# Insurance - Specialty — company-by-company sector analysis

> Insurance - Specialty: Fidelity National Financial, Inc. owns the largest revenue base; MBIA Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Insurance - Specialty has underperformed S&P 500 by 8.9% over 52 weeks and 10.1% over 13 weeks. 9 of 17 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 17 beat the sector itself. Fidelity National Financial, Inc. leads with income of $14,942 million, based on 14 of 17 comparable companies through Mar 2026.

### Is the Insurance - Specialty sector outperforming S&P 500?

Insurance - Specialty has underperformed S&P 500 by 8.9% over 52 weeks and 10.1% over 13 weeks. 9 of 17 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 17 beat the sector itself.

### Which Insurance - Specialty company is largest by income?

Fidelity National Financial, Inc. leads with income of $14,942 million, based on 14 of 17 comparable companies through Mar 2026.

### Which Insurance - Specialty company is growing fastest?

MBIA Inc. has the fastest current income growth at 100%, across 14 of 17 comparable companies.

### Which Insurance - Specialty company has the strongest 4-Factor Sector Score?

AXIS Capital Holdings Limited ranks first at 62/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Insurance - Specialty company has the lowest comparable P/BV-to-ROE?

AXIS Capital Holdings Limited has the lowest comparable P/BV ÷ ROE at 0.2, among 13 of 17 companies that pass the metric’s comparability rules.

### How much history does this Insurance - Specialty comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Insurance - Specialty has underperformed S&P 500 by 8.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 10.1%. 9 of 17 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. First American Financial Corporation is the strongest against the sector itself at +14%.

13-week sector return versus NIFTY 500: 10%
52-week sector return versus NIFTY 500: -8.9%
Stocks leading NIFTY: 9/17
Stocks leading sector: 9/17

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 17
Combined market value: ₹78.7K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. AXIS Capital Holdings Limited (AXS): 62/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 22.5/35 | Capital efficiency 13.5/25 | Valuation 8.5/20 | Relative strength 17.5/20
   - Exact sum: 22.5 + 13.5 + 8.5 + 17.5 = 62
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. First American Financial Corporation (FAF): 59/100 — Mixed-positive evidence; evidence 60%
   - Growth & earnings 20.0/35 | Capital efficiency 15.1/25 | Valuation 8.3/20 | Relative strength 15.8/20
   - Exact sum: 20 + 15.1 + 8.3 + 15.8 = 59.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Investors Title Company (ITIC): 58/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 24.3/35 | Capital efficiency 14.6/25 | Valuation 4.2/20 | Relative strength 14.7/20
   - Exact sum: 24.3 + 14.6 + 4.2 + 14.7 = 57.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. NMI Holdings, Inc. (NMIH): 56/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 17.5/35 | Capital efficiency 13.4/25 | Valuation 8.6/20 | Relative strength 16.2/20
   - Exact sum: 17.5 + 13.4 + 8.6 + 16.2 = 55.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Enact Holdings, Inc. (ACT): 51/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 13.8/35 | Capital efficiency 16.8/25 | Valuation 6.8/20 | Relative strength 13.4/20
   - Exact sum: 13.8 + 16.8 + 6.8 + 13.4 = 50.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Ryan Specialty Holdings, Inc. (RYAN): 49/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 25.1/35 | Capital efficiency 11.4/25 | Valuation 3.0/20 | Relative strength 9.1/20
   - Exact sum: 25.1 + 11.4 + 3 + 9.1 = 48.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. MGIC Investment Corporation (MTG): 44/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 11.5/35 | Capital efficiency 12.4/25 | Valuation 6.2/20 | Relative strength 13.6/20
   - Exact sum: 11.5 + 12.4 + 6.2 + 13.6 = 43.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Essent Group Ltd. (ESNT): 43/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 8.9/35 | Capital efficiency 15.9/25 | Valuation 7.9/20 | Relative strength 10.3/20
   - Exact sum: 8.9 + 15.9 + 7.9 + 10.3 = 43
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Radian Group Inc. (RDN): 43/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 12.3/35 | Capital efficiency 11.8/25 | Valuation 7.3/20 | Relative strength 11.5/20
   - Exact sum: 12.3 + 11.8 + 7.3 + 11.5 = 42.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. AMERISAFE, Inc. (AMSF): 41/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 18.1/35 | Capital efficiency 15.2/25 | Valuation 4.7/20 | Relative strength 3.4/20
   - Exact sum: 18.1 + 15.2 + 4.7 + 3.4 = 41.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Employers Holdings, Inc. (EIG): 38/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 9.1/35 | Capital efficiency 6.8/25 | Valuation 4.2/20 | Relative strength 17.9/20
   - Exact sum: 9.1 + 6.8 + 4.2 + 17.9 = 38
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. Fidelity National Financial, Inc. (FNF): 36/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 17.6/35 | Capital efficiency 9.2/25 | Valuation 4.5/20 | Relative strength 4.4/20
   - Exact sum: 17.6 + 9.2 + 4.5 + 4.4 = 35.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Assured Guaranty Ltd. (AGO): 31/100 — Adverse evidence; evidence 76%
   - Growth & earnings 11.8/35 | Capital efficiency 8.8/25 | Valuation 5.8/20 | Relative strength 5.0/20
   - Exact sum: 11.8 + 8.8 + 5.8 + 5 = 31.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. MBIA Inc. (MBI): 42/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 22.4/35 | Capital efficiency 6.7/25 | Valuation 9.8/20 | Relative strength 3.2/20
   - Exact sum: 22.4 + 6.7 + 9.8 + 3.2 = 42.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Octave Specialty Group, Inc. (OSG): 41/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 21.8/35 | Capital efficiency 5.0/25 | Valuation 9.8/20 | Relative strength 4.7/20
   - Exact sum: 21.8 + 5 + 9.8 + 4.7 = 41.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Tiptree Inc. (TIPT): 41/100 — Thin evidence · provisional; evidence 33%
   - Growth & earnings 17.6/35 | Capital efficiency 9.1/25 | Valuation 9.5/20 | Relative strength 5.1/20
   - Exact sum: 17.6 + 9.1 + 9.5 + 5.1 = 41.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. James River Group Holdings, Inc. (JRVR): 29/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 10.4/35 | Capital efficiency 4.3/25 | Valuation 9.8/20 | Relative strength 4.1/20
   - Exact sum: 10.4 + 4.3 + 9.8 + 4.1 = 28.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Fidelity National Financial, Inc. is the scale leader at $14,942 million, 123.5% ahead of AXIS Capital Holdings Limited. MBIA Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 109.3% from a $90 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Fidelity National Financial, Inc. is the scale benchmark; MBIA Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Fidelity National Financial, Inc.'s growth falls below MBIA Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Fidelity National Financial, Inc. · $14,942 million | 123.5% versus #2 · AXIS Capital Holdings Limited | 7/8 recent comparable periods | 14/17 companies · 317 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Fidelity National Financial, Inc. (FNF): ₹14.9K Cr
2. AXIS Capital Holdings Limited (AXS): ₹6.7K Cr
3. Ryan Specialty Holdings, Inc. (RYAN): ₹3.2K Cr
4. Essent Group Ltd. (ESNT): ₹1.3K Cr
5. Enact Holdings, Inc. (ACT): ₹1.2K Cr

### Income growth — fastest growers
1. MBIA Inc. (MBI): 100%
2. Ryan Specialty Holdings, Inc. (RYAN): 19%
3. Octave Specialty Group, Inc. (OSG): 18%
4. Fidelity National Financial, Inc. (FNF): 14%
5. AXIS Capital Holdings Limited (AXS): 10%

