SEC Filings

medical loss ratio: 85.3% (-1.8 pts YoY) · membership: 48.5M (-3.2% YoY) · premium revenue: $174.5B (+0.0% YoY)

UnitedHealthcare's second quarter 2026 consolidated revenues remained flat year-over-year at $112.0 billion with earnings from operations increasing 55% to $8.0 billion, despite serving 1.6 million fewer people due to Medicare Advantage and Medicaid membership contraction driven by benefit design changes, pricing actions, and regulatory funding pressures; the medical loss ratio improved 2.7 percentage points to 86.7% driven by favorable prior period reserve development and affordability initiatives, though medical cost trends remain elevated above historical levels due to No Surprises Act impacts and increased service intensity. Cash flows from operations for the six months reached $20.0 billion, up $7.3 billion year-over-year, with cash and investments totaling $81.0 billion as of June 30, 2026, providing strong liquidity despite continued investments in technology and operations. The company faces ongoing Medicare Advantage rate pressures with multi-year funding shortfalls below medical cost trends, resulting in continued membership contraction expected throughout 2026, alongside commitments to rebate 2026 individual exchange profits to customers as affordability challenges persist.

net income: Not disclosed (N/A YoY) · book value per share: Not disclosed (N/A YoY) · roe: Not disclosed (N/A YoY)

The 10-Q filing does not contain sufficient MD&A disclosure to determine underwriting or operating results for the quarter ending June 30, 2026. Investment performance and capital position metrics are not disclosed in the excerpted sections provided. No strategic developments or forward-looking statements are presented in the available portions of this filing.

medical loss ratio: 75.0% (-8.0 pts YoY) · membership: 3.0M (+46% YoY) · premium revenue: $9.4B (+62% YoY)

Oscar Health reported strong second quarter 2026 results with a medical loss ratio of 79.2% compared to 91.1% in the prior year, driven by disciplined pricing strategy and 46% year-over-year membership growth to approximately 3.0 million effectuated members, though the company estimates 250,000 to 300,000 members will be retroactively disenrolled due to CMS program integrity requirements. Investment income increased 57% year-over-year to $84.8 million, and statutory capital and surplus of Health Insurance Subsidiaries grew to approximately $1.9 billion as of June 30, 2026, with the company maintaining estimated excess capital of $994 million above minimum RBC requirements. The company faces significant uncertainty from the expiration of enhanced Advanced Premium Tax Credits at year-end 2025, ongoing CMS program integrity initiatives and litigation, and potential medical cost impacts from new pharmaceutical tariffs imposed by the Trump administration effective July 31, 2026.

net income: $795M (+69.5% YoY) · book value per share: $119.66 (computed) (+5.9% YoY) · roe: 13.6% (computed) (-0.5 pts YoY)

RGA reported net income of $795 million for the six months ended June 30, 2026, up $326 million from the prior year, driven by the Equitable Holdings transaction completed July 31, 2025 (which contributed $78 million to earnings), favorable claims experience across all segments, and higher net investment income from asset growth and improved yields. Investment performance was strong with net investment income increasing $925 million year-over-year to $3.6 billion, supported by higher variable income from limited partnerships and growth in the invested asset base, though investment-related losses increased due to portfolio repositioning; book value per share computed was $119.66, up from $112.97. Strategic developments include the successful integration of the Equitable Holdings 75% quota share transaction covering approximately $12 billion of individual life insurance liabilities, which strengthened the U.S. Financial Solutions segment and positioned the company for continued growth in asset-intensive reinsurance.

combined ratio: 89.0% (-0.3 pts YoY) · net premiums written: $7.5B (+9% YoY) · net income: $948M (-17% YoY)

AIG reported Q2 2026 net premiums written of $7.5B (up 9%) with a combined ratio of 89.0 (improved 0.3 points) driven by lower catastrophe losses and favorable prior-year development; underwriting income increased 10% to $686M while General Insurance adjusted pre-tax income rose 4% to $1.5B. Net investment income declined 23% to $1.1B due to unfavorable changes in fair value of Corebridge and equity securities ($295M), partially offset by higher returns from fixed maturity securities; total net income decreased 17% to $948M. AIG closed acquisitions of Convex (35% stake for $2.1B) and Onex (9.9% for $642M) in February 2026, repurchased $1.2B of common stock in H1 2026, and maintained strong liquidity with $7.4B at AIG Parent as of June 30, 2026.

net income: $1.8B (+186% YoY) · book value per share: $60.35 (+6.2% YoY) · roe: 10.9% (+2.4 pts YoY)

