Executive Summary
2024 Combined Ratio
Best performance since 2006
2024 Net Income
91% increase year-over-year
2025 H1 Combined Ratio
Continued improvement
Industry Surplus
Strong capital position
Premium Growth (2015-2024)
Decade of expansion
2025 H1 Investment Yield
Multi-year high
Combined Ratio Performance (2015-2025)
Values below 100% indicate underwriting profitability
Net Premiums Written Growth
Billions of dollars - 2025 H1 figure annualized
Profitability Metrics
Net Income
Return on Surplus
Underwriting vs Investment Performance
Underwriting results in billions, investment yields as percentages
2025 First Half Performance Comparison
Combined Ratio
Net Underwriting Income
Net Premiums Written
Catastrophe Impact
Investment Yield
Key Industry Insights
Underwriting Turnaround
First underwriting profit in four years achieved in 2024, marking the best underwriting performance since 2006.
Record Profitability
Net income nearly doubled in 2024 to $166.8 billion, demonstrating strong operational performance.
Sustained Excellence
2025 H1 maintains strong profitability despite record wildfire losses and elevated catastrophe activity.
Investment Recovery
Investment yields recovering to multi-year highs above 4%, benefiting from higher rate environment.
Capital Strength
Industry surplus exceeds $1.1 trillion, providing strong capital position for future growth.
Sustainable Growth
Premium growth moderating to sustainable mid-single digit levels after decade of expansion.
Market Outlook & Key Trends
Continued Profitability
Expected to maintain through 2025 and beyond with improved underwriting discipline
Personal Auto Recovery
Showing sustained improvement with rate increases taking effect
Commercial Lines
Facing mixed conditions with selective opportunities in certain segments
Catastrophe Risk
Exposure remains elevated due to climate change and urbanization trends
Investment Environment
Benefiting from higher rate environment with improved yield opportunities