Definity Financial Corporation

Latest Results (21.11.2025):

Definity Financial Corporation’s Q3 2025 results show a strong quarter: gross written premiums rose 7.5%, the combined ratio improved to 89.4%, operating net income was $125.2 million (record operating EPS of $1.03), and book value per share reached $33.43 (up 24% year-over-year). The company also completed a $1.0 billion senior notes private placement and reports financing in place for the Travelers transaction, with closing targeted in the first half of Q1 2026.

Top-line growth

Gross written premiums (GWP) for Q3 2025 were $1,228.5 million, up 7.5% versus Q3 2024. Personal lines GWP rose 7.4% and commercial lines increased 7.5%, with year-to-date GWP up 7.7%.

Underwriting performance & combined ratio

Underwriting income for Q3 2025 was $113.6 million and the consolidated combined ratio was 89.4% (down 14.0 points from 103.4% in Q3 2024), driven largely by unusually benign catastrophe losses and improved operational efficiency.

Operating earnings & EPS

Operating net income was $125.2 million in Q3 2025 (versus $14.6 million in Q3 2024), producing record operating EPS of $1.03. Reported net income attributable to common shareholders was $193.1 million and diluted EPS was $1.59.

Return on equity & book value

Operating ROE for the trailing 12 months was 12.5% (up 1.8 points year-over-year). Book value per share was $33.43 at quarter end, 24% higher than a year earlier, with shareholders’ equity above $4 billion for the first time.

Investment & distribution income

Net investment income in Q3 2025 was $54.1 million (up from $49.0 million in Q3 2024), supported by higher bond holdings. Distribution income was $18.2 million, reflecting acquisition contributions and organic growth.

Financing & Travelers transaction

Definity completed a $1.0 billion private placement of senior unsecured notes in Q3 2025, placing financing in full for the planned acquisition of Travelers’ Canadian P&C business; Transaction completion is tracking favorably with a target close in the first half of Q1 2026.

Line-of-business highlights

Personal auto GWP was $517.0 million (+6.2%) with a Q3 auto combined ratio of 94.0%. Property GWP rose 9.3% with a property combined ratio of 83.6% for the quarter. Overall personal lines combined ratio improved materially versus Q3 2024.