Aflac reported net earnings of $1.8 billion for the first six months of 2026, up from $628 million in the prior year, driven by significantly lower net investment losses ($104 million versus $1.4 billion), while adjusted earnings declined 4.2% to $1.8 billion amid a 6.2% weaker yen and lower U.S. adjusted earnings. Investment portfolio performance improved with reduced credit losses and net investment losses, while shareholders' equity increased to $30.3 billion with an annualized ROE of 10.9%, supported by continued capital return through $2.0 billion in share repurchases. Notable developments include two cyber security incidents (June 2025 U.S. and June 2026 Japan) with financial impacts not yet reasonably estimable, introduction of Japan's new economic value-based ESR solvency framework effective fiscal year-end 2025, and maintenance of strong regulatory capital positions across all subsidiaries.

delinquency rate: 1.89% (computed) (-0.38 pts YoY) · insurance in force: $250.7B (+0.9% YoY) · net income: $347.5M (+6.2% YoY)

Essent generated $25.2B of new insurance written in the first half of 2026 (up 12% year-over-year), while persistency reached 84.0% and the primary delinquency rate declined to 1.89% (computed) from 2.27% (computed) in the prior year. PMIERs Available Assets totaled $3.6B representing 172% of Minimum Required Assets, and the investment portfolio generated higher income driven by elevated interest rates. Essent Guaranty began insuring loans using the VantageScore 4.0 credit model in Q2 2026, and Essent Re expanded into property and casualty reinsurance effective January 1, 2026, contributing $47.9M of non-mortgage premiums in the first half.

delinquency rate: Not disclosed (N/A YoY) · insurance in force: $284.0B (+2.6% YoY) · net income: $240M (-9.1% YoY)

Radian wrote $29.8 billion of primary new insurance (NIW) in the first half of 2026, up 25% year-over-year, while the 12-month persistency rate declined to 81.6% from 83.8% due to increased refinance activity driven by lower mortgage rates; the newly acquired Specialty segment wrote $666 million of gross premiums from the February 2 closing date through June 30, 2026, amid softening pricing conditions particularly in property and catastrophe reinsurance lines. Investment income and total cash and invested assets increased with the Inigo acquisition, while Radian Guaranty's PMIERs available assets totaled $5.3 billion at June 30, 2026, reflecting a 37% cushion over minimum required assets (down from 41% at year-end 2025) following use of the $600 million intercompany note to help fund the acquisition. The company completed the sale of its Real Estate Services business and entered into an agreement to sell its Title business as part of its strategy to become a more focused insurance business, while maintaining disciplined capital management including $340 million in ordinary dividends paid by Radian Guaranty to the holding company in the first half of 2026 and $127 million in share repurchases.

combined ratio: N/A (N/A YoY) · net premiums written: $2,767.4M (+6.9% YoY) · net income: $298.6M (+27% YoY)

For the second quarter of 2026, Assurant reported consolidated net income of $298.6 million, up 27% year-over-year, driven by strong performance across both Global Lifestyle (Adjusted EBITDA up 21% to $244.4 million) and Global Housing (Adjusted EBITDA up 28% to $274.8 million), with the latter benefiting from $17.6 million lower reportable catastrophe losses and favorable non-catastrophe loss experience from lower claims frequency. Investment portfolio totaled $10.46 billion as of June 30, 2026, with net investment income increasing 11% in the quarter to $142.4 million driven by higher yields and asset balances, and holding company liquidity stood at $911.5 million, $686.5 million above the internal minimum threshold. Strategic developments included continued growth in Connected Living from global supply chain and device protection programs, expansion in specialty homeowners products and lender-placed insurance, investments in the home warranty business, and a pending sale of the Miami property for $126 million that is expected to generate a gain above the $46 million carrying value.

net income: $321.5M (+1.7% YoY) · book value per share: $72.71 (computed) (+2.3% YoY) · roe: 24.0% (computed) (+1.1 pts YoY)

Primerica reported net income of $321.5 million for the six months ended June 30, 2026, with term life insurance sales declining year-over-year while Investment and Savings Products segment benefited from strong equity markets, robust client demand, and product sales growth of 22% driven by managed accounts and annuities. Total stockholders' equity was $2.67 billion as of June 30, 2026, down from $2.77 billion at December 31, 2025, primarily due to share repurchases and increased unrealized losses on fixed-maturity securities from rising interest rates in the first half of 2026. The company faces headwinds from elevated cost of living pressures impacting term life insurance persistency and new policy sales, but continues to benefit from favorable demographic trends supporting retirement product demand and maintains capital levels well in excess of regulatory requirements.

net income: $1.8B (+17% YoY) · book value per share: $94.33 (computed) (+5.1% YoY) · roe: 6.1% (computed) (+0.4 pts YoY)

