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Arch Capital公布2026年二季度业绩，盈利同比下降但账面价值和回购支撑仍在
二季度净利润10.47亿美元、EPS 3.00美元，同比低于去年同期的12.27亿美元和3.23美元，承保利润也同比下降19.7%。
📄 原文ACGL↗ 原文
Arch Capital Group Ltd. Reports 2026 Second Quarter Results
PEMBROKE, Bermuda–(BUSINESS WIRE)– Arch Capital Group Ltd. (NASDAQ: ACGL; “Arch,” “our” or “the Company”) announces its…
不做 Arch Capital Group（ACGL.US）
常规财报正负混合，未披露相对一致预期的明确超预期或指引上修/下修，无法形成同向可执行短线交易，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-28 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 二季度净利润10.47亿美元、EPS 3.00美元，同比低于去年同期的12.27亿美元和3.23美元，承保利润也同比下降19.7%。
- 经营EPS 2.56美元基本持平去年同期2.58美元，账面价值环比增长2.8%，且公司回购12亿美元，正负信息相互抵消。
- 这是排期财报披露，正文未给出相对一致预期的明确超预期信息，无法形成短线正期望交易。
主要风险
- 若卖方会后下修承保利润或费率周期预期，保险分部综合成本率恶化可能继续压制估值。
- 若市场更重视12亿美元回购和账面价值增长，盘后可能有支撑，单纯依据同比下滑做空也缺乏把握。
原文全文
展开原文 · 8,000 字
PEMBROKE, Bermuda–(BUSINESS WIRE)–
Arch Capital Group Ltd. (NASDAQ: ACGL; “Arch,” “our” or “the Company”) announces its 2026 second quarter results. The results included:
Net income available to Arch common shareholders of $1.0 billion, or $3.00 per share, representing an 18.0% annualized net income return on average common equity, compared to net income available to Arch common shareholders of $1.2 billion, or $3.23 per share, for the 2025 second quarter.
After-tax operating income available to Arch common shareholders (1) of $893 million, or $2.56 per share, representing a 15.3% annualized operating return on average common equity (1) , compared to $979 million, or $2.58 per share, for the 2025 second quarter.
Pre-tax current accident year catastrophic losses for the Company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, of $201 million.
Favorable development in prior year loss reserves, net of related adjustments, of $165 million.
Combined ratio excluding catastrophic activity and prior year development (1) of 82.5%, compared to 80.9% for the 2025 second quarter.
Share repurchases of $1.2 billion.
Book value per common share of $68.04 at June 30, 2026, a 2.8% increase from March 31, 2026.
“We delivered a strong quarter, driven by solid underwriting performance across our three segments, reflecting the continued strength of our diversified platform and disciplined execution across the enterprise,” said Arch CEO Nicolas Papadopoulo. “Our leadership positions in Specialty Insurance, including our Mortgage and Reinsurance operations, provide us with a meaningful competitive advantage. Clients not only come to us for capacity, but also for our underwriting expertise, claims capabilities, creative solutions and valuable perspectives that help them better manage risk.”
All earnings per share amounts discussed in this release are on a diluted basis. The following table summarizes the Company’s underwriting results:
(U.S. Dollars in millions)
Three Months Ended June 30,
2026
2025
% Change
Gross premiums written
$
6,126
$
6,196
(1.1)
Net premiums written
4,049
4,348
(6.9)
Net premiums earned
3,985
4,337
(8.1)
Underwriting income (1)
657
818
(19.7)
Underwriting Ratios
% Point Change
Loss ratio
55.1%
53.1%
2.0
Underwriting expense ratio (2)
28.4%
28.1%
0.3
Combined ratio
83.5%
81.2%
2.3
Combined ratio excluding catastrophic activity and prior year development (1)
82.5%
80.9%
1.6
(1)
See ‘Comments on Non-GAAP Financial Measures’ for further details.
(2)
The ‘Underwriting expense ratio’ includes ‘Other underwriting income.’ See ‘Comments on Non-GAAP Financial Measures’ for further details.
The following table summarizes the Company’s consolidated financial data, including a reconciliation of net income or loss available to Arch common shareholders to after-tax operating income or loss available to Arch common shareholders and related diluted per share results (see ‘Comments on Non-GAAP Financial Measures’ for further details):
(U.S. Dollars in millions, except per share data)
Three Months Ended
June 30,
2026
2025
Net income available to Arch common shareholders
$
1,047
$
1,227
Net realized (gains) losses (1)
17
(229)
Equity in net (income) of investments accounted for using the equity method
(196)
(162)
Net foreign exchange (gains) losses
(10)
88
Transaction costs and other
32
18
Income tax expense (benefit) (2)
3
37
After-tax operating income available to Arch common shareholders
$
893
$
979
Diluted per common share results:
Net income available to Arch common shareholders
$
3.00
$
3.23
Net realized (gains) losses (1)
0.05
(0.60)
Equity in net (income) of investments accounted for using the equity method
(0.56)
(0.43)
Net foreign exchange (gains) losses
(0.03)
0.23
Transaction costs and other
0.09
0.05
Income tax expense (benefit) (2)
0.01
0.10
After-tax operating income available to Arch common shareholders
$
2.56
$
2.58
Weighted average common shares and common share equivalents outstanding — diluted
348.8
379.9
Beginning common shareholders’ equity
$
23,358
$
20,715
Ending common shareholders’ equity
23,200
22,211
Average common shareholders’ equity
$
23,279
$
21,463
Annualized net income return on average common equity
18.0%
22.9%
Annualized operating return on average common equity
15.3%
18.2%
(1)
Net realized gains or losses include, but are not limited to, realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from the acquisition or disposition of subsidiaries.
