and new business was a record $744 million. In Bond & Specialty Insurance, we grew net written premiums by 4% to $1.1 billion, with strong retention of 87% in our high-quality management liability business. In our industry-leading surety business, we grew net written premiums by 5% compared to a particularly strong result in the prior year quarter. In Personal Insurance, net written premiums grew 3% to $4.7 billion, driven by strong renewal premium change in our Homeowners business. "Our trailing twelve-month core return on equity of 17.1% reflects exceptional underwriting performance and steadily rising returns from our growing fixed income portfolio. Over that period, we grew adjusted book value per share by 14%, after making strategic investments in our business and returning substantial excess capital to shareholders. We're building on this strong momentum through continued disciplined execution of our proven strategy. With our diversified business operating from a position of strength, we remain highly confident in the outlook for our business." Consolidated Results Three Months Ended June 30, Six Months Ended June 30, ($ in millions and pre-tax, unless noted otherwise) 2025 2024 Change 2025 2024 Change Underwriting gain (loss): $ 1,022 $ (65 ) $ 1,087 $ 717 $ 512 $ 205 Underwriting gain (loss) includes: Net favorable prior year reserve development 315 230 85 693 321 372 Catastrophes, net of reinsurance (927 ) (1,509 ) 582 (3,193 ) (2,221 ) (972 ) Net investment income 942 885 57 1,872 1,731 141 Other income (expense), including interest expense (89 ) (99 ) 10 (185 ) (187 ) 2 Core income before income taxes 1,875 721 1,154 2,404 2,056 348 Income tax expense 371 136 235 457 375 82 Core income 1,504 585 919 1,947 1,681 266 Net realized investment gains (losses) after income taxes 5 (51 ) 56 (43 ) (24 ) (19 ) Net income $ 1,509 $ 534 $ 975 $ 1,904 $ 1,657 $ 247 Combined ratio 90.3 % 100.2 % (9.9 ) pts 96.3 % 97.1 % (0.8 ) pts Impact on combined ratio Net favorable prior year reserve development (2.9 ) pts (2.2 ) pts (0.7 ) pts (3.2 ) pts (1.5 ) pts (1.7 ) pts Catastrophes, net of reinsurance 8.5 pts 14.7 pts (6.2 ) pts 14.8 pts 10.9 pts 3.9 pts Underlying combined ratio 84.7 % 87.7 % (3.0 ) pts 84.7 % 87.7 % (3.0 ) pts Net written premiums Business Insurance $ 5,792 $ 5,539 5 % $ 11,490 $ 11,135 3 % Bond & Specialty Insurance 1,085 1,040 4 2,084 1,983 5 Personal Insurance 4,666 4,536 3 8,484 8,179 4 Total $ 11,543 $ 11,115 4 % $ 22,058 $ 21,297 4 % Second Quarter 2025 Results(All comparisons vs. second quarter 2024, unless noted otherwise) Net income of $1.509 billion increased $975 million, driven by higher core income and net realized investment gains compared to net realized investment losses in the prior year quarter. Core income of $1.504 billion increased $919 million, primarily due to lower catastrophe losses, a higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income. The underlying underwriting gain benefited from higher business volumes. Net realized investment gains were $6 million pre-tax ($5 million after-tax), compared to net realized investment losses of $65 million pre-tax ($51 million after-tax) in the prior year quarter. Combined ratio: The combined ratio of 90.3% improved 9.9 points due to lower catastrophe losses (6.2 points), an improvement in the underlying combined ratio (3.0 points) and higher net favorable prior year reserve development (0.7 points). The underlying combined ratio improved 3.0 points to an excellent 84.7%. See below for further details by segment. Net favorable prior year reserve development occurred in all segments. See below for further details by segment. Catastrophe losses primarily resulted from severe wind and hail storms in multiple states. Net investment income of $942 million pre-tax ($774 million after-tax) increased 6%, primarily due to growth in average invested assets and a higher average yield in the long-term fixed income investment portfolio. Net written premiums of $11.543 billion increased 4%. See below for further details by segment. Year-to-Date 2025 Results(All comparisons vs. year-to-date 2024, unless noted otherwise) Net income of $1.904 billion increased $247 million, driven by higher core income, partially offset by higher net realized investment losses. Core income of $1.947 billion increased $266 million, primarily due to a higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. Net realized investment losses were $55 million pre-tax ($43 million after-tax), compared to $30 million pre-tax ($24 million after-tax) in the prior year. Combined ratio: The combined ratio of 96.3% improved 0.8 points due to an improvement in the underlying combined ratio (3.0 points) and higher net favorable prior year reserve development (1.7 points), partially offset by higher catastrophe losses (3.9 points). The underlying combined ratio of 84.7% improved 3.0 points. See below for further details by segment. Net favorable prior year reserve development occurred in all segments. See below for further details by segment. Catastrophe losses included the second quarter events described above, as well as the January 2025 California wildfires and severe wind and hail storms in multiple states in the first three months of 2025. Net investment income of $1.872 billion pre-tax ($1.537 billion after-tax) increased 8% driven by the same factors described above for the second quarter of 2025. Net written premiums of $22.058 billion increased 4%. See below for further details by segment. Shareholders' Equity Shareholders' equity of $29.518 billion increased 6% over year-end 2024, primarily due to net income of $1.904 billion and lower net unrealized investment losses, partially offset by common share repurchases and dividends to shareholders. Net unrealized investment losses included in shareholders' equity were $3.831 billion pre-tax ($3.031 billion after-tax), compared to $4.609 billion pre-tax ($3.640 billion after-tax) at year-end 2024. The decrease in net unrealized investment losses was driven primarily by lower interest rates. Book value per share of $131.11 increased 20% over June 30, 2024 and 7% over year-end 2024. Adjusted book value per share of $144.57, which excludes net unrealized investment losses, increased 14% over June 30, 2024 and 4% over year-end 2024. The Company repurchased 2.1 million shares during the second quarter at an average price of $270.27 per share for a total cost of $557 million. At June 30, 2025, the Company had $4.290 billion of capacity remaining under its share repurchase authorizations approved by the Board of Directors. At the end of the quarter, statutory capital and surplus was $28.364 billion, and the ratio of debt-to-capital was 21.4%. The ratio of debt-to-capital excluding after-tax net unrealized investment losses included in shareholders' equity was 19.8%, within the Company's target range of 15% to 25%. The Board of Directors declared a regular quarterly dividend of $1.10 per share. The dividend is payable September 30, 2025, to shareholders of record at the close of business on September 10, 2025. Business Insurance