MetLife reported net income available to common shareholders of $1.8 billion for the six months ended June 30, 2026, compared to $1.6 billion in the prior year period, with adjusted earnings available to common shareholders increasing to $3.2 billion from $2.7 billion driven by higher net investment income, favorable underwriting results across segments, and growth in the asset management business following the PineBridge acquisition. The investment portfolio delivered net investment income of $12.1 billion for the six months, up from $10.5 billion in the prior year, while total stockholders' equity remained strong at $62.1 billion as of June 30, 2026, with holding company liquid assets totaling $3.4 billion. Strategic developments included the 2025 reorganization elevating MetLife Investment Management to a reportable segment to accelerate asset management growth, the acquisition of PineBridge Investments to expand institutional asset management capabilities, and the pending disposition of MetLife Ukraine, with the company continuing to monitor global economic volatility, interest rate movements, tariffs and trade policy impacts, and regulatory developments affecting fiduciary standards and capital requirements.

net income: $164M (+$398M YoY) · book value per share: $165.67 (computed) (-0.7% YoY) · roe: 3.8% (computed) (+9.2 pts YoY)

Brighthouse Financial reported net income available to shareholders of $164 million for the six months ended June 30, 2026, compared to a net loss of $234 million in the prior year period, driven by adjusted earnings of $497 million (up from $433 million) and favorable changes in variable annuity guaranteed benefit riders, partially offset by unfavorable Shield embedded derivative impacts and net investment losses. The investment portfolio faced pressure from net investment losses on fixed maturity securities and mortgage loans, while total stockholders' equity was $8.6 billion at June 30, 2026 with 51.9 million shares outstanding; BHF and non-insurance subsidiaries maintained liquid assets of $938 million. The pending merger with Aquarian Holdings remains subject to insurance regulatory approvals in Delaware, New York, and Massachusetts, with the transaction expected to close in 2026 following shareholder approval in February and satisfaction of most closing conditions including FINRA and CFIUS clearances.

delinquency rate: 2.59% (+0.27 pts YoY) · insurance in force: $273.953B (+1.6% YoY) · net income: $174.8M (+4.2% YoY)

Enact reported NIW of $15.2B in Q2 2026 (up 15% year-over-year) driven by larger purchase and refinance markets, with primary persistency of 80% (down from 82% prior year) and credit performance reflected in a 14% loss ratio including $37M favorable reserve development, though new delinquencies increased modestly to 12,299 loans contributing $68M loss expense. Investment income increased 11% to $73.2M on higher yields and invested assets, with PMIERs available assets of $5,002M representing a 161% sufficiency ratio ($1,894M above requirements). The company returned $250M to shareholders in H1 2026 through dividends and repurchases, continues to write new business at attractive risk-adjusted returns, and maintains strong capital flexibility with regulatory RTC of 9.9:1 well below the 25:1 maximum.

net income: $255M (-15% YoY) · book value per share: $47.20 (computed) (-3.1% YoY) · roe: 10.8% (computed) (-1.4 pts YoY)

Voya Financial reported net income available to common shareholders of $255 million for the six months ended June 30, 2026, down from $301 million in the prior year period, driven by lower alternative investment income and higher operating expenses partially offset by strong commercial momentum and higher equity markets. The company maintained a solid capital position with total stockholders' equity of $4,685 million as of June 30, 2026 and financial leverage ratio (excluding AOCI) of 27.6%, while total assets under management and advisement grew to $1,184 billion, up from $1,055 billion a year earlier. The company completed the OneAmerica full-service retirement plan business acquisition in January 2025, adding scale to the Retirement segment, and continues to focus on disciplined capital management and excess capital generation amid ongoing investments in business growth.

net income: $1.58B (+27% YoY) · book value per share: $96.14 (computed) (+3.9% YoY) · roe: 8.5% (computed) (+1.7 pts YoY)

Prudential Financial reported net income of $1.6B for the six months ended June 30, 2026, up from $1.3B in the prior year period, driven by higher net investment income from business growth and higher reinvestment rates, partially offset by unfavorable changes in liability valuations and higher operating expenses including remediation costs related to the Prudential of Japan sales suspension matter. The company's investment portfolio grew to $1.642 trillion in assets under management as of June 30, 2026, supported by strong fixed maturity holdings of $333.5B (available-for-sale) and commercial mortgage loans of $54.0B, with book value per share computed at $96.14. In August 2026, management announced a multi-year strategic transformation to exit emerging markets, focus on the U.S., Japan, and select European markets, and achieve $750M in annual expense savings by year-end 2028, while the voluntary sales suspension at Prudential of Japan (extended through November 2026) is expected to reduce 2026 pre-tax adjusted operating income by $525-575M.

revenue: $8.7B (+26% YoY) · organic growth: +5% (flat YoY) · adjusted ebitda: $3.1B (+17% YoY)

