Arch Capital (NASDAQ: ACGL) lifts Q4 2025 profit, ROE and book value

Rhea-AI Filing Summary

Arch Capital Group Ltd. reported very strong fourth quarter 2025 results. Net income available to common shareholders rose to $1.228 billion, or $3.35 per diluted share, up from $925 million, or $2.42, a year earlier. After-tax operating income reached $1.092 billion, or $2.98 per diluted share.

Underwriting performance was robust: underwriting income increased to $827 million with a consolidated combined ratio of 80.6%, improving from 85.0%. Insurance, reinsurance and mortgage all generated underwriting profits, with the mortgage segment posting a 13.7% combined ratio.

Pre-tax net investment income grew to $434 million, and net realized gains were $22 million versus a loss in the prior year period. The company repurchased $798 million of common shares, and book value per common share increased to $65.11 at December 31, 2025, up 4.5% from September 30, 2025.

Positive

• Strong earnings growth and returns: Q4 2025 net income available to common shareholders rose to $1.228 billion (EPS $3.35) and after-tax operating income to $1.092 billion (EPS $2.98), delivering a 21.2% annualized net income ROE and 18.9% operating ROE.
• Improved underwriting and capital strength: Underwriting income increased to $827 million with the combined ratio improving to 80.6%, while $798 million of share repurchases helped lift book value per share 4.5% in the quarter to $65.11.

Negative

• None.

Insights

Equity & insurance analyst

Arch delivered exceptional Q4 2025 profitability with stronger underwriting, higher investment income and aggressive capital return.

Arch Capital produced net income of $1.228 billion and after-tax operating income of $1.092 billion, both sharply above the prior year. The consolidated combined ratio improved to 80.6%, showing strong underwriting across insurance, reinsurance and mortgage, while pre-tax net investment income rose to $434 million.

Segment data highlight broad-based strength: reinsurance posted a 77.0% combined ratio and insurance improved to 94.0%, helped by lower catastrophe losses and continued favorable prior-year reserve development. The mortgage segment remained highly profitable with a 13.7% combined ratio, even as favorable reserve development moderated slightly versus 2024.

Capital deployment was meaningful. The company repurchased $798 million of stock in the quarter, and book value per common share increased 4.5% to $65.11 at December 31, 2025. Annualized net income return on average common equity of 21.2% and operating return of 18.9% underscore very strong profitability for this period.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

February 9, 2026

Date of Report (Date of earliest event reported) 

Arch Capital Group Ltd.

(Exact name of registrant as specified in its charter)

Bermuda

001-16209

98-0374481

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

Waterloo House, Ground Floor, 100 Pitts Bay Road, Pembroke HM 08, Bermuda

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:

(441) 278-9250

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading Symbol (s)

Name of each exchange on which registered

Common shares, $0.0011 par value per share

ACGL

NASDAQ

Stock Market

Depositary shares, each representing a 1/1,000th interest in a 5.45% Series F preferred share

ACGLO

NASDAQ

Stock Market

Depositary shares, each representing a 1/1,000th interest in a 4.55% Series G preferred share

ACGLN

NASDAQ

Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

ITEM 2.02    Results of Operations and Financial Condition.

On February 9, 2026 Arch Capital Group Ltd. issued a press release reporting its earnings and the availability of its financial supplement for the quarter ended December 31, 2025. The press release and financial supplement are attached to this Current Report on Form 8-K as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01    Financial Statements and Exhibits.

(d):     The following exhibits are being filed herewith.

EXHIBIT NO.						DESCRIPTION
99.1						Press Release dated February 9, 2026 announcing the earnings of Arch Capital Group Ltd. for the quarter ended December 31, 2025
99.2						2025 Fourth Quarter Financial Supplement
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ARCH CAPITAL GROUP LTD.
Date: February 9, 2026			By:			/s/ François Morin
						Name:			François Morin
						Title:			Executive Vice President, Chief Financial Officer and Treasurer

3

						EXHIBIT 99.1
			PRESS RELEASE			Arch Capital Group Ltd.
			NASDAQ Symbol: ACGL			Waterloo House, Ground Floor
			For Immediate Release			100 Pitts Bay Road
			February 9, 2026			Pembroke HM 08 Bermuda

ARCH CAPITAL GROUP LTD. REPORTS 2025 FOURTH QUARTER RESULTS

PEMBROKE, BERMUDA--(BUSINESS WIRE)--Arch Capital Group Ltd. (NASDAQ: ACGL; “Arch,” “our” or “the Company”) announces its 2025 fourth quarter results. The results included:

•Net income available to Arch common shareholders of $1.2 billion, or $3.35 per share, representing a 21.2% annualized net income return on average common equity, compared to net income available to Arch common shareholders of $925 million, or $2.42 per share, for the 2024 fourth quarter.

•After-tax operating income available to Arch common shareholders(1) of $1.1 billion, or $2.98 per share, representing an 18.9% annualized operating return on average common equity(1), compared to $866 million, or $2.26 per share, for the 2024 fourth quarter.

•Pre-tax current accident year catastrophic losses for the Company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, of $164 million.

•Favorable development in prior year loss reserves, net of related adjustments, of $118 million.

•Combined ratio excluding catastrophic activity and prior year development(1) of 79.5%, compared to 79.0% for the 2024 fourth quarter.

•Share repurchases of $798 million.

•Book value per common share of $65.11 at December 31, 2025, a 4.5% increase from September 30, 2025.

“Our 2025 financial performance was outstanding, once again demonstrating the value of our diversified platform and our ability to effectively execute our cycle management strategy. I want to thank each of our 8,000+ employees for making these fantastic results possible,” Arch CEO Nicolas Papadopoulo said. “We enter 2026 with optimism in our ability to continue delivering superior results for our shareholders.”

All earnings per share amounts discussed in this release are on a diluted basis. The following table summarizes the Company’s underwriting results:

(U.S. Dollars in millions)									Three Months Ended December 31,
																					2025						2024						% Change
Gross premiums written																					$	4,809					$	4,756					1.1
Net premiums written																					3,649						3,819						(4.5)
Net premiums earned																					4,255						4,143						2.7
Underwriting income																					827						625						32.3
Underwriting Ratios																																	% Point Change
Loss ratio																					53.6		%				57.5		%				(3.9)
Underwriting expense ratio (2)																					27.0		%				27.5		%				(0.5)
Combined ratio																					80.6		%				85.0		%				(4.4)
Combined ratio excluding catastrophic activity and prior year development (1)																					79.5		%				79.0		%				0.5

(1)    See ‘Comments on Non-GAAP Financial Measures’ for further details.

(2)    The ‘Underwriting expense ratio’ for the 2025 period includes ‘Other underwriting income.’ See ‘Comments on Non-GAAP Financial Measures’ for further details.

1

The following table summarizes the Company’s consolidated financial data, including a reconciliation of net income or loss available to Arch common shareholders to after-tax operating income or loss available to Arch common shareholders and related diluted per share results (see ‘Comments on Non-GAAP Financial Measures’ for further details):

(U.S. Dollars in millions, except per share data)			Three Months Ended
			December 31,
			2025						2024
Net income available to Arch common shareholders			$	1,228					$	925
Net realized (gains) losses (1)			(22)						161
Equity in net (income) of investments accounted for using the equity method			(155)						(143)
Net foreign exchange (gains) losses			6						(106)
Transaction costs and other			26						26
Income tax expense (benefit) (2)			9						3
After-tax operating income available to Arch common shareholders			$	1,092					$	866
Diluted per common share results:
Net income available to Arch common shareholders			$	3.35					$	2.42
Net realized (gains) losses (1)			(0.06)						0.41
Equity in net (income) of investments accounted for using the equity method			(0.42)						(0.37)
Net foreign exchange (gains) losses			0.02						(0.28)
Transaction costs and other			0.07						0.07
Income tax expense (benefit) (2)			0.02						0.01
After-tax operating income available to Arch common shareholders			$	2.98					$	2.26
Weighted average common shares and common share equivalents outstanding — diluted			366.6						382.8
Beginning common shareholders’ equity			$	22,889					$	21,444
Ending common shareholders’ equity			23,376						19,990
Average common shareholders’ equity			$	23,133					$	20,717
Annualized net income return on average common equity			21.2		%				17.9		%
Annualized operating return on average common equity			18.9		%				16.7		%

(1)    Net realized gains or losses include realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from the acquisition or disposition of subsidiaries.

(2)    Income tax expense (benefit) on net realized gains or losses, equity in net income of investments accounted for using the equity method, net foreign exchange gains or losses and transaction costs and other reflects the relative mix reported by jurisdiction and the varying tax rates in each jurisdiction.

2

Segment Information

The following section provides analysis on the Company’s 2025 fourth quarter performance by reportable segments. For additional details regarding the Company’s reportable segments, please refer to the Company’s Financial Supplement dated December 31, 2025. On August 1, 2024, the insurance segment completed the acquisition of the U.S. MidCorp and Entertainment insurance businesses from Allianz (“MCE Acquisition”). The Company’s segment information includes the use of underwriting income (loss) and a combined ratio excluding catastrophic activity and prior year development (see ‘Comments on Non-GAAP Financial Measures’ for further details).

Insurance Segment

			Three Months Ended December 31,
(U.S. Dollars in millions)			2025						2024						% Change
Gross premiums written			$	2,542					$	2,484					2.3
Net premiums written			1,876						1,954						(4.0)
Net premiums earned			1,973						1,933						2.1
Other underwriting income			11						—						n/m
Underwriting income			$	119					$	30					296.7
Underwriting Ratios															% Point Change
Loss ratio			60.6		%				66.3		%				(5.7)
Underwriting expense ratio			33.4		%				32.2		%				1.2
Combined ratio			94.0		%				98.5		%				(4.5)
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums			3.3		%				8.3		%				(5.0)
Net (favorable) adverse development in prior year loss reserves, net of related adjustments
Loss ratio impact			(0.2)		%				(0.3)		%				0.1
Underwriting expense ratio impact			0.1		%				0.2		%				(0.1)
Total impact			(0.1)		%				(0.1)		%				—
Combined ratio excluding catastrophic activity and prior year development			90.8		%				90.3		%				0.5

Gross premiums written by the insurance segment in the 2025 fourth quarter were 2.3% higher than in the 2024 fourth quarter, while net premiums written were 4.0% lower than in the 2024 fourth quarter. In North America, we grew our gross premiums written in long-tail lines such as other liability-occurrence, other liability-claims made, and commercial automobile, while gross premium volume decreased for property and short-tail specialty. Changes in net premiums written were impacted by the timing of ceded written premium accruals related to the MCE acquisition in the prior year quarter, and changes in business mix resulting from different levels of net-to-gross retention ratios. We grew our gross and our net premium volume in our International operations, as increases in casualty and other lines were partially offset by small reductions in property and short-tail specialty. Net premiums earned in the 2025 fourth quarter were 2.1% higher than in the 2024 fourth quarter and reflect changes in net premiums written over the previous five quarters.

The 2025 fourth quarter loss ratio reflected 3.3 points of current year catastrophic activity, compared to 8.3 points of catastrophic activity in the 2024 fourth quarter. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 0.2 points in the 2025 fourth quarter, compared to 0.3 points in the 2024 fourth quarter.

The underwriting expense ratio was 33.4% in the 2025 fourth quarter, compared to 32.2% in the 2024 fourth quarter. In the 2024 fourth quarter, the impact of the MCE Acquisition lowered the underwriting expense ratio by approximately 290 basis points, primarily due to the effects of the fair value estimation of the assets acquired at closing, including the non-recognition of deferred acquisition costs.

3

Reinsurance Segment

			Three Months Ended December 31,
(U.S. Dollars in millions)			2025						2024						% Change
Gross premiums written			$	1,944					$	1,941					0.2
Net premiums written			1,506						1,588						(5.2)
Net premiums earned			1,992						1,904						4.6
Other underwriting income			36						4						800.0
Underwriting income			$	458					$	328					39.6
Underwriting Ratios															% Point Change
Loss ratio			54.5		%				58.9		%				(4.4)
Underwriting expense ratio			22.5		%				24.1		%				(1.6)
Combined ratio			77.0		%				83.0		%				(6.0)
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums			5.0		%				12.2		%				(7.2)
Net (favorable) adverse development in prior year loss reserves, net of related adjustments
Loss ratio impact			(3.5)		%				(3.8)		%				0.3
Underwriting expense ratio impact			0.6		%				(0.2)		%				0.8
Total impact			(2.9)		%				(4.0)		%				1.1
Combined ratio excluding catastrophic activity and prior year development			74.9		%				74.8		%				0.1

Gross premiums written by the reinsurance segment in the 2025 fourth quarter were 0.2% higher than in the 2024 fourth quarter, while net premiums written were 5.2% lower than in the 2024 fourth quarter. We grew our gross premiums written in most lines of business, as a result of new business opportunities and share increases. The only exception was in other specialty, primarily due to the non-renewal of a large transaction. Changes in net premiums written this quarter followed a similar direction to gross premiums written, with the exception of property catastrophe that was impacted by a change in the timing of certain retrocession purchases. Net premiums earned in the 2025 fourth quarter were 4.6% higher than in the 2024 fourth quarter and reflect changes in net premiums written over the previous five quarters.

The 2025 fourth quarter loss ratio reflected 5.4 points of current year catastrophic activity, compared to 12.9 points of current year catastrophic activity in the 2024 fourth quarter. Estimated net favorable development of prior year loss reserves, before related adjustments, reduced the loss ratio by 3.5 points in the 2025 fourth quarter, compared to 3.8 points in the 2024 fourth quarter. The balance of the change in the loss ratio resulted, in part, from a higher level of attritional losses and changes in the mix of business.

The underwriting expense ratio was 22.5% in the 2025 fourth quarter, compared to 24.1% in the 2024 fourth quarter, with the decrease primarily reflecting a full year benefit of qualified refundable tax credits (“QRTCs”) under the recently enacted Bermuda Tax Credit Act 2025.

4

Mortgage Segment

			Three Months Ended December 31,
(U.S. Dollars in millions)			2025						2024						% Change
Gross premiums written			$	326					$	331					(1.5)
Net premiums written			267						277						(3.6)
Net premiums earned			290						306						(5.2)
Other underwriting income			5						2						150.0
Underwriting income			$	250					$	267					(6.4)
Underwriting Ratios															% Point Change
Loss ratio			(0.8)		%				(5.9)		%				5.1
Underwriting expense ratio			14.5		%				19.3		%				(4.8)
Combined ratio			13.7		%				13.4		%				0.3
Prior year development:
Net (favorable) adverse development in prior year loss reserves, net of related adjustments
Loss ratio impact			(19.4)		%				(20.2)		%				0.8
Underwriting expense ratio impact			(0.9)		%				(2.1)		%				1.2
Total impact			(20.3)		%				(22.3)		%				2.0
Combined ratio excluding prior year development			34.0		%				35.7		%				(1.7)

Gross premiums written by the mortgage segment in the 2025 fourth quarter were 1.5% lower than in the 2024 fourth quarter, while net premiums written were 3.6% lower than in the 2024 fourth quarter. The reduction in net premiums written in the 2025 fourth quarter primarily reflected lower U.S. monthly premium volume.

Estimated net favorable development of prior year loss reserves, before related adjustments, decreased the loss ratio by 19.4 points, compared to 20.2 points in the 2024 fourth quarter. Such amounts were primarily related to better than expected cure rates.

The underwriting expense ratio was 14.5% in the 2025 fourth quarter, compared to 19.3% in the 2024 fourth quarter. The 2024 fourth quarter reflected a higher level of operating expenses related to a one-time voluntary separation program costs.

5

Corporate

The Company’s results include net investment income, net realized gains or losses (which includes realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from the acquisition or disposition of subsidiaries), equity in net income or loss of investments accounted for using the equity method, other income (loss), corporate benefit (expenses), transaction costs and other, amortization of intangible assets, interest expense, net foreign exchange gains or losses, income tax items, income or loss from operating affiliates and items related to the Company’s non-cumulative preferred shares.

Investment returns were as follows:

(U.S. Dollars in millions, except per share data)									Three Months Ended
																					December 31,						September 30,						December 31,
																					2025						2025						2024
Pre-tax net investment income																					$	434					$	408					$	405
Per share																					$	1.18					$	1.08					$	1.06
Equity in net income of investments accounted for using the equity method																					$	155					$	134					$	143
Per share																					$	0.42					$	0.36					$	0.37
Pre-tax investment income yield, at amortized cost (1)																					4.22		%				4.07		%				4.32		%
Total return on investments (2)																					1.36		%				1.80		%				(1.05)		%

(1)    Presented on an annualized basis and excluding the impact of investments for which returns are not included within investment income, such as investments accounted for using the equity method and certain equities.

(2)    See ‘Comments on Non-GAAP Financial Measures’ for further details.

