Revenue: As of FY2025 Q4, the actual value is USD 4.307 B.

EPS: As of FY2025 Q4, the actual value is USD 3.35.

Overall Performance (Year Ended December 31)

• Gross premiums written increased to $22,878 million in 2025 from $21,511 million in 2024, a 6.4% change.
• Net premiums written increased to $16,476 million in 2025 from $15,732 million in 2024, a 4.7% change.
• Net premiums earned increased to $17,065 million in 2025 from $15,100 million in 2024, a 13.0% change.
• Underwriting income was $2,933 million in 2025, up from $2,661 million in 2024, a 10.2% increase.
• The loss ratio decreased to 54.9% in 2025 from 55.2% in 2024.
• The acquisition expense ratio increased to 18.5% in 2025 from 17.6% in 2024.
• The other operating expense ratio decreased to 9.4% in 2025 from 9.7% in 2024.
• The combined ratio increased slightly to 82.8% in 2025 from 82.5% in 2024.
• Pre-tax net investment income grew to $1,625 million in 2025 from $1,495 million in 2024, an 8.7% increase.
• Net income available to [艾奇资本] common shareholders was $4,359 million in 2025, up 2.0% from $4,272 million in 2024.
• After-tax operating income available to [艾奇资本] common shareholders increased to $3,700 million in 2025 from $3,542 million in 2024, a 4.5% change.
• Comprehensive income (loss) available to [艾奇资本] was $5,124 million in 2025, a 20.1% increase from $4,268 million in 2024.
• Net cash provided by operating activities was $6,172 million in 2025, a -7.5% change from $6,673 million in 2024.
• The annualized net income return on average common equity was 20.1% in 2025, compared to 22.8% in 2024.
• The annualized operating return on average common equity was 17.1% in 2025, down from 18.9% in 2024.
• Total return on investments was 8.52% in 2025, up from 5.08% in 2024.

Consolidated Statement of Income (Year Ended December 31)

• Total revenues were $19,929 million in 2025, increasing from $17,440 million in 2024.
• Net realized gains (losses) were $464 million in 2025, compared to $197 million in 2024.
• Equity in net income of investments accounted for using the equity method was $504 million in 2025, down from $580 million in 2024.
• Total expenses were $14,950 million in 2025, up from $12,966 million in 2024.
• Losses and loss adjustment expenses were $9,370 million in 2025, compared to $8,342 million in 2024.
• Interest expense was $148 million in 2025, compared to $141 million in 2024.
• Income tax expense was $760 million in 2025, up from $362 million in 2024.
• Income from operating affiliates was $180 million in 2025, down from $200 million in 2024.

Consolidated Balance Sheet (December 31)

• Total assets increased to $79,241 million as of December 31, 2025, from $70,906 million as of December 31, 2024.
• Total investments were $46,504 million as of December 31, 2025, compared to $40,540 million as of December 31, 2024.
• Cash was $993 million as of December 31, 2025, compared to $979 million as of December 31, 2024.
• Total liabilities were $55,035 million as of December 31, 2025, up from $50,086 million as of December 31, 2024.
• Reserve for losses and loss adjustment expenses increased to $33,547 million as of December 31, 2025, from $29,369 million as of December 31, 2024.
• Total shareholders’ equity increased to $24,206 million as of December 31, 2025, from $20,820 million as of December 31, 2024.
• Book value per common share was $65.11 as of December 31, 2025, up from $53.11 as of December 31, 2024.

Consolidated Statements of Cash Flows (Year Ended December 31)

• Net cash provided by operating activities was $6,172 million in 2025, down from $6,673 million in 2024.
• Net cash used for investing activities was - $4,036 million in 2025, compared to - $4,461 million in 2024.
• Net cash used for financing activities was - $1,890 million in 2025, compared to - $1,925 million in 2024.
• Cash and restricted cash at the end of the period was $2,067 million in 2025, up from $1,760 million in 2024.

Segment Information (Year Ended December 31)

Insurance Segment

• Gross premiums written increased to $10,435 million in 2025 from $9,053 million in 2024.
• Net premiums written increased to $7,798 million in 2025 from $6,874 million in 2024.
• Net premiums earned increased to $7,771 million in 2025 from $6,627 million in 2024.
• Underwriting income was $375 million in 2025, up from $345 million in 2024.
• The combined ratio was 95.2% in 2025, compared to 94.8% in 2024.

