SHARPE
Reported results
- Q3 2026 GAAP net income: $98.1 million, $4.36 per diluted share vs. Q3 2025: $141.6 million, $6.09 per diluted share
- Nine-month 2026 GAAP net income: $386.6 million, $16.97 per diluted share vs. nine-month 2025: $365.0 million, $15.67 per diluted share
- Q3 2026 non-GAAP net operating earnings: $128.3 million, $5.70 per diluted share vs. Q3 2025: $121.2 million, $5.21 per diluted share
- Nine-month 2026 non-GAAP net operating earnings: $372.3 million, $16.34 per diluted share vs. nine-month 2025: $319.0 million, $13.70 per diluted share
- Q3 2026 gross written premiums: $462.9 million, down 4.8%; net earned premiums: $423.5 million, up 3.0%; net investment income: $58.3 million, up 17.5%
- Q3 2026 non-GAAP underwriting income: $107.1 million with combined ratio of 75.4% vs. Q3 2025: $105.7 million with combined ratio of 74.9%
Notes
Q3 2026 net income included after-tax catastrophe losses of $1.7 million and a $37.6 million pre-tax realized loss on sale of fixed-maturity securities due to portfolio repositioning. Nine-month 2026 net income included after-tax catastrophe losses of $7.2 million vs. $21.7 million in nine-month 2025. Share repurchases in Q3 2026: 269,004 shares for $100.0 million.
Price and volatility reaction
The stock moved -6.7% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -9.1 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 390.64 | 2026-10-22 |
| Close after release | 364.49 | 2026-10-23 |
| Realised move | -6.7% | close to close |
| 30d ATM IV change | -9.1 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 2026-10-22 (8-K, Item 2.02). Read the original filing on sec.gov.