Looking back on property & casualty insurance stocks’ Q4 earnings, we examine this quarter’s best and worst performers, including MGIC Investment (NYSE: MTG) and its peers.

Property & Casualty (P&C) insurers protect individuals and businesses against financial loss from damage to property or from legal liability. This is a cyclical industry, and the sector benefits when there is 'hard market', characterized by strong premium rate increases that outpace loss and cost inflation, resulting in robust underwriting margins. The opposite is true in a 'soft market'. Interest rates also matter, as they determine the yields earned on fixed-income portfolios. On the other hand, P&C insurers face a major secular headwind from the increasing frequency and severity of catastrophe losses due to climate change. Furthermore, the liability side of the business is pressured by 'social inflation'—the trend of rising litigation costs and larger jury awards.

The 37 property & casualty insurance stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 5%.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

MGIC Investment (NYSE: MTG)

Founded in 1957 when the modern mortgage insurance industry was in its infancy, MGIC Investment (NYSE: MTG) provides private mortgage insurance that protects lenders when homebuyers default on their loans, enabling borrowers to purchase homes with smaller down payments.

MGIC Investment reported revenues of $298.7 million, flat year on year. This print fell short of analysts’ expectations by 2.8%. Overall, it was a softer quarter for the company with a miss of analysts’ revenue estimates and EPS in line with analysts’ estimates.

Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "We closed 2025 on a strong note, once again delivering solid financial results and ending the year with more than $303 billion of insurance in-force."

Unsurprisingly, the stock is down 2.8% since reporting and currently trades at $26.79.

Read our full report on MGIC Investment here, it’s free.

Best Q4: HCI Group (NYSE: HCI)

Starting as a Florida "take-out" insurer that assumed policies from the state-backed Citizens Property Insurance Corporation, HCI Group (NYSE: HCI) provides property and casualty insurance, primarily homeowners coverage, while leveraging proprietary technology to improve underwriting and claims processing.

HCI Group reported revenues of $246.2 million, up 52.1% year on year, outperforming analysts’ expectations by 3.8%. The business had an incredible quarter with an impressive beat of analysts’ book value per share estimates and a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 5.1% since reporting. It currently trades at $171.88.

Is now the time to buy HCI Group? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Old Republic International (NYSE: ORI)

Founded during the Roaring Twenties in 1923 and weathering nearly a century of economic cycles, Old Republic International (NYSE: ORI) is a diversified insurance holding company that provides property, liability, title, and mortgage guaranty insurance through its various subsidiaries.

Old Republic International reported revenues of $2.36 billion, up 9.5% year on year, exceeding analysts’ expectations by 1.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a significant miss of analysts’ book value per share estimates.

As expected, the stock is down 2.3% since the results and currently trades at $42.13.

Read our full analysis of Old Republic International’s results here.

Root (NASDAQ: ROOT)

Pioneering a data-driven approach that rewards good driving habits, Root (NASDAQ: ROOT) is a technology-driven auto insurance company that uses mobile apps to acquire customers and data science to price policies based on individual driving behavior.

Root reported revenues of $397 million, up 21.5% year on year. This print beat analysts’ expectations by 3.3%. Overall, it was an incredible quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ net premiums earned estimates.

The stock is down 20.2% since reporting and currently trades at $48.74.

Read our full, actionable report on Root here, it’s free.

Assured Guaranty (NYSE: AGO)

Serving as a financial safety net for over $11 trillion in debt service payments since its founding in 2003, Assured Guaranty (NYSE: AGO) provides credit protection products that guarantee scheduled payments on municipal bonds, infrastructure projects, and structured finance obligations.

Assured Guaranty reported revenues of $277 million, up 77.6% year on year. This number surpassed analysts’ expectations by 39.6%. It was an incredible quarter as it also put up a beat of analysts’ EPS estimates and an impressive beat of analysts’ net premiums earned estimates.

Assured Guaranty pulled off the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is flat since reporting and currently trades at $86.73.

Read our full, actionable report on Assured Guaranty here, it’s free.

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