For the six months ended June 30, 2026, Arthur J. Gallagher reported total revenues of $8.7B with brokerage segment organic revenue growth of 5% and risk management segment organic revenue growth of 11%, while adjusted EBITDAC for the combined segments reached $3.1B, up 17% year-over-year. Cash and cash equivalents stood at $1.4B at quarter-end, with $1.4B drawn under the credit facility and total debt of $13.7B, as the company maintained strong capital access and liquidity to support ongoing M&A activity. During the period, the company completed 16 acquisitions totaling $122M in annualized revenues, repurchased $480M of common stock, paid $364M in dividends, and completed the termination of its US defined benefit pension plan, while continuing to integrate major prior acquisitions including AssuredPartners and Woodruff Sawyer.

net income: $558M (+10% YoY) · book value per share: $100.04 (ex-AOCI) (+11% YoY) · roe: 14.3% (adj. operating, ex-AOCI) (N/A YoY)

Globe Life reported strong underwriting results for the six months ended June 30, 2026, with net income per share increasing 16% to $7.04 and total premium growing 6% to $2.6 billion, driven by life underwriting margin of $708 million (41% of life premium) and health underwriting margin of $194 million (23% of health premium). Excess investment income increased 6% to $75 million supported by higher yields on fixed maturities and commercial mortgage loans, while the company maintained a consolidated Company Action Level RBC ratio of 316% and book value per share (ex-AOCI) increased 11% to $100.04. The company repurchased 2.6 million shares for $378 million at an average price of $146.99, continues to target mid-teens operating ROE, and raised its quarterly dividend 22% to $0.33 per share, while adapting to AI-driven changes in consumer search behavior affecting Direct to Consumer distribution and navigating agent retention challenges at American Income offset by productivity gains among veteran agents.

combined ratio: 86.6% (-4.5 pts YoY) · net premiums written: $15.43B (+2.6% YoY) · net income: $3.24B (+55.8% YoY)

Allstate reported strong Q2 2026 underwriting results with consolidated net income of $3.24 billion (up $1.16 billion YoY) driven by an 86.6% combined ratio, favorable prior year reserve releases, and lower catastrophe losses of $1.72 billion versus $1.99 billion in Q2 2025. Net investment income increased 33.8% to $1.01 billion in Q2 2026 due to higher market-based income and improved performance-based results, while shareholders' equity rose to $33.70 billion (book value per share up 49.7% YoY to $123.38) driven by net income partially offset by $1.66 billion in share repurchases in H1 2026. The company continues executing its Transformative Growth strategy to increase personal property-liability market share, achieving policy-in-force growth across auto (2.8% YoY), homeowners (2.9% YoY), and specialty lines, while managing catastrophe exposure through reinsurance and selective underwriting in high-risk states including completed non-renewals in Florida.

net income: $731M (+13.7% YoY) · book value per share: $68.15 (computed) (-5.7% YoY) · roe: 8.6% (computed) (+1.5 pts YoY)

Corebridge Financial reported net income of $731 million in Q2 2026 and maintained strong operating performance across its Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments despite ongoing market volatility from its Fortitude Re embedded derivatives. The company held $4.4 billion in parent-level liquidity sources as of June 30, 2026, supported by approximately $70.3 billion managed by Blackstone and $91.8 billion managed by BlackRock in its investment portfolio, with its Life Fleet RBC ratio remaining above the 400% management target. The pending all-stock merger with Equitable Holdings received shareholder approval in July 2026 and is expected to close by year-end 2026, with credit rating agencies placing Corebridge's ratings under review or on CreditWatch due to the transaction.

combined ratio: 83.3% (+4.5 pts YoY) · net premiums written: $325.2M (+41.5% YoY) · net income: $52.6M (+13.0% YoY)

For the second quarter of 2026, Palomar reported net income of $52.6 million and a combined ratio of 83.3% as gross written premiums grew 27.0% to $630.5 million driven by expansion in Casualty and Crop lines, with net written premiums increasing 41.5% to $325.2 million. The investment portfolio totaled $1.7 billion as of June 30, 2026, with book yield of 4.99%, and the company closed a $300 million term loan under a new 2026 credit agreement while maintaining stockholders' equity of $980.9 million. The company declared its first-ever cash dividend of $0.45 per share payable September 2026, completed a $360 million catastrophe bond effective June 1, 2026, and finalized the acquisition of Gray Surety during the quarter to expand its Surety & Credit product line.

combined ratio: 98.5% (+5.1 pts YoY) · net premiums written: $1.933B (-5.1% YoY) · net income: $1.047B (-14.7% YoY)

