RiverStone International achieved record investment income in 2025 and maintained strong capital levels, allowing the group to pursue new acquisition opportunities in 2026.
RiverStone’s total pre-tax profits will increase from $287 million in 2024 to $295 million in 2025, supported by record investment income of $275 million.
RiverStone said its portfolio outperformed the benchmark by 48 basis points over the rolling three-year period, reflecting the continued contribution of its strategy of combining high-quality fixed income with targeted return-seeking assets.
The group reported unaudited solvency coverage of 216% by 2025, well above the board’s minimum target, and is well positioned to capitalize on future acquisition opportunities.
Adjusted pretax profit in 2025 was $251 million, compared with $300 million in 2024, and the return on adjusted tangible book value at the beginning of the period was 14.3%, down from 19.1% in the previous year.
Full-year underwriting profit totaled $210 million, compared with $260 million in 2024. This included a general business technology account balance of $43 million, which was down from $87 million in the prior year after net operating expenses and certain third-party corporate membership reinsurance.
At the same time, underwriting yields edged up from 5.1% in 2024 to 5.2% in 2025, with the decline in absolute underwriting profits primarily attributable to a reduction in technical reserves rather than a decline in underlying underwriting performance.
RiverStone also reported that its 2025 expense base was below plan despite foreign exchange headwinds, reflecting efficiencies achieved by enhancing its global operating model.
Financial investments ended the year at $5.7 billion, 15% below 2024 levels, primarily due to lower acquisition volumes.
Meanwhile, total technology provisions fell 20% to $4.6 billion, reflecting a disciplined underwriting approach and a reduction in new acquisition liabilities during the year.
“Following another strong year at RiverStone, we are optimistic about 2026 and are leveraging our experience to look beyond the surface and our expertise to shape what comes next,” said Andy Creed, group president and chief financial officer.