### 20-quarter Income history
- FNF: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- RYAN: Sep 2021 ₹353 Cr | Dec 2021 ₹379 Cr | Mar 2022 ₹387 Cr | Jun 2022 ₹491 Cr | Sep 2022 ₹412 Cr | Dec 2022 ₹435 Cr | Mar 2023 ₹458 Cr | Jun 2023 ₹585 Cr | Sep 2023 ₹502 Cr | Dec 2023 ₹533 Cr | Mar 2024 ₹552 Cr | Jun 2024 ₹695 Cr | Sep 2024 ₹605 Cr | Dec 2024 ₹664 Cr | Mar 2025 ₹690 Cr | Jun 2025 ₹855 Cr | Sep 2025 ₹755 Cr | Dec 2025 ₹751 Cr | Mar 2026 ₹795 Cr | Jun 2026 —
- AXS: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 — | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 — | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- FAF: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- ACT: Sep 2021 ₹280 Cr | Dec 2021 ₹273 Cr | Mar 2022 ₹270 Cr | Jun 2022 ₹274 Cr | Sep 2022 ₹275 Cr | Dec 2022 ₹277 Cr | Mar 2023 ₹281 Cr | Jun 2023 ₹278 Cr | Sep 2023 ₹299 Cr | Dec 2023 ₹296 Cr | Mar 2024 ₹292 Cr | Jun 2024 ₹299 Cr | Sep 2024 ₹310 Cr | Dec 2024 ₹302 Cr | Mar 2025 ₹307 Cr | Jun 2025 ₹305 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹313 Cr | Mar 2026 ₹312 Cr | Jun 2026 —
- MTG: Sep 2021 ₹296 Cr | Dec 2021 ₹294 Cr | Mar 2022 ₹295 Cr | Jun 2022 ₹293 Cr | Sep 2022 ₹293 Cr | Dec 2022 ₹292 Cr | Mar 2023 ₹284 Cr | Jun 2023 ₹291 Cr | Sep 2023 ₹297 Cr | Dec 2023 ₹284 Cr | Mar 2024 ₹294 Cr | Jun 2024 ₹305 Cr | Sep 2024 ₹307 Cr | Dec 2024 ₹301 Cr | Mar 2025 ₹306 Cr | Jun 2025 ₹304 Cr | Sep 2025 ₹305 Cr | Dec 2025 ₹299 Cr | Mar 2026 ₹297 Cr | Jun 2026 —
- ESNT: Sep 2021 ₹284 Cr | Dec 2021 ₹257 Cr | Mar 2022 ₹265 Cr | Jun 2022 ₹244 Cr | Sep 2022 ₹262 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹296 Cr | Dec 2023 ₹297 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹313 Cr | Sep 2024 ₹317 Cr | Dec 2024 ₹315 Cr | Mar 2025 ₹318 Cr | Jun 2025 ₹319 Cr | Sep 2025 ₹312 Cr | Dec 2025 ₹312 Cr | Mar 2026 ₹336 Cr | Jun 2026 —
- RDN: Sep 2021 ₹308 Cr | Dec 2021 ₹385 Cr | Mar 2022 ₹377 Cr | Jun 2022 ₹401 Cr | Sep 2022 ₹393 Cr | Dec 2022 ₹358 Cr | Mar 2023 ₹327 Cr | Jun 2023 ₹311 Cr | Sep 2023 ₹321 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹326 Cr | Jun 2024 ₹323 Cr | Sep 2024 ₹307 Cr | Dec 2024 ₹293 Cr | Mar 2025 ₹279 Cr | Jun 2025 ₹306 Cr | Sep 2025 ₹285 Cr | Dec 2025 ₹279 Cr | Mar 2026 ₹358 Cr | Jun 2026 —
- AGO: Sep 2021 ₹212 Cr | Dec 2021 ₹263 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹292 Cr | Mar 2023 ₹283 Cr | Jun 2023 ₹360 Cr | Sep 2023 ₹403 Cr | Dec 2023 ₹327 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹202 Cr | Sep 2024 ₹269 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹345 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹207 Cr | Dec 2025 ₹277 Cr | Mar 2026 ₹261 Cr | Jun 2026 —
- NMIH: Sep 2021 ₹124 Cr | Dec 2021 ₹125 Cr | Mar 2022 ₹127 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹143 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹156 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹173 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹181 Cr | Mar 2026 ₹183 Cr | Jun 2026 —
- EIG: Sep 2021 ₹168 Cr | Dec 2021 ₹200 Cr | Mar 2022 ₹152 Cr | Jun 2022 ₹135 Cr | Sep 2022 ₹204 Cr | Dec 2022 ₹222 Cr | Mar 2023 ₹207 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹204 Cr | Dec 2023 ₹226 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹224 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹246 Cr | Sep 2025 ₹239 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹208 Cr | Jun 2026 —
- TIPT: Sep 2021 ₹287 Cr | Dec 2021 ₹-671 Cr | Mar 2022 ₹325 Cr | Jun 2022 ₹340 Cr | Sep 2022 ₹363 Cr | Dec 2022 ₹370 Cr | Mar 2023 ₹382 Cr | Jun 2023 ₹405 Cr | Sep 2023 ₹417 Cr | Dec 2023 — | Mar 2024 ₹498 Cr | Jun 2024 ₹547 Cr | Sep 2024 ₹494 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹540 Cr | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —
- AMSF: Sep 2021 ₹73 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- ITIC: Sep 2021 ₹81 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- MBI: Sep 2021 ₹72 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹-31 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹-37 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- OSG: Sep 2021 ₹51 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹119 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹219 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹104 Cr | Jun 2026 —
- JRVR: Sep 2021 ₹191 Cr | Dec 2021 ₹207 Cr | Mar 2022 ₹202 Cr | Jun 2022 ₹185 Cr | Sep 2022 ₹201 Cr | Dec 2022 ₹226 Cr | Mar 2023 ₹192 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹210 Cr | Dec 2023 ₹218 Cr | Mar 2024 ₹201 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹191 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹173 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹151 Cr | Jun 2026 —

### 20-quarter Income growth history
- FNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 -18% | Dec 2022 -47% | Mar 2023 -22% | Jun 2023 16% | Sep 2023 -13% | Dec 2023 34% | Mar 2024 33% | Jun 2024 2.9% | Sep 2024 30% | Dec 2024 5.5% | Mar 2025 -17% | Jun 2025 15% | Sep 2025 12% | Dec 2025 12% | Mar 2026 18% | Jun 2026 —
- RYAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 17% | Dec 2022 15% | Mar 2023 18% | Jun 2023 19% | Sep 2023 22% | Dec 2023 23% | Mar 2024 21% | Jun 2024 19% | Sep 2024 21% | Dec 2024 25% | Mar 2025 25% | Jun 2025 23% | Sep 2025 25% | Dec 2025 13% | Mar 2026 15% | Jun 2026 —
- AXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -8.2% | Dec 2022 — | Mar 2023 — | Jun 2023 16% | Sep 2023 17% | Dec 2023 — | Mar 2024 6.0% | Jun 2024 4.8% | Sep 2024 12% | Dec 2024 — | Mar 2025 6.8% | Jun 2025 13% | Sep 2025 3.9% | Dec 2025 18% | Mar 2026 8.0% | Jun 2026 —
- FAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.0% | Sep 2022 -29% | Dec 2022 -29% | Mar 2023 -29% | Jun 2023 -20% | Sep 2023 -19% | Dec 2023 -15% | Mar 2024 -1.5% | Jun 2024 -2.1% | Sep 2024 -5.1% | Dec 2024 18% | Mar 2025 11% | Jun 2025 14% | Sep 2025 41% | Dec 2025 22% | Mar 2026 16% | Jun 2026 —
- ACT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.7% | Sep 2022 -1.8% | Dec 2022 1.5% | Mar 2023 4.1% | Jun 2023 1.5% | Sep 2023 8.7% | Dec 2023 6.9% | Mar 2024 3.9% | Jun 2024 7.6% | Sep 2024 3.7% | Dec 2024 2.0% | Mar 2025 5.1% | Jun 2025 2.0% | Sep 2025 0.3% | Dec 2025 3.6% | Mar 2026 1.6% | Jun 2026 —
- MTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.7% | Sep 2022 -1.0% | Dec 2022 -0.7% | Mar 2023 -3.7% | Jun 2023 -0.7% | Sep 2023 1.4% | Dec 2023 -2.7% | Mar 2024 3.5% | Jun 2024 4.8% | Sep 2024 3.4% | Dec 2024 6.0% | Mar 2025 4.1% | Jun 2025 -0.3% | Sep 2025 -0.7% | Dec 2025 -0.7% | Mar 2026 -2.9% | Jun 2026 —
- ESNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4% | Sep 2022 -7.8% | Dec 2022 -11% | Mar 2023 -3.4% | Jun 2023 6.6% | Sep 2023 13% | Dec 2023 29% | Mar 2024 16% | Jun 2024 20% | Sep 2024 7.1% | Dec 2024 6.1% | Mar 2025 6.7% | Jun 2025 1.9% | Sep 2025 -1.6% | Dec 2025 -1.0% | Mar 2026 5.7% | Jun 2026 —
- RDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 28% | Dec 2022 -7.0% | Mar 2023 -13% | Jun 2023 -22% | Sep 2023 -18% | Dec 2023 -10% | Mar 2024 -0.3% | Jun 2024 3.9% | Sep 2024 -4.4% | Dec 2024 -8.7% | Mar 2025 -14% | Jun 2025 -5.3% | Sep 2025 -7.2% | Dec 2025 -4.8% | Mar 2026 28% | Jun 2026 —
- AGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -54% | Sep 2022 -81% | Dec 2022 11% | Mar 2023 -5.7% | Jun 2023 300% | Sep 2023 883% | Dec 2023 12% | Mar 2024 -13% | Jun 2024 -44% | Sep 2024 -33% | Dec 2024 -52% | Mar 2025 41% | Jun 2025 39% | Sep 2025 -23% | Dec 2025 78% | Mar 2026 -24% | Jun 2026 —
- NMIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 5.7% | Dec 2022 6.4% | Mar 2023 7.9% | Jun 2023 8.3% | Sep 2023 13% | Dec 2023 14% | Mar 2024 14% | Jun 2024 13% | Sep 2024 12% | Dec 2024 11% | Mar 2025 11% | Jun 2025 7.4% | Sep 2025 7.8% | Dec 2025 8.4% | Mar 2026 5.8% | Jun 2026 —
- EIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -21% | Sep 2022 21% | Dec 2022 11% | Mar 2023 36% | Jun 2023 59% | Sep 2023 0.0% | Dec 2023 1.8% | Mar 2024 7.7% | Jun 2024 0.9% | Sep 2024 9.8% | Dec 2024 -4.0% | Mar 2025 -9.0% | Jun 2025 13% | Sep 2025 6.7% | Dec 2025 -21% | Mar 2026 2.5% | Jun 2026 —
- TIPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 26% | Dec 2022 — | Mar 2023 18% | Jun 2023 19% | Sep 2023 15% | Dec 2023 — | Mar 2024 30% | Jun 2024 35% | Sep 2024 18% | Dec 2024 — | Mar 2025 -100% | Jun 2025 -3.3% | Sep 2025 9.3% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AMSF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -2.7% | Dec 2022 2.6% | Mar 2023 2.6% | Jun 2023 12% | Sep 2023 2.8% | Dec 2023 0.0% | Mar 2024 2.6% | Jun 2024 0.0% | Sep 2024 8.2% | Dec 2024 -7.5% | Mar 2025 -8.8% | Jun 2025 6.6% | Sep 2025 3.8% | Dec 2025 11% | Mar 2026 9.6% | Jun 2026 —
- ITIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -3.7% | Dec 2022 -29% | Mar 2023 -26% | Jun 2023 -18% | Sep 2023 -22% | Dec 2023 -17% | Mar 2024 3.9% | Jun 2024 12% | Sep 2024 13% | Dec 2024 31% | Mar 2025 7.6% | Jun 2025 14% | Sep 2025 5.8% | Dec 2025 -1.4% | Mar 2026 12% | Jun 2026 —
- MBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 122% | Sep 2022 -76% | Dec 2022 111% | Mar 2023 -95% | Jun 2023 -30% | Sep 2023 -53% | Dec 2023 -154% | Mar 2024 550% | Jun 2024 -232% | Sep 2024 263% | Dec 2024 — | Mar 2025 7.7% | Jun 2025 — | Sep 2025 -48% | Dec 2025 -24% | Mar 2026 71% | Jun 2026 —
- OSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 57% | Dec 2022 313% | Mar 2023 -51% | Jun 2023 -28% | Sep 2023 -7.5% | Dec 2023 -65% | Mar 2024 -14% | Jun 2024 -18% | Sep 2024 -5.4% | Dec 2024 -14% | Mar 2025 26% | Jun 2025 7.8% | Sep 2025 -4.3% | Dec 2025 3.1% | Mar 2026 65% | Jun 2026 —
- JRVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.7% | Sep 2022 5.2% | Dec 2022 9.2% | Mar 2023 -5.0% | Jun 2023 5.4% | Sep 2023 4.5% | Dec 2023 -3.5% | Mar 2024 4.7% | Jun 2024 -3.6% | Sep 2024 -9.1% | Dec 2024 -42% | Mar 2025 -14% | Jun 2025 -6.9% | Sep 2025 -9.4% | Dec 2025 32% | Mar 2026 -12% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: AXIS Capital Holdings Limited leads with $1,516 million of TTM profit, 65.3% above Fidelity National Financial, Inc.. AXIS Capital Holdings Limited shows 39.3% growth from a $1,516 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: AXIS Capital Holdings Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: AXIS Capital Holdings Limited · $1,516 million | 65.3% versus #2 · Fidelity National Financial, Inc. | 7/8 recent comparable periods | 15/17 companies · 323 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. AXIS Capital Holdings Limited (AXS): ₹1.5K Cr
2. Fidelity National Financial, Inc. (FNF): ₹917 Cr
3. MGIC Investment Corporation (MTG): ₹717 Cr
4. Essent Group Ltd. (ESNT): ₹686 Cr
5. Enact Holdings, Inc. (ACT): ₹676 Cr

