A mixed set of second-quarter 2026 results emerged from across the insurance and financial services sector. Property and casualty carriers generally posted improved combined ratios, while life and retirement platforms showed more varied underwriting trends.
MetLife reported net income of $705 million for the second quarter, up 1% year over year. Adjusted earnings were $1.6 billion, up 15%, with adjusted earnings per share rising 20% to $2.43. Premiums, fees, and other revenues reached $13.7 billion, up 7%.
The Group benefits segment was the standout, with adjusted earnings up 25% to $503 million on favorable underwriting and volume growth. Year-to-date group benefits sales were up 9%. For brokers placing employee benefits with MetLife, that combination of favorable underwriting and sustained sales growth is a reasonable signal that the carrier has room and appetite to compete on new group benefits business at the next renewal cycle, rather than a company retrenching after a difficult claims year. Net investment income rose 18% to $6.7 billion. MetLife returned more than $1.1 billion to shareholders through repurchases and dividends in the quarter.
Prudential Financial reported net income of $985 million, or $2.80 per share, for the second quarter, compared to $533 million in the prior-year quarter. After-tax adjusted operating income was $1.438 billion, or $4.08 per share, up from $1.284 billion.
Group insurance adjusted operating income rose to $155 million from $125 million, with more favorable mortality results in the working-age population and higher net investment spread both contributing. Year-to-date group Insurance sales of $599 million were up 26%, with disability products a key driver. For benefits brokers, that disability-led growth is worth flagging specifically to clients who haven't reviewed their disability offering recently, since a carrier growing this fast in a specific product line typically means more competitive pricing and underwriting flexibility available in that line right now. Individual life sales reached a record $237 million, up 9% year over year. Assets under management at PGIM reached $1.491 trillion. Prudential returned $743 million to shareholders, including $250 million in repurchases and $493 million in dividends.
Corebridge Financial posted a net loss available to common shareholders of $16 million, or $0.04 per share, for the second quarter. That compared to a loss of $660 million in the same period last year. Adjusted after-tax operating income was $512 million, or $1.12 per share, down from $672 million in the prior-year quarter.
Premiums and deposits totaled $9.1 billion, down 13% from $10.5 billion in the prior-year quarter, driven largely by lower fixed and fixed indexed annuity sales. Corebridge attributed the decline primarily to lower in-plan and out-of-plan annuity deposits and reduced fixed annuity sales, with management citing intensified competitive pricing pressure in simpler annuity structures specifically, while the company continues to prioritize more sophisticated client solutions where it sees stronger margins. The company returned $412 million to shareholders, including $300 million in repurchases. Shareholders of both Corebridge and Equitable Holdings approved their merger on July 30.
Palomar Holdings reported second-quarter net income of $52.6 million, up 13% from $46.5 million a year earlier. Gross written premiums rose 27% to $630.5 million. The combined ratio was 83.3%, up from 78.8% in the prior-year quarter, while the adjusted combined ratio was 76.7%.
Casualty was the fastest-growing established line, up 36.8% to $197.5 million. Surety and credit grew 235.6% following the January 2026 acquisition of Gray Casualty and Surety Company. The board declared an initial quarterly dividend of $0.45 per share, payable September 2. For the full year, Palomar expects adjusted net income of $270 million to $280 million.
Heritage Insurance Holdings reported record second-quarter net income of $61.7 million, up 28.5% from $48 million a year earlier. Earnings per diluted share rose 32.3% to $2.05. Total revenue increased 3% to $214.2 million.
The combined ratio improved eight percentage points to 64.9%, from 72.9% in the prior-year quarter, with the net loss ratio falling to 30.4% from 38.5%. Favorable prior-year loss development of $23.4 million contributed to the improvement. Gross written premiums fell 5.5% to $388.4 million on competitive pricing pressure in Florida commercial residential. Heritage started writing business in Texas on a surplus lines basis during the quarter. Book value per share rose 54.5% year over year to $19.09.
American Coastal Insurance reported second-quarter net income of $21.9 million, down from $26.4 million a year earlier. Diluted earnings per share were $0.44 versus $0.53 in the prior-year quarter. Gross written premiums declined 5.3% to $216.3 million, attributed to a 24% decrease in net pricing as the Florida commercial property market continued to soften.
The combined ratio was 74.3%, up 13.7 percentage points from 60.6% a year ago. The underlying combined ratio, which excludes catastrophe losses and prior-year development, held at 68.7%. The company's E&S growth platform added $28.7 million in premium year to date, and Kroll upgraded its financial strength rating during the quarter. Book value per share grew more than 20% over the past year to $7.21.
TWFG reported second-quarter total revenues of $87.5 million, up 45.1% from $60.3 million a year earlier, with organic revenue growth of 37%. Net income was $17.3 million, compared to $9 million in the prior-year quarter. Net income margin was 19.7%, up from 14.9%.
Total written premium rose 26.6% to $569.9 million. MGA revenues were $30.5 million compared to $9.2 million a year ago, as Citizens takeout renewals from TWFG MGA FL flowed through the quarter. Consolidated written premium retention improved to 93% from 89%. TWFG raised its full-year 2026 revenue guidance to $300 million to $320 million, from $285 million to $300 million.
Root reported second-quarter net income of $25.4 million, up 15% year over year. Revenue was $389.2 million, up 2%, while gross written premiums fell 2% to $339.7 million. The combined ratio improved to 92.1% from 95.2% a year ago.
Partnerships and independent agents now account for approximately 51% of new writings, up from 44% a year earlier. Root launched in New Jersey in July, bringing it to 37 states and more than 80% of the addressable US population. Policies in force were 484,000 at quarter end, up 6% year over year. Management said full-year 2026 policy count could be roughly flat year over year if current market conditions persist.
Trupanion reported second-quarter total revenue of $392.9 million, up 11% year over year. Adjusted EBITDA was $19.8 million, up from $16.6 million in the second quarter of 2025. Subscription pets increased 5% to 1.125 million, with retention at 98.37%.
First-half adjusted EBITDA was $37.1 million, up from $28.8 million in the same period of 2025. The company narrowed full-year 2026 revenue guidance to $1.584 billion to $1.601 billion and adjusted operating income guidance to $176 million to $184 million. The board authorized a $100 million share repurchase program after securing a $44 million extraordinary dividend transfer from subsidiary American Pet Insurance Company.
Clover Health reported second-quarter revenue of $743.2 million, up 56% year over year. GAAP net income was $28 million, the company's second consecutive quarter of positive GAAP earnings. Adjusted EBITDA was $41 million, up 139% from $17 million in the prior-year quarter. Average Medicare Advantage membership reached 157,309, up 48% year over year.
Clover raised its full-year 2026 revenue guidance to $2.92 billion to $3 billion, from a prior midpoint of $2.87 billion. The company's Clover Assistant clinical platform now manages roughly two-thirds of members. Management announced a new initiative to apply AI to back-office operations including claims processing and member support, with the goal of reducing administrative costs over time.