Segment Financial Results Three Months Ended June 30, Six Months Ended June 30, ($ in millions and pre-tax, unless noted otherwise) 2025 2024 Change 2025 2024 Change Underwriting gain: $ 346 $ 193 $ 153 $ 541 $ 527 $ 14 Underwriting gain includes: Net favorable prior year reserve development 79 34 45 153 34 119 Catastrophes, net of reinsurance (368 ) (389 ) 21 (877 ) (598 ) (279 ) Net investment income 662 632 30 1,318 1,241 77 Other income (expense) 2 (10 ) 12 (7 ) (19 ) 12 Segment income before income taxes 1,010 815 195 1,852 1,749 103 Income tax expense 197 159 38 356 329 27 Segment income $ 813 $ 656 $ 157 $ 1,496 $ 1,420 $ 76 Combined ratio 93.6 % 96.1 % (2.5 ) pts 94.9 % 94.7 % 0.2 pts Impact on combined ratio Net favorable prior year reserve development (1.4 ) pts (0.6 ) pts (0.8 ) pts (1.4 ) pts (0.3 ) pts (1.1 ) pts Catastrophes, net of reinsurance 6.7 pts 7.5 pts (0.8 ) pts 8.0 pts 5.8 pts 2.2 pts Underlying combined ratio 88.3 % 89.2 % (0.9 ) pts 88.3 % 89.2 % (0.9 ) pts Net written premiums by market Domestic Select Accounts $ 1,004 $ 975 3 % $ 1,980 $ 1,949 2 % Middle Market 3,034 2,769 10 6,200 5,982 4 National Accounts 329 312 5 641 639 — National Property and Other 885 912 (3 ) 1,605 1,554 3 Total Domestic 5,252 4,968 6 10,426 10,124 3 International 540 571 (5 ) 1,064 1,011 5 Total $ 5,792 $ 5,539 5 % $ 11,490 $ 11,135 3 % Second Quarter 2025 Results(All comparisons vs. second quarter 2024, unless noted otherwise) Segment income for Business Insurance was $813 million after-tax, an increase of $157 million. Segment income increased primarily due to a higher underlying underwriting gain, higher net favorable prior year reserve development, higher net investment income and lower catastrophe losses. The underlying underwriting gain benefited from higher business volumes. Combined ratio: The combined ratio of 93.6% improved 2.5 points due to an improvement in the underlying combined ratio (0.9 points), higher net favorable prior year reserve development (0.8 points) and lower catastrophe losses (0.8 points). The underlying combined ratio improved 0.9 points to an excellent 88.3%. Net favorable prior year reserve development was primarily driven by better than expected loss experience in the workers' compensation product line for multiple accident years, partially offset by an addition to reserves related to run-off operations. Net written premiums of $5.792 billion increased 5%, led by strong growth of 10% in our core Middle Market business. This was partially offset by a 3% decline in net written premiums in National Property and Other, reflecting our disciplined underwriting. Year-to-Date 2025 Results(All comparisons vs. year-to-date 2024, unless noted otherwise) Segment income for Business Insurance was $1.496 billion after-tax, an increase of $76 million. Segment income increased primarily due to a higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. Combined ratio: The combined ratio of 94.9% increased 0.2 points due to higher catastrophe losses (2.2 points), partially offset by higher net favorable prior year reserve development (1.1 points) and an improvement in the underlying combined ratio (0.9 points). The underlying combined ratio improved 0.9 points to an excellent 88.3%. Net favorable prior year reserve development was primarily driven by the same factors described above for the second quarter of 2025. Net written premiums of $11.490 billion increased 3%, after the ceded premium impact of the enhanced casualty reinsurance program that took effect January 1, 2025. This change in reinsurance reduced the segment's net written premium growth by 2 points, as the full year's worth of ceded premium was booked in the first quarter of 2025. Premium growth also reflected strong renewal premium change and retention. Bond & Specialty Insurance Segment Financial Results Three Months Ended June 30, Six Months Ended June 30, ($ in millions and pre-tax, unless noted otherwise) 2025 2024 Change 2025 2024 Change Underwriting gain: $ 196 $ 115 $ 81 $ 366 $ 259 $ 107 Underwriting gain includes: Net favorable prior year reserve development 81 24 57 148 48 100 Catastrophes, net of reinsurance (5 ) (40 ) 35 (24 ) (45 ) 21 Net investment income 107 94 13 209 184 25 Other income 3 5 (2 ) 8 11 (3 ) Segment income before income taxes 306 214 92 583 454 129 Income tax expense 62 44 18 119 89 30 Segment income $ 244 $ 170 $ 74 $ 464 $ 365 $ 99 Combined ratio 80.3 % 87.7 % (7.4 ) pts 81.4 % 86.1 % (4.7 ) pts Impact on combined ratio Net favorable prior year reserve development (8.0 ) pts (2.5 ) pts (5.5 ) pts (7.3 ) pts (2.5 ) pts (4.8 ) pts Catastrophes, net of reinsurance 0.5 pts 4.1 pts (3.6 ) pts 1.2 pts 2.3 pts (1.1 ) pts Underlying combined ratio 87.8 % 86.1 % 1.7 pts 87.5 % 86.3 % 1.2 pts Net written premiums Domestic Management Liability $ 589 $ 586 1 % $ 1,142 $ 1,129 1 % Surety 342 325 5 675 621 9 Total Domestic 931 911 2 1,817 1,750 4 International 154 129 19 267 233 15 Total $ 1,085 $ 1,040 4 % $ 2,084 $ 1,983 5 % Second Quarter 2025 Results(All comparisons vs. second quarter 2024, unless noted otherwise) Segment income for Bond & Specialty Insurance was $244 million after-tax, an increase of $74 million. Segment income increased primarily due to higher net favorable prior year reserve development, lower catastrophe losses and higher net investment income, partially offset by a lower underlying underwriting gain. The underlying underwriting gain benefited from higher business volumes. Combined ratio: The combined ratio of 80.3% improved 7.4 points due to higher net favorable prior year reserve development (5.5 points) and lower catastrophe losses (3.6 points), partially offset by a higher underlying combined ratio (1.7 points). The underlying combined ratio was very strong at 87.8%. Net favorable prior year reserve development was primarily driven by better than expected loss experience in the fidelity and surety product line for recent accident years. Net written premiums of $1.085 billion increased 4%, reflecting production growth in both surety and management liability. Year-to-Date 2025 Results(All comparisons vs. year-to-date 2024, unless noted otherwise) Segment income for Bond & Specialty Insurance was $464 million after-tax, an increase of $99 million. Segment income increased primarily due to higher net favorable prior year reserve development, higher net investment income and lower catastrophe losses, partially offset by a lower underlying underwriting gain. The underlying underwriting gain benefited from higher business volumes. Combined ratio: The combined ratio of 81.4% improved 4.7 points due to higher net favorable prior year reserve development (4.8 points) and lower catastrophe losses (1.1 points), partially offset by a higher underlying combined ratio (1.2 points). The underlying combined ratio was very strong at 87.5%. Net favorable prior year reserve development was primarily driven by the same factors described above for the second quarter of 2025. Net written premiums of $2.084 billion increased 5%, reflecting the same factors described above for the second quarter of 2025. Personal