Net investment income for the 2025 fourth quarter primarily reflected growth in average invested assets, due in part to strong operating cash flows. Net realized gains were $22 million for the 2025 fourth quarter, compared to net realized loss of $161 million in the 2024 fourth quarter, and were primarily the result of financial market movements on the Company’s equity securities, investments accounted for under the fair value option method and derivatives.

Corporate expenses for the 2025 fourth quarter were a benefit of $50 million, compared to an expense of $31 million for the 2024 fourth quarter. Such expenses primarily represent certain holding company costs necessary to support our worldwide operations and costs associated with operating as a publicly traded company. The 2025 fourth quarter benefit reflected a full year impact of QRTCs.

Amortization of intangible assets was $47 million for the 2025 fourth quarter, compared to $99 million for the 2024 fourth quarter. Both periods reflected the amortization of intangible assets related to the MCE Acquisition, including intangible assets attributed to value of business acquired and distribution relationships.

On a pre-tax basis, net foreign exchange losses were $6 million for the 2025 fourth quarter, compared to net foreign exchange gains of $106 million for the 2024 fourth quarter. For both periods, such amounts were primarily unrealized and resulted from the effects of revaluing the Company’s net insurance liabilities required to be settled in foreign currencies at each balance sheet date. Changes in the value of available-for-sale investments held in foreign currencies due to foreign currency rate movements are reflected as a direct increase or decrease to shareholders’ equity and are not included in the consolidated statements of income.

The Company’s effective tax rate on income before income taxes was 14.5% for the 2025 fourth quarter, compared to 6.6% for the 2024 fourth quarter. The Company’s effective tax rate on pre-tax operating income available to Arch common shareholders was 15.4% for the 2025 fourth quarter, compared to 6.7% for the 2024 fourth quarter. The effective tax rate may fluctuate from period to period based upon the relative mix of income or loss reported by jurisdiction, the level of catastrophic loss activity incurred, and the varying tax rates in each jurisdiction. The higher rates for the 2025 fourth quarter primarily reflected the impact of Bermuda’s Corporate Income Tax Act 2023.

Income from operating affiliates for the 2025 fourth quarter was $61 million, or $0.17 per share, compared to $64 million, or $0.17 per share, for the 2024 fourth quarter, and primarily reflects amounts related to the Company’s investment in Somers Group Holdings Ltd. and Coface SA.

6

Conference Call

The Company will hold a conference call for investors and analysts at 10:00 a.m. Eastern Time on February 10, 2026. A live webcast of this call will be available via the Investors section of the Company’s website at http://www.archgroup.com/investors. A recording of the webcast will be available in the Investors section of the Company’s website approximately two hours after the event concludes. A transcript of the webcast will also be available in the Investors section of the Company’s website approximately 24 hours after the posting of the recording. Both the recording and the transcript will be archived on the site for one year.

Please refer to the Company’s Financial Supplement dated December 31, 2025, which is available via the Investors section of the Company’s website at http://www.archgroup.com/investors. The Financial Supplement provides additional detail regarding the financial performance of the Company. From time to time, the Company posts additional financial information and presentations to its website, including information with respect to its subsidiaries. Investors and other recipients of this information are encouraged to check the Company’s website regularly for additional information regarding the Company.

Arch Capital Group Ltd., is a publicly listed Bermuda exempted company with approximately $26.9 billion in capital at December 31, 2025. Arch, which is part of the S&P 500 index, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.

Comments on Non-GAAP Financial Measures

Throughout this release, the Company presents its operations in the way it believes will be the most meaningful and useful to investors, analysts, rating agencies and others who use the Company’s financial information in evaluating the performance of the Company and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP financial measures in assessing the Company’s overall financial performance.

This presentation includes the use of “after-tax operating income or loss available to Arch common shareholders,” which is defined as net income available to Arch common shareholders, excluding net realized gains or losses (which includes realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from the acquisition or disposition of subsidiaries), equity in net income or loss of investments accounted for using the equity method, net foreign exchange gains or losses, transaction costs and other, net of income taxes and the use of annualized operating return on average common equity. The presentation of after-tax operating income available to Arch common shareholders and annualized operating return on average common equity are non-GAAP financial measures as defined in Regulation G. The reconciliation of such measures to net income available to Arch common shareholders and annualized net income return on average common equity (the most directly comparable GAAP financial measures) in accordance with Regulation G is included on page 2 of this release.

The Company believes that net realized gains or losses, equity in net income or loss of investments accounted for using the equity method, net foreign exchange gains or losses and transaction costs and other, in any particular period are not indicative of the performance of, or trends in, the Company’s business performance. Although net realized gains or losses, equity in net income or loss of investments accounted for using the equity method and net foreign exchange gains or losses are an integral part of the Company’s operations, the decision to realize these items are independent of the insurance underwriting process and result, in large part, from general economic and financial market conditions. Furthermore, certain users of the Company’s financial information believe that, for many companies, the timing of the realization of investment gains or losses is largely opportunistic. In addition, changes in the allowance for credit losses and net impairment losses recognized in earnings on the Company’s investments represent other-than-temporary declines in expected recovery values on securities without actual realization.

The use of the equity method on certain of the Company’s investments in certain funds that invest in fixed maturity securities is driven by the ownership structure of such funds (either limited partnerships or limited liability companies). In applying the equity method, these investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the fair value of the underlying securities in the funds). This method of accounting is different from the way the Company accounts for its other fixed maturity securities and the timing of the recognition of equity in net income or loss of investments accounted for using the equity method may differ from gains or losses in the future upon sale or maturity of such investments.

7

Transaction costs and other include integration, advisory, financing, legal, severance, incentive compensation and all other costs directly related to acquisitions. The Company believes that transaction costs and other, due to their non-recurring nature, are not indicative of the performance of, or trends in, the Company’s business performance.

The Company believes that showing net income available to Arch common shareholders exclusive of the items referred to above reflects the underlying fundamentals of the Company’s business since the Company evaluates the performance of and manages its business to produce an underwriting profit. In addition to presenting net income available to Arch common shareholders, the Company believes that this presentation enables investors and other users of the Company’s financial information to analyze the Company’s performance in a manner similar to how the Company’s management analyzes performance. The Company also believes that this measure follows industry practice and, therefore, allows the users of the Company’s financial information to compare the Company’s performance with its industry peer group. The Company believes that the equity analysts and certain rating agencies that follow the Company and the insurance industry as a whole generally exclude these items from their analyses for the same reasons.

The Company’s segment information includes the presentation of consolidated underwriting income or loss and a subtotal of underwriting income or loss. Such measures represent the pre-tax profitability of its underwriting operations and include net premiums earned plus other underwriting income, less losses and loss adjustment expenses, acquisition expenses and other operating expenses. Other operating expenses include those operating expenses that are incremental and/or directly attributable to the Company’s individual underwriting operations. Underwriting income or loss does not include certain income and expense items which are included in corporate. While these measures are presented in the Segment Information footnote to the Company’s Consolidated Financial Statements, they are considered non-GAAP financial measures when presented elsewhere on a consolidated basis. The reconciliations of underwriting income or loss to income before income taxes (the most directly comparable GAAP financial measure) on a consolidated basis, in accordance with Regulation G, is shown on the following pages.

Management measures segment performance for its three underwriting segments based on underwriting income or loss. The Company does not manage its assets by underwriting segment and, accordingly, investment income, income from operating affiliates and other items are not allocated to each underwriting segment.

In addition, the Company’s segment information includes the use of a combined ratio excluding catastrophic activity and prior year development, for the insurance and reinsurance segments, and a combined ratio excluding prior year development, for the mortgage segment. These ratios are non-GAAP financial measures as defined in Regulation G. The reconciliation of such measures to the combined ratio (the most directly comparable GAAP financial measure) in accordance with Regulation G are shown on the individual segment pages. The Company’s management utilizes the adjusted combined ratios excluding current accident year catastrophic events and favorable or adverse development in prior year loss reserves in its analysis of the underwriting performance of each of its underwriting segments. Effective in the 2025 first quarter, the ‘Other operating expense ratio’ includes ‘Other underwriting income.’

Total return on investments includes investment income, equity in net income or loss of investments accounted for using the equity method, net realized gains and losses (excluding changes in the allowance for credit losses on non-investment related financial assets) and the change in unrealized gains and losses generated by Arch’s investment portfolio. Total return is calculated on a pre-tax basis and before investment expenses and reflects the effect of financial market conditions along with foreign currency fluctuations. Management uses total return on investments as a key measure of the return generated to Arch common shareholders, and compares the return generated by the Company’s investment portfolio against benchmark returns during the periods presented.

8

The following tables summarize the Company’s results by segment for the 2025 fourth quarter and 2024 fourth quarter and a reconciliation of underwriting income or loss to income or loss before income taxes and net income or loss available to Arch common shareholders:

(U.S. Dollars in millions)						Three Months Ended
						December 31, 2025
						Insurance						Reinsurance						Mortgage																		Total
Gross premiums written (1)						$	2,542					$	1,944					$	326																	$	4,809
Premiums ceded (1)						(666)						(438)						(59)																		(1,160)
Net premiums written						1,876						1,506						267																		3,649
Change in unearned premiums						97						486						23																		606
Net premiums earned						1,973						1,992						290																		4,255
Other underwriting income (2)						11						36						5																		52
Losses and loss adjustment expenses						(1,196)						(1,086)						2																		(2,280)
Acquisition expenses						(380)						(393)						(6)																		(779)
Other operating expenses						(289)						(91)						(41)																		(421)
Underwriting income (loss)						$	119					$	458					$	250																	827
Net investment income																																				434
Net realized gains (losses)																																				22
Equity in net income of investments accounted for using the equity method																																				155
Other income (loss)																																				16
Corporate benefit (expenses) (3)																																				50
Transaction costs and other (3)																																				(26)
Amortization of intangible assets																																				(47)
Interest expense																																				(38)
Net foreign exchange gains (losses)																																				(6)
Income (loss) before income taxes and income (loss) from operating affiliates																																				1,387
Income tax benefit (expense)																																				(210)
Income (loss) from operating affiliates																																				61
Net income (loss) available to Arch																																				1,238
Preferred dividends																																				(10)
Net income (loss) available to Arch common shareholders																																				$	1,228
Underwriting Ratios
Loss ratio						60.6		%				54.5		%				(0.8)		%																53.6		%
Acquisition expense ratio						19.3		%				19.7		%				1.9		%																18.3		%
Other operating expense ratio (4)						14.1		%				2.8		%				12.6		%																8.7		%
Combined ratio						94.0		%				77.0		%				13.7		%																80.6		%
Net premiums written to gross premiums written						73.8		%				77.5		%				81.9		%																75.9		%

(1)    Certain assumed and ceded amounts related to intersegment transactions are included in individual segment results. Accordingly, the sum of such transactions for each segment does not agree to the total due to eliminations.

(2)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(3)    Certain expenses have been excluded from ‘Corporate benefit (expenses)’ and reflected in ‘Transaction costs and other.’ See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of such items.

(4)    The ‘Other operating expense ratio’ for the 2025 period includes ‘Other underwriting income.’

9

(U.S. Dollars in millions)						Three Months Ended
						December 31, 2024
						Insurance						Reinsurance						Mortgage																		Total
Gross premiums written (1)						$	2,484					$	1,941					$	331																	$	4,756
Premiums ceded (1)						(530)						(353)						(54)																		(937)
Net premiums written						1,954						1,588						277																		3,819
Change in unearned premiums						(21)						316						29																		324
Net premiums earned						1,933						1,904						306																		4,143
Other underwriting income						—						4						2																		6
Losses and loss adjustment expenses						(1,281)						(1,121)						18																		(2,384)
Acquisition expenses						(345)						(382)						(3)																		(730)
Other operating expenses						(277)						(77)						(56)																		(410)
Underwriting income (loss)						$	30					$	328					$	267																	625
Net investment income																																				405
Net realized gains (losses)																																				(161)
Equity in net income of investments accounted for using the equity method																																				143
Other income (loss)																																				12
Corporate benefit (expenses) (2)																																				(31)
Transaction costs and other (2)																																				(26)
Amortization of intangible assets																																				(99)
Interest expense																																				(37)
Net foreign exchange gains (losses)																																				106
Income (loss) before income taxes and income (loss) from operating affiliates																																				937
Income tax benefit (expense)																																				(66)
Income (loss) from operating affiliates																																				64
Net income (loss) available to Arch																																				935
Preferred dividends																																				(10)
Net income (loss) available to Arch common shareholders																																				$	925
Underwriting Ratios
Loss ratio						66.3		%				58.9		%				(5.9)		%																57.5		%
Acquisition expense ratio						17.9		%				20.0		%				1.0		%																17.6		%
Other operating expense ratio						14.3		%				4.1		%				18.3		%																9.9		%
Combined ratio						98.5		%				83.0		%				13.4		%																85.0		%
Net premiums written to gross premiums written						78.7		%				81.8		%				83.7		%																80.3		%

(1)    Certain assumed and ceded amounts related to intersegment transactions are included in individual segment results. Accordingly, the sum of such transactions for each segment does not agree to the total due to eliminations.

(2)    Certain expenses have been excluded from ‘Corporate benefit (expenses)’ and reflected in ‘Transaction costs and other.’ See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of such items.

10

Cautionary Note Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (“PSLRA”) provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements. Forward-looking statements, for purposes of the PSLRA or otherwise, can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” and similar statements of a future or forward-looking nature or their negative or variations or similar terminology.

Forward-looking statements involve the Company’s current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. Important factors that could cause actual events or results to differ materially from those indicated in such statements are discussed below and elsewhere in this release and in the Company’s periodic reports filed with the Securities and Exchange Commission (the “SEC”), and include:

•the Company’s ability to successfully implement its business strategy during “soft” as well as “hard” markets;

•acceptance of the Company’s business strategy, security and financial condition by rating agencies and regulators, as well as by brokers and its insureds and reinsureds;

•the Company’s ability to consummate acquisitions and integrate any businesses it has acquired or may acquire into its existing operations;

•the Company’s ability to maintain or improve its ratings, which may be affected by its ability to raise additional equity or debt financings, by ratings agencies’ existing or new policies and practices, as well as other factors described herein;

•general economic and market conditions (including inflation, interest rates, unemployment, housing prices, foreign currency exchange rates, prevailing credit terms, tariffs, geopolitical instability and conflict and the depth and duration of a recession) and conditions specific to the reinsurance and insurance markets in which the Company operates;

•competition, including increased competition, on the basis of pricing, capacity (including alternative sources of capital), coverage terms or other factors;

•developments in the world’s financial and capital markets and the Company’s access to such markets;

•the Company’s ability to successfully enhance, integrate and maintain operating procedures (including information technology) to effectively support its current and new business;

•the loss and addition of key personnel;

•material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements;

•accuracy of those estimates and judgments utilized in the preparation of the Company’s financial statements, including those related to revenue recognition, insurance and other reserves, reinsurance recoverables, investment valuations, intangible assets, bad debts, income taxes, deferred tax assets, contingencies and litigation, and any determination to use the deposit method of accounting;

•greater than expected loss ratios on business written by the Company and adverse development on claim and/or claim expense liabilities related to business written by its insurance and reinsurance subsidiaries;

•the adequacy of the Company’s loss reserves;

•severity and/or frequency of losses;

•greater frequency or severity of unpredictable natural and man-made catastrophic events;

•claims for natural catastrophic events or severe economic events in the Company’s insurance, reinsurance and mortgage businesses could cause large losses and substantial volatility in the Company’s results of operations;

•availability to the Company of reinsurance to manage our net exposures and the cost of such reinsurance;

•the failure of reinsurers, managing general agents, third party administrators or others to meet their obligations to the Company;

•the timing of loss payments being faster or the receipt of reinsurance recoverables being slower than anticipated by the Company;

•the Company’s investment performance, including legislative or regulatory developments that may adversely affect the fair value of the Company’s investments;

11

•changes in general economic conditions, resulting in downgrades of U.S. securities or sovereign debt by credit rating agencies, which could affect the Company’s business, financial condition and results of operations;

•an incident, disruption in operations or other cyber event caused by cyber attacks, the use of artificial intelligence technologies or other technology on the Company’s systems or those of the Company’s business partners and service providers, which could negatively impact the Company’s business and/or expose the Company to litigation;

•the effect of climate change on the Company’s business;

•the effect of contagious diseases or a pandemic on the Company’s business;

•acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events caused by humans;

•the volatility of the Company’s shareholders’ equity from foreign currency fluctuations, which could increase due to us not matching portions of the Company’s projected liabilities in foreign currencies with investments in the same currencies;

•changes in accounting principles or policies or in the Company’s application of such accounting principles or policies;

•changes in the political environment of certain countries in which the Company operate or underwrite business;

•statutory or regulatory developments, including as to tax matters and insurance and other regulatory matters such as the adoption of legislation that affects Bermuda-headquartered companies and/or Bermuda-based insurers or reinsurers and/or changes in regulations or tax laws applicable to the Company, its subsidiaries, brokers or customers, including the implementation of the Organization for Economic Cooperation and Development (“OECD”) Pillar I and Pillar II initiative and the enactment of the Bermuda corporate income tax; and

•the other matters set forth under Item 1A “Risk Factors”, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025 and of the Company’s latest Quarterly Reports on Form 10-Q, as well as the other factors set forth in the Company’s other documents on file with the SEC, and management’s response to any of the aforementioned factors.