For the second quarter of 2026, Arch Capital delivered strong underwriting results with $27 million of insurance underwriting income, $410 million of reinsurance underwriting income, and $220 million of mortgage underwriting income, generating an annualized net income return on average common equity of 18.0% and operating return of 15.3%. Investment returns and strong balance sheet management supported book value per share growth to $68.04, up from $59.17 a year earlier, with total capital reaching approximately $28.3 billion despite $1.2 billion in share repurchases during the quarter. The company continues to emphasize disciplined cycle management across its diversified specialty platform, actively adjusting exposures in response to competitive pressures in certain reinsurance and insurance lines while maintaining flexibility to capitalize on attractive risk-adjusted return opportunities.

combined ratio: 62% (net loss ratio) (-13 pts YoY) · net premiums written: $572.1M (+136% YoY) · net income: -$79.2M (+25% YoY)

Lemonade reported net premiums written of $572.1M for the six months ended June 30, 2026, up 136% year-over-year, with a net loss ratio of 62% (75% prior year) driven by 23% customer growth, reduced reinsurance cession rates, and favorable reserve development on homeowners and auto lines. The company held $1,062.8M in cash and investments at quarter-end, with $206.4M outstanding under its GC financing agreement and access to an additional $250M facility from Hannover Re effective January 2027. Notable developments include renewing the reinsurance program at an 18% cession rate (down from 20%), increased captive retention via quota share arrangements (LIC at 25%, MIC at 40%), and continued investment in sales and marketing ($143.8M, up 40% YoY) to drive the 23% customer growth to 3.3 million.

combined ratio: 97.4% (+3.4 pts YoY) · net premiums written: $2.97B (+4.2% YoY) · net income: $321M (+7.4% YoY)

CNA's Property & Casualty Operations reported a combined ratio of 97.4% for Q2 2026 (98.6% for H1 2026), driven by higher underlying loss ratios in Specialty and Commercial segments and $60 million in catastrophe losses, with net earned premiums increasing 2.4% to $2.76 billion in Q2 ($5.46 billion for H1). Net investment income rose to $701 million in Q2 ($1.31 billion for H1) on higher limited partnership returns and a larger asset base with a 4.9% fixed income yield, while consolidated net income reached $321 million ($532 million for H1) despite $17 million after-tax net investment losses. Notable developments include renewal of the North American property catastrophe excess-of-loss treaty with $300 million retention and $1.5 billion coverage (June 2026–2027), unfavorable prior-year reserve development of $107 million for H1 2026 (versus $63 million in H1 2025), and concerns over social inflation, nuclear verdicts, and mass tort exposures including legacy abuse claims, PFAS, and glyphosate.

combined ratio: 91.5% (-4.9 pts YoY) · net premiums written: $6.2B (-20.7% YoY) · net income: $1.2B (+36.2% YoY)

For the six months ended June 30, 2026, Everest reported net premiums written of $6.2 billion (down 20.7%), a combined ratio of 91.5% (improved 4.9 points), and underwriting gain of $597 million driven by strong Core businesses performance and lower catastrophe losses. Investment portfolio totaled $44.9 billion with net investment income of $1.1 billion (up 6.6%) and book value per share rose 5.0% to $398.83, while the company returned $883 million to shareholders through $725 million in share repurchases and $158 million in dividends. Strategic developments include the BMA's formal designation of Everest under group supervision with Bermuda Re as designated insurer (transition period ending January 2027), launch of the Annapurna Re sidecar with Stone Point, and continued execution of the commercial retail insurance divestiture with sales of Canadian operations (C$410 million, expected close H2 2026) and Colombian operations (expected close early 2027) following the 2025 AIG renewal rights transaction.

combined ratio: 87.3% (+1.1 pts YoY) · net premiums written: $21.1B (+5% YoY) · net income: $2.0B (+7% YoY)

Progressive reported a companywide underwriting profit margin of 12.7% for Q2 2026, exceeding its 4% goal, with net premiums written of $21.1 billion (up 5% year-over-year) and Personal Lines and Commercial Lines margins of 12.4% and 14.7%, respectively, though Personal Lines profitability declined 1.6 points year-over-year due to increased severity and advertising expenses. The investment portfolio fair value remained stable at $97.2 billion with a 4.2% pretax book yield, while total capital increased to $42.7 billion from $37.2 billion at year-end 2025, driven by $5.2 billion in comprehensive income and $1.5 billion in senior note issuances, partially offset by $1.1 billion in share repurchases. The company surpassed 40 million policies in force (up 2.8 million year-over-year), maintains adequate pricing across most states, and continues to invest in advertising and product expansion despite increased marketplace competition and retention pressures.

combined ratio: 90.0% (-1.6 pts YoY) · net premiums written: $3.43B (+2.4% YoY) · net income: $452M (+13% YoY)

