Improved Financials

The combined ratio improved to 34.3 %, better than the projected 34.8 % and reflecting a 40.3‑basis‑point year‑over‑year improvement in underwriting efficiency. Primary insurance in force rose 5.1 % year‑over‑year to $221.45 billion, exceeding estimates of $213.4 billion and the consensus estimate of $218 billion; risk‑in‑force climbed to $59.31 billion, above the estimated $57.84 billion. Book value per share increased 20.4 % year‑over‑year to $33.98, reflecting accelerated long‑term capital growth of 19.5 % over the last two years. The company’s debt balance increased 0.5 % from the end of 2024 to $416.5 million, while market capitalization stood at $3.07 billion.