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Earnings Callsⓘ
Q2 2026August 7, 2026
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OverviewThis quarter's results were mixed: the core insurance business continued to improve, but State National's $205 million bad-debt provision weighed on the financial segment.
Key FiguresOngoing insurance business GWP grew 10%, with a combined ratio of 93% (low-90s for four consecutive quarters); adjusted operating income was $436 million, down 25% YoY; net income reached $1.2 billion, benefiting from investment income.
Business ProgressInsurance was reorganized into 14 business units, with AI adoption accelerating: new Cortex business launched, Harvey AI reduced risk assessment time by 50–90%, and the London WI portfolio grew 50%.
Guidance & OutlookManagement did not raise guidance; the full-year underwriting profit target is approximately $700 million or slightly lower.
Risk/Highlight SignalsRisks: State National default exposure, U.S. casualty pricing trailing claims trends; positive: quarterly buybacks rose to $237 million, with management emphasizing long-term confidence.