Vantage reports $315.8 million in earned premiums in the third quarter
Key Facts
Howard Hughes Holdings reported Vantage’s third-quarter results on November 5, 2026, marking the company’s first full quarter within the group. Net insurance and reinsurance premiums earned totaled $315.8 million, while Vantage recorded income before income taxes of $76.6 million. Howard Hughes said the income figure includes the impact of acquisition accounting. The results place the insurer’s performance within the group’s results after its first full quarter with the company. The company also separated reported underwriting results from the investment and fee components that contributed to the quarter’s performance.
At the underwriting level, Vantage reported a loss of $5.7 million, with a combined ratio of 101.8%. The ratio comprised a loss ratio of 63.5% and an expense ratio of 38.3%. The company said excluding acquisition accounting adjustments changes the picture of the underlying result: core underwriting income was $16.1 million. The core combined ratio, after those exclusions, was 94.9%. The difference between the two results highlights the impact of accounting adjustments on how the insurance business performed during the quarter.
On a year-over-year basis, net premiums earned rose 17%, from $270 million in the third quarter of 2025 to $316 million in the third quarter of 2026, according to the company’s supplemental presentation. The presentation uses figures that exclude acquisition accounting adjustments. The $316 million figure in the comparison is close to the reported premiums figure of $315.8 million. The comparison shows growth in premium volume between the two quarters, alongside the gap between the reported underwriting loss and core income after exclusions. Reported income before taxes still includes the impact of acquisition accounting.
On the investment side, the portfolio recorded $22.7 million in net insurance investment income, alongside net investment gains of $50.9 million. Howard Hughes said these results reflect the portfolio’s shift into common stocks and U.S. Treasury securities. The company reported the two figures as separate components of the portfolio’s performance. The AdVantage insurance-linked securities structure also contributed net fee income of $13 million. The company linked the fees to continued positive results from newly written property catastrophe business within the structure.
Howard Hughes had scheduled its third-quarter earnings call for November 6, 2026, at 10:00 a.m. Eastern time. It said the call would include a live webcast and an on-demand replay. The scheduled call comes the day after the results announcement published on November 5. The company set the call to discuss third-quarter 2026 results. The call details give investors a specific time to follow the results presentation.