(2)
Income tax expense (benefit) on net realized gains or losses, equity in net income of investments accounted for using the equity method, net foreign exchange gains or losses and transaction costs and other reflects the relative mix reported by jurisdiction and the varying tax rates in each jurisdiction.
Segment Information
The following section provides analysis on the Company’s 2026 second quarter performance by reportable segments. For additional details regarding the Company’s reportable segments, please refer to the Company’s Financial Supplement dated June 30, 2026. On August 1, 2024, the insurance segment completed the acquisition of the U.S. MidCorp and Entertainment insurance businesses from Allianz (MCE Acquisition). The Company’s segment information includes the use of underwriting income (loss) and a combined ratio excluding catastrophic activity and prior year development (see ‘Comments on Non-GAAP Financial Measures’ for further details).
Insurance Segment
Three Months Ended June 30,
(U.S. Dollars in millions)
2026
2025
% Change
Gross premiums written
$
2,603
$
2,681
(2.9)
Net premiums written
1,933
2,036
(5.1)
Net premiums earned
1,880
1,969
(4.5)
Other underwriting income
15
13
15.4
Underwriting income
$
27
$
129
(79.1)
Underwriting Ratios
% Point Change
Loss ratio
63.0%
59.8%
3.2
Underwriting expense ratio
35.5%
33.6%
1.9
Combined ratio
98.5%
93.4%
5.1
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums
8.0%
2.9%
5.1
Net (favorable) adverse development in prior year loss reserves, net of related adjustments
Loss ratio impact
(1.4)%
(0.4)%
(1.0)
Underwriting expense ratio impact
0.3%
0.3%
—
Total impact
(1.1)%
(0.1)%
(1.0)
Combined ratio excluding catastrophic activity and prior year development
91.6%
90.6%
1.0
Gross premiums written by the insurance segment in the 2026 second quarter were 2.9% lower than in the 2025 second quarter, while net premiums written were 5.1% lower than in the 2025 second quarter. Adjusting for the non-renewal of certain programs related to the MCE Acquisition, net premiums written would have decreased by 1.8% compared to the same quarter one year ago. Net premiums earned in the 2026 second quarter were 4.5% lower than in the 2025 second quarter and reflect changes in net premiums written over the previous five quarters.
The 2026 second quarter loss ratio reflected 7.6 points of current year catastrophic activity, compared to 2.9 points in the 2025 second quarter. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 1.4 points in the 2026 second quarter, compared to 0.4 points in the 2025 second quarter. The balance of the change in the loss ratio resulted, in part, from changes in the mix of business.
The underwriting expense ratio was 35.5% in the 2026 second quarter, compared to 33.6% in the 2025 second quarter. The 2026 second quarter ratio reflected transitional expenses associated with the MCE Acquisition, and a lower level
Arch Capital Group Ltd. (NASDAQ: ACGL; “Arch,” “our” or “the Company”) announces its 2026 second quarter results. The results included:
Net income available to Arch common shareholders of $1.0 billion, or $3.00 per share, representing an 18.0% annualized net income return on average common equity, compared to net income available to Arch common shareholders of $1.2 billion, or $3.23 per share, for the 2025 second quarter.
After-tax operating income available to Arch common shareholders (1) of $893 million, or $2.56 per share, representing a 15.3% annualized operating return on average common equity (1) , compared to $979 million, or $2.58 per share, for the 2025 second quarter.
Pre-tax current accident year catastrophic losses for the Company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, of $201 million.
Favorable development in prior year loss reserves, net of related adjustments, of $165 million.
Combined ratio excluding catastrophic activity and prior year development (1) of 82.5%, compared to 80.9% for the 2025 second quarter.
Share repurchases of $1.2 billion.
Book value per common share of $68.04 at June 30, 2026, a 2.8% increase from March 31, 2026.
“We delivered a strong quarter, driven by solid underwriting performance across our three segments, reflecting the continued strength of our diversified platform and disciplined execution across the enterprise,” said Arch CEO Nicolas Papadopoulo. “Our leadership positions in Specialty Insurance, including our Mortgage and Reinsurance operations, provide us with a meaningful competitive advantage. Clients not only come to us for capacity, but also for our underwriting expertise, claims capabilities, creative solutions and valuable perspectives that help them better manage risk.”
