Significant Reduction in Net Loss
The company recorded a consolidated GAAP net loss of $8 million for Q3 2025, a significant improvement from a $56 million net loss in Q3 2024.
National's Losses and LAE Benefit
National reported a net benefit of $54 million in losses and LAE for Q3 2025, compared to a loss of $2 million in Q3 2024, primarily due to adjustments in PREPA loss reserves.
Improved Adjusted Net Income
Adjusted net income was $51 million for Q3 2025, compared to an adjusted net loss of $174,000 for Q3 2024, mainly due to gains in National’s LAE benefit.
Increased Statutory Net Income for National
National reported statutory net income of $73 million for Q3 2025, up from $19 million in Q3 2024.
Positive Developments in PREPA Exposure
National's PREPA exposure reduced through the sale of $374 million of bankruptcy claims and higher estimated recoveries, now amounting to $425 million of gross par outstanding.