### Profit growth — fastest growers
1. AXIS Capital Holdings Limited (AXS): 39%
2. Investors Title Company (ITIC): 31%
3. NMI Holdings, Inc. (NMIH): 2.9%
4. Enact Holdings, Inc. (ACT): -2.6%
5. Assured Guaranty Ltd. (AGO): -4.5%

### 20-quarter Net profit history
- FNF: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹402 Cr | Jun 2022 ₹543 Cr | Sep 2022 ₹367 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-88 Cr | Jun 2023 ₹243 Cr | Sep 2023 ₹477 Cr | Dec 2023 ₹-114 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹343 Cr | Sep 2024 ₹271 Cr | Dec 2024 ₹508 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹293 Cr | Sep 2025 ₹389 Cr | Dec 2025 ₹-86 Cr | Mar 2026 ₹321 Cr | Jun 2026 —
- RYAN: Sep 2021 ₹-33 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- AXS: Sep 2021 ₹45 Cr | Dec 2021 ₹229 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹214 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹-42 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹285 Cr | Sep 2024 ₹275 Cr | Dec 2024 ₹248 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹336 Cr | Sep 2025 ₹440 Cr | Dec 2025 ₹376 Cr | Mar 2026 ₹364 Cr | Jun 2026 —
- FAF: Sep 2021 ₹450 Cr | Dec 2021 ₹261 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹-103 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹213 Cr | Mar 2026 ₹125 Cr | Jun 2026 —
- ACT: Sep 2021 ₹137 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹191 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹176 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹166 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹177 Cr | Mar 2026 ₹168 Cr | Jun 2026 —
- MTG: Sep 2021 ₹158 Cr | Dec 2021 ₹174 Cr | Mar 2022 ₹175 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹250 Cr | Dec 2022 ₹191 Cr | Mar 2023 ₹155 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹183 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹204 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹185 Cr | Mar 2025 ₹185 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹191 Cr | Dec 2025 ₹169 Cr | Mar 2026 ₹165 Cr | Jun 2026 —
- ESNT: Sep 2021 ₹205 Cr | Dec 2021 ₹181 Cr | Mar 2022 ₹274 Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹178 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹204 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹175 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹172 Cr | Jun 2026 —
- RDN: Sep 2021 ₹126 Cr | Dec 2021 ₹193 Cr | Mar 2022 ₹181 Cr | Jun 2022 ₹201 Cr | Sep 2022 ₹198 Cr | Dec 2022 ₹162 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹129 Cr | Jun 2026 —
- AGO: Sep 2021 ₹20 Cr | Dec 2021 ₹282 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹379 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹185 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹85 Cr | Jun 2026 —
- NMIH: Sep 2021 ₹60 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹99 Cr | Jun 2026 —
- EIG: Sep 2021 ₹15 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- TIPT: Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-22 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- AMSF: Sep 2021 ₹19 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- ITIC: Sep 2021 ₹15 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- MBI: Sep 2021 ₹-123 Cr | Dec 2021 ₹-155 Cr | Mar 2022 ₹-73 Cr | Jun 2022 ₹-36 Cr | Sep 2022 ₹-34 Cr | Dec 2022 ₹-60 Cr | Mar 2023 ₹-86 Cr | Jun 2023 ₹-75 Cr | Sep 2023 ₹-186 Cr | Dec 2023 ₹-139 Cr | Mar 2024 ₹-86 Cr | Jun 2024 ₹-255 Cr | Sep 2024 ₹-52 Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹-62 Cr | Jun 2025 ₹-56 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-57 Cr | Mar 2026 ₹-42 Cr | Jun 2026 —
- OSG: Sep 2021 ₹17 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹340 Cr | Dec 2022 ₹174 Cr | Mar 2023 ₹-33 Cr | Jun 2023 ₹-13 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-29 Cr | Dec 2024 ₹-547 Cr | Mar 2025 ₹-45 Cr | Jun 2025 ₹-73 Cr | Sep 2025 ₹-112 Cr | Dec 2025 ₹-30 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- JRVR: Sep 2021 ₹-24 Cr | Dec 2021 ₹-66 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹-38 Cr | Dec 2024 ₹-63 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —

### 20-quarter Profit growth history
- FNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -51% | Sep 2022 -75% | Dec 2022 -101% | Mar 2023 -122% | Jun 2023 -55% | Sep 2023 30% | Dec 2023 — | Mar 2024 — | Jun 2024 41% | Sep 2024 -43% | Dec 2024 — | Mar 2025 -69% | Jun 2025 -15% | Sep 2025 44% | Dec 2025 -117% | Mar 2026 287% | Jun 2026 —
- RYAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 — | Dec 2022 53% | Mar 2023 100% | Jun 2023 20% | Sep 2023 -45% | Dec 2023 28% | Mar 2024 14% | Jun 2024 40% | Sep 2024 81% | Dec 2024 -27% | Mar 2025 -110% | Jun 2025 5.9% | Sep 2025 117% | Dec 2025 -28% | Mar 2026 — | Jun 2026 —
- AXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -91% | Sep 2022 -107% | Dec 2022 -98% | Mar 2023 — | Jun 2023 750% | Sep 2023 — | Dec 2023 -940% | Mar 2024 -32% | Jun 2024 40% | Sep 2024 18% | Dec 2024 — | Mar 2025 93% | Jun 2025 18% | Sep 2025 60% | Dec 2025 52% | Mar 2026 30% | Jun 2026 —
- FAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -64% | Sep 2022 -100% | Dec 2022 -79% | Mar 2023 -53% | Jun 2023 24% | Sep 2023 -150% | Dec 2023 -38% | Mar 2024 2.2% | Jun 2024 -15% | Sep 2024 — | Dec 2024 115% | Mar 2025 60% | Jun 2025 27% | Sep 2025 — | Dec 2025 192% | Mar 2026 67% | Jun 2026 —
- ACT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 39% | Dec 2022 -6.5% | Mar 2023 6.7% | Jun 2023 -18% | Sep 2023 -14% | Dec 2023 9.0% | Mar 2024 -8.5% | Jun 2024 9.5% | Sep 2024 10% | Dec 2024 3.8% | Mar 2025 3.1% | Jun 2025 -8.7% | Sep 2025 -9.9% | Dec 2025 8.6% | Mar 2026 1.2% | Jun 2026 —
- MTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 63% | Sep 2022 58% | Dec 2022 9.8% | Mar 2023 -11% | Jun 2023 -23% | Sep 2023 -27% | Dec 2023 -3.1% | Mar 2024 12% | Jun 2024 6.8% | Sep 2024 9.3% | Dec 2024 0.0% | Mar 2025 6.3% | Jun 2025 -5.9% | Sep 2025 -4.5% | Dec 2025 -8.7% | Mar 2026 -11% | Jun 2026 —
- ESNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 -13% | Dec 2022 -19% | Mar 2023 -38% | Jun 2023 -26% | Sep 2023 0.0% | Dec 2023 19% | Mar 2024 6.4% | Jun 2024 19% | Sep 2024 -1.1% | Dec 2024 -4.0% | Mar 2025 -3.9% | Jun 2025 -4.4% | Sep 2025 -6.8% | Dec 2025 -7.7% | Mar 2026 -1.7% | Jun 2026 —
- RDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 57% | Dec 2022 -16% | Mar 2023 -13% | Jun 2023 -27% | Sep 2023 -21% | Dec 2023 -12% | Mar 2024 -3.8% | Jun 2024 4.1% | Sep 2024 6.4% | Dec 2024 15% | Mar 2025 0.0% | Jun 2025 -6.6% | Sep 2025 -8.4% | Dec 2025 -3.1% | Mar 2026 -15% | Jun 2026 —
- AGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -125% | Sep 2022 -75% | Dec 2022 -71% | Mar 2023 29% | Jun 2023 — | Sep 2023 3,080% | Dec 2023 362% | Mar 2024 16% | Jun 2024 -36% | Sep 2024 11% | Dec 2024 -94% | Mar 2025 64% | Jun 2025 31% | Sep 2025 -35% | Dec 2025 527% | Mar 2026 -54% | Jun 2026 —
- NMIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 28% | Dec 2022 20% | Mar 2023 8.8% | Jun 2023 6.7% | Sep 2023 9.1% | Dec 2023 14% | Mar 2024 20% | Jun 2024 15% | Sep 2024 11% | Dec 2024 3.6% | Mar 2025 16% | Jun 2025 4.4% | Sep 2025 3.2% | Dec 2025 9.3% | Mar 2026 -3.9% | Jun 2026 —
- EIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -162% | Sep 2022 27% | Dec 2022 -15% | Mar 2023 — | Jun 2023 — | Sep 2023 -26% | Dec 2023 -2.1% | Mar 2024 17% | Jun 2024 -8.6% | Sep 2024 114% | Dec 2024 -39% | Mar 2025 -54% | Jun 2025 -6.3% | Sep 2025 -127% | Dec 2025 -182% | Mar 2026 -23% | Jun 2026 —
- TIPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -344% | Sep 2022 567% | Dec 2022 500% | Mar 2023 — | Jun 2023 — | Sep 2023 -55% | Dec 2023 17% | Mar 2024 433% | Jun 2024 83% | Sep 2024 122% | Dec 2024 186% | Mar 2025 -163% | Jun 2025 41% | Sep 2025 -20% | Dec 2025 -80% | Mar 2026 — | Jun 2026 —
- AMSF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -75% | Sep 2022 -42% | Dec 2022 425% | Mar 2023 0.0% | Jun 2023 167% | Sep 2023 -9.1% | Dec 2023 -9.5% | Mar 2024 0.0% | Jun 2024 -31% | Sep 2024 40% | Dec 2024 -32% | Mar 2025 -47% | Jun 2025 27% | Sep 2025 0.0% | Dec 2025 -23% | Mar 2026 -11% | Jun 2026 —
- ITIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -90% | Sep 2022 -47% | Dec 2022 -58% | Mar 2023 -83% | Jun 2023 300% | Sep 2023 -13% | Dec 2023 -25% | Mar 2024 400% | Jun 2024 13% | Sep 2024 29% | Dec 2024 33% | Mar 2025 -40% | Jun 2025 33% | Sep 2025 33% | Dec 2025 0.0% | Mar 2026 100% | Jun 2026 —
- OSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,900% | Dec 2022 — | Mar 2023 -1,750% | Jun 2023 -360% | Sep 2023 -81% | Dec 2023 -109% | Mar 2024 — | Jun 2024 — | Sep 2024 -144% | Dec 2024 — | Mar 2025 -314% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JRVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -62% | Sep 2022 — | Dec 2022 — | Mar 2023 -20% | Jun 2023 50% | Sep 2023 — | Dec 2023 11% | Mar 2024 200% | Jun 2024 17% | Sep 2024 -258% | Dec 2024 -415% | Mar 2025 -54% | Jun 2025 -64% | Sep 2025 — | Dec 2025 — | Mar 2026 -182% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/17 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Radian Group Inc. (RDN): ₹774 Cr
2. MGIC Investment Corporation (MTG): ₹647 Cr
3. NMI Holdings, Inc. (NMIH): ₹418 Cr
4. Fidelity National Financial, Inc. (FNF): ₹367 Cr
5. First American Financial Corporation (FAF): ₹206 Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- FNF: Sep 2021 ₹409 Cr | Dec 2021 ₹414 Cr | Mar 2022 ₹410 Cr | Jun 2022 ₹429 Cr | Sep 2022 ₹435 Cr | Dec 2022 ₹418 Cr | Mar 2023 ₹410 Cr | Jun 2023 ₹411 Cr | Sep 2023 ₹396 Cr | Dec 2023 ₹394 Cr | Mar 2024 ₹390 Cr | Jun 2024 ₹386 Cr | Sep 2024 ₹383 Cr | Dec 2024 ₹385 Cr | Mar 2025 ₹376 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹372 Cr | Dec 2025 ₹368 Cr | Mar 2026 ₹367 Cr | Jun 2026 —
- RYAN: Sep 2021 ₹89 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹144 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹172 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹177 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹167 Cr | Jun 2024 ₹170 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹181 Cr | Sep 2025 ₹184 Cr | Dec 2025 ₹179 Cr | Mar 2026 ₹173 Cr | Jun 2026 —
- AXS: Sep 2021 ₹124 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹110 Cr | Jun 2026 —
- FAF: Sep 2021 ₹267 Cr | Dec 2021 ₹274 Cr | Mar 2022 ₹266 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹278 Cr | Dec 2022 ₹269 Cr | Mar 2023 ₹265 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹247 Cr | Mar 2024 ₹235 Cr | Jun 2024 ₹237 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹230 Cr | Mar 2025 ₹230 Cr | Jun 2025 ₹223 Cr | Sep 2025 ₹221 Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹207 Cr | Jun 2026 ₹206 Cr
- MTG: Sep 2021 ₹1.1K Cr | Dec 2021 ₹992 Cr | Mar 2022 ₹935 Cr | Jun 2022 ₹918 Cr | Sep 2022 ₹663 Cr | Dec 2022 ₹663 Cr | Mar 2023 ₹663 Cr | Jun 2023 ₹664 Cr | Sep 2023 ₹643 Cr | Dec 2023 ₹643 Cr | Mar 2024 ₹644 Cr | Jun 2024 ₹644 Cr | Sep 2024 ₹644 Cr | Dec 2024 ₹645 Cr | Mar 2025 ₹645 Cr | Jun 2025 ₹645 Cr | Sep 2025 ₹646 Cr | Dec 2025 ₹646 Cr | Mar 2026 ₹647 Cr | Jun 2026 —
- RDN: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹774 Cr | Jun 2026 —
- NMIH: Sep 2021 ₹394 Cr | Dec 2021 ₹395 Cr | Mar 2022 ₹395 Cr | Jun 2022 ₹395 Cr | Sep 2022 ₹396 Cr | Dec 2022 ₹396 Cr | Mar 2023 ₹396 Cr | Jun 2023 ₹397 Cr | Sep 2023 ₹397 Cr | Dec 2023 ₹398 Cr | Mar 2024 ₹398 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹415 Cr | Dec 2024 ₹415 Cr | Mar 2025 ₹416 Cr | Jun 2025 ₹416 Cr | Sep 2025 ₹417 Cr | Dec 2025 ₹417 Cr | Mar 2026 ₹418 Cr | Jun 2026 —
- EIG: Sep 2021 ₹18 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- TIPT: Sep 2021 ₹375 Cr | Dec 2021 ₹393 Cr | Mar 2022 ₹391 Cr | Jun 2022 ₹262 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹347 Cr | Jun 2023 ₹361 Cr | Sep 2023 ₹324 Cr | Dec 2023 ₹402 Cr | Mar 2024 ₹406 Cr | Jun 2024 ₹387 Cr | Sep 2024 ₹389 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹495 Cr | Jun 2025 ₹493 Cr | Sep 2025 ₹508 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- AMSF: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- ITIC: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹9 Cr | Jun 2026 —

## Return On Assets

What the numbers say: Enact Holdings, Inc. leads roa at 3%; Ryan Specialty Holdings, Inc. leads roa change at +0.9 percentage points.

Investor read: Enact Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Enact Holdings, Inc. · 3% | 25% versus #2 · Essent Group Ltd. | 1/8 recent comparable periods | 13/17 companies · 245 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Enact Holdings, Inc. (ACT): 3.0%
2. Essent Group Ltd. (ESNT): 2.4%
3. Investors Title Company (ITIC): 1.7%
4. First American Financial Corporation (FAF): 1.4%
5. AMERISAFE, Inc. (AMSF): 1.3%

### ROA change — fastest improvers
1. Ryan Specialty Holdings, Inc. (RYAN): +0.9 pp
2. MBIA Inc. (MBI): +0.8 pp
3. Investors Title Company (ITIC): +0.7 pp
4. First American Financial Corporation (FAF): +0.3 pp
5. Fidelity National Financial, Inc. (FNF): +0.2 pp

