Revenue: As of FY2026 Q1, the actual value is USD 4.521 B.

EPS: As of FY2026 Q1, the actual value is USD 2.88.

EBIT: As of FY2026 Q1, the actual value is USD 357 M.

Overall Financial Performance

艾奇资本 reported Net Income Available to Common Shareholders of $1,037 million in Q1 2026, up from $564 million in Q1 2025. After-tax Operating Income Available to Common Shareholders increased to $901 million in Q1 2026 from $587 million in Q1 2025. The Annualized Net Income Return on Average Common Equity was 17.8% in Q1 2026, compared to 11.1% in Q1 2025, while the Annualized Operating Return on Average Common Equity was 15.4% in Q1 2026, up from 11.5% in Q1 2025. Book Value per Share increased by 1.7% in Q1 2026 to $66.19 as of March 31, 2026, from $65.11 on December 31, 2025, and $55.15 on March 31, 2025. Total Return on Investments (Pre-tax, before investment expenses) was 0.10% in Q1 2026, a decrease from 2.02% in Q1 2025.

Cash Flow

Net Cash Provided by Operating Activities was $1,188 million in Q1 2026, down from $1,458 million in Q1 2025. Net Cash Used for Investing Activities was -$639 million in Q1 2026, an improvement from -$1,008 million in Q1 2025. Net Cash Used for Financing Activities was -$827 million in Q1 2026, compared to -$241 million in Q1 2025.

Share Repurchases

艾奇资本 repurchased $783 million of common shares (8.3 million shares) in Q1 2026, significantly higher than $196 million (2.2 million shares) in Q1 2025.

Insurance Segment

Gross Premiums Written increased by 2.0% year-over-year (YoY) to $2,697 million in Q1 2026, from $2,645 million in Q1 2025. Net Premiums Written decreased by 1.4% YoY to $1,906 million, but would have increased by 1.1% YoY excluding the non-renewal of MCE Acquisition programs. Net Premiums Earned grew by 0.6% YoY to $1,871 million. Underwriting Income was $66 million in Q1 2026, a substantial increase from -$2 million in Q1 2025. The Loss Ratio improved by 5.8 percentage points YoY to 60.2%, while the Acquisition Expense Ratio increased by 1.5 percentage points to 20.0%, and the Other Operating Expense Ratio increased by 0.7 percentage points to 16.3%. The Combined Ratio improved by 3.6 percentage points YoY to 96.5%. Goodwill and Intangible Assets were $769 million as of March 31, 2026, down from $878 million as of March 31, 2025. Prior Year Development (PYD) was favorable at -$14 million in Q1 2026, compared to -$17 million (favorable) in Q1 2025.

Reinsurance Segment

Gross Premiums Written were $3,414 million in Q1 2026, slightly down from $3,494 million in Q1 2025. Net Premiums Written decreased by 6% YoY to $2,176 million. Net Premiums Earned were $1,831 million. Underwriting Income increased to $441 million in Q1 2026 from $167 million in Q1 2025. The Loss Ratio improved significantly to 51.7% from 66.9%, and the Acquisition Expense Ratio decreased to 19.0% from 20.6%. The Other Operating Expense Ratio increased to 5.2% from 4.3%. The Combined Ratio improved to 75.9% from 91.8%. Goodwill and Intangible Assets were $93 million as of March 31, 2026, down from $102 million as of March 31, 2025. Prior Year Development (PYD) was favorable at -$152 million in Q1 2026, an increase from -$119 million (favorable) in Q1 2025.

Mortgage Segment

Gross Premiums Written were $316 million in Q1 2026, compared to $326 million in Q1 2025. Net Premiums Written remained flat at $266 million. Net Premiums Earned were $284 million. Underwriting Income was $221 million in Q1 2026, a decrease from $252 million in Q1 2025. The Loss Ratio increased to 5.3% from 1.1%, and the Acquisition Expense Ratio increased to 2.9% from 1.3%. The Other Operating Expense Ratio increased to 14.1% from 13.7%. The Combined Ratio increased to 22.3% from 16.1%. Goodwill and Intangible Assets remained consistent at $328 million as of both March 31, 2026, and March 31, 2025. Prior Year Development (PYD) was favorable at -$54 million in Q1 2026, compared to -$61 million (favorable) in Q1 2025. The persistency of the in-force U.S. primary mortgage insurance portfolio was 80.7%.

Future Outlook and Strategy

艾奇资本’s strategy involves disciplined underwriting, cycle management, and leveraging its diversified specialty platform and underwriting expertise. The company plans to actively allocate capital to segments offering the best risk-adjusted returns while maintaining flexibility for attractive investment opportunities. The mortgage segment is expected to continue as a steady diversifying contributor to overall earnings due to its strong fundamentals and high credit quality.