SHARPE
Reported results
- Third quarter 2026 GAAP net income was $196 million, or $0.72 per diluted share, compared with $403 million, or $1.48 per diluted share, in the third quarter of 2025.
- Third quarter 2026 non-GAAP core income was $203 million, or $0.75 per diluted share, compared with $409 million, or $1.50 per diluted share, in the third quarter of 2025.
- GAAP net investment income for the third quarter of 2026 was $635 million compared with $638 million in the third quarter of 2025.
- P&C combined ratio for the third quarter of 2026 was 97.0% compared with 92.8% in the third quarter of 2025.
- Non-GAAP P&C underlying combined ratio for the third quarter of 2026 was 94.2% compared with 91.3% in the third quarter of 2025.
Price and volatility reaction
The stock moved -1.6% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -8.9 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 48.68 | 2026-10-30 |
| Close after release | 47.92 | 2026-11-02 |
| Realised move | -1.6% | close to close |
| 30d ATM IV change | -8.9 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-11-02 (8-K, Item 2.02). Read the original filing on sec.gov.