### 20-quarter ROA history
- FNF: Sep 2021 1.4% | Dec 2021 1.0% | Mar 2022 0.8% | Jun 2022 1.0% | Sep 2022 0.6% | Dec 2022 0.0% | Mar 2023 -0.1% | Jun 2023 0.4% | Sep 2023 0.7% | Dec 2023 -0.1% | Mar 2024 0.4% | Jun 2024 0.5% | Sep 2024 0.4% | Dec 2024 0.6% | Mar 2025 0.1% | Jun 2025 0.3% | Sep 2025 0.4% | Dec 2025 -0.1% | Mar 2026 0.3% | Jun 2026 —
- RYAN: Sep 2021 0.0% | Dec 2021 0.9% | Mar 2022 1.2% | Jun 2022 1.6% | Sep 2022 1.0% | Dec 2022 1.2% | Mar 2023 1.0% | Jun 2023 1.6% | Sep 2023 0.4% | Dec 2023 1.4% | Mar 2024 1.0% | Jun 2024 1.8% | Sep 2024 1.6% | Dec 2024 0.8% | Mar 2025 -0.1% | Jun 2025 1.8% | Sep 2025 1.3% | Dec 2025 0.6% | Mar 2026 0.8% | Jun 2026 —
- AXS: Sep 2021 0.1% | Dec 2021 0.9% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 -0.5% | Dec 2022 0.0% | Mar 2023 0.9% | Jun 2023 0.9% | Sep 2023 0.7% | Dec 2023 0.0% | Mar 2024 0.5% | Jun 2024 1.0% | Sep 2024 1.3% | Dec 2024 0.5% | Mar 2025 1.1% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.2% | Mar 2026 1.0% | Jun 2026 —
- FAF: Sep 2021 3.2% | Dec 2021 1.9% | Mar 2022 0.7% | Jun 2022 0.8% | Sep 2022 -0.1% | Dec 2022 0.5% | Mar 2023 0.4% | Jun 2023 1.0% | Sep 2023 0.2% | Dec 2023 0.4% | Mar 2024 0.5% | Jun 2024 0.9% | Sep 2024 -0.5% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 1.1% | Sep 2025 1.3% | Dec 2025 1.6% | Mar 2026 0.9% | Jun 2026 1.4%
- ACT: Sep 2021 3.1% | Dec 2021 3.0% | Mar 2022 2.9% | Jun 2022 2.9% | Sep 2022 2.9% | Dec 2022 2.9% | Mar 2023 3.1% | Jun 2023 3.0% | Sep 2023 3.2% | Dec 2023 3.2% | Mar 2024 3.1% | Jun 2024 3.1% | Sep 2024 3.2% | Dec 2024 3.0% | Mar 2025 3.1% | Jun 2025 3.0% | Sep 2025 3.0% | Dec 2025 3.0% | Mar 2026 3.0% | Jun 2026 —
- ESNT: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 2.7% | Dec 2024 2.6% | Mar 2025 5.1% | Jun 2025 5.6% | Sep 2025 2.4% | Dec 2025 2.2% | Mar 2026 2.4% | Jun 2026 —
- AGO: Sep 2021 4.5% | Dec 2021 1.6% | Mar 2022 0.6% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.6% | Mar 2023 0.6% | Jun 2023 0.8% | Sep 2023 1.1% | Dec 2023 2.8% | Mar 2024 0.8% | Jun 2024 0.7% | Sep 2024 1.5% | Dec 2024 0.3% | Mar 2025 1.3% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 1.3% | Mar 2026 0.6% | Jun 2026 —
- EIG: Sep 2021 0.4% | Dec 2021 1.4% | Mar 2022 -0.1% | Jun 2022 -0.4% | Sep 2022 0.5% | Dec 2022 1.3% | Mar 2023 0.7% | Jun 2023 1.0% | Sep 2023 0.4% | Dec 2023 1.3% | Mar 2024 0.8% | Jun 2024 0.9% | Sep 2024 0.8% | Dec 2024 0.8% | Mar 2025 0.4% | Jun 2025 0.8% | Sep 2025 -0.2% | Dec 2025 -0.7% | Mar 2026 0.3% | Jun 2026 —
- AMSF: Sep 2021 1.3% | Dec 2021 0.2% | Mar 2022 1.2% | Jun 2022 0.4% | Sep 2022 0.8% | Dec 2022 1.6% | Mar 2023 1.3% | Jun 2023 1.2% | Sep 2023 0.8% | Dec 2023 1.5% | Mar 2024 1.3% | Jun 2024 0.9% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 0.7% | Jun 2025 1.2% | Sep 2025 1.1% | Dec 2025 0.9% | Mar 2026 0.7% | Jun 2026 1.3%
- ITIC: Sep 2021 4.6% | Dec 2021 6.2% | Mar 2022 2.0% | Jun 2022 0.7% | Sep 2022 2.4% | Dec 2022 2.2% | Mar 2023 0.4% | Jun 2023 2.3% | Sep 2023 2.1% | Dec 2023 1.7% | Mar 2024 1.4% | Jun 2024 2.6% | Sep 2024 2.7% | Dec 2024 2.5% | Mar 2025 1.0% | Jun 2025 3.6% | Sep 2025 3.4% | Dec 2025 2.2% | Mar 2026 1.7% | Jun 2026 —
- MBI: Sep 2021 -1.4% | Dec 2021 -2.2% | Mar 2022 -0.7% | Jun 2022 0.2% | Sep 2022 0.2% | Dec 2022 1.1% | Mar 2023 -0.8% | Jun 2023 -0.7% | Sep 2023 -3.7% | Dec 2023 -2.8% | Mar 2024 -1.2% | Jun 2024 -7.2% | Sep 2024 0.1% | Dec 2024 0.0% | Mar 2025 -0.5% | Jun 2025 -0.3% | Sep 2025 2.0% | Dec 2025 -0.4% | Mar 2026 0.3% | Jun 2026 —
- OSG: Sep 2021 0.5% | Dec 2021 0.2% | Mar 2022 0.4% | Jun 2022 0.4% | Sep 2022 3.6% | Dec 2022 2.0% | Mar 2023 -0.1% | Jun 2023 0.1% | Sep 2023 1.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 -0.2% | Sep 2024 -0.2% | Dec 2024 0.4% | Mar 2025 -0.1% | Jun 2025 -0.2% | Sep 2025 -0.5% | Dec 2025 0.6% | Mar 2026 0.0% | Jun 2026 —
- JRVR: Sep 2021 -0.4% | Dec 2021 -1.3% | Mar 2022 0.2% | Jun 2022 0.2% | Sep 2022 0.0% | Dec 2022 0.4% | Mar 2023 0.2% | Jun 2023 0.3% | Sep 2023 0.6% | Dec 2023 0.5% | Mar 2024 0.5% | Jun 2024 0.4% | Sep 2024 -0.7% | Dec 2024 -1.1% | Mar 2025 0.3% | Jun 2025 0.2% | Sep 2025 0.1% | Dec 2025 0.8% | Mar 2026 -0.1% | Jun 2026 —

### 20-quarter ROA change history
- FNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −1.0 pp | Mar 2023 −0.9 pp | Jun 2023 −0.6 pp | Sep 2023 +0.1 pp | Dec 2023 −0.1 pp | Mar 2024 +0.5 pp | Jun 2024 +0.1 pp | Sep 2024 −0.3 pp | Dec 2024 +0.7 pp | Mar 2025 −0.3 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 −0.7 pp | Mar 2026 +0.2 pp | Jun 2026 —
- RYAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +0.3 pp | Mar 2023 −0.2 pp | Jun 2023 0.0 pp | Sep 2023 −0.6 pp | Dec 2023 +0.2 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 +1.2 pp | Dec 2024 −0.6 pp | Mar 2025 −1.1 pp | Jun 2025 0.0 pp | Sep 2025 −0.3 pp | Dec 2025 −0.2 pp | Mar 2026 +0.9 pp | Jun 2026 —
- AXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −0.9 pp | Mar 2023 +0.9 pp | Jun 2023 +0.9 pp | Sep 2023 +1.2 pp | Dec 2023 0.0 pp | Mar 2024 −0.4 pp | Jun 2024 +0.1 pp | Sep 2024 +0.6 pp | Dec 2024 +0.5 pp | Mar 2025 +0.6 pp | Jun 2025 +0.4 pp | Sep 2025 0.0 pp | Dec 2025 +0.7 pp | Mar 2026 −0.1 pp | Jun 2026 —
- FAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.3 pp | Dec 2022 −1.4 pp | Mar 2023 −0.3 pp | Jun 2023 +0.2 pp | Sep 2023 +0.3 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.7 pp | Dec 2024 +0.3 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +1.8 pp | Dec 2025 +0.9 pp | Mar 2026 +0.2 pp | Jun 2026 +0.3 pp
- ACT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.1 pp | Mar 2023 +0.2 pp | Jun 2023 +0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +0.3 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 −0.2 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- ESNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 +2.6 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.3 pp | Dec 2025 −0.4 pp | Mar 2026 −2.7 pp | Jun 2026 —
- AGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.5 pp | Dec 2022 −1.0 pp | Mar 2023 0.0 pp | Jun 2023 +0.8 pp | Sep 2023 +1.1 pp | Dec 2023 +2.2 pp | Mar 2024 +0.2 pp | Jun 2024 −0.1 pp | Sep 2024 +0.4 pp | Dec 2024 −2.5 pp | Mar 2025 +0.5 pp | Jun 2025 +0.3 pp | Sep 2025 −0.6 pp | Dec 2025 +1.0 pp | Mar 2026 −0.7 pp | Jun 2026 —
- EIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.1 pp | Mar 2023 +0.8 pp | Jun 2023 +1.4 pp | Sep 2023 −0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 −0.1 pp | Sep 2024 +0.4 pp | Dec 2024 −0.5 pp | Mar 2025 −0.4 pp | Jun 2025 −0.1 pp | Sep 2025 −1.0 pp | Dec 2025 −1.5 pp | Mar 2026 −0.1 pp | Jun 2026 —
- AMSF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +1.4 pp | Mar 2023 +0.1 pp | Jun 2023 +0.8 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.3 pp | Sep 2024 +0.3 pp | Dec 2024 −0.4 pp | Mar 2025 −0.6 pp | Jun 2025 +0.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.2 pp | Mar 2026 0.0 pp | Jun 2026 +0.1 pp
- ITIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −4.0 pp | Mar 2023 −1.6 pp | Jun 2023 +1.6 pp | Sep 2023 −0.3 pp | Dec 2023 −0.5 pp | Mar 2024 +1.0 pp | Jun 2024 +0.3 pp | Sep 2024 +0.6 pp | Dec 2024 +0.8 pp | Mar 2025 −0.4 pp | Jun 2025 +1.0 pp | Sep 2025 +0.7 pp | Dec 2025 −0.3 pp | Mar 2026 +0.7 pp | Jun 2026 —
- MBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +3.3 pp | Mar 2023 −0.1 pp | Jun 2023 −0.9 pp | Sep 2023 −3.9 pp | Dec 2023 −3.9 pp | Mar 2024 −0.4 pp | Jun 2024 −6.5 pp | Sep 2024 +3.8 pp | Dec 2024 +2.8 pp | Mar 2025 +0.7 pp | Jun 2025 +6.9 pp | Sep 2025 +1.9 pp | Dec 2025 −0.4 pp | Mar 2026 +0.8 pp | Jun 2026 —
- OSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 +1.8 pp | Mar 2023 −0.5 pp | Jun 2023 −0.3 pp | Sep 2023 −2.6 pp | Dec 2023 −2.0 pp | Mar 2024 +0.1 pp | Jun 2024 −0.3 pp | Sep 2024 −1.2 pp | Dec 2024 +0.4 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 −0.3 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 —
- JRVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +1.7 pp | Mar 2023 0.0 pp | Jun 2023 +0.1 pp | Sep 2023 +0.6 pp | Dec 2023 +0.1 pp | Mar 2024 +0.3 pp | Jun 2024 +0.1 pp | Sep 2024 −1.3 pp | Dec 2024 −1.6 pp | Mar 2025 −0.2 pp | Jun 2025 −0.2 pp | Sep 2025 +0.8 pp | Dec 2025 +1.9 pp | Mar 2026 −0.4 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: AXIS Capital Holdings Limited leads roe at 5.9%; Ryan Specialty Holdings, Inc. leads roe change at +4 percentage points.

