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Dollar General: The Rural Retailer Playbook
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Skyward Specialty Insurance Group
Skyward Specialty Insurance Group (SKWD) investor relations material
Skyward Specialty Insurance Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Fourth quarter adjusted operating income rose 47% to $49 million, with underwriting income at $41 million, both setting all-time highs for the fourth consecutive quarter.
Net income for Q4 2025 was $43.2M ($1.03/diluted share), up from $14.4M ($0.35/diluted share) in Q4 2024; full-year net income was $170.0M ($4.07/diluted share), up from $118.8M ($2.87/diluted share) year-over-year.
Gross written premiums grew 13.2% in Q4 2025 to $439.5M and 24.3% for the year to $2.17B, with return on equity at 18.9% and return on tangible equity at 20.9%.
Book value per share increased 26% year-over-year to $24.92; fully diluted book value per share was $23.87, up 5% sequentially.
The Apollo acquisition closed January 1, expected to be accretive and expand specialty offerings, notably in Life Sciences and digital economy insurance.
Financial highlights
Adjusted operating income for Q4 was $49 million ($1.17 per diluted share); net income was $43 million ($1.03 per diluted share).
Net earned premiums for Q4 2025 were $356.8M, up 21.7% year-over-year; full-year net earned premiums were $1.30B, up 23.4%.
Net investment income for Q4 2025 was $23.5M, up $2.8M year-over-year, with embedded yield at 5.3% as of December 31.
Combined ratio improved 7.3 points year-over-year to 88.5%; loss ratio at 59.6% with net favorable prior year development.
Stockholders' equity at year-end 2025 was $1.01B, up 5% from Q3 2025.
Outlook and guidance
2026 guidance remains unchanged from prior disclosure.
Management expects continued strong positioning in specialty insurance markets, leveraging a diversified portfolio and recent capabilities.
Expect continued strong growth in A&H and Surety; Specialty Programs growth to flatten as recent program additions are fully reflected.
Leverage expected to rise to 28%-29% in Q1 2026 due to Apollo-related debt.
Retention expected to remain consistent, with net/gross ratio on an upward trajectory.
Impact of Q3 2025 equity portfolio sale?
What drove the Q4 net retention rate change?
What drove the favorable prior year development in Q4?
Commercial auto exposure reduction status?
Uber AVIP: expected premium contribution?
Property market: signs of improving competition?
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Next Skyward Specialty Insurance Group earnings date
Q1 20261 May, 2026
Skyward Specialty Insurance Group
Next Skyward Specialty Insurance Group earnings date
Q1 20261 May, 2026
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Frequently asked questions
Skyward Specialty Insurance Group Inc. is a prominent insurance holding company that specializes in underwriting commercial property and casualty insurance products within the United States. The company's offerings encompass a broad range of insurance products including general liability, excess liability, professional liability, commercial auto, group accident and health, property, surety, and workers' compensation insurance. Skyward Specialty operates through eight underwriting divisions, which are Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety, and Transactional E&S. The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.
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