Financials
Insurance - Property & Casualty
$53.58B
33.3K
Key insights and themes extracted from this filing
The company reported a net income of $534 million for the second quarter of 2024, a significant turnaround from a net loss of $14 million in the same period of 2023. This improvement is driven by higher underwriting margins, net investment income, and prior-year reserve development.
Earned premiums reached $10.24 billion in Q2 2024, an increase of 11% compared to $9.22 billion in Q2 2023. This growth indicates strong business activity across the company's segments.
The combined ratio, a key measure of underwriting profitability, improved to 100.2% in Q2 2024 from 106.5% in Q2 2023. However, a ratio above 100% indicates that the company is still experiencing underwriting losses, despite the improvement.