Arch Capital Group · Earnings release · 8-K Exhibit 99

Arch Capital Group Ltd.

Waterloo House, Ground Floor

Pembroke HM 08 Bermuda

Financial Supplement

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

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

d.

Reinsurance Segment Results

e.

Mortgage Segment Results

f.

Segment Consolidated Results

g.

Selected Information on Losses and Loss Adjustment Expenses

IV.

Investment Information

a.

Investable Asset Summary and Investment Portfolio Metrics

b.

Composition of Net Investment Income, Yield and Total Return

c.

Composition of Fixed Maturities

d.

Credit Quality Distribution and Maturity Profile

e.

Analysis of Corporate Exposures

f.

Structured Securities

V.

Other

a.

Comments on Non-GAAP Financial Measures

b.

Operating Income Reconciliation and Annualized Operating Return on Average Common Equity

c.

Operating Income and Effective Tax Rate Calculations

d.

Capital Structure and Share Repurchase Activity

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; T1an 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

Change

Change

Underwriting results:

Gross premiums written

$

$

%

$

$

%

T2Net premiums written

%

%

Net premiums earned

%

%

Underwriting income (loss) (1)

%

%

T3Loss ratio

%

%

%

%

Acquisition expense ratio

%

%

%

%

Other operating expense ratio (2)

%

%

%

%

Combined ratio

%

%

%

%

T4Pre-tax net investment income

$

$

%

$

$

%

Per diluted share

$

$

%

$

$

%

Net income available to Arch common shareholders

$

$

%

$

$

%

Per diluted share

$

$

%

$

$

%

After-tax operating income available to Arch common shareholders (1)

$

$

%

$

$

%

Per diluted share

$

$

%

$

$

%

Comprehensive income (loss) available to Arch

$

$

%

$

$

%

Net cash provided by operating activities

$

$

%

$

$

%

Weighted average common shares and common share equivalents outstanding — diluted

%

%

Financial measures:

Change in book value per common share during period

%

%

%

%

Annualized net income return on average common equity

%

%

%

%

Annualized operating return on average common equity (1)

%

%

%

%

Total return on investments (3)

%

%

%

%

(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

Revenues

Net premiums earned

$

$

$

$

$

$

$

Net investment income

Net realized gains (losses)

3

Other underwriting income (1)

6

Equity in net income of investments accounted for using the equity method

Other income (loss)

(2)

Total revenues

Expenses

Losses and loss adjustment expenses

Acquisition expenses

Other operating expenses

Corporate benefit (expenses)

Amortization of intangible assets

Interest expense

Net foreign exchange gains (losses)

(6)

(7)

Total expenses

Income (loss) before income taxes and income (loss) from operating affiliates

Income tax (expense) benefit

Income (loss) from operating affiliates

Net income (loss) attributable to Arch

Preferred dividends

Net income (loss) available to Arch common shareholders

$

$

$

$

$

$

$

Comprehensive income (loss) available to Arch

$

$

$

$

$

$

$

Net income (loss) per common share and common share equivalent

Basic

$

$

$

$

$

$

$

Diluted

$

$

$

$

$

$

$

Weighted average common shares and common share equivalents outstanding

Basic

Diluted

(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)

Assets

Investments:

Fixed maturities available for sale, at fair value

$

$

$

$

$

Short-term investments available for sale, at fair value

Equity securities, at fair value

Other investments

Investments accounted for using the equity method

Total investments

Cash

Accrued investment income

Investment in operating affiliates

Premiums receivable

Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses

Contractholder receivables

Ceded unearned premiums

Deferred acquisition costs

Receivable for securities sold

Goodwill and intangible assets

Other assets

Total assets

$

$

$

$

$

Liabilities

Reserve for losses and loss adjustment expenses

$

$

$

$

$

Unearned premiums

Reinsurance balances payable

Contractholder payables

Collateral held for insured obligations

Senior notes

Payable for securities purchased

Other liabilities

Total liabilities

Shareholders’ equity

Non-cumulative preferred shares

Common shares

1

1

1

1

1

Additional paid-in capital

Retained earnings

Accumulated other comprehensive income (loss), net of deferred income tax

5

—

Common shares held in treasury, at cost

Total shareholders’ equity

Total liabilities and shareholders’ equity

$

$

$

$

$

Common shares and common share equivalents outstanding, net of treasury shares

Book value per common share (1)

$

$

$

$

$

(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

Non-cumulative preferred shares

Balance at beginning and end of period

$

$

$

$

$

$

$

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

Amortization of share-based compensation

All other

(3)

4

Balance at end of period

Retained earnings

Balance at beginning of period

Net income

Common share dividends

—

—

—

—

—

Preferred share dividends

Balance at end of period

Accumulated other comprehensive income (loss), net of deferred income tax

Balance at beginning of period

—

Change in unrealized appreciation (decline) in value of available-for-sale investments

Change in foreign currency translation adjustments

(7)

1

Balance at end of period

5

—

5

Common shares held in treasury, at cost

Balance at beginning of period

Shares repurchased for treasury

Balance at end of period

Total shareholders’ equity

$

$

$

$

$

$

$

6

Arch Capital Group Ltd. and Subsidiaries

Consolidated Statements of Cash Flows

(U.S. Dollars in millions)

Three Months Ended

Year Ended

Operating Activities

Net income (loss)

$

$

$

$

$

$

$

Adjustments to reconcile net income to net cash provided by operating activities:

Net realized (gains) losses

(7)

(6)

Equity in net (income) of investments accounted for using the equity method and other income or loss

