“For the first half of 2025, General Insurance net investment income was $1.6 billion and grew 7% year-over-year. This is a better indicator of our expected run rate for the full year, subject to market conditions.”

In context

“increase in GOE compares to 6% growth in net premiums earned. For the first half of 2025 total GOE was $1.7 billion, down 3% year-over-year, while net premiums earned grew by 4%. This is an excellent outcome, especially considering our continual investments in data, digital and Gen AI capabilities and reflects positive operating leverage from our expense discipline. The second quarter net investment income on an APTI basis was $955 million, an increase of $76 million year-over-year. General Insurance net investment income was $871 million, growing 17% year-over-year. The increase was driven by fixed maturity securities owing to the optimization of our lower-yielding portfolios, asset growth, higher reinvestment yields and an adjustment of interest income primarily from the first quarter. For the first half of 2025, General Insurance net investment income was $1.6 billion and grew 7% year-over-year. This is a better indicator of our expected run rate for the full year, subject to market conditions. During the second quarter, the average new money yield on the fixed maturity and loan portfolio was roughly 110 basis points higher than sales and maturities. Other operations net investment income of $88 million declined $48 million over the prior year quarter and reflects income from our parent liquidity portfolio of $58 million and Corebridge Financial dividend income of $27 million. Yesterday, we announced the sale of another 30 million shares of Corebridge Financial with proceeds of approximately $1 billion. This brings our ownership to roughly 15%. Peter already provided some detail on capital management in his remarks. Based on our current liquidity and cash flow profile, we anticipate being at the high end of our 2025 share repurchase guidance range of $5 billion to $6 billion, su”