All earnings per share amounts discussed in this release are on a diluted basis. The following table summarizes the Company’s underwriting results:
(U.S. Dollars in millions)
Three Months Ended June 30,
2026
2025
% Change
Gross premiums written
$
6,126
$
6,196
(1.1)
Net premiums written
4,049
4,348
(6.9)
Net premiums earned
3,985
4,337
(8.1)
Underwriting income (1)
657
818
(19.7)
Underwriting Ratios
% Point Change
Loss ratio
55.1%
53.1%
2.0
Underwriting expense ratio (2)
28.4%
28.1%
0.3
Combined ratio
83.5%
81.2%
2.3
Combined ratio excluding catastrophic activity and prior year development (1)
82.5%
80.9%
1.6
(1)
See ‘Comments on Non-GAAP Financial Measures’ for further details.
(2)
The ‘Underwriting expense ratio’ includes ‘Other underwriting income.’ See ‘Comments on Non-GAAP Financial Measures’ for further details.
The following table summarizes the Company’s consolidated financial data, including a reconciliation of net income or loss available to Arch common shareholders to after-tax operating income or loss available to Arch common shareholders and related diluted per share results (see ‘Comments on Non-GAAP Financial Measures’ for further details):
(U.S. Dollars in millions, except per share data)
Three Months Ended
June 30,
2026
2025
Net income available to Arch common shareholders
$
1,047
$
1,227
Net realized (gains) losses (1)
17
(229)
Equity in net (income) of investments accounted for using the equity method
(196)
(162)
Net foreign exchange (gains) losses
(10)
88
Transaction costs and other
32
18
Income tax expense (benefit) (2)
3
37
After-tax operating income available to Arch common shareholders
$
893
$
979
Diluted per common share results:
Net income available to Arch common shareholders
$
3.00
$
3.23
Net realized (gains) losses (1)
0.05
(0.60)
Equity in net (income) of investments accounted for using the equity method
(0.56)
(0.43)
Net foreign exchange (gains) losses
(0.03)
0.23
Transaction costs and other
0.09
0.05
Income tax expense (benefit) (2)
0.01
0.10
After-tax operating income available to Arch common shareholders
$
2.56
$
2.58
Weighted average common shares and common share equivalents outstanding — diluted
348.8
379.9
Beginning common shareholders’ equity
$
23,358
$
20,715
Ending common shareholders’ equity
23,200
22,211
Average common shareholders’ equity
$
23,279
$
21,463
Annualized net income return on average common equity
18.0%
22.9%
Annualized operating return on average common equity
15.3%
18.2%
(1)
Net realized gains or losses include, but are not limited to, realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from the acquisition or disposition of subsidiaries.
(2)
Income tax expense (benefit) on net realized gains or losses, equity in net income of investments accounted for using the equity method, net foreign exchange gains or losses and transaction costs and other reflects the relative mix reported by jurisdiction and the varying tax rates in each jurisdiction.
Segment Information
The following section provides analysis on the Company’s 2026 second quarter performance by reportable segments. For additional details regarding the Company’s reportable segments, please refer to the Company’s Financial Supplement dated June 30, 2026. On August 1, 2024, the insurance segment completed the acquisition of the U.S. MidCorp and Entertainment insurance businesses from Allianz (MCE Acquisition). The Company’s segment information includes the use of underwriting income (loss) and a combined ratio excluding catastrophic activity and prior year development (see ‘Comments on Non-GAAP Financial Measures’ for further details).
Insurance Segment
Three Months Ended June 30,
(U.S. Dollars in millions)
2026
2025
% Change
Gross premiums written
$
2,603
$
2,681
(2.9)
Net premiums written
1,933
2,036
(5.1)
Net premiums earned
1,880
1,969
(4.5)
Other underwriting income
15
13
15.4
Underwriting income
$
27
$
129
(79.1)
Underwriting Ratios
% Point Change
Loss ratio
63.0%
59.8%
3.2
Underwriting expense ratio
35.5%
33.6%
1.9
Combined ratio
98.5%
93.4%
5.1
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums
8.0%
2.9%
5.1
Net (favorable) adverse development in prior year loss reserves, net of related adjustments
Loss ratio impact
(1.4)%
(0.4)%
(1.0)
Underwriting expense ratio impact
0.3%
0.3%
—
Total impact
(1.1)%
(0.1)%
(1.0)
Combined ratio excluding catastrophic activity and prior year development
91.6%
90.6%
1.0
Gross premiums written by the insurance segment in the 2026 second quarter were 2.9% lower than in the 2025 second quarter, while net premiums written were 5.1% lower than in the 2025 second quarter. Adjusting for the non-renewal of certain programs related to the MCE Acquisition, net premiums written would have decreased by 1.8% compared to the same quarter one year ago. Net premiums earned in the 2026 second quarter were 4.5% lower than in the 2025 second quarter and reflect changes in net premiums written over the previous five quarters.
The 2026 second quarter loss ratio reflected 7.6 points of current year catastrophic activity, compared to 2.9 points in the 2025 second quarter. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 1.4 points in the 2026 second quarter, compared to 0.4 points in the 2025 second quarter. The balance of the change in the loss ratio resulted, in part, from changes in the mix of business.
The underwriting expense ratio was 35.5% in the 2026 second quarter, compared to 33.6% in the 2025 second quarter. The 2026 second quarter ratio reflected transitional expenses associated with the MCE Acquisition, and a lower level
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