Document


			Page Number
Consolidated Results
Financial Highlights			1
Reconciliation to Net Income and Earnings Per Share			2
Statement of Income			3
Net Income by Major Component and Combined Ratio			4
Core Income			5
Selected Statistics - Property and Casualty Operations			6
Written and Earned Premiums - Property and Casualty Operations			7

Business Insurance
Segment Income			8
Segment Income by Major Component and Combined Ratio			9
Selected Statistics			10
Net Written Premiums			11

Bond & Specialty Insurance
Segment Income			12
Segment Income by Major Component and Combined Ratio			13
Selected Statistics			14
Net Written Premiums			15

Personal Insurance
Segment Income (Loss)			16
Segment Income (Loss) by Major Component and Combined Ratio			17
Selected Statistics			18
Net Written Premiums			19
Selected Statistics - Automobile			20
Selected Statistics - Homeowners and Other			21

Supplemental Detail
Interest Expense and Other			22
Consolidated Balance Sheet			23
Investment Portfolio			24
Investment Portfolio - Fixed Maturities Data			25
Investment Income			26
Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders’ Equity			27
Reinsurance Recoverables			28
Net Reserves for Losses and Loss Adjustment Expense			29
Asbestos Reserves			30
Capitalization			31
Statutory Capital and Surplus to GAAP Shareholders’ Equity Reconciliation			32
Statement of Cash Flows			33
Statement of Cash Flows (continued)			34
Glossary of Financial Measures and Description of Reportable Business Segments			35-36


($ and shares in millions, except for per share data)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Net income	$	1,123		$	534		$	1,260		$	2,082		$	395		$	1,509		$	1,888		$	2,917		$	3,792
Net income per share:
Basic	$	4.87		$	2.32		$	5.50		$	9.11		$	1.73		$	6.63		$	8.37		$	12.68		$	16.69
Diluted	$	4.80		$	2.29		$	5.42		$	8.96		$	1.70		$	6.53		$	8.24		$	12.51		$	16.45
Core income	$	1,096		$	585		$	1,218		$	2,126		$	443		$	1,504		$	1,867		$	2,899		$	3,814
Core income per share:
Basic	$	4.75		$	2.54		$	5.31		$	9.30		$	1.94		$	6.61		$	8.27		$	12.60		$	16.78
Diluted	$	4.69		$	2.51		$	5.24		$	9.15		$	1.91		$	6.51		$	8.14		$	12.43		$	16.54
Return on equity	18.0		%	8.6		%	19.2		%	30.0		%	5.6		%	20.9		%	24.7		%	15.3		%	17.3		%
Core return on equity	15.4		%	8.1		%	16.6		%	27.7		%	5.6		%	18.8		%	22.6		%	13.4		%	15.8		%
Total assets, at period end	$	127,410		$	129,315		$	134,588		$	133,189		$	135,977		$	138,873		$	143,678		$	134,588		$	143,678
Total equity, at period end	$	25,022		$	24,862		$	27,696		$	27,864		$	28,191		$	29,518		$	31,609		$	27,696		$	31,609
Book value per share, at period end	$	109.28		$	109.08		$	122.00		$	122.97		$	124.43		$	131.11		$	141.72		$	122.00		$	141.72
Less: Net unrealized investment gains (losses), net of tax	(16.25)			(17.44)			(9.30)			(16.07)			(14.56)			(13.46)			(8.83)			(9.30)			(8.83)
Adjusted book value per share, at period end	$	125.53		$	126.52		$	131.30		$	139.04		$	138.99		$	144.57		$	150.55		$	131.30		$	150.55

Weighted average number of common shares outstanding (basic)	229.0			228.6			227.4			226.9			226.9			225.9			224.1			228.3			225.6
Weighted average number of common shares outstanding and common stock equivalents (diluted)	232.0			231.5			230.6			230.7			230.4			229.3			227.5			231.3			228.9
Common shares outstanding at period end	229.0			227.9			227.0			226.6			226.6			225.1			223.0			227.0			223.0
Common stock dividends declared	$	232		$	245		$	243		$	242		$	241		$	252		$	250		$	720		$	743
Common stock repurchased:
Under Board of Directors authorization
Shares	1.2			1.1			1.1			1.0			1.0			1.8			2.3			3.4			5.1
Cost	$	250		$	250		$	250		$	250		$	250		$	500		$	625		$	750		$	1,375
Other
Shares	0.6			0.1			—			—			0.4			0.3			—			0.7			0.7
Cost	$	138		$	3		$	3		$	2		$	108		$	57		$	3		$	144		$	168


