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Underwriting Margin by Segment
Shows underwriting profitability as a percentage for each segment, isolating insurance performance from investment results. Higher margins indicate effective pricing and claims control; falling margins warn of competitive pressure or rising losses.Personal and Commercial underwriting margins have moved from volatile mid‑cycle levels into a sustained, healthier footing since 2024, which aligns with management’s push for share gains in auto and early Commercial momentum. Property is the standout — swinging from large losses to volatile recoveries and then effectively disappearing as a standalone margin in later quarters, which likely reflects reclassification or disciplined capital management; the earnings call confirms a deliberate property turnaround (lower tail risk, expanded addressable market) but warns that a softer, more competitive market and targeted rate cuts could pressure near‑term margin expansion.
Date | Personal Lines | Commercial Lines | Property |
|---|---|---|---|
Jun 30, 2026 | 12.40 | 14.70 | |
Mar 31, 2026 | 14.00 | 11.00 | |
Dec 31, 2025 | 12.50 | 13.00 | |
Sep 30, 2025 | 10.50 | 10.80 | |
Jun 30, 2025 | 14.00 | 13.20 | |
Mar 31, 2025 | 14.30 | 12.50 | |
Dec 31, 2024 | 11.40 | 10.60 | |
Sep 30, 2024 | 10.40 | 11.30 | 21.50 |
Jun 30, 2024 | 11.40 | 11.40 | -66.30 |
Mar 31, 2024 | 15.50 | 8.20 | 6.60 |