The improvement was fuelled by rising personal auto results and robust investment income, which more than offset heavier catastrophe claims. Moody’s also pointed out that reserve releases, particularly in personal auto and workers’ compensation, provided further support to overall earnings. Moody’s reported that their weighted average combined ratio climbed to 108.0% from 105.4% the year before, with catastrophe costs accounting for the increase. In personal auto, Moody’s observed steady improvement in underwriting results. Seven insurers analysed by the firm grew personal auto premiums by 10% in the first half of 2025 through both rate hikes and larger policy counts.