Western & Southern reports record 2025 financial results in nearly every key financial measure, including total revenue, net investment income, operating income, and assets owned, while earning a positive outlook from AM Best, a leading credit rating agency for the insurance industry. These results reflect a consistent, time-tested and performance-proven approach to managing the business effectively through every economic cycle.
Key 2025 Financial Records
• Total revenue: $7.7 billion
• Net investment income: $3.8 billion
• Operating income: $800+ million
• Total assets: $132.5 billion
Leveraging organic growth and robust investment performance, the company generated record investment income, demonstrating earnings resilience in a dynamic economic environment.
The company maintained a strong capital position, with total equity of $15.4 billion and a capital-to-asset ratio of 17.5%, significantly higher than the average of the 15 largest publicly traded life insurers doing business in the U.S.
Positive AM Best Outlook
These financial results are further underscored by independent rating agency AM Best, which recently revised its outlook from stable to positive for Western & Southern and its life insurance subsidiaries. In issuing its favorable outlook change, AM Best noted in its commentary that the revised outlook reflects Western & Southern’s “balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and very strong enterprise risk management.”
“The positive outlook from AM Best is significant. After yet another year of exceptional financial performance, we have continued to demonstrate our unwavering ability to sustain favorable operating performance year after year regardless of what’s happening in the financial markets or the global economy,” said John Barrett, chairman, president and chief executive officer of Western & Southern Financial Group.
“The positive outlook from AM Best could signal a favorable rating increase in the near future. We are optimistic that will happen, but we must continue to collaborate, put the customer first in all we do, manage risk carefully, control our expenses and stay focused on the long term.”
