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The multi-year record shows revenue expanding while operating income grew faster, but results remain exposed to underwriting losses, catastrophe claims, and reserve revisions. Its investment-heavy balance sheet supports insurance operations, while recurring repurchases have reduced the common share count.
The latest quarter continued revenue growth and showed a sharp rise in operating income, but reported earnings included a sizable non-core gain from an asbestos and environmental reserve-cover commutation while core earnings declined year over year. That makes the quarter a meaningful earnings development, not clear evidence of a changed underlying model.
Whether core earnings and underlying combined ratios improve without another benefit from the reserve-cover commutation.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 896m | (3.1B) | 1.8B | 2.1B | 1.7B | 2.4B | 1.8B | 2.5B | 3.1B | 3.8B | |
| 1.9B | 1.8B | 1.9B | 2.1B | 2.3B | 2.4B | 2.5B | 2.6B | 2.6B | 2.9B | |
| (250m) | 170m | (103m) | 886m | 459m | 85m | (80m) | (29m) | (100m) | 42m | |
| 81m | 116m | 130m | 125m | 116m | 128m | 131m | 125m | 133m | 141m | |
| 81m | 4.9B | (196m) | 90m | 48m | 21m | 9m | 0 | — | — | |
| (130m) | 6m | 9m | 396m | 71m | (496m) | 548m | 622m | 812m | 863m | |
| 336m | 322m | 292m | 261m | 232m | 214m | 212m | 209m | 211m | 206m | |
| (831m) | (1.5B) | (37m) | (1.6B) | (699m) | (680m) | (196m) | (809m) | 260m | (868m) | |
| 1.8B | 2.2B | 3.4B | 3.5B | 3.8B | 4.2B | 4B | 4.2B | 5.9B | 5.9B | |
| (224m) | (250m) | (122m) | (105m) | (114m) | (133m) | (175m) | (215m) | (145m) | (169m) | |
| 1.2B | (1.2B) | (1.8B) | (2B) | (2B) | (2.3B) | (1.1B) | (2.2B) | (3.6B) | (3.6B) | |
| 949m | (1.4B) | (2B) | (2.1B) | (2.1B) | (2.5B) | (1.3B) | (2.4B) | (3.8B) | (3.8B) | |
| (1.3B) | (1B) | 318m | (206m) | (171m) | (1.7B) | (1.6B) | (1.4B) | (1.5B) | (1.6B) | |
| (104m) | 1.4B | (959m) | (530m) | (1.1B) | 588m | (600m) | 0 | — | — | |
| (334m) | (341m) | (379m) | (454m) | (478m) | (506m) | (527m) | (549m) | (577m) | (613m) | |
| (782m) | (991m) | (447m) | (1m) | (42m) | 14m | (14m) | (4m) | (7m) | 11m | |
| (2.5B) | (979m) | (1.5B) | (1.2B) | (1.8B) | (1.6B) | (2.7B) | (1.9B) | (2.1B) | (2.2B) | |
| (40m) | 70m | (10m) | (9m) | 8m | (6m) | (14m) | 3m | (20m) | 14m | |
| 185m | (148m) | (59m) | 141m | (23m) | 98m | 7m | (155m) | 45m | (57m) |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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