Skyward Specialty Insurance Group, a property and casualty (P&C) specialist insurance company, has announced its financial results for the fourth quarter of 2025 reporting a net income of $43.2 million, a 13.2% increase in gross written premiums and a combined ratio of 88.5%.
Q4 2025 net income saw significant improvement compared to the $14.4 million reported in the same period last year. Net income for the year ended 2025 was $170.0 million, up from the $118.8 million seen for the same 2024 period.
Adjusted operating income saw increases in both the fourth quarter and the full year. For Q4, adjusted operating income rose to $48.9 million in 2025, up from $33.2 million in 2024. The full-year adjusted operating income for 2025 was $167.4 million, compared to $126.6 million in the preceding year.
Gross written premiums (GWP) stood at $439.5 million in Q4 2025, which compares to the $388.3 million seen in the same period last year. Net written premiums saw a slight increase in the quarter, improving 4.3%, to $282.6 million compared to Q4 2024.
The increase in gross written premiums for the fourth quarter, compared to the same period in 2024, was primarily driven by growth in accident & health, specialty programs.
For the quarter, Skyward reported a combined ratio of 88.5%, which improved from the 95.8% reported for Q4 2024. For 2025, CoR stood at 89.3%, improving from 2024’s 92.3%.
At 59.6 % the loss ratios for Q4 2025 and 2025 improved 7.3 points and 2.5 points, respectively, when compared to the same 2024 periods.
The quarter and year ended 2025 benefited from favourable prior accident year development compared to adverse development in the same 2024 periods, and less catastrophe losses when compared to the same 2024 periods.
The expense ratios for the fourth quarter and year ended 2025 were flat and improved 0.5 points, respectively, when compared to the same 2024 periods due to earnings leverage offset by higher acquisition costs due to the business mix shift.
Skyward Group Chairman and CEO Andrew Robinson commented: “The fourth quarter was another excellent quarter and capped off a truly transformational year for the Company. Similar to the previous three quarters, we delivered Company bests in adjusted operating income, underwriting income and the combined ratio of 88.5%.
“Our gross written premiums growth in the quarter of 13% culminated a year of 24% growth, and our return on equity and return on tangible equity of 18.9% and 20.9%(1) respectively for the full year are simply outstanding.”
Robinson continued: “Our focus and disciplined execution of our ‘Rule Our Niche’ strategy, underscored by the strength of our intentionally built, diversified portfolio, where nearly half of our business is in non-cycle exposed lines, positions us particularly well given the evolving property and casualty market backdrop.
“As we look forward, together with additional capabilities and the outstanding Apollo team, we are extremely well-positioned as a Company to continue to build and maintain winning positions across the specialty insurance market and generate top quartile returns and long-term, sustainable shareholder value.”