Investor read: AXIS Capital Holdings Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: AXIS Capital Holdings Limited · 5.9% | 3.5% versus #2 · AMERISAFE, Inc. | 7/8 recent comparable periods | 17/17 companies · 321 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. AXIS Capital Holdings Limited (AXS): 5.9%
2. AMERISAFE, Inc. (AMSF): 5.7%
3. First American Financial Corporation (FAF): 4.1%
4. NMI Holdings, Inc. (NMIH): 4.0%
5. Fidelity National Financial, Inc. (FNF): 3.9%

### ROE change — fastest improvers
1. Ryan Specialty Holdings, Inc. (RYAN): +4.0 pp
2. Octave Specialty Group, Inc. (OSG): +3.4 pp
3. Fidelity National Financial, Inc. (FNF): +2.8 pp
4. First American Financial Corporation (FAF): +1.2 pp
5. Investors Title Company (ITIC): +1.1 pp

### 20-quarter ROE history
- FNF: Sep 2021 18% | Dec 2021 12% | Mar 2022 4.9% | Jun 2022 7.0% | Sep 2022 4.9% | Dec 2022 -0.1% | Mar 2023 -1.2% | Jun 2023 3.8% | Sep 2023 8.0% | Dec 2023 -1.8% | Mar 2024 4.0% | Jun 2024 5.1% | Sep 2024 3.8% | Dec 2024 6.6% | Mar 2025 1.1% | Jun 2025 3.9% | Sep 2025 4.7% | Dec 2025 -1.0% | Mar 2026 3.9% | Jun 2026 —
- RYAN: Sep 2021 -10% | Dec 2021 8.9% | Mar 2022 5.8% | Jun 2022 21% | Sep 2022 4.5% | Dec 2022 6.5% | Mar 2023 4.9% | Jun 2023 10% | Sep 2023 1.8% | Dec 2023 6.5% | Mar 2024 4.5% | Jun 2024 12% | Sep 2024 2.8% | Dec 2024 4.1% | Mar 2025 -0.4% | Jun 2025 11% | Sep 2025 5.4% | Dec 2025 2.7% | Mar 2026 3.6% | Jun 2026 —
- AXS: Sep 2021 0.9% | Dec 2021 4.3% | Mar 2022 0.0% | Jun 2022 0.5% | Sep 2022 -0.1% | Dec 2022 0.0% | Mar 2023 4.2% | Jun 2023 4.2% | Sep 2023 5.0% | Dec 2023 -0.8% | Mar 2024 2.8% | Jun 2024 5.3% | Sep 2024 4.9% | Dec 2024 4.4% | Mar 2025 4.9% | Jun 2025 5.7% | Sep 2025 7.1% | Dec 2025 6.0% | Mar 2026 5.9% | Jun 2026 —
- FAF: Sep 2021 8.7% | Dec 2021 4.9% | Mar 2022 1.9% | Jun 2022 2.2% | Sep 2022 0.0% | Dec 2022 1.0% | Mar 2023 0.9% | Jun 2023 2.8% | Sep 2023 0.0% | Dec 2023 0.7% | Mar 2024 0.4% | Jun 2024 2.4% | Sep 2024 -2.1% | Dec 2024 1.5% | Mar 2025 0.6% | Jun 2025 2.9% | Sep 2025 3.6% | Dec 2025 4.1% | Mar 2026 2.4% | Jun 2026 4.1%
- ACT: Sep 2021 3.4% | Dec 2021 3.8% | Mar 2022 4.1% | Jun 2022 5.0% | Sep 2022 4.6% | Dec 2022 3.5% | Mar 2023 4.2% | Jun 2023 4.0% | Sep 2023 3.8% | Dec 2023 3.6% | Mar 2024 3.6% | Jun 2024 4.0% | Sep 2024 3.8% | Dec 2024 3.4% | Mar 2025 3.4% | Jun 2025 3.3% | Sep 2025 3.2% | Dec 2025 3.4% | Mar 2026 3.2% | Jun 2026 —
- MTG: Sep 2021 3.4% | Dec 2021 3.6% | Mar 2022 3.7% | Jun 2022 5.3% | Sep 2022 5.3% | Dec 2022 4.0% | Mar 2023 3.3% | Jun 2023 4.1% | Sep 2023 3.9% | Dec 2023 3.8% | Mar 2024 3.5% | Jun 2024 4.1% | Sep 2024 3.9% | Dec 2024 3.6% | Mar 2025 3.6% | Jun 2025 3.7% | Sep 2025 3.7% | Dec 2025 3.3% | Mar 2026 3.2% | Jun 2026 —
- ESNT: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 3.3% | Dec 2024 3.1% | Mar 2025 6.2% | Jun 2025 6.9% | Sep 2025 2.9% | Dec 2025 2.7% | Mar 2026 3.0% | Jun 2026 —
- RDN: Sep 2021 3.0% | Dec 2021 4.5% | Mar 2022 4.3% | Jun 2022 4.9% | Sep 2022 5.0% | Dec 2022 4.0% | Mar 2023 3.8% | Jun 2023 3.6% | Sep 2023 4.0% | Dec 2023 3.4% | Mar 2024 3.6% | Jun 2024 3.5% | Sep 2024 3.8% | Dec 2024 7.4% | Mar 2025 3.4% | Jun 2025 3.2% | Sep 2025 3.3% | Dec 2025 6.6% | Mar 2026 2.8% | Jun 2026 —
- AGO: Sep 2021 95% | Dec 2021 1,312% | Mar 2022 357% | Jun 2022 -119% | Sep 2022 24% | Dec 2022 3.1% | Mar 2023 3.6% | Jun 2023 4.6% | Sep 2023 6.0% | Dec 2023 6.9% | Mar 2024 2.0% | Jun 2024 1.5% | Sep 2024 3.2% | Dec 2024 0.4% | Mar 2025 3.3% | Jun 2025 1.9% | Sep 2025 2.0% | Dec 2025 2.4% | Mar 2026 1.5% | Jun 2026 —
- NMIH: Sep 2021 4.3% | Dec 2021 4.1% | Mar 2022 4.6% | Jun 2022 5.1% | Sep 2022 5.1% | Dec 2022 4.6% | Mar 2023 4.6% | Jun 2023 4.9% | Sep 2023 5.1% | Dec 2023 4.7% | Mar 2024 4.8% | Jun 2024 4.9% | Sep 2024 4.7% | Dec 2024 4.2% | Mar 2025 4.8% | Jun 2025 4.3% | Sep 2025 4.1% | Dec 2025 3.9% | Mar 2026 4.0% | Jun 2026 —
- EIG: Sep 2021 1.3% | Dec 2021 4.5% | Mar 2022 -0.2% | Jun 2022 -1.4% | Sep 2022 1.8% | Dec 2022 4.4% | Mar 2023 2.3% | Jun 2023 3.6% | Sep 2023 1.5% | Dec 2023 4.7% | Mar 2024 2.8% | Jun 2024 3.2% | Sep 2024 3.0% | Dec 2024 2.7% | Mar 2025 1.2% | Jun 2025 2.8% | Sep 2025 -0.8% | Dec 2025 -2.3% | Mar 2026 1.1% | Jun 2026 —
- TIPT: Sep 2021 0.9% | Dec 2021 0.3% | Mar 2022 -0.2% | Jun 2022 -4.7% | Sep 2022 4.4% | Dec 2022 1.3% | Mar 2023 0.7% | Jun 2023 2.2% | Sep 2023 1.7% | Dec 2023 0.0% | Mar 2024 2.8% | Jun 2024 3.8% | Sep 2024 3.4% | Dec 2024 0.0% | Mar 2025 -1.5% | Jun 2025 4.6% | Sep 2025 2.2% | Dec 2025 0.0% | Mar 2026 -1.0% | Jun 2026 —
- AMSF: Sep 2021 4.0% | Dec 2021 0.8% | Mar 2022 4.1% | Jun 2022 1.4% | Sep 2022 2.7% | Dec 2022 5.8% | Mar 2023 4.8% | Jun 2023 4.3% | Sep 2023 2.8% | Dec 2023 6.3% | Mar 2024 5.3% | Jun 2024 3.4% | Sep 2024 4.4% | Dec 2024 4.8% | Mar 2025 3.2% | Jun 2025 4.9% | Sep 2025 4.7% | Dec 2025 4.1% | Mar 2026 3.2% | Jun 2026 5.7%
- ITIC: Sep 2021 6.3% | Dec 2021 8.8% | Mar 2022 2.8% | Jun 2022 1.0% | Sep 2022 3.3% | Dec 2022 3.2% | Mar 2023 0.5% | Jun 2023 3.2% | Sep 2023 2.9% | Dec 2023 2.4% | Mar 2024 1.8% | Jun 2024 3.5% | Sep 2024 3.6% | Dec 2024 3.3% | Mar 2025 1.2% | Jun 2025 4.7% | Sep 2025 4.4% | Dec 2025 2.9% | Mar 2026 2.3% | Jun 2026 —
- MBI: Sep 2021 -286% | Dec 2021 205% | Mar 2022 25% | Jun 2022 9.5% | Sep 2022 6.8% | Dec 2022 10% | Mar 2023 12% | Jun 2023 8.7% | Sep 2023 18% | Dec 2023 11% | Mar 2024 6.6% | Jun 2024 17% | Sep 2024 3.2% | Dec 2024 2.7% | Mar 2025 3.2% | Jun 2025 2.7% | Sep 2025 0.4% | Dec 2025 2.6% | Mar 2026 1.9% | Jun 2026 —
- OSG: Sep 2021 1.5% | Dec 2021 -2.0% | Mar 2022 0.2% | Jun 2022 0.5% | Sep 2022 31% | Dec 2022 15% | Mar 2023 -2.9% | Jun 2023 -1.2% | Sep 2023 5.5% | Dec 2023 -1.2% | Mar 2024 1.5% | Jun 2024 0.0% | Sep 2024 -2.0% | Dec 2024 -34% | Mar 2025 -3.7% | Jun 2025 -6.0% | Sep 2025 -8.5% | Dec 2025 -1.8% | Mar 2026 -0.3% | Jun 2026 —
- JRVR: Sep 2021 -2.9% | Dec 2021 -8.7% | Mar 2022 1.4% | Jun 2022 1.0% | Sep 2022 -0.6% | Dec 2022 2.5% | Mar 2023 1.0% | Jun 2023 1.7% | Sep 2023 3.4% | Dec 2023 2.9% | Mar 2024 3.3% | Jun 2024 2.0% | Sep 2024 -5.5% | Dec 2024 -10% | Mar 2025 1.7% | Jun 2025 0.8% | Sep 2025 0.2% | Dec 2025 5.1% | Mar 2026 -1.4% | Jun 2026 —

