RiverStone International delivered record investment income and maintained strong capital levels in 2025, positioning the group to pursue new acquisition opportunities in 2026.
RiverStone’s total profit before tax rose to $295 million in 2025 from $287 million in 2024, supported by record investment income of $275 million.
RiverStone said its investment portfolio outperformed its benchmark by 48 basis points over a rolling three-year period, reflecting the continued contribution of its strategy combining high-quality fixed income with targeted return-seeking assets.
The group reported an unaudited solvency coverage ratio of 216% in 2025, comfortably above the board’s minimum target and well placed to capitalise on future acquisition opportunities.
Adjusted profit before tax was $251 million in 2025, compared with $300 million in 2024, delivering a return on opening adjusted tangible book value of 14.3%, down from 19.1% the previous year.
Underwriting profit for the year totalled $210 million, compared with $260 million in 2024. This included a $43 million balance on the technical account for general business, down from $87 million in the prior year after deducting net operating expenses and certain third-party corporate member reinsurances.
At the same time, underwriting yield edged up to 5.2% in 2025 from 5.1% in 2024, with the decline in absolute underwriting profits attributed primarily to reduced technical provisions rather than underlying underwriting performance.
RiverStone also reported that its 2025 expense base came in below plan despite foreign exchange headwinds, reflecting efficiencies achieved through enhancements to its global operating model.
Financial investments stood at $5.7 billion at year-end, a 15% reduction from 2024 levels, driven mainly by lower acquisition volumes.
Gross technical provisions, meanwhile, declined by 20% to $4.6 billion, reflecting a disciplined underwriting approach and reduced newly acquired liabilities during the year.
“Following another strong year for RiverStone, we look to 2026 with optimism, and to leveraging our experience to see beyond the surface and our expertise to shape what comes next,” said Andy Creed, group president and CFO.
