Internal Audit Intern

Financial results round-up: MetLife, prudential, Corebridge, Palomar, heritage, TWFG, root and more. P&C carriers post improved combined ratios while life and retirement platforms show mixed underwriting results. A mixed set of second-quarter 2026 results emerged from across the insurance and financial services sector. Property and casualty carriers generally posted improved combined ratios, while life and retirement platforms showed more varied underwriting trends. MetLife: strong earnings growth, benefits sales up. MetLife reported net income of $705 million for the second quarter, up 1% year over year. Adjusted earnings were $1.6 billion, up 15%, with adjusted earnings per share rising 20% to $2.43. Premiums, fees, and other revenues reached $13.7 billion, up 7%. The Group benefits segment was the standout, with adjusted earnings up 25% to $503 million on favorable underwriting and volume growth. Year-to-date group benefits sales were up 9%. For brokers placing employee benefits with MetLife, that combination of favorable underwriting and sustained sales growth is a reasonable signal that the carrier has room and appetite to compete on new group benefits business at the next renewal cycle, rather than a company retrenching after a difficult claims year. Net investment income rose 18% to $6.7 billion. MetLife returned more than $1.1 billion to shareholders through repurchases and dividends in the quarter. Prudential Financial: Group insurance sales surge, life records best quarter. Prudential Financial reported net income of $985 million, or $2.80 per share, for the second quarter, compared to $533 million in the prior-year quarter. After-tax adjusted operating income was $1.438 billion, or $4.08 per share, up from $1.284 billion. Group insurance adjusted operating income rose to $155 million from $125 million, with more favorable mortality results in the working-age population and higher net investment spread both contributing. Year-to-date group Insurance sales of $599 million were up 26%, with disability products a key driver. For benefits brokers, that disability-led growth is worth flagging specifically to clients who haven't reviewed their disability offering recently, since a carrier growing this fast in a specific product line typically means more competitive pricing and underwriting flexibility available in that line right now. Individual life sales reached a record $237 million, up 9% year over year. Assets under management at PGIM reached $1.491 trillion. Prudential returned $743 million to shareholders, including $250 million in repurchases and $493 million in dividends. Corebridge Financial: operating income falls, merger clears shareholder vote. Corebridge Financial posted a net loss available to common shareholders of $16 million, or $0.04 per share, for the second quarter. That compared to a loss of $660 million in the same period last year. Adjusted after-tax operating income was $512 million, or $1.12 per share, down from $672 million in the prior-year quarter. Premiums and deposits totaled $9.1 billion, down 13% from $10.5 billion in the prior-year quarter, driven largely by lower fixed and fixed indexed annuity sales. Corebridge attributed the decline primarily to lower in-plan and out-of-plan annuity deposits and reduced fixed annuity sales, with management citing intensified competitive pricing pressure in simpler annuity structures specifically, while the company continues to prioritize more sophisticated client solutions where it sees stronger margins. The company returned $412 million to shareholders, including $300 million in repurchases. Shareholders of both Corebridge and Equitable Holdings approved their merger on July 30. Palomar Holdings: GWP up 27%, surety line more than triples. Palomar Holdings reported second-quarter net income of $52.6 million, up 13% from $46.5 million a year earlier. Gross written premiums rose 27% to $630.5 million. The combined ratio was 83.3%, up from 78.8% in the prior-year quarter, while the adjusted combined ratio was 76.7%. Casualty was the fastest-growing established line, up 36.8% to $197.5 million. Surety and credit grew 235.6% following the January 2026 acquisition of Gray Casualty and Surety Company. The board declared an initial quarterly dividend of $0.45 per share, payable September 2. For the full year, Palomar expects adjusted net income of $270 million to $280 million. Heritage Insurance Holdings: record net income, Texas entry begins. Heritage Insurance Holdings reported record second-quarter net income of $61.7 million, up 28.5% from $48 million a year earlier. Earnings per diluted share rose 32.3% to $2.05. Total revenue increased 3% to $214.2 million. The combined ratio improved eight percentage points to 64.9%, from 72.9% in the prior-year quarter, with the net loss ratio falling to 30.4% from 38.5%. Favorable prior-year loss development of $23.4 million contributed to the improvement. Gross written premiums fell 5.5% to $388.4 million on competitive pricing pressure in Florida commercial residential. Heritage started writing business in Texas on a surplus lines basis during the quarter. Book value per share rose 54.5% year over year to $19.09. American Coastal Insurance: net income falls as Florida pricing softens. American Coastal Insurance reported second-quarter net income of $21.9 million, down from $26.4 million a year earlier. Diluted earnings per share were $0.44 versus $0.53 in the prior-year quarter. Gross written premiums declined 5.3% to $216.3 million, attributed to a 24% decrease in net pricing as the Florida commercial property market continued to soften. The combined ratio was 74.3%, up 13.7 percentage points from 60.6% a year ago. The underlying combined ratio, which excludes catastrophe losses and prior-year development, held at 68.7%. The company's E&S growth platform added $28.7 million in premium year to date, and Kroll upgraded its financial strength rating during the quarter. Book value per share grew more than 20% over the past year to $7.21. TWFG: MGA growth drives 45% revenue surge. TWFG reported second-quarter total revenues of $87.5 million, up 45.1% from $60.3 million a year earlier, with organic revenue growth of 37%. Net income was $17.3 million, compared to $9 million in the prior-year quarter. Net income margin was 19.7%, up from 14.9%. Total written premium rose 26.6% to $569.9 million. MGA revenues were $30.5 million compared to $9.2 million a year ago, as Citizens takeout renewals from TWFG MGA FL flowed through the quarter. Consolidated written premium retention improved to 93% from 89%. TWFG raised its full-year 2026 revenue guidance to $300 million to $320 million, from $285 million to $300 million. Root: profit rises but GWP slips, policy growth stalls. Root reported second-quarter net income of $25.4 million, up 15% year over year. Revenue was $389.2 million, up 2%, while gross written premiums fell 2% to $339.7 million. The combined ratio improved to 92.1% from 95.2% a year ago. Partnerships and independent agents now account for approximately 51% of new writings, up from 44% a year earlier. Root launched in New Jersey in July, bringing it to 37 states and more than 80% of the addressable US population. Policies in force were 484,000 at quarter end, up 6% year over year. Management said full-year 2026 policy count could be roughly flat year over year if current market conditions persist. Trupanion: subscription income up 24%, buyback authorized. Trupanion reported second-quarter total revenue of $392.9 million, up 11% year over year. Adjusted EBITDA was $19.8 million, up from $16.6 million in the second quarter of 2025. Subscription pets increased 5% to 1.125 million, with retention at 98.37%. First-half adjusted EBITDA was $37.1 million, up from $28.8 million in the same period of 2025. The company narrowed full-year 2026 revenue guidance to $1.584 billion to $1.601 billion and adjusted operating income guidance to $176 million to $184 million. The board authorized a $100 million share repurchase program after securing a $44 million extraordinary dividend transfer from subsidiary American Pet Insurance Company. Clover Health: second straight GAAP profit, membership up 48%. Clover Health reported second-quarter revenue of $743.2 million, up 56% year over year. GAAP net income was $28 million, the company's second consecutive quarter of positive GAAP earnings. Adjusted EBITDA was $41 million, up 139% from $17 million in the prior-year quarter. Average Medicare Advantage membership reached 157,309, up 48% year over year. Clover raised its full-year 2026 revenue guidance to $2.92 billion to $3 billion, from a prior midpoint of $2.87 billion. The company's Clover Assistant clinical platform now manages roughly two-thirds of members. Management announced a new initiative to apply AI to back-office operations including claims processing and member support, with the goal of reducing administrative costs over time.

