Key Highlights

  • CNO Financial Group reported operating EPS of $1.90, up 47%, and raised 2026 operating EPS guidance to $5.05 to $5.15.
  • Erie Indemnity reported management fee Revenue up 2.6% to $847.0 million, with policies in force down 1.9%.
  • American Coastal Insurance reported a 64.7% combined ratio and Net Income down 40.3% to $19.4 million.
  • Hamilton Insurance reported gross premiums written up 17.3% to $819.7 million and a 97.3% combined ratio.
  • Markel Group reported adjusted Operating Income of $707.4 million against $280.9 million of net Investment losses.

How Did Insurers Report Third Quarter 2026 Earnings?

Five insurers reported third quarter 2026 results between October 28 and October 29, 2026, and each told a different story. Erie Indemnity (NASDAQ:ERIE) reported net income of $182.0 million, or $3.48 per diluted share, and policy issuance management fee revenue of $847.0 million. CNO Financial Group (NYSE:CNO) reported net income of $161 million, or $1.71 per diluted share, and operating EPS of $1.90. American Coastal Insurance (NASDAQ:ACIC) reported net income of $19.4 million, or $0.40 per diluted share, with a combined ratio of 64.7%. Hamilton Insurance (NYSE:HG) reported net income of $81.5 million, or $0.81 per diluted share, on gross premiums written of $819.7 million. Markel Group (NYSE:MKL) reported adjusted operating income of $707.4 million and net income to common shareholders of $259.3 million.

The five span a management company for a reciprocal exchange, a life and Annuity carrier, a Florida property insurer, a Bermuda specialty reinsurer and a specialty holding company, so the combined ratios and income measures below are not interchangeable.

Erie Indemnity: Why Did Fee Revenue Grow 2.6% While Policies in Force Fell?

Erie Indemnity earns a management fee based on the premiums of the Erie Insurance Exchange. With the fee rate at 25% in both years, fee revenue rose 2.6% to $847.0 million as Exchange premiums written grew 1.8% to $3.5 billion. Policies in force across all lines fell 1.9%, while average premium per policy rose 5.4%.

Net income was $182.0 million versus $182.9 million, and operating income edged down 0.7% to $207.4 million as cost of operations rose 3.6% to $665.0 million. The Class A Dividend declared was $1.4625 per share, up from $1.365.

CNO Financial Group: What Lifted Operating EPS 47%?

CNO sells annuity, health and life products to middle-income households. Net operating income was $179.1 million, or $1.90 per diluted share, compared with $127.2 million, or $1.29. Net income was $161.1 million against $23.1 million a year earlier, a period that included a $96.7 million Goodwill and other asset impairment.

Investment income not allocated to product lines rose 72% to $68.1 million, and income from insurance products rose 15% to $172.0 million. Total revenues were $1.086 billion, below $1.189 billion. The company repurchased 1.1 million shares for $60.0 million and estimated its statutory risk-based Capital ratio at 374%.

American Coastal Insurance: How Did It Post a 64.7% Combined Ratio?

American Coastal is a St. Petersburg, Florida property and casualty holding company. Net income fell 40.3% from $32.5 million, against what management called a very strong prior-year quarter, and net pricing was down more than 25% year over year. The underlying combined ratio was 68.4%.

Net premiums earned fell 19.0% to $65.5 million and total revenue fell 21.8% to $70.7 million. Core Return on Equity was 24.1% versus 44.5%, and Book Value per share was $7.52, up 12.1% from $6.71.

Hamilton Insurance: Why Did the Combined Ratio Rise to 97.3%?

Hamilton underwrites specialty insurance and Reinsurance through three platforms. Gross premiums written rose to $819.7 million from $698.8 million, yet Underwriting income fell to $15.5 million from $64.1 million. The combined ratio rose from 87.8% to 97.3%, with catastrophe losses including prior year development of $53.9 million, of which $47.1 million was unfavorable development tied to the Ukraine conflict.

Operating income was $179.9 million, an annualized operating return on average equity of 24.9%. Book value per share was $29.80, up 4.6% from December 31, 2025.

Markel Group: How Did Adjusted Income Rise Despite Investment Losses?

Markel reported operating revenues of $4.16 billion, up from $3.93 billion, and adjusted operating income of $707.4 million versus $621.0 million. Net investment losses of $280.9 million, against gains of $432.9 million a year ago, cut net income to common shareholders to $259.3 million from $751.3 million.

Markel Insurance posted a combined ratio of 91.9% versus 92.7%, including 3.4 points from $74.6 million of Middle East conflict losses. It repurchased $685.3 million of stock over nine months, with $832.6 million left under its $2 billion program.

How Do the Five Insurers Compare on Margins and Earnings Quality?

The measures below are calculated from reported figures.

  • Markel Group's $259.3 million of net income to common shareholders equals about 36.7% of its $707.4 million of adjusted operating income (calculated).
  • Hamilton Insurance's underwriting income fell about 75.8%, from $64.1 million to $15.5 million (calculated).
  • Erie Indemnity's $182.0 million of net income equals about 21.5% of its $847.0 million of management fee revenue (calculated).
  • American Coastal Insurance's $19.4 million of net income equals about 27.4% of its $70.7 million of revenue (calculated).
  • CNO Financial Group's net operating income exceeded net income by $18.0 million (calculated), with non-operating results including a $22.1 million deferred tax valuation allowance charge.

Combined ratios in the singles were 64.7% at American Coastal, 91.9% for Markel Insurance and 97.3% at Hamilton, though each company defines its book differently.

What to Watch Next: Guidance, Covers and Targets

CNO is the only insurer here that gave numeric guidance, raising 2026 operating EPS to $5.05 to $5.15 on a 20.5% effective tax rate and free Cash Flow of $220 million to $240 million. It also plans to set new long-term targets in February 2027, and its third reinsurance transaction with its Bermuda affiliate closed on October 1, 2026.

Markel agreed an adverse development cover on October 27, 2026 covering $4.8 billion of subject reserves, which management expects to have an immaterial effect on fourth quarter underwriting results. Readers following Erie will likely watch whether new business, up 10.2% to $386 million, can reverse the decline in policies in force. American Coastal said it is positioning for the next hard market, and Hamilton's combined ratio will be compared with its 94.1% nine-month level.