($ and shares in millions, except earnings per share)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net income
Net income	$	1,123	$	534	$	1,260	$	2,082	$	395	$	1,509	$	1,888	$	2,917	$	3,792
Adjustments:
Net realized investment (gains) losses, after-tax	(27)		51		(42)		44		48		(5)		(21)		(18)		22

Core income	$	1,096	$	585	$	1,218	$	2,126	$	443	$	1,504	$	1,867	$	2,899	$	3,814
Basic earnings per share
Net income	$	4.87	$	2.32	$	5.50	$	9.11	$	1.73	$	6.63	$	8.37	$	12.68	$	16.69
Adjustments:
Net realized investment (gains) losses, after-tax	(0.12)		0.22		(0.19)		0.19		0.21		(0.02)		(0.10)		(0.08)		0.09

Core income	$	4.75	$	2.54	$	5.31	$	9.30	$	1.94	$	6.61	$	8.27	$	12.60	$	16.78
Diluted earnings per share
Net income	$	4.80	$	2.29	$	5.42	$	8.96	$	1.70	$	6.53	$	8.24	$	12.51	$	16.45
Adjustments:
Net realized investment (gains) losses, after-tax	(0.11)		0.22		(0.18)		0.19		0.21		(0.02)		(0.10)		(0.08)		0.09

Core income	$	4.69	$	2.51	$	5.24	$	9.15	$	1.91	$	6.51	$	8.14	$	12.43	$	16.54

Adjustments to net income and weighted average shares for net income EPS calculations: (1)


Basic and Diluted	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net income, as reported	$	1,123	$	534	$	1,260	$	2,082	$	395	$	1,509	$	1,888	$	2,917	$	3,792
Participating share-based awards - allocated income	(8)		(5)		(10)		(15)		(3)		(11)		(13)		(22)		(27)
Net income available to common shareholders - basic and diluted	$	1,115	$	529	$	1,250	$	2,067	$	392	$	1,498	$	1,875	$	2,895	$	3,765
Common Shares
Basic
Weighted average shares outstanding	229.0		228.6		227.4		226.9		226.9		225.9		224.1		228.3		225.6
Diluted
Weighted average shares outstanding	229.0		228.6		227.4		226.9		226.9		225.9		224.1		228.3		225.6
Weighted average effects of dilutive securities - stock options and performance shares	3.0		2.9		3.2		3.8		3.5		3.4		3.4		3.0		3.3
Diluted weighted average shares outstanding	232.0		231.5		230.6		230.7		230.4		229.3		227.5		231.3		228.9


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Revenues
Premiums	$	10,126		$	10,243		$	10,704		$	10,868		$	10,710		$	10,921		$	11,135		$	31,073		$	32,766
Net investment income	846			885			904			955			930			942			1,033			2,635			2,905
Fee income	109			115			121			128			119			124			127			345			370
Net realized investment gains (losses)	35			(65)			55			(55)			(61)			6			27			25			(28)
Other revenues	112			105			120			112			112			123			148			337			383
Total revenues	11,228			11,283			11,904			12,008			11,810			12,116			12,470			34,415			36,396
Claims and expenses
Claims and claim adjustment expenses	6,656			7,373			6,996			6,034			8,006			6,789			6,594			21,025			21,389
Amortization of deferred acquisition costs	1,698			1,678			1,790			1,807			1,778			1,802			1,849			5,166			5,429
General and administrative expenses	1,406			1,478			1,460			1,475			1,459			1,545			1,572			4,344			4,576
Interest expense	98			98			98			98			99			99			111			294			309
Total claims and expenses	9,858			10,627			10,344			9,414			11,342			10,235			10,126			30,829			31,703
Income before income taxes	1,370			656			1,560			2,594			468			1,881			2,344			3,586			4,693
Income tax expense	247			122			300			512			73			372			456			669			901
Net income	$	1,123		$	534		$	1,260		$	2,082		$	395		$	1,509		$	1,888		$	2,917		$	3,792