Insurance Segment Financial Results Three Months Ended June 30, Six Months Ended June 30, ($ in millions and pre-tax, unless noted otherwise) 2025 2024 Change 2025 2024 Change Underwriting gain (loss): $ 480 $ (373 ) $ 853 $ (190 ) $ (274 ) $ 84 Underwriting gain (loss) includes: Net favorable prior year reserve development 155 172 (17 ) 392 239 153 Catastrophes, net of reinsurance (554 ) (1,080 ) 526 (2,292 ) (1,578 ) (714 ) Net investment income 173 159 14 345 306 39 Other income 17 16 1 35 37 (2 ) Segment income (loss) before income taxes 670 (198 ) 868 190 69 121 Income tax expense (benefit) 136 (45 ) 181 30 2 28 Segment income (loss) $ 534 $ (153 ) $ 687 $ 160 $ 67 $ 93 Combined ratio 88.4 % 108.5 % (20.1 ) pts 101.7 % 102.8 % (1.1 ) pts Impact on combined ratio Net favorable prior year reserve development (3.6 ) pts (4.2 ) pts 0.6 pts (4.5 ) pts (2.9 ) pts (1.6 ) pts Catastrophes, net of reinsurance 12.7 pts 26.4 pts (13.7 ) pts 26.6 pts 19.5 pts 7.1 pts Underlying combined ratio 79.3 % 86.3 % (7.0 ) pts 79.6 % 86.2 % (6.6 ) pts Net written premiums Domestic Automobile $ 1,968 $ 2,001 (2 )% $ 3,827 $ 3,860 (1 )% Homeowners and Other 2,520 2,347 7 4,333 3,982 9 Total Domestic 4,488 4,348 3 8,160 7,842 4 International 178 188 (5 ) 324 337 (4 ) Total $ 4,666 $ 4,536 3 % $ 8,484 $ 8,179 4 % Second Quarter 2025 Results(All comparisons vs. second quarter 2024, unless noted otherwise) Segment income for Personal Insurance was $534 million after-tax, compared with a segment loss of $153 million after-tax in the prior year quarter. Segment income increased primarily due to lower catastrophe losses, a higher underlying underwriting gain and higher net investment income, partially offset by lower net favorable prior year reserve development. The underlying underwriting gain benefited from higher business volumes. Combined ratio: The combined ratio of 88.4% improved 20.1 points due to lower catastrophe losses (13.7 points) and an improvement in the underlying combined ratio (7.0 points), partially offset by lower net favorable prior year reserve development (0.6 points). The underlying combined ratio of 79.3% improved 7.0 points, reflecting improvement in both Automobile and Homeowners and Other. Net favorable prior year reserve development was primarily driven by better than expected loss experience in both the Automobile and Homeowners and Other product lines for recent accident years. Net written premiums of $4.666 billion increased 3%, reflecting strong renewal premium change in Homeowners and Other. Year-to-Date 2025 Results(All comparisons vs. year-to-date 2024, unless noted otherwise) Segment income for Personal Insurance was $160 million after-tax, an increase of $93 million. Segment income increased primarily due to a higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. The underlying underwriting gain benefited from higher business volumes. Combined ratio: The combined ratio of 101.7% improved 1.1 points due to an improvement in the underlying combined ratio (6.6 points) and higher net favorable prior year reserve development (1.6 points), partially offset by higher catastrophe losses (7.1 points). The underlying combined ratio of 79.6% improved 6.6 points, reflecting improvement in both Automobile and Homeowners and Other. Net favorable prior year reserve development was primarily driven by the same factors described above for the second quarter of 2025. Net written premiums of $8.484 billion increased 4%, reflecting the same factors described above for the second quarter of 2025. Financial Supplement and Conference Call The information in this press release should be read in conjunction with the financial supplement that is available on our website at Travelers management will discuss the contents of this release and other relevant topics via webcast at 9:30 a.m. Eastern (8:30 a.m. Central) on Thursday, July 17, 2025. Investors can access the call via webcast at or by dialing 1.888.440.6281 within the United States or 1.646.960.0218 outside the United States. Prior to the webcast, a slide presentation pertaining to the quarterly earnings will be available on the Company's website. Following the live event, replays will be available via webcast for one year at and by telephone for 30 days by dialing 1.800.770.2030 within the United States or 1.647.362.9199 outside the United States. All callers should use conference ID 5449478. About Travelers The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of more than $46 billion in 2024. For more information, visit Travelers may use its website and/or social media outlets, such as Facebook and X, as distribution channels of material Company information. Financial and other important information regarding the Company is routinely accessible through and posted on our website at our Facebook page at and our X account (@Travelers) at In addition, you may automatically receive email alerts and other information about Travelers when you enroll your email address by visiting the Email Notifications section at Travelers is organized into the following reportable business segments: Business Insurance - Business Insurance offers a broad array of property and casualty insurance products and services to its customers, primarily in the United States, as well as in Canada, the United Kingdom, the Republic of Ireland and throughout other parts of the world, including as a corporate member of Lloyd's. Bond & Specialty Insurance - Bond & Specialty Insurance offers surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers, primarily in the United States, and certain surety and specialty insurance products in Canada, the United Kingdom and the Republic of Ireland, as well as Brazil through a joint venture, in each case utilizing various degrees of financially-based underwriting approaches. Personal Insurance - Personal Insurance offers a broad range of property and casualty insurance products and services covering individuals' personal risks, primarily in the United States, as well as in Canada. Personal Insurance's primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages. * * * * * Forward-Looking Statements This press release contains, and management may make, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as "may," "will," "should," "likely," "probably," "anticipates," "expects," "intends," "plans," "projects," "believes," "views," "ensures," "estimates" and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company's statements about: the Company's outlook, the impact of trends on its business and its future results of operations and financial condition; the impact of legislative or regulatory actions or court decisions; share repurchase plans; future pension plan contributions; the sufficiency of the Company's reserves, including asbestos; the impact of emerging claims issues as well as other insurance and non-insurance litigation; the cost and availability of reinsurance coverage; catastrophe losses and modeling; the impact of investment, economic and underwriting market conditions, including interest rates, the impact of tariffs and inflation; the