Strong Financial Performance
Tangible book value plus accumulated dividends grew by 26%, operating income exceeded $2.2 billion, and operating income per share was nearly $43 per share.
Underwriting Success
Delivered $1.6 billion in underwriting income with an 81.5% adjusted combined ratio despite $140 billion in industry catastrophe losses.
Investment Income Growth
Retained investment income exceeded $1.1 billion, demonstrating strong investment performance.
Successful Integration of Validus
Retained substantially all Validus underwriting portfolio, fully integrated the team, and generated significant capital efficiencies.
Capital Management
Repurchased $462 million of shares in the fourth quarter, adding to $800 million total repurchased since Q2 2024.
Fee Income Growth
Capital partners fee income was $327 million, growing by 38%.