All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. The Company's forward-looking statements speak only as of the date of this press release or as of the date they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contacts
Arch Capital Group Ltd.			Investor Relations
François Morin: (441) 278-9250			Donald Watson: (914) 872-3616; dwatson@archgroup.com
Source: Arch Capital Group Ltd.
arch-corporate

12

EXHIBIT 99.2

Arch Capital Group Ltd.

Waterloo House, Ground Floor

100 Pitts Bay Road

Pembroke HM 08 Bermuda

Financial Supplement

December 31, 2025

The following financial supplement is provided to assist in your understanding of Arch Capital Group Ltd. (“Arch”) and its subsidiaries (collectively, the “Company”).

This report is for informational purposes only. It should be read in conjunction with documents filed by Arch with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and the Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.archgroup.com for further information describing Arch.

Arch Capital Group Ltd.			Investor Relations
François Morin: (441) 278-9250			Donald Watson: (914) 872-3616; dwatson@archgroup.com

Arch Capital Group Ltd. and Subsidiaries

Table of Contents

									Page
I.			Financial Highlights						3
II.			Consolidated Financial Statements
			a.			Consolidated Statements of Income			4
			b.			Consolidated Balance Sheets			5
			c.			Consolidated Statements of Changes in Shareholders’ Equity			6
			d.			Consolidated Statements of Cash Flows			7
III.			Segment Information
			a.			Overview			8
			b.			Consolidated Results			9
			c.			Insurance Segment Results			13
			d.			Reinsurance Segment Results			15
			e.			Mortgage Segment Results			17
			f.			Segment Consolidated Results			22
			g.			Selected Information on Losses and Loss Adjustment Expenses			23
IV.			Investment Information
			a.			Investable Asset Summary and Investment Portfolio Metrics			24
			b.			Composition of Net Investment Income, Yield and Total Return			25
			c.			Composition of Fixed Maturities			26
			d.			Credit Quality Distribution and Maturity Profile			27
			e.			Analysis of Corporate Exposures			28
			f.			Structured Securities			29
V.			Other
			a.			Comments on Non-GAAP Financial Measures			30
			b.			Operating Income Reconciliation and Annualized Operating Return on Average Common Equity			31
			c.			Operating Income and Effective Tax Rate Calculations			32
			d.			Capital Structure and Share Repurchase Activity			33

1

Arch Capital Group Ltd. and Subsidiaries

Basis of Presentation

Basis of Presentation

All financial information contained herein is unaudited, however, certain information relating to the consolidated balance sheet at December 31, 2024 is derived from or agrees to audited financial information. Unless otherwise noted, all amounts are in millions, except for per share amounts and ratio information. Amounts presented have been rounded for presentation purposes and may not reconcile due to rounding differences.

Cautionary Note Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of Arch and its subsidiaries may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. Forward-looking statements involve the Company’s current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve the Company’s ratings; investment performance; the loss and addition of key personnel; the adequacy of the Company’s loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; the Company’s ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to the Company of reinsurance to manage gross and net exposures; the failure of others to meet their obligations to the Company; an incident, disruption in operations or other cyber event caused by cyber attacks, the use of artificial intelligence technologies or other technology on the Company’s systems or those of the Company’s business partners and service providers, which could negatively impact the Company’s business and/or expose the Company to litigation; and other matters set forth under Item 1A “Risk Factors”, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025 and of the Company’s latest Quarterly Reports on Form 10-Q, as well as the other factors set forth in the Company’s other documents on file with the SEC, and management’s response to any of the aforementioned factors.

All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. The Company's forward-looking statements speak only as of the date of this press release or as of the date they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

2

Arch Capital Group Ltd. and Subsidiaries

Financial Highlights

The following table presents financial highlights:

(U.S. Dollars and shares in millions, except per share data)						Three Months Ended																		Year Ended
						December 31,																		December 31,
						2025						2024						Change						2025						2024						Change
Underwriting results:
Gross premiums written						$	4,809					$	4,756					1.1		%				$	22,878					$	21,511					6.4		%
Net premiums written						3,649						3,819						(4.5)		%				16,476						15,732						4.7		%
Net premiums earned						4,255						4,143						2.7		%				17,065						15,100						13.0		%
Underwriting income (loss) (1)						827						625						32.3		%				2,933						2,661						10.2		%
Loss ratio						53.6		%				57.5		%				(3.9)						54.9		%				55.2		%				(0.3)
Acquisition expense ratio						18.3		%				17.6		%				0.7						18.5		%				17.6		%				0.9
Other operating expense ratio (2)						8.7		%				9.9		%				(1.2)						9.4		%				9.7		%				(0.3)
Combined ratio						80.6		%				85.0		%				(4.4)						82.8		%				82.5		%				0.3
Pre-tax net investment income						$	434					$	405					7.2		%				$	1,625					$	1,495					8.7		%
Per diluted share						$	1.18					$	1.06					11.3		%				$	4.32					$	3.92					10.2		%
Net income available to Arch common shareholders						$	1,228					$	925					32.8		%				$	4,359					$	4,272					2.0		%
Per diluted share						$	3.35					$	2.42					38.4		%				$	11.60					$	11.19					3.7		%
After-tax operating income available to Arch common shareholders (1)						$	1,092					$	866					26.1		%				$	3,700					$	3,542					4.5		%
Per diluted share						$	2.98					$	2.26					31.9		%				$	9.84					$	9.28					6.0		%
Comprehensive income (loss) available to Arch						$	1,243					$	415					199.5		%				$	5,124					$	4,268					20.1		%
Net cash provided by operating activities						$	1,404					$	1,573					(10.7)		%				$	6,172					$	6,673					(7.5)		%
Weighted average common shares and common share equivalents outstanding — diluted						366.6						382.8						(4.2)		%				375.9						381.8						(1.5)		%
Financial measures:
Change in book value per common share during period						4.5		%				(6.8)		%				11.3						22.6		%				13.1		%				9.5
Annualized net income return on average common equity						21.2		%				17.9		%				3.3						20.1		%				22.8		%				(2.7)
Annualized operating return on average common equity (1)						18.9		%				16.7		%				2.2						17.1		%				18.9		%				(1.8)
Total return on investments (3)						1.36		%				(1.05)		%				241 bps						8.52		%				5.08		%				344 bps

(1)See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of consolidated underwriting income or loss, after-tax operating income or loss available to Arch common shareholders and annualized operating return on average common equity.

(2)The ‘Other operating expense ratio’ for the 2025 periods include ‘Other underwriting income.’

(3)Total return on investments includes investment income, equity in net income of investments accounted for using the equity method, net realized gains and losses and the change in unrealized gains and losses and is calculated on a pre-tax basis and before investment expenses. See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of the presentation of total return on investments.

3

Arch Capital Group Ltd. and Subsidiaries

Consolidated Statements of Income

(U.S. Dollars and shares in millions, except per share data)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Revenues
Net premiums earned						$	4,255					$	4,285					$	4,337					$	4,188					$	4,143					$	17,065					$	15,100
Net investment income						434						408						405						378						405						1,625						1,495
Net realized gains (losses)						22						210						229						3						(161)						464						197
Other underwriting income (1)						52						50						62						53						6						217						26
Equity in net income of investments accounted for using the equity method						155						134						162						53						143						504						580
Other income (loss)						16						22						18						(2)						12						54						42
Total revenues						4,934						5,109						5,213						4,673						4,548						19,929						17,440
Expenses
Losses and loss adjustment expenses						(2,280)						(2,200)						(2,303)						(2,587)						(2,384)						(9,370)						(8,342)
Acquisition expenses						(779)						(786)						(824)						(764)						(730)						(3,153)						(2,651)
Other operating expenses						(421)						(478)						(454)						(473)						(410)						(1,826)						(1,472)
Corporate benefit (expenses)						24						(49)						(47)						(60)						(57)						(132)						(200)
Amortization of intangible assets						(47)						(49)						(48)						(49)						(99)						(193)						(235)
Interest expense						(38)						(37)						(38)						(35)						(37)						(148)						(141)
Net foreign exchange gains (losses)						(6)						(7)						(88)						(27)						106						(128)						75
Total expenses						(3,547)						(3,606)						(3,802)						(3,995)						(3,611)						(14,950)						(12,966)
Income (loss) before income taxes and income (loss) from operating affiliates						1,387						1,503						1,411						678						937						4,979						4,474
Income tax (expense) benefit						(210)						(215)						(214)						(121)						(66)						(760)						(362)
Income (loss) from operating affiliates						61						62						40						17						64						180						200
Net income (loss) attributable to Arch						1,238						1,350						1,237						574						935						4,399						4,312
Preferred dividends						(10)						(10)						(10)						(10)						(10)						(40)						(40)
Net income (loss) available to Arch common shareholders						$	1,228					$	1,340					$	1,227					$	564					$	925					$	4,359					$	4,272
Comprehensive income (loss) available to Arch						$	1,243					$	1,398					$	1,597					$	886					$	415					$	5,124					$	4,268
Net income (loss) per common share and common share equivalent
Basic						$	3.42					$	3.63					$	3.30					$	1.51					$	2.48					$	11.83					$	11.47
Diluted						$	3.35					$	3.56					$	3.23					$	1.48					$	2.42					$	11.60					$	11.19
Weighted average common shares and common share equivalents outstanding
Basic						359.4						369.0						372.2						372.9						373.3						368.4						372.5
Diluted						366.6						376.1						379.9						381.9						382.8						375.9						381.8

(1)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

4

Arch Capital Group Ltd. and Subsidiaries

Consolidated Balance Sheets

(U.S. Dollars and shares in millions, except per share data)						December 31,						September 30,						June 30,						March 31,						December 31,
						2025						2025						2025						2025						2024
Assets
Investments:
Fixed maturities available for sale, at fair value						$	32,426					$	31,908					$	30,332					$	28,798					$	27,035
Short-term investments available for sale, at fair value						2,625						2,351						2,788						2,477						2,784
Equity securities, at fair value						1,864						1,805						1,715						1,618						1,675
Other investments						3,136						3,027						2,892						2,888						3,066
Investments accounted for using the equity method						6,453						6,232						6,566						6,340						5,980
Total investments						46,504						45,323						44,293						42,121						40,540
Cash						993						1,063						983						1,187						979
Accrued investment income						338						307						329						267						298
Investment in operating affiliates						1,313						1,417						1,356						1,305						1,240
Premiums receivable						5,723						6,450						7,067						6,607						5,634
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses						9,526						9,070						9,044						8,969						8,260
Contractholder receivables						2,270						2,287						2,280						2,212						2,161
Ceded unearned premiums						2,659						3,079						3,229						2,895						2,428
Deferred acquisition costs						1,717						1,786						1,814						1,785						1,734
Receivable for securities sold						180						695						390						324						50
Goodwill and intangible assets						1,222						1,268						1,319						1,308						1,351
Other assets						6,796						6,440						6,684						6,196						6,231
Total assets						$	79,241					$	79,185					$	78,788					$	75,176					$	70,906
Liabilities
Reserve for losses and loss adjustment expenses						$	33,547					$	32,822					$	32,089					$	30,946					$	29,369
Unearned premiums						10,100						11,124						11,625						11,090						10,218
Reinsurance balances payable						2,320						2,638						2,841						2,661						2,137
Contractholder payables						2,277						2,293						2,286						2,218						2,165
Collateral held for insured obligations						237						239						225						245						249
Senior notes						2,729						2,728						2,728						2,728						2,728
Payable for securities purchased						308						335						728						578						181
Other liabilities						3,517						3,287						3,225						3,165						3,039
Total liabilities						55,035						55,466						55,747						53,631						50,086
Shareholders’ equity
Non-cumulative preferred shares						830						830						830						830						830
Common shares						1						1						1						1						1
Additional paid-in capital						2,735						2,682						2,660						2,588						2,510
Retained earnings						27,045						25,817						24,477						23,250						22,686
Accumulated other comprehensive income (loss), net of deferred income tax						5						—						(48)						(408)						(720)
Common shares held in treasury, at cost						(6,410)						(5,611)						(4,879)						(4,716)						(4,487)
Total shareholders’ equity						24,206						23,719						23,041						21,545						20,820
Total liabilities and shareholders’ equity						$	79,241					$	79,185					$	78,788					$	75,176					$	70,906
Common shares and common share equivalents outstanding, net of treasury shares						359.0						367.3						375.4						375.6						376.4
Book value per common share (1)						$	65.11					$	62.32					$	59.17					$	55.15					$	53.11

(1) Excludes the effects of stock options and restricted stock units outstanding.

5

Arch Capital Group Ltd. and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

(U.S. Dollars in millions)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Non-cumulative preferred shares
Balance at beginning and end of period						$	830					$	830					$	830					$	830					$	830					$	830					$	830
Common shares
Balance at beginning and end of period						1						1						1						1						1						1						1
Additional paid-in capital
Balance at beginning of period						2,682						2,660						2,588						2,510						2,465						2,510						2,327
Amortization of share-based compensation						24						25						25						74						33						148						133
All other						29						(3)						47						4						12						77						50
Balance at end of period						2,735						2,682						2,660						2,588						2,510						2,735						2,510
Retained earnings
Balance at beginning of period						25,817						24,477						23,250						22,686						23,642						22,686						20,295
Net income						1,238						1,350						1,237						574						935						4,399						4,312
Common share dividends						—						—						—						—						(1,881)						—						(1,881)
Preferred share dividends						(10)						(10)						(10)						(10)						(10)						(40)						(40)
Balance at end of period						27,045						25,817						24,477						23,250						22,686						27,045						22,686
Accumulated other comprehensive income (loss), net of deferred income tax
Balance at beginning of period						—						(48)						(408)						(720)						(200)						(720)						(676)
Change in unrealized appreciation (decline) in value of available-for-sale investments						12						47						296						286						(442)						641						58
Change in foreign currency translation adjustments						(7)						1						64						26						(78)						84						(102)
Balance at end of period						5						—						(48)						(408)						(720)						5						(720)
Common shares held in treasury, at cost
Balance at beginning of period						(5,611)						(4,879)						(4,716)						(4,487)						(4,464)						(4,487)						(4,424)
Shares repurchased for treasury						(799)						(732)						(163)						(229)						(23)						(1,923)						(63)
Balance at end of period						(6,410)						(5,611)						(4,879)						(4,716)						(4,487)						(6,410)						(4,487)
Total shareholders’ equity						$	24,206					$	23,719					$	23,041					$	21,545					$	20,820					$	24,206					$	20,820

6

Arch Capital Group Ltd. and Subsidiaries

Consolidated Statements of Cash Flows

(U.S. Dollars in millions)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Operating Activities
Net income (loss)						$	1,238					$	1,350					$	1,237					$	574					$	935					$	4,399					$	4,312
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized (gains) losses						(7)						(202)						(225)						(6)						176						(440)						(185)
Equity in net (income) of investments accounted for using the equity method and other income or loss						(194)						(158)						(95)						(12)						(152)						(459)						(488)
Amortization of intangible assets						47						49						48						49						99						193						235
Share-based compensation						24						25						25						74						33						148						133
Changes in:
Reserve for losses and loss adjustment expenses, net						330						634						560						826						832						2,350						3,279
Unearned premiums, net						(606)						(321)						11						327						(324)						(589)						632
Premiums receivable						731						601						(352)						(942)						686						38						(818)
Deferred acquisition costs						53						14						33						(14)						(46)						86						(212)
Reinsurance balances payable						(319)						(207)						159						504						(410)						137						179
Deferred income tax assets, net						19						46						80						29						(96)						174						(35)
Other items, net						88						355						(357)						49						(160)						135						(359)
Net cash provided by operating activities						1,404						2,186						1,124						1,458						1,573						6,172						6,673
Investing Activities
Purchases of fixed maturity investments						(8,293)						(10,619)						(8,150)						(9,418)						(9,731)						(36,480)						(31,290)
Purchases of equity securities						(184)						(277)						(179)						(808)						(491)						(1,448)						(1,423)
Purchases of other investments						(493)						(513)						(535)						(697)						(1,587)						(2,238)						(3,485)
Proceeds from sales of fixed maturity investments						7,055						8,435						6,522						7,301						9,798						29,313						26,245
Proceeds from sales of equity securities						183						281						223						820						428						1,507						1,101
Proceeds from sales, redemptions and maturities of other investments						759						336						431						660						834						2,186						1,858
Proceeds from redemptions and maturities of fixed maturity investments						693						475						568						758						766						2,494						2,036
Net settlements of derivative instruments						35						35						147						93						(132)						310						(5)
Net (purchases) sales of short-term investments						(272)						478						(242)						294						549						258						(269)
Acquisitions, net of cash						—						—						—						—						—						—						852
Purchases of fixed assets						(11)						(12)						(12)						(9)						(13)						(44)						(51)
Other						111						(2)						(1)						(2)						(1)						106						(30)
Net cash provided by (used for) investing activities						(417)						(1,383)						(1,228)						(1,008)						420						(4,036)						(4,461)
Financing Activities
Purchases of common shares under share repurchase program						(798)						(732)						(163)						(196)						(24)						(1,889)						(24)
Proceeds from common shares issued, net						30						1						47						(28)						9						50						7
Common dividends paid						—						—						(2)						(5)						(1,866)						(7)						(1,866)
Preferred dividends paid						(10)						(10)						(10)						(10)						(10)						(40)						(40)
Other						—						(2)						—						(2)						1						(4)						(2)
Net cash provided by (used for) financing activities						(778)						(743)						(128)						(241)						(1,890)						(1,890)						(1,925)
Effects of exchange rate changes on foreign currency cash and restricted cash						4						(14)						55						16						(55)						61						(25)
Increase (decrease) in cash and restricted cash						213						46						(177)						225						48						307						262
Cash and restricted cash, beginning of period						1,854						1,808						1,985						1,760						1,712						1,760						1,498
Cash and restricted cash, end of period						$	2,067					$	1,854					$	1,808					$	1,985					$	1,760					$	2,067					$	1,760
Income taxes paid (received)						$	143					$	166					$	131					$	18					$	157					$	458					$	378
Interest paid						$	63					$	—					$	64					$	—					$	64					$	127					$	127

7

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Overview

The Company’s Insurance, Reinsurance and Mortgage segments each have managers who are responsible for the overall profitability of their respective segments and who are directly accountable to the Company’s chief operating decision-makers, the Chief Executive Officer and the Chief Financial Officer and Treasurer. The chief operating decision-makers do not assess performance, measure return on equity or make resource allocation decisions on a line of business basis. Management measures segment performance for its three underwriting segments based on underwriting income or loss. The Company does not manage its assets by underwriting segment and, accordingly, investment income is not allocated to each underwriting segment.

