Total Revenues

Increased from 1,274,085k to 1,393,879k USD (≈9%)

Total Revenues rose by about 9%, driven by higher net premiums earned and improved fee/investment contributions compared to the prior period, where steady revenue growth set the stage for further expansion through effective rate increases and policy volume growth. " "

Net Premiums Earned

Increased from 1,166,679k to 1,283,069k USD (≈10%)

Net Premiums Earned increased roughly 10% YoY, reflecting sustained growth through rate enhancements and increased policy counts, building on trends observed in previous quarters that underscored the company’s strength in its core insurance business. " "

Net Income

Swung from +73,462k to –108,327k USD

Net Income turned significantly negative, primarily due to sharply rising total expenses (up nearly 30%) and deteriorating margins, a reversal from the previously positive earnings, indicating that increased claims costs, loss expenses, and acquisition costs have overwhelmed revenue gains. " "

Operating Cash Flow

Deteriorated from +192,626k to –68,729k USD

Operating Cash Flow fell dramatically, shifting from strong positive cash generation in Q1 2024 to a negative figure in Q1 2025, suggesting that increased losses, higher operational expenses, or adverse working capital changes have severely impacted the company’s ability to convert its operations into cash. " "

Cash

Increased from 530,085k to 1,284,790k USD (≈+140%)

Cash saw a substantial rise (over 140%), driven predominantly by robust inflows from investing activities like the sale of equity and fixed maturity securities, which more than offset the operating headwinds, marking a stark contrast with the lower cash balances in the previous period. " "

Reinsurance Recoverables

Increased from 29,964k to 623,599k USD

Reinsurance Recoverables surged dramatically, likely due to significant catastrophic events (e.g., wildfires) that led to large losses being ceded to reinsurers, whereas prior periods saw minimal recoveries; this dramatic jump highlights the outsized impact of such events on the balance sheet. " "

Total Expenses

Increased from 1,184,865k to 1,536,175k USD (≈30%)

Total Expenses grew nearly 30%, driven by higher losses and loss adjustment expenses along with increased policy acquisition and operational costs, putting pressure on margins compared to Q1 2024, where cost increases were more contained. " "