### 20-quarter ROE change history
- FNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.0 pp | Dec 2022 −12.2 pp | Mar 2023 −6.1 pp | Jun 2023 −3.2 pp | Sep 2023 +3.1 pp | Dec 2023 −1.7 pp | Mar 2024 +5.2 pp | Jun 2024 +1.3 pp | Sep 2024 −4.2 pp | Dec 2024 +8.4 pp | Mar 2025 −2.9 pp | Jun 2025 −1.2 pp | Sep 2025 +0.9 pp | Dec 2025 −7.6 pp | Mar 2026 +2.8 pp | Jun 2026 —
- RYAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +14.9 pp | Dec 2022 −2.4 pp | Mar 2023 −0.9 pp | Jun 2023 −10.4 pp | Sep 2023 −2.7 pp | Dec 2023 0.0 pp | Mar 2024 −0.4 pp | Jun 2024 +1.5 pp | Sep 2024 +1.0 pp | Dec 2024 −2.4 pp | Mar 2025 −4.9 pp | Jun 2025 −0.6 pp | Sep 2025 +2.6 pp | Dec 2025 −1.4 pp | Mar 2026 +4.0 pp | Jun 2026 —
- AXS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −4.3 pp | Mar 2023 +4.2 pp | Jun 2023 +3.7 pp | Sep 2023 +5.1 pp | Dec 2023 −0.8 pp | Mar 2024 −1.4 pp | Jun 2024 +1.1 pp | Sep 2024 −0.1 pp | Dec 2024 +5.2 pp | Mar 2025 +2.1 pp | Jun 2025 +0.4 pp | Sep 2025 +2.2 pp | Dec 2025 +1.6 pp | Mar 2026 +1.0 pp | Jun 2026 —
- FAF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.7 pp | Dec 2022 −3.9 pp | Mar 2023 −1.0 pp | Jun 2023 +0.6 pp | Sep 2023 0.0 pp | Dec 2023 −0.3 pp | Mar 2024 −0.5 pp | Jun 2024 −0.4 pp | Sep 2024 −2.1 pp | Dec 2024 +0.8 pp | Mar 2025 +0.2 pp | Jun 2025 +0.5 pp | Sep 2025 +5.7 pp | Dec 2025 +2.6 pp | Mar 2026 +1.8 pp | Jun 2026 +1.2 pp
- ACT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 −0.3 pp | Mar 2023 +0.1 pp | Jun 2023 −1.0 pp | Sep 2023 −0.8 pp | Dec 2023 +0.1 pp | Mar 2024 −0.6 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −0.2 pp | Mar 2025 −0.2 pp | Jun 2025 −0.7 pp | Sep 2025 −0.6 pp | Dec 2025 0.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- MTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +0.4 pp | Mar 2023 −0.4 pp | Jun 2023 −1.2 pp | Sep 2023 −1.4 pp | Dec 2023 −0.2 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −0.2 pp | Mar 2025 +0.1 pp | Jun 2025 −0.4 pp | Sep 2025 −0.2 pp | Dec 2025 −0.3 pp | Mar 2026 −0.4 pp | Jun 2026 —
- ESNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +3.3 pp | Dec 2024 +3.1 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.4 pp | Dec 2025 −0.4 pp | Mar 2026 −3.2 pp | Jun 2026 —
- RDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 −0.5 pp | Mar 2023 −0.5 pp | Jun 2023 −1.3 pp | Sep 2023 −1.0 pp | Dec 2023 −0.6 pp | Mar 2024 −0.2 pp | Jun 2024 −0.1 pp | Sep 2024 −0.2 pp | Dec 2024 +4.0 pp | Mar 2025 −0.2 pp | Jun 2025 −0.3 pp | Sep 2025 −0.5 pp | Dec 2025 −0.8 pp | Mar 2026 −0.6 pp | Jun 2026 —
- AGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −71.4 pp | Dec 2022 −1,308.5 pp | Mar 2023 −353.5 pp | Jun 2023 +123.6 pp | Sep 2023 −17.8 pp | Dec 2023 +3.8 pp | Mar 2024 −1.6 pp | Jun 2024 −3.1 pp | Sep 2024 −2.8 pp | Dec 2024 −6.5 pp | Mar 2025 +1.3 pp | Jun 2025 +0.4 pp | Sep 2025 −1.2 pp | Dec 2025 +2.0 pp | Mar 2026 −1.8 pp | Jun 2026 —
- NMIH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.5 pp | Mar 2023 0.0 pp | Jun 2023 −0.2 pp | Sep 2023 0.0 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 −0.4 pp | Dec 2024 −0.5 pp | Mar 2025 0.0 pp | Jun 2025 −0.6 pp | Sep 2025 −0.6 pp | Dec 2025 −0.3 pp | Mar 2026 −0.8 pp | Jun 2026 —
- EIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −0.1 pp | Mar 2023 +2.5 pp | Jun 2023 +5.0 pp | Sep 2023 −0.3 pp | Dec 2023 +0.3 pp | Mar 2024 +0.5 pp | Jun 2024 −0.4 pp | Sep 2024 +1.5 pp | Dec 2024 −2.0 pp | Mar 2025 −1.6 pp | Jun 2025 −0.4 pp | Sep 2025 −3.8 pp | Dec 2025 −5.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- TIPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 +1.0 pp | Mar 2023 +0.9 pp | Jun 2023 +6.9 pp | Sep 2023 −2.7 pp | Dec 2023 −1.3 pp | Mar 2024 +2.1 pp | Jun 2024 +1.6 pp | Sep 2024 +1.7 pp | Dec 2024 0.0 pp | Mar 2025 −4.3 pp | Jun 2025 +0.8 pp | Sep 2025 −1.2 pp | Dec 2025 0.0 pp | Mar 2026 +0.5 pp | Jun 2026 —
- AMSF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 +5.0 pp | Mar 2023 +0.7 pp | Jun 2023 +2.9 pp | Sep 2023 +0.1 pp | Dec 2023 +0.5 pp | Mar 2024 +0.5 pp | Jun 2024 −0.9 pp | Sep 2024 +1.6 pp | Dec 2024 −1.5 pp | Mar 2025 −2.1 pp | Jun 2025 +1.5 pp | Sep 2025 +0.3 pp | Dec 2025 −0.7 pp | Mar 2026 0.0 pp | Jun 2026 +0.8 pp
- ITIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.0 pp | Dec 2022 −5.6 pp | Mar 2023 −2.3 pp | Jun 2023 +2.2 pp | Sep 2023 −0.4 pp | Dec 2023 −0.8 pp | Mar 2024 +1.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.7 pp | Dec 2024 +0.9 pp | Mar 2025 −0.6 pp | Jun 2025 +1.2 pp | Sep 2025 +0.8 pp | Dec 2025 −0.4 pp | Mar 2026 +1.1 pp | Jun 2026 —
- MBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +292.8 pp | Dec 2022 −195.1 pp | Mar 2023 −13.3 pp | Jun 2023 −0.8 pp | Sep 2023 +11.1 pp | Dec 2023 +0.8 pp | Mar 2024 −5.3 pp | Jun 2024 +8.5 pp | Sep 2024 −14.7 pp | Dec 2024 −8.3 pp | Mar 2025 −3.4 pp | Jun 2025 −14.5 pp | Sep 2025 −2.8 pp | Dec 2025 −0.1 pp | Mar 2026 −1.3 pp | Jun 2026 —
- OSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +29.5 pp | Dec 2022 +16.5 pp | Mar 2023 −3.1 pp | Jun 2023 −1.7 pp | Sep 2023 −25.5 pp | Dec 2023 −15.7 pp | Mar 2024 +4.4 pp | Jun 2024 +1.2 pp | Sep 2024 −7.5 pp | Dec 2024 −32.9 pp | Mar 2025 −5.2 pp | Jun 2025 −6.0 pp | Sep 2025 −6.5 pp | Dec 2025 +32.3 pp | Mar 2026 +3.4 pp | Jun 2026 —
- JRVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 +11.2 pp | Mar 2023 −0.4 pp | Jun 2023 +0.7 pp | Sep 2023 +4.0 pp | Dec 2023 +0.4 pp | Mar 2024 +2.3 pp | Jun 2024 +0.3 pp | Sep 2024 −8.9 pp | Dec 2024 −12.9 pp | Mar 2025 −1.6 pp | Jun 2025 −1.2 pp | Sep 2025 +5.7 pp | Dec 2025 +15.1 pp | Mar 2026 −3.1 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/17 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: AXIS Capital Holdings Limited has the lowest comparable P/BV ÷ ROE at 0.2×, 25.9% below NMI Holdings, Inc.. Only 13 of 17 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: AXIS Capital Holdings Limited · 0.2× | 25.9% versus #2 · NMI Holdings, Inc. | 0/8 recent comparable periods | 13/17 companies · 250 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. AXIS Capital Holdings Limited (AXS): 0.2
2. NMI Holdings, Inc. (NMIH): 0.3
3. First American Financial Corporation (FAF): 0.3
4. Essent Group Ltd. (ESNT): 0.3
5. Radian Group Inc. (RDN): 0.3

### P/BV — lowest P/BV
1. MBIA Inc. (MBI): -0.1
2. Octave Specialty Group, Inc. (OSG): 0.3
3. James River Group Holdings, Inc. (JRVR): 0.6
4. Assured Guaranty Ltd. (AGO): 0.7
5. Employers Holdings, Inc. (EIG): 0.9