The Company determined its reportable operating segments using the management approach described in accounting guidance regarding disclosures about segments of an enterprise and related information. The accounting policies of the segments are the same as those used for the preparation of the Company’s consolidated financial statements. Intersegment business is allocated to the segment accountable for the underwriting results.

Insurance Segment

The Company’s insurance segment primarily consists of commercial insurance lines of business, with a focus on specialty insurance products. These products are mainly offered in North America, Bermuda, the United Kingdom, continental Europe and Australia. Products offered in North America include: commercial automobile; commercial multi‐peril; other liability—claims made, which includes financial and professional lines; other liability—occurrence, which includes admitted and excess and surplus casualty lines; property and short-tail specialty; workers compensation; and other. Products offered across the Company’s International units include: property and short-tail specialty; and casualty and other.

Reinsurance Segment

The Company’s reinsurance segment offers reinsurance products on a worldwide basis. Lines of business include: casualty; marine and aviation; specialty; property catastrophe; property excluding property catastrophe; and other.

Mortgage Segment

The Company’s mortgage segment consists of U.S. primary mortgage insurance business written predominantly on loans sold to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), each a government sponsored entity (“GSE”) and also through non GSE approved entities (combined “Arch MI U.S.”); reinsurance and underwriting services related to U.S. credit-risk transfer (“CRT”) business which are predominately with the GSEs and other U.S. mortgage reinsurance transactions; and international mortgage insurance and reinsurance business covering loans primarily in Australia and Europe.

The Company’s results also include net investment income, net realized gains or losses (which includes realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from acquisition or disposition of subsidiaries), equity in net income or loss of investments accounted for using the equity method, other income (loss), corporate benefit (expenses), transaction costs and other, amortization of intangible assets, interest expense, net foreign exchange gains or losses, income taxes items, income or loss from operating affiliates and items related to the Company’s non-cumulative preferred shares.

8

Arch Capital Group Ltd. and Subsidiaries

Segment Information

(U.S. Dollars in millions)						Three Months Ended
						December 31, 2025
						Insurance						Reinsurance						Mortgage																		Total
Gross premiums written (1)						$	2,542					$	1,944					$	326																	$	4,809
Premiums ceded (1)						(666)						(438)						(59)																		(1,160)
Net premiums written						1,876						1,506						267																		3,649
Change in unearned premiums						97						486						23																		606
Net premiums earned						1,973						1,992						290																		4,255
Other underwriting income (2)						11						36						5																		52
Losses and loss adjustment expenses						(1,196)						(1,086)						2																		(2,280)
Acquisition expenses						(380)						(393)						(6)																		(779)
Other operating expenses						(289)						(91)						(41)																		(421)
Underwriting income (loss)						$	119					$	458					$	250																	827
Net investment income																																				434
Net realized gains (losses)																																				22
Equity in net income of investments accounted for using the equity method																																				155
Other income (loss)																																				16
Corporate benefit (expenses) (3)																																				50
Transaction costs and other (3)																																				(26)
Amortization of intangible assets																																				(47)
Interest expense																																				(38)
Net foreign exchange gains (losses)																																				(6)
Income (loss) before income taxes and income (loss) from operating affiliates																																				1,387
Income tax (expense) benefit																																				(210)
Income (loss) from operating affiliates																																				61
Net income (loss) available to Arch																																				1,238
Preferred dividends																																				(10)
Net income (loss) available to Arch common shareholders																																				$	1,228
Underwriting Ratios
Loss ratio						60.6		%				54.5		%				(0.8)		%																53.6		%
Acquisition expense ratio						19.3		%				19.7		%				1.9		%																18.3		%
Other operating expense ratio (4)						14.1		%				2.8		%				12.6		%																8.7		%
Combined ratio						94.0		%				77.0		%				13.7		%																80.6		%
Net premiums written to gross premiums written						73.8		%				77.5		%				81.9		%																75.9		%
Total investable assets																																				$	47,369
Total assets																																				79,241
Total liabilities																																				55,035

(1)    Certain assumed and ceded amounts related to intersegment transactions are included in individual segment results. Accordingly, the sum of such transactions for each segment does not agree to the total due to eliminations.

(2)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(3)    Certain expenses have been excluded from ‘Corporate benefit (expenses)’ and reflected in ‘Transaction costs and other.’ See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of such items.

(4)    The ‘Other operating expense ratio’ for the 2025 period includes ‘Other underwriting income.’

9

Arch Capital Group Ltd. and Subsidiaries

Segment Information

(U.S. Dollars in millions)						Three Months Ended
						December 31, 2024
						Insurance						Reinsurance						Mortgage																		Total
Gross premiums written (1)						$	2,484					$	1,941					$	331																	$	4,756
Premiums ceded (1)						(530)						(353)						(54)																		(937)
Net premiums written						1,954						1,588						277																		3,819
Change in unearned premiums						(21)						316						29																		324
Net premiums earned						1,933						1,904						306																		4,143
Other underwriting income						—						4						2																		6
Losses and loss adjustment expenses						(1,281)						(1,121)						18																		(2,384)
Acquisition expenses						(345)						(382)						(3)																		(730)
Other operating expenses						(277)						(77)						(56)																		(410)
Underwriting income (loss)						$	30					$	328					$	267																	625
Net investment income																																				405
Net realized gains (losses)																																				(161)
Equity in net income of investments accounted for using the equity method																																				143
Other income (loss)																																				12
Corporate benefit (expenses) (2)																																				(31)
Transaction costs and other (2)																																				(26)
Amortization of intangible assets																																				(99)
Interest expense																																				(37)
Net foreign exchange gains (losses)																																				106
Income (loss) before income taxes and income (loss) from operating affiliates																																				937
Income tax (expense) benefit																																				(66)
Income (loss) from operating affiliates																																				64
Net income (loss) available to Arch																																				935
Preferred dividends																																				(10)
Net income (loss) available to Arch common shareholders																																				$	925
Underwriting Ratios
Loss ratio						66.3		%				58.9		%				(5.9)		%																57.5		%
Acquisition expense ratio						17.9		%				20.0		%				1.0		%																17.6		%
Other operating expense ratio						14.3		%				4.1		%				18.3		%																9.9		%
Combined ratio						98.5		%				83.0		%				13.4		%																85.0		%
Net premiums written to gross premiums written						78.7		%				81.8		%				83.7		%																80.3		%
Total investable assets																																				$	41,388
Total assets																																				70,906
Total liabilities																																				50,086

(1)    Certain assumed and ceded amounts related to intersegment transactions are included in individual segment results. Accordingly, the sum of such transactions for each segment does not agree to the total due to eliminations.

(2)    Certain expenses have been excluded from ‘Corporate benefit (expenses)’ and reflected in ‘Transaction costs and other.’ See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of such items.

10

Arch Capital Group Ltd. and Subsidiaries

Segment Information

(U.S. Dollars in millions)						Year Ended
						December 31, 2025
						Insurance						Reinsurance						Mortgage																		Total
Gross premiums written (1)						$	10,435					$	11,149					$	1,305																	$	22,878
Premiums ceded (1)						(2,637)						(3,531)						(245)																		(6,402)
Net premiums written						7,798						7,618						1,060																		16,476
Change in unearned premiums						(27)						504						112																		589
Net premiums earned						7,771						8,122						1,172																		17,065
Other underwriting income (2)						36						159						22																		217
Losses and loss adjustment expenses						(4,764)						(4,610)						4																		(9,370)
Acquisition expenses						(1,496)						(1,644)						(13)																		(3,153)
Other operating expenses						(1,172)						(469)						(185)																		(1,826)
Underwriting income (loss)						$	375					$	1,558					$	1,000																	2,933
Net investment income																																				1,625
Net realized gains (losses)																																				464
Equity in net income of investments accounted for using the equity method																																				504
Other income (loss)																																				54
Corporate benefit (expenses) (3)																																				(57)
Transaction costs and other (3)																																				(75)
Amortization of intangible assets																																				(193)
Interest expense																																				(148)
Net foreign exchange gains (losses)																																				(128)
Income (loss) before income taxes and income (loss) from operating affiliates																																				4,979
Income tax (expense) benefit																																				(760)
Income (loss) from operating affiliates																																				180
Net income (loss) available to Arch																																				4,399
Preferred dividends																																				(40)
Net income (loss) available to Arch common shareholders																																				$	4,359
Underwriting Ratios
Loss ratio						61.3		%				56.8		%				(0.4)		%																54.9		%
Acquisition expense ratio						19.3		%				20.2		%				1.1		%																18.5		%
Other operating expense ratio (4)						14.6		%				3.8		%				13.9		%																9.4		%
Combined ratio						95.2		%				80.8		%				14.6		%																82.8		%
Net premiums written to gross premiums written						74.7		%				68.3		%				81.2		%																72.0		%

(1)    Certain assumed and ceded amounts related to intersegment transactions are included in individual segment results. Accordingly, the sum of such transactions for each segment does not agree to the total due to eliminations.

(2)    ‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(3)    Certain expenses have been excluded from ‘Corporate benefit (expenses)’ and reflected in ‘Transaction costs and other.’ See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of such items.

(4)    The ‘Other operating expense ratio’ for the 2025 period includes ‘Other underwriting income.’

11

Arch Capital Group Ltd. and Subsidiaries

Segment Information

(U.S. Dollars in millions)						Year Ended
						December 31, 2024
						Insurance						Reinsurance						Mortgage																		Total
Gross premiums written (1)						$	9,053					$	11,112					$	1,351																	$	21,511
Premiums ceded (1)						(2,179)						(3,366)						(239)																		(5,779)
Net premiums written						6,874						7,746						1,112																		15,732
Change in unearned premiums						(247)						(504)						119																		(632)
Net premiums earned						6,627						7,242						1,231																		15,100
Other underwriting income						—						9						17																		26
Losses and loss adjustment expenses						(4,070)						(4,327)						55																		(8,342)
Acquisition expenses						(1,217)						(1,432)						(2)																		(2,651)
Other operating expenses						(995)						(270)						(207)																		(1,472)
Underwriting income (loss)						$	345					$	1,222					$	1,094																	2,661
Net investment income																																				1,495
Net realized gains (losses)																																				197
Equity in net income of investments accounted for using the equity method																																				580
Other income (loss)																																				42
Corporate benefit (expenses) (2)																																				(119)
Transaction costs and other (2)																																				(81)
Amortization of intangible assets																																				(235)
Interest expense																																				(141)
Net foreign exchange gains (losses)																																				75
Income (loss) before income taxes and income (loss) from operating affiliates																																				4,474
Income tax (expense) benefit																																				(362)
Income (loss) from operating affiliates																																				200
Net income (loss) available to Arch																																				4,312
Preferred dividends																																				(40)
Net income (loss) available to Arch common shareholders																																				$	4,272
Underwriting Ratios
Loss ratio						61.4		%				59.7		%				(4.4)		%																55.2		%
Acquisition expense ratio						18.4		%				19.8		%				0.2		%																17.6		%
Other operating expense ratio						15.0		%				3.7		%				16.8		%																9.7		%
Combined ratio						94.8		%				83.2		%				12.6		%																82.5		%
Net premiums written to gross premiums written						75.9		%				69.7		%				82.3		%																73.1		%

(1)    Certain assumed and ceded amounts related to intersegment transactions are included in individual segment results. Accordingly, the sum of such transactions for each segment does not agree to the total due to eliminations.

(2)    Certain expenses have been excluded from ‘corporate benefit (expenses)’ and reflected in ‘Transaction costs and other.’ See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of such items.

12

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Insurance Segment

(U.S. Dollars in millions)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Gross premiums written						$	2,542					$	2,567					$	2,681					$	2,645					$	2,484					$	10,435					$	9,053
Premiums ceded						(666)						(614)						(645)						(712)						(530)						(2,637)						(2,179)
Net premiums written						1,876						1,953						2,036						1,933						1,954						7,798						6,874
Change in unearned premiums						97						16						(67)						(73)						(21)						(27)						(247)
Net premiums earned						1,973						1,969						1,969						1,860						1,933						7,771						6,627
Other underwriting income (1)						11						9						13						3						—						36						—
Losses and loss adjustment expenses						(1,196)						(1,162)						(1,178)						(1,228)						(1,281)						(4,764)						(4,070)
Acquisition expenses						(380)						(386)						(387)						(343)						(345)						(1,496)						(1,217)
Other operating expenses						(289)						(301)						(288)						(294)						(277)						(1,172)						(995)
Underwriting income (loss)						$	119					$	129					$	129					$	(2)					$	30					$	375					$	345
Underwriting Ratios
Loss ratio						60.6		%				59.0		%				59.8		%				66.0		%				66.3		%				61.3		%				61.4		%
Acquisition expense ratio						19.3		%				19.6		%				19.6		%				18.5		%				17.9		%				19.3		%				18.4		%
Other operating expense ratio (2)						14.1		%				14.8		%				14.0		%				15.6		%				14.3		%				14.6		%				15.0		%
Combined ratio						94.0		%				93.4		%				93.4		%				100.1		%				98.5		%				95.2		%				94.8		%
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums						3.3		%				2.2		%				2.9		%				9.5		%				8.3		%				4.4		%				4.6		%
Net (favorable) adverse development in prior year loss reserves, net of related adjustments:
Loss ratio impact						(0.2)		%				(0.7)		%				(0.4)		%				(0.9)		%				(0.3)		%				(0.6)		%				(0.5)		%
Acquisition expense ratio impact						0.1		%				0.6		%				0.3		%				0.4		%				0.2		%				0.4		%				0.2		%
Total impact						(0.1)		%				(0.1)		%				(0.1)		%				(0.5)		%				(0.1)		%				(0.2)		%				(0.3)		%
Combined ratio excluding catastrophic activity and prior year development (3)						90.8		%				91.3		%				90.6		%				91.1		%				90.3		%				91.0		%				90.5		%
Net premiums written to gross premiums written						73.8		%				76.1		%				75.9		%				73.1		%				78.7		%				74.7		%				75.9		%

(1)‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(2)The ‘Other operating expense ratio’ for the 2025 periods include ‘Other underwriting income.’

(3)See ‘Comments on Non-GAAP Financial Measures’ for further discussion.