Other statistics
Effective tax rate on net investment income	17.6		%	17.8		%	17.9		%	17.9		%	17.9		%	17.9		%	17.8		%	17.8		%	17.9		%
Net investment income (after-tax)	$	698		$	727		$	742		$	785		$	763		$	774		$	850		$	2,167		$	2,387

Catastrophes, net of reinsurance:
Pre-tax	$	712		$	1,509		$	939		$	175		$	2,266		$	927		$	402		$	3,160		$	3,595
After-tax	$	563		$	1,192		$	739		$	138		$	1,790		$	732		$	318		$	2,494		$	2,840

Prior year reserve development - favorable:
Pre-tax	$	91		$	230		$	126		$	262		$	378		$	315		$	22		$	447		$	715
After-tax	$	71		$	182		$	99		$	207		$	297		$	249		$	16		$	352		$	562


($ in millions, net of tax)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Underwriting gain (loss)	$	472		$	(58)		$	547		$	1,420		$	(239)		$	808		$	1,099		$	961		$	1,668
Net investment income	698			727			742			785			763			774			850			2,167			2,387
Other income (expense), including interest expense	(74)			(84)			(71)			(79)			(81)			(78)			(82)			(229)			(241)
Core income	1,096			585			1,218			2,126			443			1,504			1,867			2,899			3,814
Net realized investment gains (losses)	27			(51)			42			(44)			(48)			5			21			18			(22)

Net income	$	1,123		$	534		$	1,260		$	2,082		$	395		$	1,509		$	1,888		$	2,917		$	3,792
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	65.2		%	71.4		%	64.8		%	55.0		%	74.2		%	61.7		%	58.7		%	67.1		%	64.7		%
Underwriting expense ratio	28.7		%	28.8		%	28.4		%	28.2		%	28.3		%	28.6		%	28.6		%	28.6		%	28.5		%
Combined ratio	93.9		%	100.2		%	93.2		%	83.2		%	102.5		%	90.3		%	87.3		%	95.7		%	93.2		%
Impact on combined ratio:
Net favorable prior year reserve development	(0.9)		%	(2.2)		%	(1.2)		%	(2.4)		%	(3.5)		%	(2.9)		%	(0.2)		%	(1.5)		%	(2.2)		%
Catastrophes, net of reinsurance	7.1		%	14.7		%	8.8		%	1.6		%	21.2		%	8.5		%	3.6		%	10.2		%	11.0		%
Underlying combined ratio	87.7		%	87.7		%	85.6		%	84.0		%	84.8		%	84.7		%	83.9		%	87.0		%	84.4		%



(1) Before policyholder dividends. (2) Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses. In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses. These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Billing and policy fees and other	$	30		$	30		$	28		$	28		$	28		$	29		$	28		$	88		$	85
Fee income:
Loss and loss adjustment expenses	$	39		$	42		$	44		$	47		$	45		$	45		$	48		$	125		$	138
Underwriting expenses	70			73			77			81			74			79			79			220			232
Total fee income	$	109		$	115		$	121		$	128		$	119		$	124		$	127		$	345		$	370
Non-insurance general and administrative expenses	$	102		$	106		$	106		$	107		$	109		$	113		$	131		$	314		$	353


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Revenues
Premiums	$	10,126		$	10,243		$	10,704		$	10,868		$	10,710		$	10,921		$	11,135		$	31,073		$	32,766
Net investment income	846			885			904			955			930			942			1,033			2,635			2,905
Fee income	109			115			121			128			119			124			127			345			370
Other revenues	112			105			120			112			112			123			148			337			383
Total revenues	11,193			11,348			11,849			12,063			11,871			12,110			12,443			34,390			36,424
Claims and expenses
Claims and claim adjustment expenses	6,656			7,373			6,996			6,034			8,006			6,789			6,594			21,025			21,389
Amortization of deferred acquisition costs	1,698			1,678			1,790			1,807			1,778			1,802			1,849			5,166			5,429
General and administrative expenses	1,406			1,478			1,460			1,475			1,459			1,545			1,572			4,344			4,576
Interest expense	98			98			98			98			99			99			111			294			309
Total claims and expenses	9,858			10,627			10,344			9,414			11,342			10,235			10,126			30,829			31,703
Core income before income taxes	1,335			721			1,505			2,649			529			1,875			2,317			3,561			4,721
Income tax expense	239			136			287			523			86			371			450			662			907
Core income	$	1,096		$	585		$	1,218		$	2,126		$	443		$	1,504		$	1,867		$	2,899		$	3,814
Other statistics
Effective tax rate on net investment income	17.6		%	17.8		%	17.9		%	17.9		%	17.9		%	17.9		%	17.8		%	17.8		%	17.9		%
Net investment income (after-tax)	$	698		$	727		$	742		$	785		$	763		$	774		$	850		$	2,167		$	2,387
Catastrophes, net of reinsurance:
Pre-tax	$	712		$	1,509		$	939		$	175		$	2,266		$	927		$	402		$	3,160		$	3,595
After-tax	$	563		$	1,192		$	739		$	138		$	1,790		$	732		$	318		$	2,494		$	2,840
Prior year reserve development - favorable:
Pre-tax	$	91		$	230		$	126		$	262		$	378		$	315		$	22		$	447		$	715
After-tax	$	71		$	182		$	99		$	207		$	297		$	249		$	16		$	352		$	562


