A raft of insurers and financial services groups have reported first-quarter 2026 numbers, with many showing stronger underwriting performance and improved profitability, although headline earnings in some cases were affected by investment volatility and one-off items.
Mercury General swung back to profit in the first quarter of 2026, reporting net income of $190.4 million, compared with a loss of $108.3 million a year earlier. Net premiums earned rose 13.2% to $1.45 billion and catastrophe losses net of reinsurance dropped sharply to $93 million from $447 million a year ago.
Operating income was $194.0 million, compared with a $126.8 million operating loss a year earlier, helped by both top-line growth and a far lighter cat burden.
Meanwhile, underwriting performance improved dramatically, with the combined ratio moving to 89.3% from 119.2% in Q1 2025, a near 30‑point improvement. Premium momentum was strong, with net premiums written up 17.9% to $1.55 billion and direct premiums written up 8.8% to $1.57 billion, indicating continued rate and exposure growth across the book.
White Mountains reported book value per share of $2,170 as of March 31, 2026, down about 1% from year‑end as solid operating results were offset by a mark‑to‑market hit on its MediaAlpha stake.
Comprehensive loss attributable to common shareholders was $27 million for Q1 2026, compared with comprehensive income of $35 million a year earlier, reflecting lower net realized and unrealized investment gains and a larger unrealized loss from MediaAlpha.
On the insurance side, Ark generated $1.1 billion of gross written premiums and posted a 91% combined ratio, indicating continued underwriting profitability. Other operating units also contributed: Kudu produced a 12% trailing 12‑month ROE, HG Global grew book value by 2%, and Distinguished increased managed premiums by 7% and launched additional programs, while the broader investment portfolio (excluding MediaAlpha) returned 1.0% for the quarter.
UFG delivered a materially stronger first quarter, with net income up 70% year over year to $30.1 million. Adjusted operating income was up 65% to $30.3 million.
Meanwhile, net written premium grew 12%, driven by expansion in core commercial lines and reduced ceded reinsurance, while investment income increased 15% to $27.0 million.
The combined ratio improved 3.8 points to 95.6%, supported by a lower expense ratio and reduced catastrophe losses versus the prior-year period, with prior-year reserve development described as neutral.
Hagerty reported a Q1 2026 net loss of $13 million, compared with net income of $27 million a year earlier, driven largely by $89 million of pretax transitional costs associated with the new market fronting arrangement and a shift to a 100% quota share structure.
Written premium grew 18% to $289 million and earned premium surged 42% to $240 million, helped by the move to retain 100% of premium and risk.
Total revenue declined 5% to $312 million due to changed accounting presentation under the fronting deal, but policies in force increased 15% to 1.8 million and membership and other revenues continued to grow.
Global Indemnity returned to profitability in Q1 2026, posting operating income of $8.3 million versus an operating loss of $4.1 million in the prior year.
Net income available to common shareholders was $4.1 million, compared with a net loss of $4.1 million a year earlier, when results were significantly impacted by the January 2025 California wildfires.
The calendar‑year combined ratio improved 16.6 points to 95.1% from 111.7%, largely reflecting the absence of last year’s wildfire losses, while the current‑year accident underwriting result showed a 94.9% combined ratio and a 54.8% loss ratio. Pretax adjusted operating contribution of $20.0 million and a 12.5% adjusted ROE were broadly in line with 2025, indicating stable underlying profitability.
CVS Health delivered another quarter of revenue and earnings growth, with total Q1 2026 revenue rising to $100.4 billion from $94.6 billion a year earlier.
Meanwhile, EPS increased to $2.30 from $1.41 a year ago, driven mainly by improved adjusted operating income in the Health Care Benefits segment as its margin recovery plan gains traction.
The company generated $4.2 billion of cash flow from operations in the quarter and raised its full-year 2026 guidance for GAAP and adjusted EPS, as well as operating cash flow.
Management cited stronger expected contributions from health care benefits and pharmacy & consumer wellness, while keeping a cautious stance on the remainder of the year due to elevated cost trends and broader macroeconomic uncertainty.
Prudential Financial reported Q1 2026 net income attributable to the company of $597 million, down from $707 million in the prior-year quarter. However, after-tax adjusted operating income increased to about $1.28 billion from $1.19 billion, reflecting stronger underlying performance in key business units despite headwinds in parts of the international franchise.
Book value per common share rose to $91.28 from $83.59 a year ago, with adjusted book value per share up to $99.79 from $96.37.
Assets under management reached $1.576 trillion and the group returned $746 million to shareholders via $250 million of buybacks and $496 million in dividends.
Management pointed to solid progress at PGIM and US businesses, while acknowledging the drag from the extended voluntary sales suspension at Prudential of Japan.
Oscar Health posted a strong turnaround in Q1 2026, with net income attributable to the company rising to $679 million from $275.3 million a year earlier. Total revenue grew to $4.65 billion from $3.05 billion, driven by higher membership and rate increases, partially offset by higher net risk-adjustment accruals.
Profitability metrics showed significant improvement: the medical loss ratio fell to 70.5% from 75.4%, aided by disciplined pricing, favorable mix and $68 million of favorable prior‑period development (versus $31 million of unfavorable development in Q1 2025). The SG&A ratio improved to 15.2% from 15.8% on better fixed‑cost leverage.
Meanwhile, total membership rose to about 3.17 million from 2.04 million, concentrated in Individual and (legacy) small group business, as the company continues to pivot toward a more profitable, scaled individual‑market strategy.
ProAssurance reported Q1 2026 net income of $8.5 million and operating income of $12.7 million, reflecting continued progress in repositioning its medical professional liability and workers’ compensation portfolios.
Consolidated net premiums written were $258.6 million, including $192.4 million in medical professional liability (over 95% of the specialty P&C segment) and $50.0 million in workers’ compensation.
The consolidated non‑GAAP combined ratio improved 2.3 points to 109.9%, including a 105.9% non‑GAAP combined ratio for the specialty P&C segment. Improvement was driven by favorable prior‑year reserve development - about $3.0 million in medical professional liability - and a modestly better expense ratio.
Net investment income rose 8.2%, though equity‑method investment results were weaker on lower market valuations.