13

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Insurance Segment

(U.S. Dollars in millions)						Three Months Ended																																																												Year Ended
						December 31,												September 30,												June 30,												March 31,												December 31,												December 31,												December 31,
						2025												2025												2025												2025												2024												2025												2024
Net Premiums Written by Line of Business
North America
Other liability - occurrence						$	309					16.5		%				$	297					15.2		%				$	366					18.0		%				$	330					17.1		%				$	342					17.5		%				$	1,302					16.7		%				$	1,002					14.6		%
Property and short-tail specialty						273						14.6		%				339						17.4		%				369						18.1		%				348						18.0		%				364						18.6		%				1,329						17.0		%				1,220						17.7		%
Other liability - claims made						229						12.2		%				209						10.7		%				206						10.1		%				149						7.7		%				215						11.0		%				793						10.2		%				858						12.5		%
Commercial multi-peril						184						9.8		%				194						9.9		%				205						10.1		%				198						10.2		%				195						10.0		%				781						10.0		%				461						6.7		%
Workers compensation						142						7.6		%				151						7.7		%				130						6.4		%				153						7.9		%				153						7.8		%				576						7.4		%				555						8.1		%
Commercial automobile						126						6.7		%				150						7.7		%				165						8.1		%				161						8.3		%				116						5.9		%				602						7.7		%				485						7.1		%
Other						90						4.8		%				86						4.4		%				89						4.4		%				76						3.9		%				63						3.2		%				341						4.4		%				288						4.2		%
Total North America						$	1,353					72.1		%				$	1,426					73.0		%				$	1,530					75.1		%				$	1,415					73.2		%				$	1,448					74.1		%				$	5,724					73.4		%				$	4,869					70.8		%
International
Property and short-tail specialty						$	251					13.4		%				$	284					14.5		%				$	296					14.5		%				$	271					14.0		%				$	259					13.3		%				$	1,102					14.1		%				$	1,082					15.7		%
Casualty and other						272						14.5		%				243						12.4		%				210						10.3		%				247						12.8		%				247						12.6		%				972						12.5		%				923						13.4		%
Total International						$	523					27.9		%				$	527					27.0		%				$	506					24.9		%				$	518					26.8		%				$	506					25.9		%				$	2,074					26.6		%				$	2,005					29.2		%
Total						$	1,876					100.0		%				$	1,953					100.0		%				$	2,036					100.0		%				$	1,933					100.0		%				$	1,954					100.0		%				$	7,798					100.0		%				$	6,874					100.0		%
Net Premiums Earned by Line of Business
North America
Other liability - occurrence						$	325					16.5		%				$	329					16.7		%				$	338					17.2		%				$	329					17.7		%				$	327					16.9		%				$	1,321					17.0		%				$	942					14.2		%
Property and short-tail specialty						338						17.1		%				339						17.2		%				363						18.4		%				333						17.9		%				332						17.2		%				1,373						17.7		%				1,165						17.6		%
Other liability - claims made						203						10.3		%				205						10.4		%				186						9.4		%				192						10.3		%				210						10.9		%				786						10.1		%				843						12.7		%
Commercial multi-peril						193						9.8		%				195						9.9		%				203						10.3		%				201						10.8		%				189						9.8		%				792						10.2		%				435						6.6		%
Workers compensation						153						7.8		%				160						8.1		%				147						7.5		%				131						7.0		%				155						8.0		%				591						7.6		%				549						8.3		%
Commercial automobile						146						7.4		%				143						7.3		%				147						7.5		%				145						7.8		%				130						6.7		%				581						7.5		%				459						6.9		%
Other						78						4.0		%				70						3.6		%				71						3.6		%				72						3.9		%				74						3.8		%				291						3.7		%				309						4.7		%
Total North America						$	1,436					72.8		%				$	1,441					73.2		%				$	1,455					73.9		%				$	1,403					75.4		%				$	1,417					73.3		%				$	5,735					73.8		%				$	4,702					71.0		%
International
Property and short-tail specialty						$	283					14.3		%				$	292					14.8		%				$	278					14.1		%				$	246					13.2		%				$	290					15.0		%				$	1,099					14.1		%				$	1,061					16.0		%
Casualty and other						254						12.9		%				236						12.0		%				236						12.0		%				211						11.3		%				226						11.7		%				937						12.1		%				864						13.0		%
Total International						$	537					27.2		%				$	528					26.8		%				$	514					26.1		%				$	457					24.6		%				$	516					26.7		%				$	2,036					26.2		%				$	1,925					29.0		%
Total						$	1,973					100.0		%				$	1,969					100.0		%				$	1,969					100.0		%				$	1,860					100.0		%				$	1,933					100.0		%				$	7,771					100.0		%				$	6,627					100.0		%

14

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Reinsurance Segment

(U.S. Dollars in millions)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Gross premiums written						$	1,944					$	2,515					$	3,196					$	3,494					$	1,941					$	11,149					$	11,112
Premiums ceded						(438)						(778)						(1,137)						(1,178)						(353)						(3,531)						(3,366)
Net premiums written						1,506						1,737						2,059						2,316						1,588						7,618						7,746
Change in unearned premiums						486						278						28						(288)						316						504						(504)
Net premiums earned						1,992						2,015						2,087						2,028						1,904						8,122						7,242
Other underwriting income (1)						36						38						46						39						4						159						9
Losses and loss adjustment expenses						(1,086)						(1,040)						(1,128)						(1,356)						(1,121)						(4,610)						(4,327)
Acquisition expenses						(393)						(398)						(436)						(417)						(382)						(1,644)						(1,432)
Other operating expenses						(91)						(133)						(118)						(127)						(77)						(469)						(270)
Underwriting income (loss)						$	458					$	482					$	451					$	167					$	328					$	1,558					$	1,222
Underwriting Ratios
Loss ratio						54.5		%				51.6		%				54.1		%				66.9		%				58.9		%				56.8		%				59.7		%
Acquisition expense ratio						19.7		%				19.8		%				20.9		%				20.6		%				20.0		%				20.2		%				19.8		%
Other operating expense ratio (2)						2.8		%				4.7		%				3.5		%				4.3		%				4.1		%				3.8		%				3.7		%
Combined ratio						77.0		%				76.1		%				78.5		%				91.8		%				83.0		%				80.8		%				83.2		%
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums						5.0		%				1.5		%				4.6		%				18.3		%				12.2		%				7.3		%				11.0		%
Net (favorable) adverse development in prior year loss reserves, net of related adjustments:
Loss ratio impact						(3.5)		%				(2.6)		%				(3.9)		%				(5.9)		%				(3.8)		%				(4.0)		%				(2.6)		%
Acquisition expense ratio impact						0.6		%				0.4		%				0.6		%				1.4		%				(0.2)		%				0.8		%				0.0		%
Total impact						(2.9)		%				(2.2)		%				(3.3)		%				(4.5)		%				(4.0)		%				(3.2)		%				(2.6)		%
Combined ratio excluding catastrophic activity and prior year development (3)						74.9		%				76.8		%				77.2		%				78.0		%				74.8		%				76.7		%				74.8		%
Net premiums written to gross premiums written						77.5		%				69.1		%				64.4		%				66.3		%				81.8		%				68.3		%				69.7		%

(1)‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(2)The ‘Other operating expense ratio’ for the 2025 periods include ‘Other underwriting income.’

(3)See ‘Comments on Non-GAAP Financial Measures’ for further discussion.

15

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Reinsurance Segment

(U.S. Dollars in millions)						Three Months Ended																																																												Year Ended
						December 31,												September 30,												June 30,												March 31,												December 31,												December 31,												December 31,
						2025												2025												2025												2025												2024												2025												2024
Net Premiums Written by Line of Business
Specialty						$	587					39.0		%				$	633					36.4		%				$	729					35.4		%				$	594					25.6		%				$	701					44.1		%				$	2,543					33.4		%				$	2,849					36.8		%
Property excluding property catastrophe						475						31.5		%				557						32.1		%				430						20.9		%				581						25.1		%				441						27.8		%				2,043						26.8		%				2,264						29.2		%
Casualty						301						20.0		%				399						23.0		%				308						15.0		%				499						21.5		%				279						17.6		%				1,507						19.8		%				1,222						15.8		%
Marine and aviation						52						3.5		%				60						3.5		%				68						3.3		%				121						5.2		%				43						2.7		%				301						4.0		%				300						3.9		%
Property catastrophe						48						3.2		%				64						3.7		%				484						23.5		%				477						20.6		%				84						5.3		%				1,073						14.1		%				958						12.4		%
Other						43						2.9		%				24						1.4		%				40						1.9		%				44						1.9		%				40						2.5		%				151						2.0		%				153						2.0		%
Total						$	1,506					100.0		%				$	1,737					100.0		%				$	2,059					100.0		%				$	2,316					100.0		%				$	1,588					100.0		%				$	7,618					100.0		%				$	7,746					100.0		%
Net Premiums Earned by Line of Business
Specialty						$	700					35.1		%				$	719					35.7		%				$	760					36.4		%				$	727					35.8		%				$	685					36.0		%				$	2,906					35.8		%				$	2,619					36.2		%
Property excluding property catastrophe						536						26.9		%				581						28.8		%				587						28.1		%				548						27.0		%				602						31.6		%				2,252						27.7		%				2,148						29.7		%
Casualty						392						19.7		%				360						17.9		%				355						17.0		%				325						16.0		%				290						15.2		%				1,432						17.6		%				1,088						15.0		%
Marine and aviation						78						3.9		%				77						3.8		%				82						3.9		%				80						3.9		%				62						3.3		%				317						3.9		%				276						3.8		%
Property catastrophe						246						12.3		%				253						12.6		%				260						12.5		%				306						15.1		%				223						11.7		%				1,065						13.1		%				959						13.2		%
Other						40						2.0		%				25						1.2		%				43						2.1		%				42						2.1		%				42						2.2		%				150						1.8		%				152						2.1		%
Total						$	1,992					100.0		%				$	2,015					100.0		%				$	2,087					100.0		%				$	2,028					100.0		%				$	1,904					100.0		%				$	8,122					100.0		%				$	7,242					100.0		%
Net Premiums Written by Underwriting Location
Bermuda						$	697					46.3		%				$	761					43.8		%				$	1,060					51.5		%				$	1,154					49.8		%				$	672					42.3		%				$	3,672					48.2		%				$	3,425					44.2		%
United States						386						25.6		%				488						28.1		%				447						21.7		%				477						20.6		%				478						30.1		%				1,798						23.6		%				2,135						27.6		%
Europe and other						423						28.1		%				488						28.1		%				552						26.8		%				685						29.6		%				438						27.6		%				2,148						28.2		%				2,186						28.2		%
Total						$	1,506					100.0		%				$	1,737					100.0		%				$	2,059					100.0		%				$	2,316					100.0		%				$	1,588					100.0		%				$	7,618					100.0		%				$	7,746					100.0		%

16

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

(U.S. Dollars in millions)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Gross premiums written						$	326					$	330					$	323					$	326					$	331					$	1,305					$	1,351
Premiums ceded						(59)						(56)						(70)						(60)						(54)						(245)						(239)
Net premiums written						267						274						253						266						277						1,060						1,112
Change in unearned premiums						23						27						28						34						29						112						119
Net premiums earned						290						301						281						300						306						1,172						1,231
Other underwriting income (1)						5						3						3						11						2						22						17
Losses and loss adjustment expenses						2						2						3						(3)						18						4						55
Acquisition expenses						(6)						(2)						(1)						(4)						(3)						(13)						(2)
Other operating expenses						(41)						(44)						(48)						(52)						(56)						(185)						(207)
Underwriting income						$	250					$	260					$	238					$	252					$	267					$	1,000					$	1,094
Underwriting Ratios
Loss ratio						(0.8)		%				(0.5)		%				(1.2)		%				1.1		%				(5.9)		%				(0.4)		%				(4.4)		%
Acquisition expense ratio						1.9		%				0.7		%				0.4		%				1.3		%				1.0		%				1.1		%				0.2		%
Other operating expense ratio (2)						12.6		%				13.3		%				16.0		%				13.7		%				18.3		%				13.9		%				16.8		%
Combined ratio						13.7		%				13.5		%				15.2		%				16.1		%				13.4		%				14.6		%				12.6		%
Net (favorable) adverse development in prior year loss reserves, net of related adjustments:
Loss ratio impact						(19.4)		%				(18.1)		%				(22.8)		%				(20.4)		%				(20.2)		%				(20.2)		%				(23.0)		%
Acquisition expense ratio impact						(0.9)		%				(1.1)		%				(1.3)		%				(1.4)		%				(2.1)		%				(1.1)		%				(1.9)		%
Total impact						(20.3)		%				(19.2)		%				(24.1)		%				(21.8)		%				(22.3)		%				(21.3)		%				(24.9)		%
Combined ratio excluding prior year development (3)						34.0		%				32.7		%				39.3		%				37.9		%				35.7		%				35.9		%				37.5		%
Net premiums written to gross premiums written						81.9		%				83.0		%				78.3		%				81.6		%				83.7		%				81.2		%				82.3		%

(1)‘Other underwriting income’ includes revenue earned from underwriting-related activities covered under existing service contracts.

(2)The ‘Other operating expense ratio’ for the 2025 periods include ‘Other underwriting income.’

(3)    See ‘Comments on Non-GAAP Financial Measures’ for further discussion.

17

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

(U.S. Dollars in millions)						Three Months Ended																																																												Year Ended
						December 31,												September 30,												June 30,												March 31,												December 31,												December 31,												December 31,
						2025												2025												2025												2025												2024												2025												2024
Net Premiums Written by Underwriting Unit
U.S. primary mortgage insurance						$	195					73.0		%				$	197					71.9		%				$	184					72.7		%				$	203					76.3		%				$	208					75.1		%				$	779					73.5		%				$	820					73.7		%
U.S. credit risk transfer (CRT) and other						51						19.1		%				55						20.1		%				51						20.2		%				50						18.8		%				51						18.4		%				207						19.5		%				212						19.1		%
International mortgage insurance/reinsurance						21						7.9		%				22						8.0		%				18						7.1		%				13						4.9		%				18						6.5		%				74						7.0		%				80						7.2		%
Total						$	267					100.0		%				$	274					100.0		%				$	253					100.0		%				$	266					100.0		%				$	277					100.0		%				$	1,060					100.0		%				$	1,112					100.0		%
Net Premiums Earned by Underwriting Unit
U.S. primary mortgage insurance						$	201					69.3		%				$	204					67.8		%				$	188					66.9		%				$	209					69.7		%				$	215					70.3		%				$	802					68.4		%				$	845					68.6		%
U.S. credit risk transfer (CRT) and other						51						17.6		%				55						18.3		%				51						18.1		%				50						16.7		%				51						16.7		%				207						17.7		%				213						17.3		%
International mortgage insurance/reinsurance						38						13.1		%				42						14.0		%				42						14.9		%				41						13.7		%				40						13.1		%				163						13.9		%				173						14.1		%
Total						$	290					100.0		%				$	301					100.0		%				$	281					100.0		%				$	300					100.0		%				$	306					100.0		%				$	1,172					100.0		%				$	1,231					100.0		%
Net Premiums Written by Underwriting Location
United States						$	196					73.4		%				$	197					71.9		%				$	184					72.7		%				$	203					76.3		%				$	208					75.1		%				$	780					73.6		%				$	823					74.0		%
Other						71						26.6		%				77						28.1		%				69						27.3		%				63						23.7		%				69						24.9		%				280						26.4		%				289						26.0		%
Total						$	267					100.0		%				$	274					100.0		%				$	253					100.0		%				$	266					100.0		%				$	277					100.0		%				$	1,060					100.0		%				$	1,112					100.0		%

(U.S. Dollars in millions)
						December 31, 2025												September 30, 2025												June 30, 2025												March 31, 2025												December 31, 2024
Insurance In Force (IIF) (1)
U.S. primary mortgage insurance						$	286,318					59.1		%				$	286,785					57.9		%				$	286,410					57.7		%				$	287,768					58.2		%				$	290,435					58.0		%
U.S. credit risk transfer (CRT) and other						132,205						27.3		%				141,889						28.7		%				145,883						29.4		%				144,517						29.2		%				145,892						29.1		%
International mortgage insurance/reinsurance						66,084						13.6		%				66,277						13.4		%				64,374						13.0		%				62,487						12.6		%				64,822						12.9		%
Total						$	484,607					100.0		%				$	494,951					100.0		%				$	496,667					100.0		%				$	494,772					100.0		%				$	501,149					100.0		%
Risk In Force (RIF) (2)
U.S. primary mortgage insurance						$	74,679					85.0		%				$	74,952					84.9		%				$	74,948					85.1		%				$	75,300					85.5		%				$	76,034					85.3		%
U.S. credit risk transfer and other						5,358						6.1		%				5,688						6.4		%				5,892						6.7		%				5,842						6.6		%				5,876						6.6		%
International mortgage insurance/reinsurance						7,864						8.9		%				7,633						8.6		%				7,221						8.2		%				6,896						7.8		%				7,215						8.1		%
Total						$	87,901					100.0		%				$	88,273					100.0		%				$	88,061					100.0		%				$	88,038					100.0		%				$	89,125					100.0		%

(1) The aggregate dollar amount of each insured mortgage loan’s current principal balance. Such amounts are shown before external reinsurance.