W. R. Berkley reported a consolidated combined ratio of 90.0% for Q2 2026 versus 91.6% in Q2 2025, with net premiums written of $3.43 billion (up 2.4% year-over-year) and net income of $452 million (up 13% year-over-year); the six-month combined ratio was 91.5% versus 92.8% in the prior year, with net premiums written of $6.56 billion (up 2.8%) and net income of $867 million (up 10%). Net investment income increased 10% to $419 million in Q2 2026 driven by a larger fixed maturity securities portfolio and an average annualized yield of 5.0%, while total stockholders' equity stood at $9.8 billion ($26.50 per share) at quarter-end with debt representing 22% of total capitalization. The company continued its decentralized specialty commercial lines strategy with rate increases of 3.5% on renewals, while noting adverse prior year development in umbrella/excess liability and commercial auto driven by social inflation and higher loss frequency, partially offset by favorable property development; management highlighted ongoing investments in new business ventures and geographic expansion.

combined ratio: 93.4% (-1.4 pts YoY) · net premiums written: $2.14B (+5.4% YoY) · net income: $242.3M (+18.2% YoY)

Old Republic International reported a consolidated combined ratio of 93.4% for the second quarter of 2026 compared to 94.8% in the prior year quarter, with the General Insurance segment posting a 92.1% combined ratio and Title Insurance achieving 93.5%. Net premiums written increased 5.4% to $2.14 billion driven by growth in both General and Title segments, while consolidated net income rose 18.2% to $242.3 million reflecting improved underwriting margins and higher investment income. The Company maintains its diversified specialty insurance and title insurance strategy with no material changes to risk factors, continuing to focus on underwriting discipline and capital management in a competitive market environment.

revenue: $4.9B (+9% YoY) · organic growth: +4% (N/A YoY) · adjusted ebitda: $1.1B (+11.6% YoY)

WTW reported Q2 2026 revenue of $2.5 billion with 5% organic growth, driven by strong performance in both Health, Wealth & Career (4% organic growth) and Risk & Broking (7% organic growth) segments, though income from operations declined slightly to $364 million due to higher transaction costs and operating expenses. The company maintained a solid capital position with $542 million remaining in share repurchase authorization and repurchased $450 million of shares in Q2, while fiduciary assets grew to $4.0 billion. Management is executing an artificial intelligence acceleration plan to enhance platform capabilities and technology optimization, though faces challenges from softening insurance market conditions (except U.S. Casualty), global economic uncertainty including tariff impacts, and integration of recent acquisitions including Newfront and Cushon.

medical loss ratio: 82.2% (-0.4 pts YoY) · membership: 18.4M (+2.0% YoY) · premium revenue: $19.7B (-10.0% YoY)

Cigna reported adjusted income from operations of $2.05B for Q2 2026 (up 6% YoY) and $4.11B for the first half (up 9% YoY), driven by strong performance in Cigna Healthcare which offset headwinds from client- and customer-focused initiatives in Pharmacy Benefit Services; consolidated shareholders' net income increased 8% and 16% for the three and six months ended, respectively. Investment income grew 15% for the quarter driven by strong real estate and securities partnership returns, while the debt-to-capitalization ratio remained stable at 42.8%; total medical customers increased 2% to 18.4 million with growth in Middle Market and Select segments. The company completed the HCSC Medicare business divestiture in March 2025 and announced its planned exit from the Individual and Family Plans medical business effective January 1, 2027, while continuing investments in the rebate-free pharmacy model and client-focused initiatives.

combined ratio: N/A (N/A YoY) · net premiums written: N/A (N/A YoY) · net income: $330.8M (+5.6% YoY)

Erie Indemnity reported operating income of $370.9 million for the six months ended June 30, 2026, up 5.8% year-over-year, driven by management fee revenue growth of 4.5% as the Exchange's direct and affiliated assumed premiums written increased 3.4% to $6.8 billion, with the 25% management fee rate unchanged; cost of operations rose 4.2% primarily due to higher agent incentive compensation from improved profitability. Total investment income increased 14.1% to $44.7 million for the six-month period, reflecting higher bond income from increased average holdings, partially offset by net realized and unrealized investment losses; shareholders' equity reflected net unrealized losses of $10.3 million on available-for-sale securities at quarter-end, compared to gains of $1.3 million at year-end 2025. The Exchange maintained an A.M. Best rating of A "Excellent" with statutory policyholders' surplus of $10.7 billion at June 30, 2026; the company plans a $30 million discretionary pension contribution in Q3 2026 and continues to monitor potential impacts from tariff policies, inflation, and interest rate volatility on Exchange operations and management fee revenue.

net income: -$79M (-$312M YoY) · book value per share: $50.32 (computed) (-14.6% YoY) · roe: -3.3% (computed) (-7.4 pts YoY)