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Statutory underwriting
Gross written premiums	$	11,310	$	11,865	$	12,149	$	11,226	$	11,890	$	12,225	$	12,292	$	35,324	$	36,407
Net written premiums	$	10,184	$	11,115	$	11,317	$	10,742	$	10,515	$	11,516	$	11,472	$	32,616	$	33,503
Net earned premiums	$	10,128	$	10,243	$	10,704	$	10,868	$	10,710	$	10,897	$	11,133	$	31,075	$	32,740
Losses and loss adjustment expenses	6,602		7,320		6,940		5,966		7,947		6,731		6,537		20,862		21,215
Underwriting expenses	3,012		3,111		3,139		3,038		3,098		3,260		3,239		9,262		9,597
Statutory underwriting gain (loss)	514		(188)		625		1,864		(335)		906		1,357		951		1,928
Policyholder dividends	12		12		12		11		13		10		12		36		35
Statutory underwriting gain (loss) after policyholder dividends	$	502	$	(200)	$	613	$	1,853	$	(348)	$	896	$	1,345	$	915	$	1,893
Other statutory statistics
Reserves for losses and loss adjustment expenses	$	54,578	$	55,922	$	56,909	$	56,326	$	58,091	$	59,072	$	59,620	$	56,909	$	59,620
Increase (decrease) in reserves	$	861	$	1,344	$	987	$	(583)	$	1,765	$	981	$	548	$	3,192	$	3,294
Statutory capital and surplus	$	25,329	$	25,210	$	26,191	$	27,715	$	27,785	$	28,364	$	29,965	$	26,191	$	29,965
Net written premiums/surplus (1)	1.62:1		1.66:1		1.63:1		1.56:1		1.57:1		1.55:1		1.48:1		1.63:1		1.48:1


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Written premiums
Gross	$	11,310	$	11,865	$	12,149	$	11,226	$	11,890	$	12,251	$	12,293	$	35,324	$	36,434
Ceded	(1,128)		(750)		(832)		(484)		(1,375)		(708)		(820)		(2,710)		(2,903)
Net	$	10,182	$	11,115	$	11,317	$	10,742	$	10,515	$	11,543	$	11,473	$	32,614	$	33,531
Earned premiums
Gross	$	10,867	$	11,083	$	11,484	$	11,644	$	11,487	$	11,749	$	11,964	$	33,434	$	35,200
Ceded	(741)		(840)		(780)		(776)		(777)		(828)		(829)		(2,361)		(2,434)
Net	$	10,126	$	10,243	$	10,704	$	10,868	$	10,710	$	10,921	$	11,135	$	31,073	$	32,766