(2) The aggregate dollar amount of each insured mortgage loan’s current principal balance multiplied by the insurance coverage percentage specified in the policy for insurance policies issued and after contract limits and/or loss ratio caps for risk-sharing or reinsurance transactions. Such amounts are shown before external reinsurance.

18

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

The following table provides supplemental disclosures for the Company’s U.S. primary mortgage insurance operations:

(U.S. Dollars in millions)
						December 31, 2025												September 30, 2025												June 30, 2025												March 31, 2025												December 31, 2024
Total RIF by credit quality:
>=740						$	47,757					63.9		%				$	47,575					63.5		%				$	47,261					63.1		%				$	47,130					62.6		%				$	47,360					62.3		%
680-739						23,271						31.2		%				23,638						31.5		%				23,880						31.9		%				24,274						32.2		%				24,688						32.5		%
620-679						3,340						4.5		%				3,419						4.6		%				3,479						4.6		%				3,558						4.7		%				3,638						4.8		%
<620						311						0.4		%				320						0.4		%				328						0.4		%				338						0.4		%				348						0.5		%
Total						$	74,679					100.0		%				$	74,952					100.0		%				$	74,948					100.0		%				$	75,300					100.0		%				$	76,034					100.0		%
Weighted average credit score						749												749												749												748												748
Total RIF by Loan-To-Value (LTV):
95.01% and above						$	7,314					9.8		%				$	7,362					9.8		%				$	7,361					9.8		%				$	7,383					9.8		%				$	7,420					9.8		%
90.01% to 95.00%						44,494						59.6		%				44,720						59.7		%				44,711						59.7		%				44,901						59.6		%				45,311						59.6		%
85.01% to 90.00%						20,195						27.0		%				20,251						27.0		%				20,293						27.1		%				20,420						27.1		%				20,637						27.1		%
85.00% and below						2,676						3.6		%				2,619						3.5		%				2,583						3.4		%				2,596						3.4		%				2,666						3.5		%
Total						$	74,679					100.0		%				$	74,952					100.0		%				$	74,948					100.0		%				$	75,300					100.0		%				$	76,034					100.0		%
Weighted average LTV						93.2		%										93.2		%										93.2		%										93.2		%										93.2		%
Total RIF by State:
California						$	5,901					7.9		%				$	5,892					7.9		%				$	5,894					7.9		%				$	5,909					7.8		%				$	5,989					7.9		%
Texas						5,382						7.2		%				5,393						7.2		%				5,432						7.2		%				5,506						7.3		%				5,613						7.4		%
North Carolina						3,343						4.5		%				3,358						4.5		%				3,347						4.5		%				3,340						4.4		%				3,355						4.4		%
Minnesota						3,129						4.2		%				3,137						4.2		%				3,147						4.2		%				3,085						4.1		%				3,108						4.1		%
Illinois						3,042						4.1		%				3,046						4.1		%				3,033						4.0		%				3,025						4.0		%				3,056						4.0		%
Georgia						3,005						4.0		%				3,043						4.1		%				3,063						4.1		%				3,104						4.1		%				3,143						4.1		%
Michigan						2,816						3.8		%				2,822						3.8		%				2,816						3.8		%				2,838						3.8		%				2,855						3.8		%
Massachusetts						2,780						3.7		%				2,829						3.8		%				2,841						3.8		%				2,853						3.8		%				2,885						3.8		%
Florida						2,672						3.6		%				2,690						3.6		%				2,714						3.6		%				2,758						3.7		%				2,824						3.7		%
Ohio						2,666						3.6		%				2,697						3.6		%				2,702						3.6		%				2,701						3.6		%				2,716						3.6		%
Other						39,943						53.5		%				40,045						53.4		%				39,959						53.3		%				40,181						53.4		%				40,490						53.3		%
Total						$	74,679					100.0		%				$	74,952					100.0		%				$	74,948					100.0		%				$	75,300					100.0		%				$	76,034					100.0		%
Weighted average coverage (end of period RIF divided by IIF)						26.1		%										26.1		%										26.2		%										26.2		%										26.2		%
U.S. mortgage insurance total RIF, net of reinsurance (1)						$	60,259											$	60,662											$	60,436											$	60,226											$	60,085
Analysts’ persistency (2)						81.8		%										82.3		%										81.9		%										81.9		%										82.1		%
Risk-to-capital ratio — Arch MI U.S. (3)						8.2:1												7.9:1												8.3:1												7.8:1												7.8:1
PMIER sufficiency ratio — Arch MI U.S. (4)						179		%										176		%										168		%										186		%										186		%

(1) Total RIF for the U.S. mortgage insurance operations after external reinsurance.

(2) Represents the % of IIF at the beginning of a 12 month period that remained in force at the end of the period.

(3) Represents current (non-delinquent) RIF, net of reinsurance, divided by statutory capital (estimate for December 31, 2025).

(4) On August 21, 2024, Fannie Mae and Freddie Mac (collectively the GSEs) each updated their Private Mortgage Insurer Eligibility Requirements (PMIERs) to incorporate new deductions to available assets for investment risk. This update became effective on March 31, 2025; but the impact will be phased in through September 30, 2026. If the GSEs had fully implemented this update to PMIERs as of December 31, 2025, the changes would have reduced the available assets by 6% and resulted in a pro-forma PMIERs Sufficiency Ratio of 173%.

19

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

The following table provides supplemental disclosures for the Company’s U.S. primary mortgage insurance operations:

(U.S. Dollars in millions, except policy/loan/claim count)						Three Months Ended
						December 31, 2025												September 30, 2025												June 30, 2025												March 31, 2025												December 31, 2024
Total new insurance written (NIW) (1)						$	14,296											$	12,965											$	12,254											$	9,190											$	11,818
Total NIW by credit quality:
>=740						$	11,239					78.6		%				$	9,850					76.0		%				$	9,411					76.8		%				$	6,835					74.4		%				$	8,495					71.9		%
680-739						2,759						19.3		%				2,753						21.2		%				2,527						20.6		%				2,103						22.9		%				2,920						24.7		%
620-679						293						2.0		%				359						2.8		%				313						2.6		%				249						2.7		%				401						3.4		%
<620						5						0.0		%				3						0.0		%				3						0.0		%				3						0.0		%				2						0.0		%
Total						$	14,296					100.0		%				$	12,965					100.0		%				$	12,254					100.0		%				$	9,190					100.0		%				$	11,818					100.0		%
Total NIW by LTV:
95.01% and above						$	779					5.4		%				$	1,038					8.0		%				$	814					6.6		%				$	756					8.2		%				$	919					7.8		%
90.01% to 95.00%						5,894						41.2		%				5,668						43.7		%				5,632						46.0		%				4,374						47.6		%				5,743						48.6		%
85.01% to 90.00%						5,337						37.3		%				4,323						33.3		%				3,945						32.2		%				2,920						31.8		%				3,771						31.9		%
85.00% and below						2,286						16.0		%				1,936						14.9		%				1,863						15.2		%				1,140						12.4		%				1,385						11.7		%
Total						$	14,296					100.0		%				$	12,965					100.0		%				$	12,254					100.0		%				$	9,190					100.0		%				$	11,818					100.0		%
Total NIW monthly vs. single:
Monthly						$	13,653					95.5		%				$	12,267					94.6		%				$	11,779					96.1		%				$	8,497					92.5		%				$	11,328					95.9		%
Single						643						4.5		%				698						5.4		%				475						3.9		%				693						7.5		%				490						4.1		%
Total						$	14,296					100.0		%				$	12,965					100.0		%				$	12,254					100.0		%				$	9,190					100.0		%				$	11,818					100.0		%
Total NIW purchase vs. refinance:
Purchase						$	11,640					81.4		%				$	12,319					95.0		%				$	11,633					94.9		%				$	8,795					95.7		%				$	11,020					93.2		%
Refinance						2,656						18.6		%				646						5.0		%				621						5.1		%				395						4.3		%				798						6.8		%
Total						$	14,296					100.0		%				$	12,965					100.0		%				$	12,254					100.0		%				$	9,190					100.0		%				$	11,818					100.0		%
Ending number of policies in force (PIF) (2)						1,058,907												1,067,147												1,073,477												1,085,927												1,100,653
Rollforward of insured loans in default:
Beginning delinquent number of loans						21,821												20,762												21,299												22,982												21,878
Plus: new notices						12,825												12,168												10,856												11,529												12,738
Less: cures						(11,337)												(10,715)												(11,085)												(12,920)												(11,264)
Less: paid claims						(324)												(394)												(308)												(292)												(370)
Ending delinquent number of loans (2)						22,985												21,821												20,762												21,299												22,982
Ending percentage of loans in default (2)						2.17		%										2.04		%										1.93		%										1.96		%										2.09		%
Losses:
Number of claims paid						324												394												308												292												370
Total paid claims (in thousands)						$	15,917											$	12,934											$	12,703											$	11,950											$	12,679
Average paid per claim (in thousands)						$	49.1											$	32.8											$	41.2											$	40.9											$	34.3
Severity (3)						81.6		%										73.2		%										75.3		%										76.8		%										77.7		%
Average case reserve per default (in thousands)						$	15.3											$	16.1											$	16.8											$	16.7											$	15.3

(1)    The original principal balance of all loans that received coverage during the period.

(2)    Includes first lien primary and pool policies.    

(3)    Represents total direct first lien paid claims divided by RIF of loans for which claims were paid, excluding paid claim settlements.

20

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Mortgage Segment

The following table provides supplemental disclosures for the Company’s U.S. primary mortgage insurance operations:

(U.S. Dollars in millions)
						December 31, 2025																																				December 31, 2024
						Loss Reserves, Net (1)						Primary IIF (2)												Primary RIF (3)												Delinquency Rate						Loss Reserves, Net (1)						Primary IIF (2)												Primary RIF (3)												Delinquency Rate
						% of Total						Total						% of Total						Total						% of Total												% of Total						Total						% of Total						Total						% of Total
Policy year:
2015 and prior						22.8		%				$	16,143					5.6		%				$	4,117					5.5		%				5.31		%				36.1		%				$	18,329					6.3		%				$	4,670					6.1		%				5.85		%
2016						2.1		%				3,241						1.1		%				806						1.1		%				3.57		%				3.4		%				5,240						1.8		%				1,371						1.8		%				3.23		%
2017						3.9		%				4,250						1.5		%				1,127						1.5		%				3.87		%				4.7		%				5,554						1.9		%				1,489						2.0		%				3.52		%
2018						6.1		%				5,673						2.0		%				1,479						2.0		%				4.48		%				7.0		%				7,081						2.4		%				1,843						2.4		%				4.31		%
2019						7.3		%				10,553						3.7		%				2,770						3.7		%				3.08		%				7.6		%				12,919						4.4		%				3,386						4.5		%				2.85		%
2020						12.3		%				30,968						10.8		%				8,487						11.4		%				1.85		%				10.9		%				39,426						13.6		%				10,718						14.1		%				1.52		%
2021						17.4		%				50,141						17.5		%				13,767						18.4		%				1.88		%				14.2		%				62,382						21.5		%				16,620						21.9		%				1.52		%
2022						14.5		%				49,492						17.3		%				13,236						17.7		%				1.87		%				10.8		%				57,175						19.7		%				15,113						19.9		%				1.51		%
2023						7.9		%				31,049						10.8		%				8,006						10.7		%				1.93		%				4.4		%				36,827						12.7		%				9,479						12.5		%				1.12		%
2024						5.0		%				39,306						13.7		%				9,840						13.2		%				1.17		%				0.9		%				45,502						15.7		%				11,345						14.9		%				0.30		%
2025						0.7		%				45,502						15.9		%				11,044						14.8		%				0.20		%
Total						100.0		%				$	286,318					100.0		%				$	74,679					100.0		%				2.17		%				100.0		%				$	290,435					100.0		%				$	76,034					100.0		%				2.09		%

(1)    Total reserves for losses and loss adjustment expenses, net of recoverables, was $320.6 million at December 31, 2025, compared to $332.6 million at December 31, 2024.

(2)    The aggregate dollar amount of each insured mortgage loan’s current principal balance.

(3)    The aggregate dollar amount of each insured mortgage loan’s current principal balance multiplied by the insurance coverage percentage specified in the policy for insurance policies issued and after contract limits and/or loss ratio caps for risk-sharing transactions.

21

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Consolidated

(U.S. Dollars in millions)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Gross premiums written						$	4,809					$	5,410					$	6,196					$	6,463					$	4,756					$	22,878					$	21,511
Premiums ceded						(1,160)						(1,446)						(1,848)						(1,948)						(937)						(6,402)						(5,779)
Net premiums written						3,649						3,964						4,348						4,515						3,819						16,476						15,732
Change in unearned premiums						606						321						(11)						(327)						324						589						(632)
Net premiums earned						4,255						4,285						4,337						4,188						4,143						17,065						15,100
Other underwriting income						52						50						62						53						6						217						26
Losses and loss adjustment expenses						(2,280)						(2,200)						(2,303)						(2,587)						(2,384)						(9,370)						(8,342)
Acquisition expenses						(779)						(786)						(824)						(764)						(730)						(3,153)						(2,651)
Other operating expenses						(421)						(478)						(454)						(473)						(410)						(1,826)						(1,472)
Underwriting income (loss) (1)						$	827					$	871					$	818					$	417					$	625					$	2,933					$	2,661
Underwriting Ratios
Loss ratio						53.6		%				51.4		%				53.1		%				61.8		%				57.5		%				54.9		%				55.2		%
Acquisition expense ratio						18.3		%				18.4		%				19.0		%				18.3		%				17.6		%				18.5		%				17.6		%
Other operating expense ratio						8.7		%				10.0		%				9.1		%				10.0		%				9.9		%				9.4		%				9.7		%
Combined ratio						80.6		%				79.8		%				81.2		%				90.1		%				85.0		%				82.8		%				82.5		%
Catastrophic activity and prior year development:
Current accident year catastrophic events, net of reinsurance and reinstatement premiums						3.9		%				1.7		%				3.5		%				13.1		%				9.5		%				5.5		%				7.3		%
Net (favorable) adverse development in prior year loss reserves, net of related adjustments:
Loss ratio impact						(3.0)		%				(2.8)		%				(3.5)		%				(4.7)		%				(3.4)		%				(3.5)		%				(3.4)		%
Acquisition expense ratio impact						0.2		%				0.4		%				0.3		%				0.7		%				(0.1)		%				0.4		%				0.0		%
Total impact						(2.8)		%				(2.4)		%				(3.2)		%				(4.0)		%				(3.5)		%				(3.1)		%				(3.4)		%
Combined ratio excluding catastrophic activity and prior year development (1)						79.5		%				80.5		%				80.9		%				81.0		%				79.0		%				80.4		%				78.6		%
Components of losses and loss adjustment expenses incurred
Paid losses and loss adjustment expenses						$	1,951					$	1,569					$	1,744					$	1,761					$	1,554					$	7,025					$	5,073
Change in unpaid losses and loss adjustment expenses						329						631						559						826						830						2,345						3,269
Total losses and loss adjustment expenses						$	2,280					$	2,200					$	2,303					$	2,587					$	2,384					$	9,370					$	8,342
Net premiums written to gross premiums written						75.9		%				73.3		%				70.2		%				69.9		%				80.3		%				72.0		%				73.1		%

(1)See ‘Comments on Non-GAAP Financial Measures’ for further discussion.