### 20-quarter P/BV ÷ ROE history
- FNF: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.2 | Dec 2023 — | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.6 | Dec 2024 0.3 | Mar 2025 2.1 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 — | Mar 2026 0.4 | Jun 2026 —
- RYAN: Sep 2021 — | Dec 2021 1.5 | Mar 2022 2.0 | Jun 2022 0.5 | Sep 2022 2.3 | Dec 2022 1.5 | Mar 2023 1.8 | Jun 2023 0.9 | Sep 2023 5.9 | Dec 2023 1.4 | Mar 2024 2.6 | Jun 2024 1.0 | Sep 2024 4.7 | Dec 2024 3.1 | Mar 2025 — | Jun 2025 1.3 | Sep 2025 2.1 | Dec 2025 3.8 | Mar 2026 1.9 | Jun 2026 —
- AXS: Sep 2021 0.8 | Dec 2021 0.2 | Mar 2022 — | Jun 2022 2.1 | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —
- FAF: Sep 2021 0.2 | Dec 2021 0.3 | Mar 2022 0.7 | Jun 2022 0.5 | Sep 2022 — | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 0.4 | Sep 2023 — | Dec 2023 2.0 | Mar 2024 3.3 | Jun 2024 0.5 | Sep 2024 — | Dec 2024 0.9 | Mar 2025 2.3 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.5 | Jun 2026 0.3
- ACT: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —
- MTG: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 —
- ESNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.4 | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 —
- RDN: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.2 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 — | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.2 | Mar 2026 0.3 | Jun 2026 —
- AGO: Sep 2021 0.0 | Dec 2021 0.0 | Mar 2022 0.0 | Jun 2022 — | Sep 2022 0.0 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.2 | Dec 2024 2.1 | Mar 2025 0.2 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.4 | Jun 2026 —
- NMIH: Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.2 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —
- EIG: Sep 2021 0.7 | Dec 2021 0.2 | Mar 2022 — | Jun 2022 — | Sep 2022 0.6 | Dec 2022 0.3 | Mar 2023 0.5 | Jun 2023 0.3 | Sep 2023 0.8 | Dec 2023 0.2 | Mar 2024 0.4 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 1.0 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —
- TIPT: Sep 2021 1.0 | Dec 2021 4.1 | Mar 2022 — | Jun 2022 — | Sep 2022 0.2 | Dec 2022 1.0 | Mar 2023 1.9 | Jun 2023 0.6 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 0.4 | Sep 2025 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AMSF: Sep 2021 0.6 | Dec 2021 3.3 | Mar 2022 0.6 | Jun 2022 1.9 | Sep 2022 0.9 | Dec 2022 0.5 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 1.0 | Dec 2023 0.5 | Mar 2024 0.6 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 1.2 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.8 | Jun 2026 0.4
- ITIC: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 0.6 | Jun 2022 1.3 | Sep 2022 0.3 | Dec 2022 0.4 | Mar 2023 2.4 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.5 | Mar 2024 0.7 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.5 | Mar 2025 1.5 | Jun 2025 0.3 | Sep 2025 0.4 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 —
- OSG: Sep 2021 0.4 | Dec 2021 — | Mar 2022 2.7 | Jun 2022 1.3 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 — | Jun 2023 — | Sep 2023 0.1 | Dec 2023 — | Mar 2024 0.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JRVR: Sep 2021 — | Dec 2021 — | Mar 2022 1.0 | Jun 2022 1.6 | Sep 2022 — | Dec 2022 0.6 | Mar 2023 1.3 | Jun 2023 0.7 | Sep 2023 0.3 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.3 | Sep 2024 — | Dec 2024 — | Mar 2025 0.2 | Jun 2025 0.7 | Sep 2025 2.6 | Dec 2025 0.1 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- FNF: Sep 2021 1.3 | Dec 2021 1.5 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.8 | Dec 2023 2.0 | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 2.0 | Mar 2025 2.3 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 1.7 | Jun 2026 —
- RYAN: Sep 2021 11.9 | Dec 2021 12.9 | Mar 2022 11.5 | Jun 2022 10.7 | Sep 2022 10.3 | Dec 2022 9.8 | Mar 2023 9.0 | Jun 2023 9.3 | Sep 2023 10.5 | Dec 2023 9.1 | Mar 2024 11.9 | Jun 2024 11.4 | Sep 2024 13.1 | Dec 2024 12.8 | Mar 2025 17.2 | Jun 2025 14.2 | Sep 2025 11.5 | Dec 2025 10.3 | Mar 2026 6.8 | Jun 2026 —
- AXS: Sep 2021 0.7 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.2 | Jun 2026 —
- FAF: Sep 2021 1.3 | Dec 2021 1.5 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 1.4 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 1.2
- ACT: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 —
- MTG: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.1 | Jun 2026 —
- ESNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 — | Jun 2023 — | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 — | Jun 2024 — | Sep 2024 1.2 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- RDN: Sep 2021 1.0 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 — | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 —
- AGO: Sep 2021 0.5 | Dec 2021 0.5 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.9 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 —
- NMIH: Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.5 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.1 | Jun 2026 —
- EIG: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 1.2 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.0 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 —
- TIPT: Sep 2021 0.9 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.4 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.7 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.3 | Jun 2026 —
- AMSF: Sep 2021 2.3 | Dec 2021 2.6 | Mar 2022 2.4 | Jun 2022 2.6 | Sep 2022 2.4 | Dec 2022 3.1 | Mar 2023 2.8 | Jun 2023 3.0 | Sep 2023 2.9 | Dec 2023 3.1 | Mar 2024 3.2 | Jun 2024 2.8 | Sep 2024 2.9 | Dec 2024 3.8 | Mar 2025 3.8 | Jun 2025 3.1 | Sep 2025 3.0 | Dec 2025 2.9 | Mar 2026 2.5 | Jun 2026 2.5
- ITIC: Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.3 | Sep 2024 1.6 | Dec 2024 1.8 | Mar 2025 1.8 | Jun 2025 1.5 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 —
- MBI: Sep 2021 -4.1 | Dec 2021 -2.8 | Mar 2022 -1.5 | Jun 2022 -0.9 | Sep 2022 -0.6 | Dec 2022 -0.8 | Mar 2023 -0.6 | Jun 2023 -0.5 | Sep 2023 -0.3 | Dec 2023 -0.2 | Mar 2024 -0.2 | Jun 2024 -0.1 | Sep 2024 -0.1 | Dec 2024 -0.2 | Mar 2025 -0.1 | Jun 2025 -0.1 | Sep 2025 -0.2 | Dec 2025 -0.2 | Mar 2026 -0.1 | Jun 2026 —
- OSG: Sep 2021 0.6 | Dec 2021 0.7 | Mar 2022 0.5 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.6 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.3 | Jun 2026 —
- JRVR: Sep 2021 1.7 | Dec 2021 1.5 | Mar 2022 1.4 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.6 | Jun 2026 —

## Market action

Investors Title Company has the strongest one-year price move in Insurance - Specialty at +38.2%. First American Financial Corporation leads on Mansfield relative strength against the S&P 500 at +12.5%. 9 of 17 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Investors Title Company (ITIC): 38%
2. Enact Holdings, Inc. (ACT): 37%
3. First American Financial Corporation (FAF): 31%
4. AXIS Capital Holdings Limited (AXS): 28%
5. Employers Holdings, Inc. (EIG): 28%

### Strongest relative strength versus NIFTY 500
1. First American Financial Corporation (FAF): 12%
2. Enact Holdings, Inc. (ACT): 10%
3. AXIS Capital Holdings Limited (AXS): 9.3%
4. Employers Holdings, Inc. (EIG): 8.2%
5. Investors Title Company (ITIC): 7.5%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Fidelity National Financial, Inc. (FNF) — market value ₹14.6K Cr; latest fundamentals Mar 2026
- Ryan Specialty Holdings, Inc. (RYAN) — market value ₹12.1K Cr; latest fundamentals Mar 2026
- AXIS Capital Holdings Limited (AXS) — market value ₹8.8K Cr; latest fundamentals Mar 2026
- First American Financial Corporation (FAF) — market value ₹8.1K Cr; latest fundamentals Jun 2026
- Enact Holdings, Inc. (ACT) — market value ₹6.7K Cr; latest fundamentals Mar 2026
- MGIC Investment Corporation (MTG) — market value ₹6.5K Cr; latest fundamentals Mar 2026
- Essent Group Ltd. (ESNT) — market value ₹6.2K Cr; latest fundamentals Mar 2026
- Radian Group Inc. (RDN) — market value ₹5.2K Cr; latest fundamentals Mar 2026
- Assured Guaranty Ltd. (AGO) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- NMI Holdings, Inc. (NMIH) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Employers Holdings, Inc. (EIG) — market value ₹912 Cr; latest fundamentals Mar 2026
- Tiptree Inc. (TIPT) — market value ₹678 Cr; latest fundamentals Mar 2026
- AMERISAFE, Inc. (AMSF) — market value ₹567 Cr; latest fundamentals Jun 2026
- Investors Title Company (ITIC) — market value ₹549 Cr; latest fundamentals Mar 2026
- MBIA Inc. (MBI) — market value ₹278 Cr; latest fundamentals Mar 2026
- Octave Specialty Group, Inc. (OSG) — market value ₹261 Cr; latest fundamentals Mar 2026
- James River Group Holdings, Inc. (JRVR) — market value ₹222 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Insurance - Specialty company is the biggest?

Fidelity National Financial, Inc. is the largest, with trailing-twelve-month income of $14,942 million, ahead of AXIS Capital Holdings Limited at $6,685 million. That covers 14 of 17 companies with comparable reporting through Mar 2026.

### Which Insurance - Specialty company is growing fastest?

MBIA Inc. has the fastest income growth at 100% year on year, across 14 of 17 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Insurance - Specialty company makes the most profit?

AXIS Capital Holdings Limited earns the most, at $1,516 million of trailing-twelve-month net profit, from 15 of 17 comparable companies. AXIS Capital Holdings Limited has the fastest profit growth at 39.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Insurance - Specialty company earns the highest return on capital?

Enact Holdings, Inc. leads on return on assets at 3%, across 13 of 17 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Insurance - Specialty stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — AXIS Capital Holdings Limited screens cheapest at 0.2×. Only 13 of 17 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Insurance - Specialty sector beating the market?

Insurance - Specialty has underperformed S&P 500 by 8.9% over the last 52 weeks and 10.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 17 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Insurance - Specialty stock has the strongest price momentum?

First American Financial Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Insurance - Specialty company scores highest for research priority?

AXIS Capital Holdings Limited scores 62 out of 100 with 76% evidence confidence, from 22.5 points on growth and earnings, 13.5 on capital efficiency, 8.5 on valuation and 17.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Insurance - Specialty companies does this comparison cover, and over what period?

It compares 17 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Insurance - Specialty sector?

The 17 Insurance - Specialty companies on this page carry $78,745 million of combined market value. Fidelity National Financial, Inc. is the largest at $14,561 million, about 18% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Insurance - Specialty sector's P/B ratio?

The median price-to-book ratio across the 17 Insurance - Specialty companies on this page is 1.1×, measured on the 16 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Insurance - Specialty sector performing?

9 of the 17 covered Insurance - Specialty companies are beating S&P 500 on Mansfield relative strength. The sector itself is 8.9% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Insurance - Specialty stocks are listed in the US?

This comparison covers 17 listed Insurance - Specialty companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/insurance-specialty