Total Revenue

+18% (from $17,242.5 million in Q1 2024 to $20,409 million in Q1 2025)

The substantial revenue growth is driven by robust increases in underlying insurance operations—particularly net premiums earned—which jumped by 20% from $16,148.6 million to $19,409 million, combined with higher underwriting revenue and a boost in investment income that surged nearly 32%. " " These improvements build on previous period gains and point to effective pricing, product mix, and market penetration strategies.

Total Underwriting Revenue

Dominant with Q1 2025 achieving $19,696 million

Underwriting remains the core revenue driver. The breakdown shows Personal Lines at $16,710 million and Commercial Lines at $2,699 million, reflecting strong fee-based and rate-driven performance. This reinforces trends from earlier periods where improved underwriting margins and premium growth were critical, suggesting a sustained improvement in policy acquisition and renewal dynamics. "

Net Premiums Earned

+20% (from $16,148.6 million in Q1 2024 to $19,409 million in Q1 2025)

The impressive increase in net premiums earned is indicative of buoyant policy growth both in Personal and Commercial segments. Prior period gains in new applications and strengthened rate adjustments have translated into this significant rise, underpinning overall revenue increases. " "

Investment Income

+32% (from $617.6 million in Q1 2024 to $814 million in Q1 2025)

A surge in investment income reflects the company’s successful reallocation into higher-yield assets and improved recurring book yields. This 32% jump builds on previous periods where enhanced asset performance contributed meaningfully to overall margins, indicating efficient investment strategies in an environment of favorable market conditions. " "

Income Before Income Taxes

+10% (from $2,939.9 million in Q1 2024 to $3,236 million in Q1 2025)

The 10% increase in pre-tax income is largely due to higher underwriting income and improved investment returns. While these gains are partially offset by rising expenses, they consistently follow previous period improvements, thereby demonstrating operational efficiency and effective cost management along with a strength in core insurance operations. " "

Net Income

+10% (from $2,331.4 million in Q1 2024 to $2,567 million in Q1 2025)

The net income growth mirrors the underlying income improvements, with gains in underwriting profitability and investment income helping to drive a 10% increase despite some offset from adverse items like realized losses on securities. Building on previous period trends, the result reflects disciplined expense management and a robust premium growth environment. " "

Balance Sheet

Stable financial structure at $111,409 million in assets, $82,455 million in liabilities, and $28,954 million in equity

The balance sheet remains strong and stable, supporting ongoing growth without significant shifts in capital structure. This stability underlines the firm’s financial prudence from prior periods, ensuring sufficient capital to underpin underwriting and investment operations while buffering against market volatility. "