Reinsurance Segment

• Gross premiums written were $11,149 million in 2025, compared to $11,112 million in 2024.
• Net premiums written decreased to $7,618 million in 2025 from $7,746 million in 2024.
• Net premiums earned increased to $8,122 million in 2025 from $7,242 million in 2024.
• Underwriting income was $1,558 million in 2025, up from $1,222 million in 2024.
• The combined ratio was 80.8% in 2025, compared to 83.2% in 2024.

Mortgage Segment

• Gross premiums written decreased to $1,305 million in 2025 from $1,351 million in 2024.
• Net premiums written decreased to $1,060 million in 2025 from $1,112 million in 2024.
• Net premiums earned increased to $1,172 million in 2025 from $1,231 million in 2024.
• Underwriting income was $1,000 million in 2025, down from $1,094 million in 2024.
• The combined ratio was 14.6% in 2025, compared to 12.6% in 2024.
• Total Insurance In Force (IIF) was $484,607 million as of December 31, 2025, down from $501,149 million as of December 31, 2024.
• Total Risk In Force (RIF) was $87,901 million as of December 31, 2025, down from $89,125 million as of December 31, 2024.
• The weighted average credit score for U.S. primary mortgage insurance RIF was 749 as of December 31, 2025, consistent with 748 as of December 31, 2024.
• The weighted average Loan-To-Value (LTV) for U.S. primary mortgage insurance RIF was 93.2% as of December 31, 2025, consistent with 93.2% as of December 31, 2024.
• The Risk-to-capital ratio for Arch MI U.S. was 8.2:1 as of December 31, 2025, compared to 7.8:1 as of December 31, 2024.
• The PMIER sufficiency ratio for Arch MI U.S. was 179% as of December 31, 2025, compared to 186% as of December 31, 2024.
• Total new insurance written (NIW) for U.S. primary mortgage insurance for the three months ended December 31, 2025, was $14,296 million, up from $11,818 million for the three months ended December 31, 2024.

Overall Financial Performance (Fourth Quarter)

• Net income available to common shareholders was $1.2 billion, or $3.35 per share, for the 2025 fourth quarter, an increase from $925 million, or $2.42 per share, in the 2024 fourth quarter.
• After-tax operating income available to common shareholders was $1.1 billion, or $2.98 per share, in the 2025 fourth quarter, up from $866 million, or $2.26 per share, in the prior year quarter.
• The company achieved an annualized net income return on average common equity of 21.2% in 2025, compared to 17.9% in 2024, and an annualized operating return on average common equity of 18.9% in 2025, up from 16.7% in 2024.
• Pre-tax current accident year catastrophic losses for the insurance and reinsurance segments, net of reinsurance and reinstatement premiums, were $164 million.
• Favorable development in prior year loss reserves, net of related adjustments, was $118 million.
• The combined ratio, excluding catastrophic activity and prior year development, was 79.5% in the 2025 fourth quarter, compared to 79.0% in the 2024 fourth quarter.
• Share repurchases amounted to $798 million.
• Book value per common share increased by 4.5% from September 30, 2025, to $65.11 at December 31, 2025.
• Ending common shareholders’ equity was $23,376 million in 2025, compared to $19,990 million in 2024.

Consolidated Underwriting Results (Fourth Quarter)

• Gross premiums written totaled $4,809 million in the 2025 fourth quarter, a 1.1% increase from $4,756 million in the 2024 fourth quarter.
• Net premiums written decreased by 4.5% to $3,649 million in the 2025 fourth quarter, from $3,819 million in the 2024 fourth quarter.
• Net premiums earned grew by 2.7% to $4,255 million in the 2025 fourth quarter, compared to $4,143 million in the 2024 fourth quarter.
• Underwriting income for the 2025 fourth quarter was $827 million, a 32.3% increase from $625 million in the 2024 fourth quarter.
• The consolidated loss ratio improved to 53.6% in 2025 from 57.5% in 2024, while the underwriting expense ratio decreased to 27.0% from 27.5%.
• The combined ratio decreased by 4.4 percentage points to 80.6% in 2025, from 85.0% in 2024.

