艾奇资本 2025年度报告

To Our Shareholders, 2025 was another record year for Arch. The strength of our global enterprise and adaptability of our teamsenabled us to deliver outstanding full‑year results, including $3.7 billionof after‑tax operating income — the highest in our history — and a22.6% increase in book value per share. This performance was especiallynoteworthy given the significant adverse impact of the California wildfiresat the beginning of 2025. Our ability to apply disciplined cycle management and adapt quickly tochanging market conditions across our diversified platform producedoutstanding results. Our Property and Casualty (P&C) Insurance andReinsurance segments wrote a record $15.4 billion of net premiums andgenerated more than $1.9 billion in underwriting income. Our Mortgagesegment — unique among our peer group — delivered an additional$1.0 billion of underwriting income. Investments contributed $1.6 billionof net investment income, further strengthening our overall performance. Our 2025 results stand on their own and, viewed over the long term,reinforce the consistency of our strategy and the value disciplinedexecution across market cycles provides for our shareholders. Ascompetition intensifies and artificial intelligence (AI) reshapes the industry,our deep bench of talent, performance‑driven culture and enduringoperating principles provide the foundation for continuedstrong performance. NICOLAS PAPADOPOULOCEO, ARCH CAPITAL GROUP LTD. Underwriting Segments and cedants, combined with our reputation for providing creativesolutions to challenging problems, further enhance our ability tooperate effectively across market cycles. Arch writes specialty P&C (re)insurance and mortgage insuranceon a worldwide basis through its wholly owned subsidiaries. Wepride ourselves on our nimbleness and creativity, and we seek outopportunities where we can use our capital to serve our clients andachieve superior results. Mortgage Our Mortgage segment produced $1.0 billion of underwriting income,reinforcing its role as a reliable contributor to Arch’s results. Growingnew insurance written remains challenging because of limited newhousing supply and elevated mortgage interest rates, but stablepersistency — and the exceptionally strong credit profile of ourin‑force book — continued to generate steady returns. Insurance The Insurance segment delivered solid performance in 2025, writing$7.8 billion of net premiums, a 13% increase from 2024, whiledelivering $375 million of underwriting income. The integration of the U.S. Middle Market Commercial andEntertainment business, acquired in 2024, progressed as planned.The expansion of our middle market business is core to our growthstrategy and should generate long-term benefits for our shareholders. Investments Supported by robust operating cash flows, our investment portfolioreached more than $47 billion at year‑end, an increase of $6.0billion from 2024. Throughout the year, our underwriters prioritized insuring lineswhere pricing kept pace with loss trends and exercised restraintin more competitive areas. This selective approach is designed topreserve healthy margins and reflects the disciplined execution thatdefines how our underwriting teams approach the market. Our investments team effectively managed market volatility,balancing risk and return while maintaining liquidity and capitalstrength. We expect our growing investment base to continuesupporting strong earnings and long‑term value creation. Capital Management Reinsurance Prudent capital stewardship remains central to our strategy. In 2025,we deployed capital organically through our underwriting operationswhile repurchasing $1.9 billion of common shares (representing 5.6%of common shares outstanding at the start of 2025), reflecting ourconfidence in the long-term value of Arch stock. 2025 was another record year for our Reinsurance segment with$1.6 billion of underwriting income and $7.6 billion of net premiumswritten. The team continued to manage exposures carefully whilecapturing attractive opportunities, a cycle‑aware approach thatresulted in an 80.8% combined ratio, an improvement of 240 basispoints from 2024. Our capital management philosophy remains unchanged:deploy capital into opportunities that meet our return thresholds,maintain a strong balance sheet, and return capital when organicopportunities do not meet our standards. Arch Re is well‑established as a leading global reinsurer, andthe diversity of our reinsurance portfolio allows us to act onopportunities as they emerge. Strong relationships with brokers Strategic Priorities We are operating in a time of rapid change. Competition is robust and AIis transforming both the insurance industry and the global economy. Werecognize the scale of this change, and we are focused on ensuring Archis positioned to meet the opportunities ahead. Our 2030 Strategic Vision — to be the first-choice global specialty(re)insurer by providing our customers the valua