Earnings Surprises

We delivered another strong quarter, with accelerating revenue growth, expanding margins, and a second consecutive quarter of GAAP profitability.

Momentum continues to build across our business – the pace of our announced transactions has accelerated and our booked revenue plus announced and pending backlog stands well above the level this time last year. We remain focused on our clear and simple strategy to scale our business by continuing to add senior talent, and we expect to close our acquisition of Gleacher Shacklock in the third quarter.

Accelerant has been building the preeminent specialty insurance marketplace since our founding in 2018, said Jeff Radke, Chairman and CEO. I am proud of what the Accelerant teams has accomplished, and I believe partnering with Thoma Bravo with their expertise, and vast financial and strategic resources will further position our unique, data fueled platform to be the rails on which specialty insurance runs.

UFG delivered another quarter of outstanding results, achieving our best second-quarter combined ratio in more than 15 years, record net income, record net written premium, and the highest investment income in over 10 years.

We delivered our strongest quarter yet, headlined by 132% year-over-year volume growth in our Consumer Loan Marketplace, the addition of over 100 origination partners, and the scaling of our capital-light marketplace, with 65% of our volumes now on Figure Connect.

Allstate delivered strong operating and financial results in the second quarter of 2026, while executing our strategic growth plans.

Since Prospect's initial public offering in July 2004 through June 30, 2026, Prospect has invested approximately $23 billion in more than 450 investments, exiting over 350 of these investments.

Our very successful second quarter is a testament to the strength of our business model, the durable earnings power we have built across The Hanover and the disciplined execution of our team.

RGA delivered another record quarter, extending the momentum we have generated so far in 2026 with excellent results across our regions and business lines.

We are pleased to see continued improvement in our net interest margin and meaningful progress reducing criticized loans, as we remain focused on strengthening the quality and earnings power of the franchise.

Lazard continues to progress toward our 2030 objectives, with underlying trends reinforcing our confidence in our long-term growth strategy.

While our operational execution remained solid, our results fell short of expectations due to higher interest rates during the period. As a result, we are actively taking steps to realign our cost structure to enhance profitability.

We delivered a strong second quarter and first half of the year and are encouraged by our momentum as we enter peak season. The product enhancements and investments we’ve made to serve more students and families, combined with the strength of our portfolio and growing customer demand, reinforce our confidence in the outlook for the remainder of 2026 and beyond.

I am pleased with the continued progress we are making across the franchise. Balance sheet growth remains consistent with our prior guidance, our lending pipeline remains robust, and loan yields continue to hold.

We saw changes in our credit performance this quarter primarily as a result of a few larger loans, one of which we began discussing last year. While this is certainly a disappointing outcome, credit events can and do occur in the world of lending.

First Merchants continued to build momentum during the second quarter with expanding net interest margin, solid loan and deposit growth, and another quarter of strong commercial loan production.

Investment income increased nicely, producing our main source of profits in the second quarter and bringing our total non-GAAP operating income to $554 million for the first half of the year.

Flagstar's second quarter operating performance reflects our third consecutive quarter of profitability and improved earnings and represents continued progress on our path to transforming into a top-performing regional bank.

At the midway point of 2026, Assured Guaranty’s key valuation metrics - shareholders’ equity, adjusted operating shareholders’ equity, and adjusted book value - all reached per share record highs, finishing at $126.18, $129.94 and $189.72, respectively.

We delivered another quarter of solid results, reflecting the strength of our diversified strategy across consumer lending, servicing, payments, and technology, with a continued focus on education.

The second quarter reflects the strength and resilience of the business we have built at F&G. We achieved record assets under management before reinsurance of $74.7 billion underpinned by continued momentum in core retail, while maintaining our disciplined approach to sales, pricing and capital allocation.