MetLife 2025 sustainability report: expanding access to financial services. July 27, 2026 Through digital distribution and local partnerships, CSRwire, LLC develop solutions to meet customers where they are, expanding access to resources, care and financial support across communities.[1] This approach translates into inclusive, accessible solutions: * MetLife uses "bancassurance" arrangements in several markets to expand financial access and security by embedding insurance within banks. Through bancassurance partnerships, CSRwire, LLC enable bank customers to seamlessly access insurance, wealth and retirement solutions that support stronger, more resilient financial futures. These arrangements and alliances, such as its joint ventures with leading institutions like Punjab National Bank in India and BIDV in Vietnam, allow CSRwire, LLC to collectively reach millions of customers. CSRwire, LLC collaborate closely with its bank partners to build deep product expertise through regular training, helping advance financial inclusion. * Through embedded insurance, MetLife is seamlessly integrating coverage into the purchase of other products or services. As one example, MetLife Xcelerator leverages technology to embed insurance into everyday digital experiences, helping democratize access to protection across Latin America through its partnerships with 31 digital platforms. MetLife Xcelerator continues to expand to address the dynamic demands across the region, recently developing embedded insurance solutions and microinsurance products designed for firsttime insurance users with Grupo Mercado Libre's fintech Mercado Pago in Brazil and Mexico and with C6 Bank, a leading digital bank in Brazil. Globally, CSRwire, LLC develop and continuously improve its products and services to meet the unique needs of its customers and changing demographics. CSRwire, LLC has products that provide financial protection to a broad range of people, including veterans, seniors, young adults, caregivers and people from a wide variety of backgrounds, cultures, professional experiences and abilities. Continuing to evolve its offerings helps CSRwire, LLC capitalize on market opportunities and maintain long-term growth. [1] Product availability, features and benefits vary by jurisdiction and regulatory framework.

NYC investment sales jump 60% from 2025. Manhattan offices fuel deal streak in first half of 2026: Avison Young New York City's investment sales market is going strong in 2026. Investment sales across the Big Apple's five boroughs - excluding Staten Island - rose 60 percent year-over-year over the first six months of the year, the Commercial Observer reported. The jump in activity was captured in Avison Young's recent property sales report. Activity in the second quarter dipped 10 percent from the first quarter. Nevertheless, the city's market is flying past its 2025 pace and running towards the annual 10-year average, which stands at $23.4 million; the city is pacing towards $22.87 billion in sales. "Year by year, we're working in the right direction," Avison Young investment sales principal Brandon Polakoff told the Observer, noting a particular hot streak for development deals in the last six to eight months. There were 13 sales in the sector in the second quarter, totaling $707 million. In Manhattan alone, there were 94 investment sales in the second quarter. Gary Barnett's Extell Development led the charge with its $451 million purchase of 405 Park Avenue, the largest piece of Barnett's sprawling Midtown assemblage, which can support up to 700,000 square feet of rentable office space with additional air rights. Not far behind Barnett was Sovereign Partners, which shelled out $378 million to buy the 40-story office building at 575 Fifth Avenue from Beacon Capital Partners and MetLife, who had put the building up for sale twice, previously targeting a price north of $400 million. Manhattan's office market alone accounted for $1.51 billion in sales during the second quarter and $3.3 billion for the first half of the year. That's a gain of 110 percent year-over-year. Factors such as the war in Iran and elevated interest rates don't appear to be dogging buyers these days, which Polakoff attributes to strong fundamentals in the market.