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Revenues
Premiums	$	5,160		$	5,168		$	5,474		$	5,543		$	5,465		$	5,545		$	5,700		$	15,802		$	16,710
Net investment income	609			632			642			677			656			662			727			1,883			2,045
Fee income	101			105			109			115			108			111			114			315			333
Other revenues	77			77			89			79			82			95			111			243			288
Total revenues	5,947			5,982			6,314			6,414			6,311			6,413			6,652			18,243			19,376
Claims and expenses
Claims and claim adjustment expenses	3,331			3,471			3,698			3,179			3,705			3,584			3,667			10,500			10,956
Amortization of deferred acquisition costs	864			861			930			933			917			944			973			2,655			2,834
General and administrative expenses	818			835			826			824			847			875			894			2,479			2,616
Total claims and expenses	5,013			5,167			5,454			4,936			5,469			5,403			5,534			15,634			16,406
Segment income before income taxes	934			815			860			1,478			842			1,010			1,118			2,609			2,970
Income tax expense	170			159			162			290			159			197			211			491			567
Segment income	$	764		$	656		$	698		$	1,188		$	683		$	813		$	907		$	2,118		$	2,403
Other statistics
Effective tax rate on net investment income	17.4		%	17.7		%	17.7		%	17.8		%	17.8		%	17.7		%	17.7		%	17.6		%	17.8		%
Net investment income (after-tax)	$	502		$	521		$	528		$	557		$	539		$	545		$	598		$	1,551		$	1,682
Catastrophes, net of reinsurance:
Pre-tax	$	209		$	389		$	340		$	94		$	509		$	368		$	139		$	938		$	1,016
After-tax	$	166		$	307		$	268		$	74		$	402		$	291		$	110		$	741		$	803
Prior year reserve development - favorable (unfavorable):
Pre-tax	$	—		$	34		$	(91)		$	147		$	74		$	79		$	(125)		$	(57)		$	28
After-tax	$	—		$	26		$	(72)		$	116		$	58		$	62		$	(99)		$	(46)		$	21


($ in millions, net of tax)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Underwriting gain	$	274		$	148		$	176		$	642		$	157		$	274		$	318		$	598		$	749
Net investment income	502			521			528			557			539			545			598			1,551			1,682
Other income (expense)	(12)			(13)			(6)			(11)			(13)			(6)			(9)			(31)			(28)
Segment income	$	764		$	656		$	698		$	1,188		$	683		$	813		$	907		$	2,118		$	2,403
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	63.6		%	66.2		%	66.6		%	56.4		%	66.8		%	63.7		%	63.3		%	65.5		%	64.6		%
Underwriting expense ratio	29.7		%	29.9		%	29.2		%	28.8		%	29.4		%	29.9		%	29.6		%	29.6		%	29.6		%
Combined ratio	93.3		%	96.1		%	95.8		%	85.2		%	96.2		%	93.6		%	92.9		%	95.1		%	94.2		%
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development	—		%	(0.6)		%	1.7		%	(2.7)		%	(1.3)		%	(1.4)		%	2.2		%	0.4		%	(0.2)		%
Catastrophes, net of reinsurance	4.1		%	7.5		%	6.2		%	1.7		%	9.3		%	6.7		%	2.4		%	5.9		%	6.1		%
Underlying combined ratio	89.2		%	89.2		%	87.9		%	86.2		%	88.2		%	88.3		%	88.3		%	88.8		%	88.3		%



(1) Before policyholder dividends. (2) Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses. In addition, fee income is allocated as a reduction of losses and loss adjustment expenses and underwriting expenses. These allocations are to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Billing and policy fees and other	$	4		$	4		$	4		$	4		$	4		$	5		$	4		$	12		$	13
Fee income:
Loss and loss adjustment expenses	$	39		$	42		$	44		$	47		$	45		$	45		$	48		$	125		$	138
Underwriting expenses	62			63			65			68			63			66			66			190			195
Total fee income	$	101		$	105		$	109		$	115		$	108		$	111		$	114		$	315		$	333
Non-insurance general and administrative expenses	$	86		$	87		$	90		$	86		$	91		$	93		$	112		$	263		$	296


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Statutory underwriting
Gross written premiums	$	6,383	$	6,169	$	6,173	$	5,790	$	6,740	$	6,359	$	6,284	$	18,725	$	19,383
Net written premiums	$	5,598	$	5,539	$	5,517	$	5,426	$	5,698	$	5,765	$	5,674	$	16,654	$	17,137
Net earned premiums	$	5,162	$	5,168	$	5,474	$	5,543	$	5,465	$	5,521	$	5,698	$	15,804	$	16,684
Losses and loss adjustment expenses	3,282		3,422		3,645		3,116		3,650		3,530		3,614		10,349		10,794
Underwriting expenses	1,630		1,620		1,583		1,566		1,700		1,704		1,654		4,833		5,058
Statutory underwriting gain	250		126		246		861		115		287		430		622		832
Policyholder dividends	8		7		9		7		9		5		9		24		23
Statutory underwriting gain after policyholder dividends	$	242	$	119	$	237	$	854	$	106	$	282	$	421	$	598	$	809


