Skyward Specialty Insurance Group (SKWD) Q2 2026 earnings summary

Executive summary

• Diluted operating EPS increased 46% year-over-year to $1.30, with annualized operating ROE at 20.4% for the first half and strong premium growth across Skyward Specialty and Apollo.

• Gross written premiums for Q2 2026 rose 26.7% year-over-year to $740.6 million, driven by organic growth and Apollo's contribution.

• Net income for Q2 2026 was $49.0 million, up 26.3% from Q2 2025; net operating income reached $59.2 million.

• Book value per share increased 14.6% since year-end 2025 to $28.55, with stockholders’ equity at $1.27 billion.

• Completed Apollo acquisition on January 1, 2026, expanding into Lloyd's specialty insurance and reinsurance markets.

Financial highlights

• Net written premiums for Q2 2026 were $485.6 million, up from $339.2 million in Q2 2025.

• Net investment income for Q2 2026 was $30.7 million, up from $18.7 million in Q2 2025, mainly from fixed income and Apollo portfolio.

• Combined ratio for Q2 2026 was 89.5% (ex-catastrophe 87.6%), reflecting improved expense ratios and stable loss ratios.

• Annualized return on equity for Q2 2026 was 15.7%; annualized operating ROE was 19% for Q2 and 20.4% for the first half.

• Book value per share: $28.55 at June 30, 2026, up from $24.92 at December 31, 2025.

Outlook and guidance

• Management expects continued premium growth and integration benefits from the Apollo acquisition, focusing on specialty and niche markets and leveraging Lloyd's platform for international expansion.

• Guidance for Apollo’s underwriting fee income remains $30–$35 million for the full year, with leverage expected as the business scales.

• No changes to previously disclosed risk factors or forward-looking statements.