What changed
Second-quarter 2026 EPS was $8.05 per share, up from $4.34 per share in Q2 2025. Non-GAAP operating income was $224 million, compared with $311 million in Q2 2025. Net cash flow from operating activities reached $1.356 billion, up 29%, driven by growth from underwriting operations. The P&C combined ratio was 98.2%, slightly above the 92% to 98% long-term target range.
Why it matters
Second-quarter 2026 EPS was $8.05 per share, up from $4.34 per share in Q2 2025. Non-GAAP operating income was $224 million, compared with $311 million in Q2 2025. Net cash flow from operating activities reached $1.356 billion, up 29%, driven by growth from underwriting operations. The P&C combined ratio was 98.2%, slightly above the 92% to 98% long-term target range.