Lincoln National reported a net loss of $79 million for Q2 2026 compared to net income of $233 million in Q2 2025, driven by unfavorable market risk benefit movements and higher claims experience, though operating fundamentals across Annuities, Life Insurance, Group Protection and Retirement Plan Services segments showed stable premium and fee income trends. Investment performance remained solid with net investment income of $1.625 billion for Q2 2026 versus $1.471 billion in Q2 2025 and a yield of 4.70% versus 4.49%, while book value per share declined to $50.32 from $58.91 year-over-year reflecting equity market and interest rate impacts on comprehensive income; the company maintained capital adequacy with holding company liquidity supported by $580 million in subsidiary dividends year-to-date and executed a $500 million subordinated debt issuance in June 2026. On July 30, 2026, Lincoln entered into a reinsurance transaction with Talcott Financial Group designed to shift liability mix and grow sustainable free cash flow, representing a notable strategic development to optimize the balance sheet and capital deployment.

medical loss ratio: 90.2% (+1.8 pts YoY) · membership: 17.9M (+20.7% YoY) · premium revenue: $76.5B (+25.0% YoY)

Humana reported net income of $1.9 billion ($15.55 per diluted share) for the six months ended June 30, 2026, with the consolidated benefit ratio increasing 180 basis points to 90.2% primarily due to BY 2026 Star Ratings headwinds and membership mix impacts from AEP/OEP growth, while the operating cost ratio improved 80 basis points to 10.0% driven by operating leverage from Medicare membership growth and transformation initiatives. Investment income decreased $21 million to $515 million and the company maintained strong liquidity with cash and cash equivalents of $6.9 billion at June 30, 2026, supported by $3.2 billion in operating cash flows, while statutory capital and surplus of $15.5 billion exceeded minimum requirements by $7.3 billion. The company completed the MaxHealth acquisition for $908 million in February 2026 to expand primary care capabilities, continued value creation and transformation initiatives recording $154 million in charges for the period, and grew total medical membership 20.7% to 17.9 million members with individual Medicare Advantage membership increasing 23.4% to 6.5 million members.

revenue: $4.2B (+2% YoY) · organic growth: +5% (flat YoY) · adjusted ebitda: $915M (+6.5% YoY)

Aon reported total revenue of $4.2B in Q2 2026 with 5% organic revenue growth driven by net new business and strong retention, with operating margin expanding to 21.5% from 20.7% due to organic growth and $25M in restructuring savings. Cash provided by operating activities reached $986M for the six-month period, up 5% year-over-year, as strong operating income growth offset cash tax payments related to the NFP Wealth divestiture and working capital impacts. The company continued executing its Accelerating Aon United restructuring program with $188M in charges year-to-date and cumulative annualized savings of $320M realized, while repurchasing $1.1B in shares and maintaining strong liquidity with $1.1B cash and $2.0B in available credit facilities.

combined ratio: 92.9% (-4.0 pts YoY) · net premiums written: $2.04B (-6% YoY) · net income: $1.17B (+85% YoY)

Markel Insurance's underwriting profit increased 125% for Q2 2026 driven by a lower combined ratio of 92.9% (vs. 96.9% prior year) reflecting favorable reserve development and improved attritional losses, partially offset by $41 million in losses (2 points) from the Middle East conflict and challenges in the run-off Global Reinsurance division; net written premiums declined 6% to $2.0 billion due to the Hagerty transition to fronting and Global Reinsurance run-off, though adjusted underwriting volume grew 10%. Net income to common shareholders rose 85% to $1.2 billion driven by higher underwriting profits, increased net investment income, and net investment gains of $1.2 billion (vs. $580 million prior year), though net investment gains caused substantial volatility in periodic results. Notable developments include $76 million in Middle East conflict losses year-to-date, the January 2026 Hagerty fronting transition (previously 80% ceded underwriting), Global Reinsurance division run-off following August 2025 renewal rights sale, and $371 million in share repurchases; the company maintained a 19% debt-to-capital ratio and $37.6 billion in invested assets while navigating emerging AI adoption risks and geopolitical uncertainties.

net income: $828.0M (+82.2% YoY) · book value per share: $112.22 (computed) (+3.3% YoY) · roe: 14.7% (computed) (+6.3 pts YoY)

For the second quarter of 2026, Principal Financial Group reported net income attributable to the company of $403.4 million, down slightly from $406.2 million in the prior year quarter, as segment earnings growth and realized capital gains were offset by losses from the funds withheld embedded derivative and exited businesses. Investment performance remained strong with net investment income increasing $139.0 million to $1,301.8 million in the quarter, while total stockholders' equity stood at $23,074.7 million as of June 30, 2026. The company announced the planned acquisition of Beam Benefits, an employee benefits platform serving over 25,000 small businesses with approximately $175 million in premiums, expected to close later in 2026 subject to regulatory approval.

