What changed
Q2 net operating income of $0.76 per share missed consensus by $0.04 (5.0% below). Revenue grew 5.2% on higher premiums and net investment income, but the combined ratio deteriorated to 95.3% from 93.6% due to lower favorable loss reserve development (0.1 pts vs 2.1 pts). The market may miss that operating earnings fell 11.1% YoY despite top-line growth, as underwriting profitability weakened and investment gains masked underlying trends.
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Jul 29, 2026 05:45 AM ET