05:25 PM EDT, 07/31/2025 (MT Newswires) -- Definity Financial ( DFYFF ) Thursday after-trade said second-quarter operating net income and underwriting income both declined.

The property and casualty insurer said operating net income fell 10% to $98.9 million, or $0.84 per share, from $109.1 million, or $0.94, in the prior year period.

Underwriting income fell 19.1% to $74.6 million over the same period.

Definity reported that gross written premiums increased to $1.34 billion, from $1.24 billion. Combined operating ratio deteriorated slightly to 92.9%, from 90.1%, the company said.

"[W]e remain focused on improving our existing business and clear progress was made in the quarter on all three of our organic operating ROE levers, with Sonnet profitability improving, our operating expense ratio already where we expect to end the year, and significant progress on our planned delivery of Guidewire for property claims," said Chief Executive Rowan Saunders. "Our financial performance in the second quarter again delivered on our objectives, with GWP up 9.1% from a year ago, adjusted for our exited line, and a better-than-target combined ratio of 92.9%."

Definity Financial ( DFYFF ) closed down $0.66 to $74.65 on the Toronto Stock Exchange.