22

Arch Capital Group Ltd. and Subsidiaries

Segment Information — Selected Information on Losses and Loss Adjustment Expenses

(U.S. Dollars in millions)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Estimated net (favorable) adverse development in prior year loss reserves, net of related adjustments
Net impact on underwriting results:
Insurance						$	(1)					$	(2)					$	(2)					$	(10)					$	(2)					$	(15)					$	(25)
Reinsurance						(58)						(44)						(69)						(92)						(76)						(263)						(184)
Mortgage						(59)						(57)						(68)						(65)						(68)						(249)						(306)
Total						$	(118)					$	(103)					$	(139)					$	(167)					$	(146)					$	(527)					$	(515)
Impact on losses and loss adjustment expenses:
Insurance						$	(4)					$	(14)					$	(8)					$	(17)					$	(6)					$	(43)					$	(37)
Reinsurance						(69)						(53)						(81)						(119)						(73)						(322)						(188)
Mortgage						(56)						(54)						(64)						(61)						(62)						(235)						(282)
Total						$	(129)					$	(121)					$	(153)					$	(197)					$	(141)					$	(600)					$	(507)
Impact on acquisition expenses:
Insurance						$	3					$	12					$	6					$	7					$	4					$	28					$	12
Reinsurance						11						9						12						27						(3)						59						4
Mortgage						(3)						(3)						(4)						(4)						(6)						(14)						(24)
Total						$	11					$	18					$	14					$	30					$	(5)					$	73					$	(8)
Impact on combined ratio:
Insurance						(0.1)		%				(0.1)		%				(0.1)		%				(0.5)		%				(0.1)		%				(0.2)		%				(0.3)		%
Reinsurance						(2.9)		%				(2.2)		%				(3.3)		%				(4.5)		%				(4.0)		%				(3.2)		%				(2.6)		%
Mortgage						(20.3)		%				(19.2)		%				(24.1)		%				(21.8)		%				(22.3)		%				(21.3)		%				(24.9)		%
Total						(2.8)		%				(2.4)		%				(3.2)		%				(4.0)		%				(3.5)		%				(3.1)		%				(3.4)		%
Impact on loss ratio:
Insurance						(0.2)		%				(0.7)		%				(0.4)		%				(0.9)		%				(0.3)		%				(0.6)		%				(0.5)		%
Reinsurance						(3.5)		%				(2.6)		%				(3.9)		%				(5.9)		%				(3.8)		%				(4.0)		%				(2.6)		%
Mortgage						(19.4)		%				(18.1)		%				(22.8)		%				(20.4)		%				(20.2)		%				(20.2)		%				(23.0)		%
Total						(3.0)		%				(2.8)		%				(3.5)		%				(4.7)		%				(3.4)		%				(3.5)		%				(3.4)		%
Impact on acquisition expense ratio:
Insurance						0.1		%				0.6		%				0.3		%				0.4		%				0.2		%				0.4		%				0.2		%
Reinsurance						0.6		%				0.4		%				0.6		%				1.4		%				(0.2)		%				0.8		%				0.0		%
Mortgage						(0.9)		%				(1.1)		%				(1.3)		%				(1.4)		%				(2.1)		%				(1.1)		%				(1.9)		%
Total						0.2		%				0.4		%				0.3		%				0.7		%				(0.1)		%				0.4		%				0.0		%
Estimated net losses incurred from current accident year catastrophic events (1)
Insurance						$	64					$	43					$	58					$	177					$	161					$	342					$	304
Reinsurance						100						29						96						370						232						595						793
Total						$	164					$	72					$	154					$	547					$	393					$	937					$	1,097
Impact on combined ratio:
Insurance						3.3		%				2.2		%				2.9		%				9.5		%				8.3		%				4.4		%				4.6		%
Reinsurance						5.0		%				1.5		%				4.6		%				18.3		%				12.2		%				7.3		%				11.0		%
Total						3.9		%				1.7		%				3.5		%				13.1		%				9.5		%				5.5		%				7.3		%

(1)Equals estimated losses from catastrophic events occurring in the current accident year (e.g. natural catastrophes, man-made events, pandemic events), net of reinsurance and reinstatement premiums. As regards the natural catastrophe estimates included within, amounts shown for the insurance and reinsurance segments generally include (i) North American events with a Property Claim Services ("PCS") code and (ii) named catastrophic events outside of North America. Amounts not applicable for the mortgage segment.

23

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Investable Asset Summary and Investment Portfolio Metrics

The following table summarizes the Company’s investable assets and portfolio metrics:

(U.S. Dollars in millions)						December 31,												September 30,												June 30,												March 31,												December 31,
						2025												2025												2025												2025												2024
Investable assets:
Fixed maturities available for sale, at fair value						$	32,426					68.5		%				$	31,908					68.3		%				$	30,332					67.5		%				$	28,798					66.9		%				$	27,035					65.3		%
Fixed maturities—fair value option (1)						1,110						2.3		%				1,050						2.2		%				1,009						2.2		%				913						2.1		%				854						2.1		%
Total fixed maturities						33,536						70.8		%				32,958						70.5		%				31,341						69.7		%				29,711						69.0		%				27,889						67.4		%
Equity securities, at fair value						1,864						3.9		%				1,805						3.9		%				1,715						3.8		%				1,618						3.8		%				1,675						4.0		%
Equity securities—fair value option (1)						5						0.0		%				5						0.0		%				5						0.0		%				5						0.0		%				7						0.0		%
Total equity securities						1,869						3.9		%				1,810						3.9		%				1,720						3.8		%				1,623						3.8		%				1,682						4.1		%
Other investments—fair value option (1)						1,957						4.1		%				1,911						4.1		%				1,810						4.0		%				1,866						4.3		%				2,135						5.2		%
Investments accounted for using the equity method (2)						6,453						13.6		%				6,232						13.3		%				6,566						14.6		%				6,340						14.7		%				5,980						14.4		%
Short-term investments available for sale, at fair value						2,625						5.5		%				2,351						5.0		%				2,788						6.2		%				2,477						5.8		%				2,784						6.7		%
Short-term investments—fair value option (1)						64						0.1		%				61						0.1		%				68						0.2		%				104						0.2		%				70						0.2		%
Total short-term investments						2,689						5.7		%				2,412						5.2		%				2,856						6.4		%				2,581						6.0		%				2,854						6.9		%
Cash						993						2.1		%				1,063						2.3		%				983						2.2		%				1,187						2.8		%				979						2.4		%
Securities transactions entered into but not settled at the balance sheet date						(128)						(0.3)		%				360						0.8		%				(338)						(0.8)		%				(254)						(0.6)		%				(131)						(0.3)		%
Total investable assets held by the Company						$	47,369					100.0		%				$	46,746					100.0		%				$	44,938					100.0		%				$	43,054					100.0		%				$	41,388					100.0		%
Average effective duration of fixed maturities (in years) (3)						3.34												3.24												3.48												3.32												3.31
Average S&P/Moody’s credit ratings (4)						AA-/Aa3												AA-/Aa3												AA-/Aa3												AA-/Aa3												AA-/Aa3

(1)     Included in “other investments” on the balance sheet.

(2)    Changes in the carrying value of investments accounted for using the equity method are recorded as “equity in net income of investments accounted for using the equity method” rather than as                 an unrealized gain or loss component of accumulated other comprehensive income.

(3)     During the 2024 fourth quarter, the Company changed its presentation from a total portfolio duration to a duration on fixed maturities and short-term investments.

(4)    Average credit ratings on the Company’s investment portfolio on securities with ratings assigned by Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”).

24

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Composition of Net Investment Income, Yield and Total Return

The following table summarizes the Company’s net investment income, yield and total return:

(U.S. Dollars in millions, except per share data)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Composition of pre-tax net investment income:
Fixed maturities						$	384					$	379					$	360					$	342					$	340					$	1,465					$	1,266
Short-term investments						27						25						24						26						42						102						144
Equity securities (dividends)						10						10						10						11						13						41						40
Other (1)						27						19						35						28						33						109						136
Gross investment income						448						433						429						407						428						1,717						1,586
Investment expenses						(14)						(25)						(24)						(29)						(23)						(92)						(91)
Pre-tax net investment income						$	434					$	408					$	405					$	378					$	405					$	1,625					$	1,495
Per share						$	1.18					$	1.08					$	1.07					$	0.99					$	1.06					$	4.32					$	3.92
Pre-tax equity in net income of investments accounted for using the equity method						155						134						162						53						143						504						580
Per share						$	0.42					$	0.36					$	0.43					$	0.14					$	0.37					$	1.34					$	1.52
Investment income yield, at amortized cost (2):
Pre-tax						4.22		%				4.07		%				4.25		%				4.16		%				4.32		%				4.11		%				4.25		%
After-tax						3.45		%				3.32		%				3.43		%				3.35		%				3.83		%				3.34		%				3.74		%
Total return on investments (3)						1.36		%				1.80		%				3.09		%				2.02		%				(1.05)		%				8.52		%				5.08		%

(1)Amounts include dividends and other distributions on investment funds, term loan investments, funds held balances, cash balances and other.

(2)Presented on an annualized basis and excluding the impact of investments for which returns are not included within investment income, such as investments accounted for using the equity method and certain equities.

(3)Total return on investments includes investment income, equity in net income or loss of investments accounted for using the equity method, net realized gains and losses (excluding changes in allowance for credit losses on non-investment related financial assets) and the change in unrealized gains or losses and is calculated on a pre-tax basis and before investment expenses. See ‘Comments on Non-GAAP Financial Measures’ for a further discussion of the presentation of total return on investments.

25

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Composition of Fixed Maturities

The following table summarizes the Company’s fixed maturities:

(U.S. Dollars in millions)						Fair Value						Gross Unrealized Gains						Gross Unrealized Losses						Net Unrealized Gains (Losses)						Allowance for Credit Losses						Amortized Cost						Fair Value / Amortized Cost						Fair Value % of Total
At December 31, 2025
Corporates						$	15,160					$	265					$	(142)					$	123					$	(10)					$	15,047					100.8		%				45.2		%
U.S. government and government agencies						7,450						23						(21)						2						—						7,448						100.0		%				22.2		%
Non-U.S. government securities						3,273						53						(81)						(28)						(1)						3,302						99.1		%				9.8		%
Asset-backed securities						3,574						20						(15)						5						(8)						3,577						99.9		%				10.7		%
Residential mortgage-backed securities						2,705						34						(21)						13						—						2,692						100.5		%				8.1		%
Commercial mortgage-backed securities						1,212						11						(5)						6						(1)						1,207						100.4		%				3.6		%
Municipal bonds						162						—						(4)						(4)						—						166						97.6		%				0.5		%
Total						$	33,536					$	406					$	(289)					$	117					$	(20)					$	33,439					100.3		%				100.0		%
At December 31, 2024
Corporates						$	13,319					$	110					$	(346)					$	(236)					$	(12)					$	13,567					98.2		%				47.8		%
U.S. government and government agencies						6,724						8						(149)						(141)						—						6,865						97.9		%				24.1		%
Non-U.S. government securities						2,546						30						(107)						(77)						(1)						2,624						97.0		%				9.1		%
Asset-backed securities						2,900						19						(32)						(13)						(8)						2,921						99.3		%				10.4		%
Residential mortgage-backed securities						1,079						6						(31)						(25)						—						1,104						97.7		%				3.9		%
Commercial mortgage-backed securities						1,058						6						(11)						(5)						(1)						1,064						99.4		%				3.8		%
Municipal bonds						263						—						(16)						(16)						—						279						94.3		%				0.9		%
Total						$	27,889					$	179					$	(692)					$	(513)					$	(22)					$	28,424					98.1		%				100.0		%

26

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Credit Quality Distribution and Maturity Profile

The following table summarizes the credit quality distribution and maturity profile of the Company’s fixed maturities:

(U.S. Dollars in millions)						December 31,												September 30,												June 30,												March 31,												December 31,
						2025												2025												2025												2025												2024
Credit quality distribution of total fixed maturities (1):
U.S. government and government agencies (2)						$	9,561					28.5		%				$	8,409					25.5		%				$	8,355					26.7		%				$	7,827					26.3		%				$	7,498					26.9		%
AAA						5,667						16.9		%				5,425						16.5		%				4,745						15.1		%				4,698						15.8		%				4,330						15.5		%
AA						2,564						7.6		%				2,449						7.4		%				2,491						7.9		%				2,287						7.7		%				2,285						8.2		%
A						6,448						19.2		%				6,904						20.9		%				6,645						21.2		%				5,931						20.0		%				5,138						18.4		%
BBB						6,533						19.5		%				7,167						21.7		%				6,673						21.3		%				6,625						22.3		%				6,467						23.2		%
BB						1,330						4.0		%				1,175						3.6		%				1,110						3.5		%				1,051						3.5		%				978						3.5		%
B						734						2.2		%				685						2.1		%				657						2.1		%				605						2.0		%				458						1.6		%
Lower than B						35						0.1		%				29						0.1		%				30						0.1		%				26						0.1		%				28						0.1		%
Not rated						664						2.0		%				715						2.2		%				635						2.0		%				661						2.2		%				707						2.5		%
Total fixed maturities, at fair value						$	33,536					100.0		%				$	32,958					100.0		%				$	31,341					100.0		%				$	29,711					100.0		%				$	27,889					100.0		%
Maturity profile of total fixed maturities:
Due in one year or less						$	412					1.2		%				$	570					1.7		%				$	518					1.7		%				$	533					1.8		%				$	486					1.7		%
Due after one year through five years						17,680						52.7		%				17,379						52.7		%				17,632						56.3		%				16,570						55.8		%				15,880						56.9		%
Due after five years through ten years						7,149						21.3		%				7,047						21.4		%				6,350						20.3		%				6,179						20.8		%				5,993						21.5		%
Due after 10 years						804						2.4		%				798						2.4		%				847						2.7		%				656						2.2		%				493						1.8		%
						26,045						77.7		%				25,794						78.3		%				25,347						80.9		%				23,938						80.6		%				22,852						81.9		%
Residential mortgage-backed securities						2,705						8.1		%				2,766						8.4		%				2,386						7.6		%				1,755						5.9		%				1,079						3.9		%
Commercial mortgage-backed securities						1,212						3.6		%				1,249						3.8		%				838						2.7		%				931						3.1		%				1,058						3.8		%
Asset-backed securities						3,574						10.7		%				3,149						9.6		%				2,770						8.8		%				3,087						10.4		%				2,900						10.4		%
Total fixed maturities, at fair value						$	33,536					100.0		%				$	32,958					100.0		%				$	31,341					100.0		%				$	29,711					100.0		%				$	27,889					100.0		%

(1)     For individual fixed maturities, S&P ratings are used. In the absence of an S&P rating, ratings from Moody’s are used, followed by ratings from Fitch Ratings.

(2)     Includes U.S. government-sponsored agency mortgage backed securities and agency commercial mortgage backed securities.

27

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Analysis of Corporate Exposures

The following table summarizes the Company’s corporate bonds by sector:

(U.S. Dollars in millions)						December 31,												September 30,												June 30,												March 31,												December 31,
						2025												2025												2025												2025												2024
Sector:
Industrials						$	7,840					51.7		%				$	8,262					51.5		%				$	7,974					51.7		%				$	7,157					49.1		%				$	6,673					50.1		%
Financials						6,066						40.0		%				6,251						39.0		%				5,939						38.5		%				5,881						40.3		%				5,207						39.1		%
Utilities						949						6.3		%				1,225						7.6		%				1,201						7.8		%				1,039						7.1		%				951						7.1		%
All other (1)						305						2.0		%				306						1.9		%				303						2.0		%				512						3.5		%				488						3.7		%
Total						$	15,160					100.0		%				$	16,044					100.0		%				$	15,417					100.0		%				$	14,589					100.0		%				$	13,319					100.0		%
Credit quality distribution (2):
AAA						$	195					1.3		%				$	195					1.2		%				$	180					1.2		%				$	194					1.3		%				$	196					1.5		%
AA						968						6.4		%				807						5.0		%				953						6.2		%				915						6.3		%				918						6.9		%
A						5,315						35.1		%				5,882						36.7		%				5,712						37.1		%				5,092						34.9		%				4,248						31.9		%
BBB						6,210						41.0		%				6,891						43.0		%				6,392						41.5		%				6,308						43.2		%				6,119						45.9		%
BB						1,262						8.3		%				1,128						7.0		%				1,054						6.8		%				1,001						6.9		%				900						6.8		%
B						728						4.8		%				676						4.2		%				652						4.2		%				604						4.1		%				454						3.4		%
Lower than B						35						0.2		%				29						0.2		%				30						0.2		%				26						0.2		%				28						0.2		%
Not rated						447						2.9		%				436						2.7		%				444						2.9		%				449						3.1		%				456						3.4		%
Total						$	15,160					100.0		%				$	16,044					100.0		%				$	15,417					100.0		%				$	14,589					100.0		%				$	13,319					100.0		%

(1)    Includes sovereign securities, supranational securities and other.

(2)    For individual fixed maturities, S&P ratings are used. In the absence of an S&P rating, ratings from Moody’s are used, followed by ratings from Fitch Ratings.

The following table summarizes the Company’s top ten exposures to fixed income corporate issuers by fair value at December 31, 2025:

(U.S. Dollars in millions)						Fair Value						% of Asset Class						% of Investable Assets						Credit Quality (1)
Issuer:
Morgan Stanley						$	449					3.0		%				0.9		%				A/A1
JPMorgan Chase & Co.						433						2.9		%				0.9		%				A/A1
Bank of America Corporation						342						2.3		%				0.7		%				A-/A1
The Goldman Sachs Group, Inc.						307						2.0		%				0.6		%				BBB+/A2
Wells Fargo & Company						263						1.7		%				0.6		%				BBB+/A1
Citigroup Inc.						211						1.4		%				0.4		%				A-/A2
The Toronto-Dominion Bank						191						1.3		%				0.4		%				A-/A2
UBS Group AG						179						1.2		%				0.4		%				A-/A2
Philip Morris International Inc.						160						1.1		%				0.3		%				A-/A2
Ford Motor Company						140						0.9		%				0.3		%				BBB-/Ba1
Total						$	2,675					17.6		%				5.6		%

(1)    Average credit ratings assigned by S&P and Moody’s, respectively.