Company's approach to managing its investment portfolio; the impact of changing climate conditions; strategic and operational initiatives to improve growth, profitability and competitiveness; the Company's competitive advantages and innovation agenda, including executing on that agenda with respect to artificial intelligence; the Company's cybersecurity policies and practices; new product offerings; the impact of developments in the tort environment; the impact of developments in the geopolitical environment; and the sale of our Canadian personal insurance business and the majority of our Canadian commercial insurance business, including with respect to the expected closing of the transaction, use of proceeds, including share repurchases, and financial impact of the sale. The Company cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the Company's control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Some of the factors that could cause actual results to differ include, but are not limited to, the following: Insurance-Related Risks high levels of catastrophe losses; actual claims may exceed the Company's claims and claim adjustment expense reserves, the estimated level of claims and claim adjustment expense reserves may increase, or increases in loss costs may not be offset with sufficient price increases, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments, including increased inflation and the impact of tariffs; the Company's continued exposure to asbestos and environmental claims and related litigation; the Company is exposed to, and may face adverse developments involving, mass tort claims; and the effects of emerging claim and coverage issues on the Company's business are uncertain, and court decisions or legislative changes that take place after the Company issues its policies can result in an unexpected increase in the number of claims. Financial, Economic and Credit Risks a period of financial market disruption or an economic downturn; the Company's investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses; the Company is exposed to credit risk related to reinsurance and structured settlements, and reinsurance coverage may not be available to the Company; the Company is exposed to credit risk in certain of its insurance operations and with respect to certain guarantee or indemnification arrangements that it has with third parties; a downgrade in the Company's claims-paying and financial strength ratings; and the Company's insurance subsidiaries may be unable to pay dividends to the Company's holding company in sufficient amounts. Business and Operational Risks the intense competition that the Company faces, including with respect to attracting and retaining employees, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which it operates; disruptions to the Company's relationships with its independent agents and brokers or the Company's inability to manage effectively a changing distribution landscape; the Company's efforts to develop new products or services, expand in targeted markets, improve business processes and workflows or make acquisitions may not be successful and may create enhanced risks; the Company's pricing and capital models may provide materially different indications than actual results; loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of the Company's products; the Company is subject to additional risks associated with its business outside the United States; future pandemics (including new variants of COVID-19); and the sale of our Canadian insurance business (excluding surety) to Definity Financial Corporation is subject to closing conditions, including obtaining required regulatory approvals and the satisfaction of other customary closing conditions, and may not occur. Technology and Intellectual Property Risks as a result of cyber attacks (the risk of which could be exacerbated by geopolitical tensions) or otherwise, the Company may experience difficulties with technology, data and network security or outsourcing relationships; the Company's dependence on effective information technology systems and on continuing to develop and implement improvements in technology, including with respect to artificial intelligence; and the Company may be unable to protect and enforce its own intellectual property or may be subject to claims for infringing the intellectual property of others. Regulatory and Compliance Risks changes in regulation, including changes in tax laws; and the Company's compliance controls may not be effective. In addition, the Company's share repurchase plans depend on a variety of factors, including the Company's financial position, earnings, share price, catastrophe losses, maintaining capital levels appropriate for the Company's business operations, changes in levels of written premiums, funding of the Company's qualified pension plan, capital requirements of the Company's operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions, changes in tax laws and other factors. Our forward-looking statements speak only as of the date of this press release or as of the date they are made, and we undertake no obligation to update forward-looking statements. For a more detailed discussion of these factors, see the information under the captions "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Forward Looking Statements" in the quarterly report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on July 17, 2025, and in our most recent annual report on Form 10-K filed with the SEC on February 13, 2025, in each case as updated by our periodic filings with the SEC. GLOSSARY OF FINANCIAL MEASURES AND RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES The following measures are used by the Company's management to evaluate financial performance against historical results, to establish performance targets on a consolidated basis and for other reasons as discussed below. In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure. Reconciliations of these measures to the most comparable GAAP measures also follow. In the opinion of the Company's management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the Company's periodic results of operations and how management evaluates the Company's financial performance. Some of these measures exclude net realized investment gains (losses), net of tax, and/or net unrealized investment gains (losses), net of tax, included in shareholders' equity, which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends. Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company's management. RECONCILIATION OF NET INCOME TO CORE INCOME AND CERTAIN OTHER NON-GAAP MEASURES Core income (loss) is consolidated net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations, the effect of a change in tax laws and tax rates at enactment, and cumulative effect of changes in accounting principles when applicable. Segment income (loss) is determined in the same manner as core income (loss) on a segment basis. Management uses segment income (loss) to analyze each segment's performance and as a tool in making business decisions. Financial statement users also consider core income (loss) when analyzing the results and trends of insurance companies. Core income (loss) per share is core income (loss) on a per common share basis. Reconciliation of Net Income to Core Income less Preferred Dividends Three Months EndedJune 30, Six Months EndedJune 30, Twelve Months EndedJune 30, ($ in millions, after-tax) 2025 2024 2025 2024 2025 2024 Net income $ 1,509 $ 534 $ 1,904 $ 1,657 $ 5,246 $ 3,687 Adjustments: Net realized investment (gains) losses (5 ) 51 43 24 45 81 Core income $ 1,504 $ 585 $ 1,947 $ 1,681 $ 5,291 $ 3,768 Three Months EndedJune 30, Six Months EndedJune 30, ($ in millions, pre-tax) 2025 2024 2025 2024 Net income $ 1,881 $ 656 $ 2,349 $ 2,026 Adjustments: Net realized investment (gains) losses (6 ) 65 55 30 Core income $ 1,875 $ 721 $ 2,404 $ 2,056 Twelve Months Ended December 31, AverageAnnual ($ in millions, after-tax) 2024 2023 2022 2021 2020 2005 - 2019 Net income $ 4,999 $ 2,991 $ 2,842 $ 3,662 $ 2,697 $ 3,007 Less: Loss from discontinued operations — — — — — (29 ) Income from continuing operations 4,999 2,991 2,842 3,662 2,697 3,036 Adjustments: Net realized investment (gains) losses 26 81 156 (132 ) (11 ) (44 ) Impact of changes in tax laws and/or tax rates (1) (2) — — — (8 ) — 9 Core income 5,025 3,072 2,998 3,522 2,686 3,001 Less: Preferred dividends — — — — — 2 Core income, less preferred dividends $ 5,025 $ 3,072 $ 2,998 $ 3,522 $ 2,686 $ 2,999 (1) Impact is recognized in the accounting period in which the change is enacted (2) 2017 reflects impact of Tax Cuts and Jobs Act of 2017 (TCJA) Reconciliation of Net Income per Share to Core Income per Share on a Diluted Basis Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Diluted income per share Net income $ 6.53 $ 2.29 $ 8.23 $ 7.09 Adjustments: Net realized investment (gains) losses, after-tax (0.02 ) 0.22 0.19 0.11 Core income $ 6.51 $ 2.51 $ 8.42 $ 7.20 Reconciliation of Segment Income (Loss) to Total Core Income Three Months EndedJune 30, Six Months EndedJune 30, ($ in millions, after-tax) 2025 2024 2025 2024 Business Insurance $ 813 $ 656 $ 1,496 $ 1,420 Bond & Specialty Insurance 244 170 464 365 Personal Insurance 534 (153 ) 160 67 Total segment income 1,591 673 2,120 1,852 Interest Expense and Other (87 ) (88 ) (173 ) (171 ) Total core income $ 1,504 $ 585 $ 1,947 $ 1,681 RECONCILIATION OF SHAREHOLDERS' EQUITY TO ADJUSTED SHAREHOLDERS' EQUITY AND CALCULATION OF RETURN ON EQUITY AND CORE RETURN ON EQUITY Adjusted shareholders' equity is shareholders' equity excluding net unrealized investment gains (losses), net of tax, included in shareholders' equity, net realized investment gains (losses), net of tax, for the period presented, the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)), preferred stock and discontinued operations. Reconciliation of Shareholders' Equity to Adjusted Shareholders' Equity As of June 30, ($ in millions) 2025 2024 Shareholders' equity $ 29,518 $ 24,862 Adjustments: Net unrealized investment losses, net of tax, included in shareholders' equity 3,031 3,976 Net realized investment losses, net of tax 43 24 Adjusted shareholders' equity $ 32,592 $ 28,862 As of December 31, AverageAnnual ($ in millions) 2024 2023 2022 2021 2020 2005 - 2019 Shareholders' equity $ 27,864 $ 24,921 $ 21,560 $ 28,887 $ 29,201 $ 24,744 Adjustments: Net unrealized investment (gains) losses, net of tax, included in shareholders' equity 3,640 3,129 4,898 (2,415 ) (4,074 ) (1,300 ) Net realized investment (gains) losses, net of tax 26 81 156 (132 ) (11 ) (44 ) Impact of changes in tax laws and/or tax rates (1) (2) — — — (8 ) — 19 Preferred stock — — — — — (42 ) Loss from discontinued operations — — — — — 29 Adjusted shareholders' equity $ 31,530 $ 28,131 $ 26,614 $ 26,332 $ 25,116 $ 23,406 (1) Impact is recognized in the accounting period in which the change is enacted (2) 2017 reflects impact of Tax Cuts and Jobs Act of 2017 (TCJA) Return on equity is the ratio of annualized net income (loss) less preferred dividends to average shareholders' equity for the periods presented. Core return on equity is the ratio of annualized core income (loss) less preferred dividends to adjusted average shareholders' equity for the periods presented. In the opinion of the Company's management, these are important indicators of how well management creates value for its shareholders through its operating activities and its capital management. Average shareholders' equity is (a) the sum of total shareholders' equity excluding preferred stock at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two. Adjusted average shareholders' equity is (a) the sum of total adjusted shareholders' equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two. Calculation of Return on Equity and Core Return on Equity Three Months EndedJune 30, Six Months EndedJune 30, Twelve Months EndedJune 30, ($ in millions, after-tax) 2025 2024 2025 2024 2025 2024 Annualized net income $ 6,036 $ 2,134 $ 3,808 $ 3,313 $ 5,246 $ 3,687 Average shareholders' equity 28,854 24,942 28,441 24,957 27,735 23,320 Return on equity 20.9 % 8.6 % 13.4 % 13.3 % 18.9 % 15.8 % Annualized core income $ 6,015 $ 2,341 $ 3,894 $ 3,362 $ 5,291 $ 3,768 Adjusted average shareholders' equity 32,016 28,817 31,769 28,600 30,879 27,728 Core return on equity 18.8 % 8.1 % 12.3 % 11.8 % 17.1 % 13.6 % Twelve Months EndedDecember 31, AverageAnnual ($ in millions, after-tax) 2024 2023 2022 2021 2020 2005 - 2019 Net income, less preferred dividends $ 4,999 $ 2,991 $ 2,842 $ 3,662 $ 2,697 $ 3,005 Average shareholders' equity 25,993 22,031 23,384 28,735 26,892 24,693 Return on equity 19.2 % 13.6 % 12.2 % 12.7 % 10.0 % 12.2 % Core income, less preferred dividends $ 5,025 $ 3,072 $ 2,998 $ 3,522 $ 2,686 $ 2,999 Adjusted average shareholders' equity 29,295 26,772 26,588 25,718 23,790 23,397 Core return on equity 17.2 % 11.5 % 11.3 % 13.7 % 11.3 % 12.8 % RECONCILIATION OF NET INCOME TO UNDERWRITING GAIN EXCLUDING CERTAIN ITEMS Underwriting gain (loss) is net earned premiums and fee income less claims and claim adjustment expenses and insurance-related expenses. In the opinion of the Company's management, it is important to measure the profitability of each segment excluding the results of investing activities, which are managed separately from the insurance business. This measure is used to assess each segment's business performance and as a tool in making business decisions. Underwriting gain, excluding the impact of catastrophes and net favorable (unfavorable) prior year loss reserve development, is the underwriting gain adjusted to exclude claims and claim adjustment expenses, reinstatement premiums and assessments related to catastrophes and loss reserve development related to time periods prior to the current year. In the opinion of the Company's management, this measure is meaningful to users of the financial statements to understand the Company's periodic earnings and the variability of earnings caused by the unpredictable nature (i.e., the timing and amount) of catastrophes and loss reserve development. This measure is also referred to as underlying underwriting