Amortization of intangible assets

Share-based compensation

Changes in:

Reserve for losses and loss adjustment expenses, net

Unearned premiums, net

Premiums receivable

Deferred acquisition costs

Reinsurance balances payable

Deferred income tax assets, net

Other items, net

Net cash provided by operating activities

Investing Activities

Purchases of fixed maturity investments

Purchases of equity securities

Purchases of other investments

Proceeds from sales of fixed maturity investments

Proceeds from sales of equity securities

Proceeds from sales, redemptions and maturities of other investments

Proceeds from redemptions and maturities of fixed maturity investments

Net settlements of derivative instruments

(5)

Net (purchases) sales of short-term investments

Acquisitions, net of cash

—

—

—

—

—

—

Purchases of fixed assets

(9)

Other

(2)

(1)

(2)

(1)

Net cash provided by (used for) investing activities

Financing Activities

T5Purchases of common shares under share repurchase program

Proceeds from common shares issued, net

1

9

7

Common dividends paid

—

—

(2)

(5)

(7)

Preferred dividends paid

Other

—

(2)

—

(2)

1

(4)

(2)

Net cash provided by (used for) financing activities

Effects of exchange rate changes on foreign currency cash and restricted cash

4

Increase (decrease) in cash and restricted cash

Cash and restricted cash, beginning of period

Cash and restricted cash, end of period

$

$

$

$

$

$

$

Income taxes paid (received)

$

$

$

$

$

$

$

Interest paid

$

$

—

$

$

—

$

$

$

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

Insurance

Reinsurance

Mortgage

Total

Gross premiums written (1)

$

$

$

$

Premiums ceded (1)

Net premiums written

Change in unearned premiums

Net premiums earned

Other underwriting income (2)

5

Losses and loss adjustment expenses

2

Acquisition expenses

(6)

Other operating expenses

Underwriting income (loss)

$

$

$

Net investment income

Net realized gains (losses)

Equity in net income of investments accounted for using the equity method

Other income (loss)

Corporate benefit (expenses) (3)

Transaction costs and other (3)

Amortization of intangible assets

Interest expense

Net foreign exchange gains (losses)

(6)

Income (loss) before income taxes and income (loss) from operating affiliates

Income tax (expense) benefit

Income (loss) from operating affiliates

Net income (loss) available to Arch

Preferred dividends

Net income (loss) available to Arch common shareholders

$

Underwriting Ratios

Loss ratio

%

%

%

%

Acquisition expense ratio

%

%

%

%

Other operating expense ratio (4)

%

%

%

%

Combined ratio

%

%

%

%

Net premiums written to gross premiums written

%

%

%

%

Total investable assets

$

Total assets

Total liabilities

(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

Insurance

Reinsurance

Mortgage

Total

Gross premiums written (1)

$

$

$

$

Premiums ceded (1)

Net premiums written

Change in unearned premiums

Net premiums earned

Other underwriting income

—

4

2

6

Losses and loss adjustment expenses

Acquisition expenses

(3)

Other operating expenses

Underwriting income (loss)

$

$

$

Net investment income

Net realized gains (losses)

Equity in net income of investments accounted for using the equity method

Other income (loss)

Corporate benefit (expenses) (2)

Transaction costs and other (2)

Amortization of intangible assets

Interest expense

Net foreign exchange gains (losses)

Income (loss) before income taxes and income (loss) from operating affiliates

Income tax (expense) benefit

Income (loss) from operating affiliates

Net income (loss) available to Arch

Preferred dividends

Net income (loss) available to Arch common shareholders

$

Underwriting Ratios

Loss ratio

%

%

%

%

Acquisition expense ratio

%

%

%

%

Other operating expense ratio

%

%

%

%

Combined ratio

%

%

%

%

Net premiums written to gross premiums written

%

%

%

%

Total investable assets

$

Total assets

Total liabilities

(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.

Arch Capital Group Ltd. and Subsidiaries

Segment Information

(U.S. Dollars in millions)

Year Ended

Insurance

Reinsurance

Mortgage

Total

Gross premiums written (1)

$

$

$

$

Premiums ceded (1)

Net premiums written

Change in unearned premiums

Net premiums earned

Other underwriting income (2)

Losses and loss adjustment expenses

4

Acquisition expenses

Other operating expenses

Underwriting income (loss)

$

$

$

Net investment income

Net realized gains (losses)

Equity in net income of investments accounted for using the equity method

Other income (loss)

Corporate benefit (expenses) (3)

Transaction costs and other (3)

Amortization of intangible assets

Interest expense

Net foreign exchange gains (losses)

Income (loss) before income taxes and income (loss) from operating affiliates

Income tax (expense) benefit

Income (loss) from operating affiliates

Net income (loss) available to Arch

Preferred dividends

Net income (loss) available to Arch common shareholders

$

Underwriting Ratios

Loss ratio

%

%

%

%

Acquisition expense ratio

%

%

%

%

Other operating expense ratio (4)

%

%

%

%

Combined ratio

%

%

%

%

Net premiums written to gross premiums written

%

%

%

%

(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.’

Arch Capital Group Ltd. and Subsidiaries

Segment Information

(U.S. Dollars in millions)

Year Ended

Insurance

Reinsurance

Mortgage

Total

Gross premiums written (1)

$

$

$

$

Premiums ceded (1)

Net premiums written

Change in unearned premiums

Net premiums earned

Other underwriting income

—

9

Losses and loss adjustment expenses

Acquisition expenses

(2)

Other operating expenses

Underwriting income (loss)

$

$

$

Net investment income

Net realized gains (losses)