A two-component curable adhesive or sealant composition is provided. The first component may comprise a mixture of at least one polyol selected from the group comprising a polyester polyol, a polyester-polycarbonate copolymer polyol, and combinations thereof, a resin, and optionally a solvent. The second component may comprise a prepolymer obtained by reacting a polyester-polycarbonate copolymer polyol which is the reaction product of a polyester polyol which is the reaction product of one or more organic acids, and one or more glycols having a functionality of two or more and one or more polycarbonate polyols, at least one organic polyisocyanate component, and at least one chain extending agent and optionally a solvent. Alternatively, the first component may comprise a polyester-polycarbonate copolymer polyol, a resin, and optionally a solvent. The second component may comprise a polyisocyanate curative and optionally a solvent. The cured adhesive exhibits improved hydrolytic properties while maintaining excellent processability and adhesive properties.