28

Arch Capital Group Ltd. and Subsidiaries

Investment Information — Structured Securities

The following table provides the composition of the Company’s structured securities:

(U.S. Dollars in millions)						Agencies						AAA						AA						A						BBB						Non-Investment Grade						Total
At December 31, 2025
Residential mortgage-backed securities						$	2,105					$	598					$	2					$	—					$	—					$	—					$	2,705
Commercial mortgage-backed securities						6						730						159						47						193						77						1,212
Asset-backed securities						—						2,026						310						904						128						206						3,574
Total						$	2,111					$	3,354					$	471					$	951					$	321					$	283					$	7,491
At December 31, 2024
Residential mortgage-backed securities						$	769					$	309					$	—					$	1					$	—					$	—					$	1,079
Commercial mortgage-backed securities						7						556						193						63						147						92						1,058
Asset-backed securities						—						1,432						336						715						184						233						2,900
Total						$	776					$	2,297					$	529					$	779					$	331					$	325					$	5,037

29

Arch Capital Group Ltd. and Subsidiaries

Comments on Non-GAAP Financial Measures

Throughout this financial supplement, the Company presents its operations in the way it believes will be the most meaningful and useful to investors, analysts, rating agencies and others who use the Company’s financial information in evaluating the performance of the Company. This presentation includes the use of after-tax operating income available to Arch common shareholders, which is defined as net income available to Arch common shareholders, excluding net realized gains or losses (which includes realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from the acquisition or disposition of subsidiaries), equity in net income or loss of investments accounted for using the equity method, net foreign exchange gains or losses, transaction costs and other, net of income taxes and the use of annualized operating return on average common equity. The presentation of after-tax operating income available to Arch common shareholders and annualized operating return on average common equity are non-GAAP financial measures as defined in Regulation G. The reconciliation of such measures to net income available to Arch common shareholders and annualized net income return on average common equity (the most directly comparable GAAP financial measures) in accordance with Regulation G is included on the following page.

The Company believes that net realized gains or losses, equity in net income or loss of investments accounted for using the equity method, net foreign exchange gains or losses and transaction costs and other, in any particular period are not indicative of the performance of, or trends in, the Company’s business. Although net realized gains or losses, equity in net income or loss of investments accounted for using the equity method and net foreign exchange gains or losses are an integral part of the Company’s operations, the decision to realize these items are independent of the insurance underwriting process and result, in large part, from general economic and financial market conditions. Furthermore, certain users of the Company’s financial information believe that, for many companies, the timing of the realization of investment gains or losses is largely opportunistic. In addition, changes in the allowance for credit losses and net impairment losses recognized in earnings on the Company’s investments represent other-than-temporary declines in expected recovery values on securities without actual realization.

The use of the equity method on certain of the Company’s investments in certain funds that invest in fixed maturity securities is driven by the ownership structure of such funds (either limited partnerships or limited liability companies). In applying the equity method, these investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the funds (which include changes in the fair value of the underlying securities in the funds). This method of accounting is different from the way the Company accounts for its other fixed maturity securities and the timing of the recognition of equity in net income or loss of investments accounted for using the equity method may differ from gains or losses in the future upon sale or maturity of such investments.

Transaction costs and other include advisory, financing, legal, severance, incentive compensation and other transaction costs related to acquisitions. The Company believes that transaction costs and other, due to their non-recurring nature, are not indicative of the performance of, or trends in, the Company’s business performance.

The Company believes that showing net income available to Arch common shareholders exclusive of the items referred to above reflects the underlying fundamentals of the Company’s business since the Company evaluates the performance of and manages its business to produce an underwriting profit. In addition to presenting net income available to Arch common shareholders, the Company believes that this presentation enables investors and other users of the Company’s financial information to analyze the Company’s performance in a manner similar to how the Company’s management analyzes performance. The Company also believes that this measure follows industry practice and, therefore, allows the users of the Company’s financial information to compare the Company’s performance with its industry peer group. The Company believes that the equity analysts and certain rating agencies that follow the Company and the insurance industry as a whole generally exclude these items from their analyses for the same reasons.

The Company’s segment information includes the presentation of consolidated underwriting income or loss and a subtotal of underwriting income or loss. Such measures represent the pre-tax profitability of the Company’s underwriting operations and include net premiums earned plus other underwriting income, less losses and loss adjustment expenses, acquisition expenses and other operating expenses. Other operating expenses include those operating expenses that are incremental and/or directly attributable to the Company’s individual underwriting operations. Underwriting income or loss does not include certain income and expense items which are included in corporate. While these measures are presented in the Segment Information footnote to the Company’s Consolidated Financial Statements, they are considered non-GAAP financial measures when presented elsewhere on a consolidated basis. The reconciliations of underwriting income or loss to income before income taxes (the most directly comparable GAAP financial measure) on a consolidated basis, in accordance with Regulation G, is shown on pages 9 to 12.

In addition, the Company’s segment information includes the use of a combined ratio excluding catastrophic activity and prior year development, for the insurance and reinsurance segments, and a combined ratio excluding prior year development, for the mortgage segment. These ratios are non-GAAP financial measures as defined in Regulation G. The reconciliation of such measures to the combined ratio (the most directly comparable GAAP financial measure) in accordance with Regulation G are shown on the individual segment pages. The Company’s management utilizes the adjusted combined ratios excluding current accident year catastrophic events and favorable or adverse development in prior year loss reserves in its analysis of the underwriting performance of each of its underwriting segments. Effective in the 2025 first quarter, the ‘Other operating expense ratio’ includes ‘Other underwriting income.’

Total return on investments includes investment income, equity in net income or loss of investments accounted for using the equity method, net realized gains and losses (excluding changes in the allowance for credit losses on non-investment related financial assets) and the change in unrealized gains and losses generated by the Company’s investment portfolio. Total return is calculated on a pre-tax basis and before investment expenses, and reflects the effect of financial market conditions along with foreign currency fluctuations. Management uses total return on investments as a key measure of the return generated to Arch common shareholders, and compares the return generated by the Company’s investment portfolio against benchmark returns during the periods presented.

30

Arch Capital Group Ltd. and Subsidiaries

Operating Income Reconciliation and Annualized Operating Return on Average Common Equity

The following table summarizes the Company’s consolidated financial data, including a reconciliation of net income (loss) available to Arch common shareholders to after-tax operating income (loss) available to Arch common shareholders and related diluted per share results:

(U.S. Dollars and shares in millions, except per share data)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Net income available to Arch common shareholders						$	1,228					$	1,340					$	1,227					$	564					$	925					$	4,359					$	4,272
Net realized (gains) losses (1)						(22)						(210)						(229)						(3)						161						(464)						(197)
Equity in net (income) of investments accounted for using the equity method						(155)						(134)						(162)						(53)						(143)						(504)						(580)
Net foreign exchange (gains) losses						6						7						88						27						(106)						128						(75)
Transaction costs and other						26						21						18						10						26						75						81
Income tax expense (benefit) (2)						9						18						37						42						3						106						41
After-tax operating income available to Arch common shareholders						$	1,092					$	1,042					$	979					$	587					$	866					$	3,700					$	3,542
Diluted per common share results:
Net income available to Arch common shareholders						$	3.35					$	3.56					$	3.23					$	1.48					$	2.42					$	11.60					$	11.19
Net realized (gains) losses (1)						(0.06)						(0.56)						(0.60)						(0.01)						0.41						(1.23)						(0.52)
Equity in net (income) of investments accounted for using the equity method						(0.42)						(0.36)						(0.43)						(0.14)						(0.37)						(1.35)						(1.52)
Net foreign exchange (gains) losses						0.02						0.02						0.23						0.07						(0.28)						0.34						(0.20)
Transaction costs and other						0.07						0.06						0.05						0.03						0.07						0.20						0.22
Income tax expense (benefit) (2)						0.02						0.05						0.10						0.11						0.01						0.28						0.11
After-tax operating income available to Arch common shareholders						$	2.98					$	2.77					$	2.58					$	1.54					$	2.26					$	9.84					$	9.28
Weighted average common shares and common share equivalents outstanding - diluted						366.6						376.1						379.9						381.9						382.8						375.9						381.8
Beginning common shareholders’ equity						$	22,889					$	22,211					$	20,715					$	19,990					$	21,444					$	19,990					$	17,523
Ending common shareholders’ equity						23,376						22,889						22,211						20,715						19,990						23,376						19,990
Average common shareholders’ equity						$	23,133					$	22,550					$	21,463					$	20,353					$	20,717					$	21,683					$	18,757
Annualized net income return on average common equity						21.2		%				23.8		%				22.9		%				11.1		%				17.9		%				20.1		%				22.8		%
Annualized operating return on average common equity						18.9		%				18.5		%				18.2		%				11.5		%				16.7		%				17.1		%				18.9		%

(1)    Net realized gains or losses include realized and unrealized changes in the fair value of equity securities and assets accounted for using the fair value option, realized and unrealized gains and losses on derivative instruments, changes in the allowance for credit losses on financial assets and gains and losses realized from the acquisition or disposition of subsidiaries.

(2)    Income tax expense (benefit) on net realized gains or losses, equity in net income of investments accounted for using the equity method, net foreign exchange gains or losses and transaction costs and other reflects the relative mix reported by jurisdiction and the varying tax rates in each jurisdiction.

31

Arch Capital Group Ltd. and Subsidiaries

Operating Income and Effective Tax Rate Calculations

The following table provides a reconciliation of income (loss) before income taxes to after-tax operating income (loss) available to Arch common shareholders and an analysis of the effective tax rate on pre-tax operating income (loss) available to Arch common shareholders:

(U.S. Dollars in millions)						Three Months Ended																														Year Ended
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025						2024
Arch Operating Income Components:
Income (loss) before income taxes and income (loss) from operating affiliates						$	1,387					$	1,503					$	1,411					$	678					$	937					$	4,979					$	4,474
Net realized (gains) losses						(22)						(210)						(229)						(3)						161						(464)						(197)
Equity in net (income) of investments accounted for using the equity method						(155)						(134)						(162)						(53)						(143)						(504)						(580)
Net foreign exchange (gains) losses						6						7						88						27						(106)						128						(74)
Transaction costs and other						26						21						18						10						26						75						81
Income (loss) from operating affiliates						61						62						40						17						64						180						200
Pre-tax operating income available to Arch (b)						1,303						1,249						1,166						676						939						4,394						3,904
Income tax (expense) benefit (a)						(201)						(197)						(177)						(79)						(63)						(654)						(322)
After-tax operating income available to Arch						1,102						1,052						989						597						876						3,740						3,582
Preferred dividends						(10)						(10)						(10)						(10)						(10)						(40)						(40)
After-tax operating income available to Arch common shareholders						$	1,092					$	1,042					$	979					$	587					$	866					$	3,700					$	3,542
Effective tax rate on pre-tax operating income (loss) available to Arch (a)/(b)						15.4		%				15.8		%				15.2		%				11.7		%				6.7		%				14.9		%				8.2		%

32

Arch Capital Group Ltd. and Subsidiaries

Capital Structure and Share Repurchase Activity

The following table provides an analysis of the Company’s capital structure:

(U.S. Dollars and shares in millions, except per share data)						December 31,						September 30,						June 30,						March 31,						December 31,
						2025						2025						2025						2025						2024
Debt:
Arch senior notes, due May 1, 2034 ($300 principal, 7.35%)						$	300					$	300					$	300					$	300					$	300
Arch-U.S. senior notes, due November 1, 2043 ($500 principal, 5.144%) (1)						500						500						500						500						500
Arch Finance senior notes, due December 15, 2026 ($500 principal, 4.011%) (2)						500						500						500						500						500
Arch Finance senior notes, due December 15, 2046 ($450 principal, 5.031%) (2)						450						450						450						450						450
Arch senior notes, due June 30, 2050 ($1,000 principal, 3.635%)						1,000						1,000						1,000						1,000						1,000
Deferred debt costs on senior notes						(21)						(22)						(22)						(22)						(22)
Revolving credit agreement borrowings, due August 23, 2028						—						—						—						—						—
Total debt						$	2,729					$	2,728					$	2,728					$	2,728					$	2,728
Shareholders’ equity available to Arch:
Series F non-cumulative preferred shares (5.45%)						330						330						330						330						330
Series G non-cumulative preferred shares (4.55%)						500						500						500						500						500
Common shareholders’ equity (a)						23,376						22,889						22,211						20,715						19,990
Total shareholders’ equity available to Arch						$	24,206					$	23,719					$	23,041					$	21,545					$	20,820
Total capital available to Arch						$	26,935					$	26,447					$	25,769					$	24,273					$	23,548
Common shares outstanding, net of treasury shares (b)						359.0						367.3						375.4						375.6						376.4
Book value per common share (3) (a)/(b)						$	65.11					$	62.32					$	59.17					$	55.15					$	53.11
Leverage ratios:
Senior notes/total capital available to Arch						10.1		%				10.3		%				10.6		%				11.2		%				11.6		%
Revolving credit agreement borrowings/total capital available to Arch						—		%				—		%				—		%				—		%				—		%
Debt/total capital available to Arch						10.1		%				10.3		%				10.6		%				11.2		%				11.6		%
Preferred/total capital available to Arch						3.1		%				3.1		%				3.2		%				3.4		%				3.5		%
Debt and preferred/total capital available to Arch						13.2		%				13.5		%				13.8		%				14.7		%				15.1		%

(1)    Issued by Arch Capital Group (U.S.) Inc. (“Arch-U.S.”), a wholly owned subsidiary of Arch, and fully and unconditionally guaranteed by Arch.

(2)    Issued by Arch Capital Finance LLC (“Arch Finance”), a wholly owned subsidiary of Arch U.S. MI Holdings Inc., and fully and unconditionally guaranteed by Arch.

(3)    Excludes the effects of stock options, restricted and performance stock units outstanding.

The following table provides the impact of share repurchases under the Company’s share repurchase program:

(U.S. Dollars and shares in millions, except per share data)						Three Months Ended																														Cumulative
						December 31,						September 30,						June 30,						March 31,						December 31,						December 31,
						2025						2025						2025						2025						2024						2025
Effect of share repurchases:
Aggregate cost of shares repurchased						$	797.9					$	732.3					$	163.2					$	196.4					$	23.5					$	7,783.0
Shares repurchased						8.9						8.2						1.9						2.2						0.3						455.0
Average price per share repurchased						$	90.04					$	88.82					$	87.94					$	88.89					$	89.63					$	17.11
Remaining share repurchase authorization (1)																																				$	1,107.0

(1)    Repurchases under the share repurchase authorization may be effected from time to time in open market or privately negotiated transactions. On September 4, 2025, the Company increased its authorization for its existing share repurchase program by $2.0 billion.

33

FAQ

How did Arch Capital Group Ltd. (ACGL) perform financially in Q4 2025?

Arch Capital delivered very strong Q4 2025 results, with net income available to common shareholders of $1.228 billion, or $3.35 per diluted share. After-tax operating income reached $1.092 billion, or $2.98 per share, significantly above the prior-year quarter’s levels.

What was Arch Capital’s underwriting performance and combined ratio in Q4 2025?

Arch Capital’s underwriting income increased to $827 million in Q4 2025. The consolidated combined ratio improved to 80.6%, down from 85.0% a year earlier, reflecting strong underwriting profitability across its insurance, reinsurance and mortgage segments during the quarter.

How did Arch Capital’s investment portfolio contribute to Q4 2025 results?

Pre-tax net investment income in Q4 2025 was $434 million, up from $405 million in Q4 2024, reflecting growth in average invested assets. The company also recorded net realized gains of $22 million, compared with a net realized loss of $161 million in the prior-year quarter.

What returns on equity did Arch Capital achieve in Q4 2025?

Arch Capital reported an annualized net income return on average common equity of 21.2% in Q4 2025. The annualized operating return on average common equity was 18.9%, indicating very strong profitability relative to the company’s common equity base for the quarter.

How did Arch Capital’s book value per share change in Q4 2025?

Book value per Arch Capital common share increased to $65.11 at December 31, 2025, up 4.5% from $62.32 at September 30, 2025. The improvement reflects strong earnings, investment performance and capital management, including significant share repurchase activity.

What capital management actions did Arch Capital take in Q4 2025?

Arch Capital repurchased $798 million of common shares during Q4 2025. This substantial buyback, alongside strong profitability, supported growth in book value per common share and contributed to the company’s overall capital return to shareholders for the period.

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