net income: $488.9M (-6.8% YoY) · book value per share: $42.72 (computed) (-3.1% YoY) · roe: 14.4% (computed) (+1.6 pts YoY)

For Q2 2026, Unum reported net income of $256.9 million ($1.61 per share) versus $335.6 million ($1.92 per share) in Q2 2025, with after-tax adjusted operating income of $346.0 million ($2.16 per share) versus $360.2 million ($2.06 per share) in the prior year, reflecting solid premium growth in Unum US and Colonial Life offset by increased losses in the Closed Block segment and weaker Unum International results. The investment portfolio had a net unrealized loss of $2.1 billion at June 30, 2026 compared to $1.7 billion at year-end 2025 due to rising Treasury rates, with earned book yield declining to 4.23% for H1 2026 from 4.35% for full year 2025, while the RBC ratio remained strong at approximately 480% and holding company liquidity stood at $1,536.5 million. In July 2026, Unum entered into a master transaction agreement with Fortitude Re to reinsure approximately 28% of Closed Block individual long-term care policies effective April 2026, with planned asset transfers of $5.7 billion in fixed maturity securities and cash upon closing, following a similar transaction completed in July 2025.

combined ratio: 88.2% (-0.6 pts YoY) · net premiums written: $518.0M (-9.3% YoY) · net income: $170.8M (+36.3% YoY)

SiriusPoint reported a combined ratio of 88.2% for the six months ended June 30, 2026, improved from 88.8% in the prior year period, driven by lower catastrophe losses offset by higher expenses, with net earned premium of $772.5 million (down from $849.7 million). The company generated net investment income of $131.9 million and reported net income of $170.8 million, with book value per diluted common share increasing to $19.30, supported by strong underwriting and investment results. Strategic developments included the acquisition of Assist America for $44.0 million in January 2026, a planned acquisition of World Nomads expected to close in H2 2026, rating upgrades to 'A' from AM Best, Fitch, and S&P, and the redemption of $203.9 million in Series B preference shares to optimize capital structure.

delinquency rate: 2.37% (+0.16 pts YoY) · insurance in force: $304.8B (+3.2% YoY) · net income: $347.4M (-8.1% YoY)

MGIC reported Q2 2026 NIW activity with persistency remaining strong and credit performance stable, as the primary delinquency rate held at 2.37% while insurance in force reached $304.8 billion; new delinquencies increased modestly year-over-year with favorable prior-year reserve development reflecting continued home price appreciation benefiting cure rates. The company maintained a robust capital position with PMIERs Available Assets of $5.6 billion, $2.7 billion in excess of Minimum Required Assets, and a risk-to-capital ratio of 9.9:1, well below regulatory maximums. The holding company returned $444 million to shareholders through repurchases and dividends in the first half of 2026, supported by a $400 million dividend from MGIC, while the company continued to invest in transferable federal tax credits to optimize tax efficiency.

combined ratio: 91.2% (-1.3 pts YoY) · net premiums written: $3,216.5M (+3.9% YoY) · net income: $378.4M (+32.6% YoY)

For the six months ended June 30, 2026, The Hanover Insurance Group reported net income of $378.4 million, up $93.1 million from the prior year, driven by improvements in current accident year losses (principally in Personal Lines), higher net investment income, earned premium growth, and lower catastrophe losses. The company maintained a strong capital position with statutory surplus of $3.5 billion (up $203 million from year-end 2025) and generated $331.1 million in operating cash flow, while holding company assets of $377.9 million remain sufficient for near-term obligations. The company continues to pursue disciplined underwriting across all segments with selective rate increases, expansion through its independent agent channel, and authorized a new $700 million share repurchase program in May 2026, having repurchased $142.9 million of shares year-to-date.

combined ratio: 93.1% (+4.2 pts YoY) · net premiums written: $1.6B (-2% YoY) · net income: $251M (+16% YoY)

AXIS Capital reported second quarter 2026 net income of $251 million ($3.38 per diluted share) with a combined ratio of 93.1% (up 4.2 points from 88.9% in Q2 2025), driven by higher catastrophe and weather-related losses of 5.3 points including Middle East Conflict losses, partially offset by favorable prior year reserve development of 1.0 point; gross premiums written grew 6% to $2.7 billion while net premiums written declined 2% to $1.6 billion due to increased ceding. Total cash and invested assets reached $17.8 billion with a high-quality AA- average credit rating, common shareholders' equity of $6.0 billion, and the company repurchased $97 million of common shares during the quarter while maintaining a debt-to-total-capital ratio of 16.8%. The company is managing capital deployment selectively as property markets experience pricing pressure from increased competition while casualty lines maintain positive momentum, executing its strategy to be a leading global specialty underwriter through disciplined underwriting and portfolio management amid evolving trade and geopolitical uncertainty.