A trio of very different carriers – insurtech Hippo, mutual giant Northwestern Mutual, and Florida‑focused American Integrity – have all reported stronger 2025 results, albeit from very different bases of scale, product mix and risk profile.
All three leaned on improved underwriting and investment performance, but through different engines: Northwestern Mutual’s long‑duration life and investment portfolio, Hippo’s pivot into commercial and casualty programs, and American Integrity’s disciplined growth in Florida homeowners backed by extensive reinsurance.
Northwestern Mutual: scale and surplus
Northwestern Mutual reported a landmark 2025, underscoring the contrast between a mature mutual and growth‑stage P&C carriers. Total revenue exceeded $40 billion for the first time, while operating gain crossed $10 billion. Surplus grew by more than $2 billion to surpass $42 billion, even after factoring in a near $1 billion increase in policyowner dividends expected to be paid in 2026.
The company said it remained the largest direct provider of individual life insurance and individual disability income insurance in the US, and ranked third in individual long‑term care insurance. Life insurance protection in force reached nearly $2.5 trillion of death benefit, while the general account investment portfolio totaled more than $335 billion. Retail investment client assets surpassed $400 billion, up more than 20% year on year.
On the policyholder side, the mutual has declared a record $9.2 billion dividend for 2026. Over the past three years, its annual dividend has grown by nearly $2.4 billion, which it describes as the largest three‑year increase in its history and roughly equal to the total dividends paid by its closest competitor in 2025. The company has held the highest available financial strength ratings from all four major US rating agencies for 35 consecutive years.
American Integrity: Florida homeowners specialist
American Integrity Insurance Group, a Tampa‑based homeowners' specialist and one of Florida’s leading residential property carriers, reported a step‑change in profitability for 2025 following its May initial public offering.
In the fourth quarter, net income available to common shareholders rose to $20.9 million, or $1.07 per diluted share, from $8.0 million, or $0.62, a year earlier. Gross premiums earned were $229.1 million, up 14.6% year on year, and the combined ratio fell to 62.8% from 88.7%. Policies in force at year‑end stood at 421,866, up 18.5% on December 31, 2024.
For the full year, net income available to common shareholders was $97.4 million, or $5.65 per diluted share, compared with $38.0 million, or $2.95, in 2024. Adjusted net income was $103.0 million, or $5.97 per diluted share. ROE increased to 39.9%, with adjusted ROE at 42.1%. Gross premiums earned grew 29.7% to $885.0 million, and the combined ratio improved to 63.7% from 80.9%.
The $100 million IPO helped lift shareholders’ equity to $337.0 million at year‑end, from $162.4 million a year earlier. The carrier said it was the seventh‑largest writer of voluntary policies in Florida in 2025 and the third‑largest when excluding Citizens and national carriers. Growth initiatives include expansion into South Florida’s Tri‑County region, targeting middle‑aged homes, a new commercial residential product and entry into North Carolina, with management emphasizing “responsible growth” and continued heavy use of reinsurance.
Hippo: improving but still in transition
Hippo’s 2025 figures showed meaningful improvement from a smaller base and a portfolio still shifting toward less volatile lines.
For the year, GWP increased 24% to $1.1086 billion, while net written premium rose 13% to $422.3 million. Net income attributable to Hippo was $57.7 million, versus a net loss of $40.5 million in 2024. Adjusted net income moved from a $20.3 million loss to a $17.8 million profit. The net loss ratio improved to 60.1% from 76.8%, the expense ratio fell to 53.0% from 61.0%, and the combined ratio improved to 113.1% from 137.8%. Book value per share increased 17% to $16.97.
In the fourth quarter, Hippo reported GWP of $287.9 million, up 40% year on year, and net written premium of $97.2 million, up 23%. Net income was $6.0 million, while adjusted net income was $17.6 million. The net loss ratio improved to 45.9%, and the combined ratio dropped to 99.4%, resulting in an underwriting profit for the quarter.
The improvement is closely tied to a change in business mix. Casualty GWP grew 92% to $264 million, and commercial multi‑peril premium rose 75% to $265 million. Homeowners' premium fell 10% to $379 million, and homeowners’ share of total GWP dropped from 47% to 34%, with CMP now Hippo’s second‑largest line.
For 2026, Hippo is guiding to GWP of $1.4 billion to $1.5 billion, net written premium of $500 million to $540 million, a combined ratio of 103% to 105% and adjusted net income of $45 million to $55 million, as it seeks to move closer to sustained underwriting profitability.
