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Combined Ratio by Segment
Underwriting profitability at the segment level, calculated as loss and expense ratios combined; values below 100% indicate underwriting profit, above 100% indicate a loss. Segment splits expose which lines are earning acceptable returns, where claim or expense pressure is concentrated, and whether pricing or reinsurance actions are working.The combined‑ratio series hides two stories: core underwriting has mostly normalized after a late‑2024 spike driven by catastrophe losses and reserve pressure in the Legacy book, but that Legacy drag and transition costs keep volatility elevated. Commission and brokerage have crept higher as management exits retail lines and mix shifts, while other underwriting expenses are broadly stable. Management’s push toward short‑tail/specialty and aggressive buybacks signals confidence that profitability (not premium growth) will drive returns, though near‑term margin pressure from Legacy and restructuring should persist.
Date | Total Loss Ratio | Commission and Brokerage | Other Underwriting Expenses |
|---|---|---|---|
Jun 30, 2026 | 62.20 | 23.30 | 6.40 |
Mar 31, 2026 | 62.00 | 23.10 | 6.00 |
Dec 31, 2025 | 68.80 | 22.40 | 7.20 |
Sep 30, 2025 | 73.60 | 23.10 | 6.70 |
Jun 30, 2025 | 61.90 | 22.00 | 6.40 |
Mar 31, 2025 | 75.10 | 21.40 | 6.20 |
Dec 31, 2024 | 106.30 | 23.00 | 6.20 |
Sep 30, 2024 | 66.00 | 21.10 | 6.00 |
Jun 30, 2024 | 62.60 | 21.40 | 6.30 |
Mar 31, 2024 | 61.30 | 21.40 | 6.10 |