gain, underlying underwriting margin, underlying underwriting income or underlying underwriting result. A catastrophe is a severe loss designated, or reasonably expected by the Company to be designated, a catastrophe by one or more industry recognized organizations that track and report on insured losses resulting from catastrophic events, such as Property Claim Services (PCS) for events in the United States and Canada. Catastrophes can be caused by various natural events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions and other naturally-occurring events, such as solar flares. Catastrophes can also be man-made, such as terrorist attacks and other intentionally or unintentionally destructive acts, including those involving nuclear, biological, chemical and radiological events, cyber events, explosions and destruction of infrastructure. Each catastrophe has unique characteristics and catastrophes are not predictable as to timing or amount. Their effects are included in net and core income (loss) and claims and claim adjustment expense reserves upon occurrence. A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools. The Company's threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is reached and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company. Additionally, an aggregate threshold is applied for international business across all reportable segments. The threshold for 2025 ranges from $20 million to $30 million of losses before reinsurance and taxes. Net favorable (unfavorable) prior year loss reserve development is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years. In the opinion of the Company's management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and core income (loss), and changes in claims and claim adjustment expense reserve levels from period to period. Reconciliation of Net Income to Pre-Tax Underlying Underwriting Income (also known as Underlying Underwriting Gain) Three Months EndedJune 30, Six Months EndedJune 30, ($ in millions, after-tax, except as noted) 2025 2024 2025 2024 Net income $ 1,509 $ 534 $ 1,904 $ 1,657 Net realized investment (gains) losses (5 ) 51 43 24 Core income 1,504 585 1,947 1,681 Net investment income (774 ) (727 ) (1,537 ) (1,425 ) Other (income) expense, including interest expense 78 84 159 158 Underwriting income (loss) 808 (58 ) 569 414 Income tax expense (benefit) on underwriting results 214 (7 ) 148 98 Pre-tax underwriting income (loss) 1,022 (65 ) 717 512 Pre-tax impact of net favorable prior year reserve development (315 ) (230 ) (693 ) (321 ) Pre-tax impact of catastrophes 927 1,509 3,193 2,221 Pre-tax underlying underwriting income $ 1,634 $ 1,214 $ 3,217 $ 2,412 Reconciliation of Net Income to After-Tax Underlying Underwriting Income (also known as Underlying Underwriting Gain) Three Months EndedJune 30, Six Months EndedJune 30, ($ in millions, after-tax) 2025 2024 2025 2024 Net income $ 1,509 $ 534 $ 1,904 $ 1,657 Net realized investment (gains) losses (5 ) 51 43 24 Core income 1,504 585 1,947 1,681 Net investment income (774 ) (727 ) (1,537 ) (1,425 ) Other (income) expense, including interest expense 78 84 159 158 Underwriting income (loss) 808 (58 ) 569 414 Impact of net favorable prior year reserve development (249 ) (182 ) (546 ) (253 ) Impact of catastrophes 732 1,192 2,522 1,755 Underlying underwriting income $ 1,291 $ 952 $ 2,545 $ 1,916 Twelve Months Ended December 31, ($ in millions, after-tax) 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Net income $ 4,999 $ 2,991 $ 2,842 $ 3,662 $ 2,697 $ 2,622 $ 2,523 $ 2,056 $ 3,014 $ 3,439 $ 3,692 $ 3,673 $ 2,473 Net realized investment (gains) losses 26 81 156 (132 ) (11 ) (85 ) (93 ) (142 ) (47 ) (2 ) (51 ) (106 ) (32 ) Impact of changes in tax laws and/or tax rates (1) (2) — — — (8 ) — — — 129 — — — — — Core income 5,025 3,072 2,998 3,522 2,686 2,537 2,430 2,043 2,967 3,437 3,641 3,567 2,441 Net investment income (2,952 ) (2,436 ) (2,170 ) (2,541 ) (1,908 ) (2,097 ) (2,102 ) (1,872 ) (1,846 ) (1,905 ) (2,216 ) (2,186 ) (2,316 ) Other (income) expense, including interest expense 308 337 277 235 232 214 248 179 78 193 159 61 171 Underwriting income 2,381 973 1,105 1,216 1,010 654 576 350 1,199 1,725 1,584 1,442 296 Impact of net (favorable) unfavorable prior year reserve development (559 ) (113 ) (512 ) (424 ) (276 ) 47 (409 ) (378 ) (510 ) (617 ) (616 ) (552 ) (622 ) Impact of catastrophes 2,632 2,361 1,480 1,459 1,274 699 1,355 1,267 576 338 462 387 1,214 Underlying underwriting income $ 4,454 $ 3,221 $ 2,073 $ 2,251 $ 2,008 $ 1,400 $ 1,522 $ 1,239 $ 1,265 $ 1,446 $ 1,430 $ 1,277 $ 888 (1) Impact is recognized in the accounting period in which the change is enacted (2) 2017 reflects impact of Tax Cuts and Jobs Act of 2017 (TCJA) COMBINED RATIO AND ADJUSTMENTS FOR UNDERLYING COMBINED RATIO Combined ratio: For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators. The combined ratio, as used in this earnings release, is the equivalent of, and is calculated in the same manner as, the SAP combined ratio except that the SAP underwriting expense ratio is based on net written premiums and the underwriting expense ratio as used in this earnings release is based on net earned premiums. For SAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses less certain administrative services fee income to net earned premiums as defined in the statutory financial statements required by insurance regulators. The loss and LAE ratio as used in this earnings release is calculated in the same manner as the SAP ratio. For SAP, the underwriting expense ratio is the ratio of underwriting expenses incurred (including commissions paid), less certain administrative services fee income and billing and policy fees and other, to net written premiums as defined in the statutory financial statements required by insurance regulators. The underwriting expense ratio as used in this earnings release, is the ratio of underwriting expenses (including the amortization of deferred acquisition costs), less certain administrative services fee income, billing and policy fees and other, to net earned premiums. The combined ratio, loss and LAE ratio, and underwriting expense ratio are used as indicators of the Company's underwriting discipline, efficiency in acquiring and servicing its business and overall underwriting profitability. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss. Underlying combined ratio represents the combined ratio excluding the impact of net prior year reserve development and catastrophes. The underlying combined ratio is an indicator of the Company's underwriting discipline and underwriting profitability for the current accident year. Other companies' method of computing similarly titled measures may not be comparable to the Company's method of computing these ratios. Calculation of the Combined Ratio Three Months EndedJune 30, Six Months EndedJune 30, ($ in millions, pre-tax) 2025 2024 2025 2024 Loss and loss adjustment expense ratio Claims and claim adjustment expenses $ 6,789 $ 7,373 $ 14,795 $ 14,029 Less: Policyholder dividends 10 12 23 24 Allocated fee income 45 42 90 81 Loss ratio numerator $ 6,734 $ 7,319 $ 14,682 $ 13,924 Underwriting expense ratio Amortization of deferred acquisition costs $ 1,802 $ 1,678 $ 3,580 $ 3,376 General and administrative expenses (G&A) 1,545 1,478 3,004 2,884 Less: Non-insurance G&A 113 106 222 208 Allocated fee income 79 73 153 143 Billing and policy fees and other 29 30 57 60 Expense ratio numerator $ 3,126 $ 2,947 $ 6,152 $ 5,849 Earned premium $ 10,921 $ 10,243 $ 21,631 $ 20,369 Combined ratio (1) Loss and loss adjustment expense ratio 61.7 % 71.4 % 67.9 % 68.4 % Underwriting expense ratio 28.6 % 28.8 % 28.4 % 28.7 % Combined ratio 90.3 % 100.2 % 96.3 % 97.1 % Impact on combined ratio: Net favorable prior year reserve development (2.9 )% (2.2 )% (3.2 )% (1.5 )% Catastrophes, net of reinsurance 8.5 % 14.7 % 14.8 % 10.9 % Underlying combined ratio 84.7 % 87.7 % 84.7 % 87.7 % (1) For purposes of computing ratios, billing and policy fees and other (which are a component of other revenues) are allocated as a reduction of underwriting expenses. In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses. These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly are excluded in calculating the combined ratio. RECONCILIATION OF BOOK VALUE PER SHARE AND SHAREHOLDERS' EQUITY TO CERTAIN NON-GAAP MEASURES Book value per share is total common shareholders' equity divided by the number of common shares outstanding. Adjusted book value per share is total common shareholders' equity excluding net unrealized investment gains and losses, net of tax, included in shareholders' equity, divided by the number of common shares outstanding. In the opinion of the Company's management, adjusted book value per share is useful in an analysis of a property casualty company's book value per share as it removes the effect of changing prices on invested assets (i.e., net unrealized investment gains (losses), net of tax), which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves. Tangible book value per share is adjusted book value per share excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding. In the opinion of the Company's management, tangible book value per share is useful in an analysis of a property casualty company's book value on a nominal basis as it removes certain effects of purchase accounting (i.e., goodwill and other intangible assets), in addition to the effect of changing prices on invested assets. Reconciliation of Shareholders' Equity to Tangible Shareholders' Equity, Excluding Net Unrealized Investment Gains (Losses), Net of Tax and Calculation of Book Value Per Share, Adjusted Book Value Per Share and Tangible Book Value Per Share As of ($ in millions, except per share amounts) June 30, 2025 December 31, 2024 June 30, 2024 Shareholders' equity $ 29,518 $ 27,864 $ 24,862 Less: Net unrealized investment losses, net of tax, included in shareholders' equity (3,031 ) (3,640 ) (3,976 ) Common shareholders' equity, excluding net unrealized investment losses, net of tax, included in shareholders' equity 32,549 31,504 28,838 Less: Goodwill 4,283 4,233 4,250 Other intangible assets 348 360 371 Impact of deferred tax on other intangible assets (93 ) (85 ) (86 ) Tangible shareholders' equity, excluding net unrealized investment losses, net of tax, included in shareholders' equity $ 28,011 $ 26,996 $ 24,303 Common shares outstanding 225.1 226.6 227.9 Book value per share $ 131.11 $ 122.97 $ 109.08 Adjusted book value per share 144.57 139.04 126.52 Tangible book value per share, excluding net unrealized investment losses, net of tax, included in shareholders' equity 124.42 119.14 106.62 RECONCILIATION OF TOTAL CAPITALIZATION TO TOTAL CAPITALIZATION EXCLUDING NET UNREALIZED INVESTMENT GAINS (LOSSES), NET OF TAX Total capitalization is the sum of total shareholders' equity and debt. Debt-to-capital ratio excluding net unrealized gains (losses) on investments, net of tax, included in shareholders' equity, is the ratio of debt to total capitalization excluding the after-tax impact of net unrealized investment gains and losses included in shareholders' equity. In the opinion of the Company's management, the debt-to-capital ratio is useful in an analysis of the Company's financial leverage. As of ($ in millions) June 30, 2025 December 31, 2024 Debt $ 8,034 $ 8,033 Shareholders' equity 29,518 27,864 Total capitalization 37,552 35,897 Less: Net unrealized investment losses, net of tax, included in shareholders' equity (3,031 ) (3,640 ) Total capitalization excluding net unrealized losses on investments, net of tax, included in shareholders' equity $ 40,583 $ 39,537 Debt-to-capital ratio 21.4 % 22.4 % Debt-to-capital ratio excluding net unrealized investment losses, net of tax, included in shareholders' equity 19.8 % 20.3 % RECONCILIATION OF INVESTED ASSETS TO INVESTED ASSETS EXCLUDING NET UNREALIZED INVESTMENT GAINS (LOSSES) As of June 30, ($ in millions) 2025 2024 Invested assets $ 98,065 $ 89,511 Less: Net unrealized investment losses, pre-tax (3,831 ) (5,043 ) Invested assets excluding net unrealized investment losses $ 101,896 $ 94,554 As of December 31, ($ in millions) 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Invested assets $ 94,223 $ 88,810 $ 80,454 $ 87,375 $ 84,423 $ 77,884 $ 72,278 $ 72,502 $ 70,488 $ 70,470 $ 73,261 $ 73,160 $ 73,838 Less: Net unrealized investment gains (losses), pre-tax (4,609 ) (3,970 ) (6,220 ) 3,060 5,175 2,853 (137 ) 1,414 1,112 1,974 3,008 2,030 4,761 Invested assets excluding net unrealized investment gains (losses) $ 98,832 $ 92,780 $ 86,674 $ 84,315 $ 79,248 $ 75,031 $ 72,415 $ 71,088 $ 69,376 $ 68,496 $ 70,253 $ 71,130 $ 69,077 OTHER DEFINITIONS Gross written premiums reflect the direct and assumed contractually determined amounts charged to policyholders for the effective period of the contract based on the terms and conditions of the insurance contract. Net written premiums reflect gross written premiums less premiums ceded to reinsurers. For Business Insurance and Bond & Specialty Insurance, retention is the amount of premium available for renewal that was retained, excluding rate and exposure changes. For Personal Insurance, retention is the ratio of the expected number of renewal policies that will be retained throughout the annual policy period to the number of available renewal base policies. For all of the segments, renewal rate change represents the estimated change in average premium on policies that renew, excluding exposure changes. Exposure is the measure of risk used in the pricing of an insurance product. The change in exposure is the amount of change in premium on policies that renew attributable to the change in portfolio risk. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. New business is the amount of written premium related to new policyholders and additional products sold to existing policyholders. These are operating statistics, which are in part dependent on the use of estimates and are therefore subject to change. For Business Insurance, retention, renewal premium change and new business exclude National Accounts. For Bond & Specialty Insurance, retention, renewal premium change and new business exclude surety and other products that are generally sold on a non-recurring, project specific basis. For each of the segments, production statistics referred to herein are domestic only unless otherwise indicated. Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices. Holding company liquidity is the total funds available at the holding company level to fund general corporate purposes, primarily the payment of shareholder dividends and debt service. These funds consist of total cash, short-term invested assets and other readily marketable securities held by the holding company. For a glossary of other financial terms used in this press release, we refer you to the Company's most recent annual report on Form 10-K filed with the SEC on February 13, 2025, and subsequent periodic filings with the SEC. View source version on Contacts Media:Patrick Linehan917.778.6267 Institutional Investors:Abbe Goldstein917.778.6825 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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The Goldman Sachs Group Inc (GS) Q2 2025 Earnings Call Highlights: Record Revenues and ...
Net Revenues: $14.6 billion for the second quarter. Earnings Per Share (EPS): $10.91. Return on Equity (ROE): 12.8% for the quarter, 14.8% for the first half of the year. Global Banking and Markets Revenues: $10.1 billion for the quarter. Advisory Revenues: $1.2 billion, up 71% year-over-year. Equity Underwriting Revenues: $428 million, flat year-over-year. Debt Underwriting Revenues: $589 million, down 5% year-over-year. FICC Net Revenues: $3.5 billion, up 9% year-over-year. Equities Net Revenues: $4.3 billion, a record for the quarter. Asset and Wealth Management Revenues: $3.8 billion. Management and Other Fees: $2.8 billion, up 11% year-over-year. Private Banking and Lending Revenues: $789 million, up 12% year-over-year. Total Assets Under Supervision: $3.3 trillion, a record high. Alternative Assets Under Supervision: $355 billion. Net Interest Income: $3.1 billion for the second quarter. Total Loan Portfolio: $217 billion at quarter-end. Operating Expenses: $9.2 billion for the quarter. Effective Tax Rate: 20.2% for the first half of 2025. Capital Returned to Shareholders: $4 billion, including $957 million in dividends and $3 billion in stock repurchases. Common Equity Tier 1 Ratio: 14.5% at the end of the second quarter. Warning! GuruFocus has detected 10 Warning Signs with GS. Release Date: July 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points The Goldman Sachs Group Inc (NYSE:GS) reported strong financial performance in Q2 2025 with net revenues of $14.6 billion and earnings per share of $10.91. The company's Investment Banking division saw a 30% year-over-year increase in announced M&A volumes, indicating a resilient dealmaking environment. Asset and Wealth Management achieved record client assets of $1.7 trillion, with continued momentum in alternatives and long-term fee-based net inflows. The firm set a new record for total assets under supervision at $3.3 trillion, marking the 30th consecutive quarter of long-term fee-based net inflows. The Board approved a 33% increase in the quarterly dividend, reflecting confidence in the firm's financial durability and commitment to returning capital to shareholders. Negative Points Despite strong performance, there is ongoing uncertainty in industries sensitive to trade policy, which could impact future results. The company faces challenges in the harvesting environment for private equity-type portfolio assets, which may affect future returns. Geopolitical concerns, particularly in the Middle East, and unresolved trade agreements pose risks to the global economic outlook. The firm is navigating a complex regulatory environment, with ongoing discussions around capital requirements and stress testing transparency. There is a need for more transparency in the capital process, which currently lacks clarity and affects strategic planning. Q & A Highlights Q: What will Goldman Sachs do with its excess capital now that regulatory reforms have been implemented? A: David Solomon, Chairman and CEO, stated that the first priority is to deploy capital towards client franchises to produce accretive returns and support client activity. Opportunities are seen in M&A and financing. After that, the focus will be on returning capital to shareholders through dividends and buybacks. Q: How is Goldman Sachs handling the challenging environment for harvesting historical principal investments? A: Denis Coleman, CFO, explained that while asset prices and credit markets are improving, the environment for harvesting private equity-type assets remains challenging. The firm is committed to reducing historical principal investments, which now stand at about $8 billion, and will continue to do so as market conditions allow. Q: What is Goldman Sachs' approach to capital deployment opportunities, particularly regarding inorganic acquisitions? A: David Solomon emphasized that while the firm is always looking for ways to accelerate its franchise, especially in Asset and Wealth Management, the bar for significant acquisitions is very high. Opportunities must align with strategic priorities and offer a high level of confidence in the people and cultural fit. Q: How does Goldman Sachs view the impact of AI on efficiency and growth? A: David Solomon highlighted that AI presents a significant opportunity to automate processes, create efficiency, and drive productivity. The firm is investing in AI to enhance software development and client service, which will lead to both cost savings and growth opportunities. Q: What is Goldman Sachs' outlook on M&A activity, and what gives them confidence in this area? A: David Solomon noted that announced M&A is up 30% year-over-year, and the backlog driven by Advisory growth is strong. The level of dialogue with clients has increased significantly, and there is confidence in regulatory environments allowing for significant industry consolidation. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
3 days ago
- Business
- Globe and Mail
The St. Joe Company to Announce Second Quarter 2025 Results and Hold Earnings Call for the Second Quarter
The St. Joe Company (NYSE: JOE) will release its second quarter 2025 results after the market closes on Wednesday, July 23, 2025. An earnings release will be posted on the Investor Relations section of the Company's website at As discussed at its 2025 Annual Meeting of Shareholders, the Company will conduct an earnings call on July 24, 2025 at 3:00 p.m. Central Time; 4:00 p.m. Eastern Time to answer questions regarding the results. To join the call, please click here. Replay of the call will be available until August 20, 2025 at About The St. Joe Company The St. Joe Company is a diversified real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use existing assets for residential, hospitality and commercial ventures. St. Joe has significant residential and commercial land-use entitlements. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about the Company can be found on its website at