Segment Performance (Fourth Quarter)

Insurance Segment

• Gross premiums written increased by 2.3% to $2,542 million in the 2025 fourth quarter, while net premiums written decreased by 4.0% to $1,876 million.
• Net premiums earned increased by 2.1% to $1,973 million.
• Underwriting income significantly increased by 296.7% to $119 million in the 2025 fourth quarter, from $30 million in the 2024 fourth quarter.
• The loss ratio improved to 60.6% from 66.3%, and the combined ratio decreased to 94.0% from 98.5%.
• The combined ratio excluding catastrophic activity and prior year development was 90.8% in 2025, compared to 90.3% in 2024.
• Current accident year catastrophic events had a 3.3% impact on the loss ratio in 2025, down from 8.3% in 2024.
• Net favorable development of prior year loss reserves reduced the loss ratio by -0.2% in 2025, compared to -0.3% in 2024.

Reinsurance Segment

• Gross premiums written saw a slight increase of 0.2% to $1,944 million in the 2025 fourth quarter, while net premiums written decreased by 5.2% to $1,506 million.
• Net premiums earned increased by 4.6% to $1,992 million.
• Underwriting income increased by 39.6% to $458 million in the 2025 fourth quarter, from $328 million in the 2024 fourth quarter.
• The loss ratio improved to 54.5% from 58.9%, and the combined ratio decreased to 77.0% from 83.0%.
• The combined ratio excluding catastrophic activity and prior year development was 74.9% in 2025, compared to 74.8% in 2024.
• Current accident year catastrophic events had a 5.0% impact on the loss ratio in 2025, down from 12.2% in 2024.
• Net favorable development of prior year loss reserves reduced the loss ratio by -3.5% in 2025, compared to -3.8% in 2024.
• The underwriting expense ratio decreased to 22.5% in 2025 from 24.1% in 2024, primarily due to the full year benefit of qualified refundable tax credits.

Mortgage Segment

• Gross premiums written decreased by -1.5% to $326 million in the 2025 fourth quarter, and net premiums written decreased by -3.6% to $267 million.
• Net premiums earned decreased by -5.2% to $290 million.
• Underwriting income decreased by -6.4% to $250 million in the 2025 fourth quarter, from $267 million in the 2024 fourth quarter.
• The loss ratio was -0.8% in 2025, compared to -5.9% in 2024, while the underwriting expense ratio improved to 14.5% from 19.3%.
• The combined ratio was 13.7% in 2025, compared to 13.4% in 2024.
• The combined ratio excluding prior year development was 34.0% in 2025, compared to 35.7% in 2024.
• Net favorable development of prior year loss reserves reduced the loss ratio by -19.4% in 2025, compared to -20.2% in 2024, primarily due to better than expected cure rates.

Corporate and Investment Data (Fourth Quarter)

• Pre-tax net investment income was $434 million in the 2025 fourth quarter, reflecting growth in average invested assets.
• Net realized gains were $22 million in 2025, compared to a net realized loss of - $161 million in 2024.
• Equity in net income of investments accounted for using the equity method was $155 million in 2025, up from $143 million in 2024.
• Corporate expenses were a benefit of $50 million in 2025, compared to an expense of - $31 million in 2024, due to the full year impact of qualified refundable tax credits.
• Amortization of intangible assets was - $47 million in 2025, compared to - $99 million in 2024.
• Interest expense was - $38 million in 2025, compared to - $37 million in 2024.
• Net foreign exchange losses were - $6 million in 2025, compared to net foreign exchange gains of $106 million in 2024.
• The effective tax rate on income before income taxes was 14.5% in 2025, compared to 6.6% in 2024, primarily reflecting the impact of Bermuda’s Corporate Income Tax Act 2023.
• Income from operating affiliates was $61 million in 2025, compared to $64 million in 2024.

Outlook / Guidance

[艾奇资本]’s CEO expressed optimism for 2026, anticipating continued superior results for shareholders. This outlook is based on the outstanding financial performance in 2025 and the company’s diversified platform. The document also includes a cautionary note regarding forward-looking statements, highlighting potential risks and uncertainties.