Significant Increase in Net Earnings
Net earnings for the third quarter of 2025 were $1.2 billion, up from $1 billion in the same quarter of the previous year. The net earnings for the first nine months of 2025 reached $3.5 billion.
Strong Underwriting and Investment Performance
Underwriting income was $540 million, with a combined ratio of 92%. Net gains on investments were $426 million, driven by gains on equity exposures of $525 million.
Increase in Book Value Per Share
The book value per share increased by 15.1% for the first nine months of 2025, adjusted for a $15 dividend, reaching $1,204.
Positive Financial Strength Ratings
Standard & Poor's upgraded the financial strength rating of core operating companies to AA-, and A.M. Best upgraded several subsidiaries to A+.
Growth in International Operations
Excluding Gulf Insurance, international premiums were up 10%, with strong growth in regions like South Africa (20%), Central and Eastern Europe (11.7%), and Asia (13%).