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net written premiums by market
Domestic
Select Accounts	$	974	$	975	$	885	$	893	$	976	$	1,004	$	920	$	2,834	$	2,900
Middle Market	3,213		2,769		3,030		3,011		3,166		3,034		3,232		9,012		9,432
National Accounts	327		312		264		356		312		329		273		903		914
National Property and Other	642		912		896		684		720		885		841		2,450		2,446
Total Domestic	5,156		4,968		5,075		4,944		5,174		5,252		5,266		15,199		15,692
International	440		571		442		482		524		540		409		1,453		1,473
Total	$	5,596	$	5,539	$	5,517	$	5,426	$	5,698	$	5,792	$	5,675	$	16,652	$	17,165
Net written premiums by product line
Domestic
Workers’ compensation	$	1,019	$	847	$	795	$	808	$	950	$	821	$	792	$	2,661	$	2,563
Commercial automobile	964		923		937		954		1,030		1,019		1,030		2,824		3,079
Commercial property	763		1,054		1,022		859		873		1,051		961		2,839		2,885
General liability	965		809		914		903		753		878		998		2,688		2,629
Commercial multi-peril	1,416		1,345		1,367		1,409		1,532		1,486		1,447		4,128		4,465
Other	29		(10)		40		11		36		(3)		38		59		71
Total Domestic	5,156		4,968		5,075		4,944		5,174		5,252		5,266		15,199		15,692
International	440		571		442		482		524		540		409		1,453		1,473
Total	$	5,596	$	5,539	$	5,517	$	5,426	$	5,698	$	5,792	$	5,675	$	16,652	$	17,165


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Revenues
Premiums	$	956		$	977		$	1,009		$	1,016		$	995		$	1,021		$	1,042		$	2,942		$	3,058
Net investment income	90			94			101			105			102			107			116			285			325
Other revenues	9			6			7			8			6			5			8			22			19
Total revenues	1,055			1,077			1,117			1,129			1,103			1,133			1,166			3,249			3,402
Claims and expenses
Claims and claim adjustment expenses	428			473			441			432			434			418			451			1,342			1,303
Amortization of deferred acquisition costs	182			183			194			197			187			195			197			559			579
General and administrative expenses	205			207			203			217			205			214			207			615			626
Total claims and expenses	815			863			838			846			826			827			855			2,516			2,508
Segment income before income taxes	240			214			279			283			277			306			311			733			894
Income tax expense	45			44			57			55			57			62			61			146			180
Segment income	$	195		$	170		$	222		$	228		$	220		$	244		$	250		$	587		$	714
Other statistics
Effective tax rate on net investment income	18.0		%	18.2		%	18.8		%	18.5		%	18.4		%	18.5		%	17.7		%	18.4		%	18.2		%
Net investment income (after-tax)	$	74		$	77		$	81		$	87		$	83		$	88		$	95		$	232		$	266
Catastrophes, net of reinsurance:
Pre-tax	$	5		$	40		$	4		$	2		$	19		$	5		$	—		$	49		$	24
After-tax	$	4		$	31		$	3		$	2		$	15		$	4		$	—		$	38		$	19
Prior year reserve development - favorable:
Pre-tax	$	24		$	24		$	36		$	45		$	67		$	81		$	43		$	84		$	191
After-tax	$	19		$	19		$	28		$	35		$	52		$	65		$	33		$	66		$	150


($ in millions, net of tax)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Underwriting gain	$	116		$	90		$	135		$	137		$	133		$	154		$	150		$	341		$	437
Net investment income	74			77			81			87			83			88			95			232			266
Other income	5			3			6			4			4			2			5			14			11
Segment income	$	195		$	170		$	222		$	228		$	220		$	244		$	250		$	587		$	714
Combined ratio (1)
Loss and loss adjustment expense ratio	44.4		%	48.0		%	43.4		%	42.1		%	43.2		%	40.5		%	42.9		%	45.2		%	42.2		%
Underwriting expense ratio	40.1		%	39.7		%	39.1		%	40.6		%	39.3		%	39.8		%	38.7		%	39.7		%	39.3		%
Combined ratio	84.5		%	87.7		%	82.5		%	82.7		%	82.5		%	80.3		%	81.6		%	84.9		%	81.5		%
Impact on combined ratio:
Net favorable prior year reserve development	(2.5)		%	(2.5)		%	(3.5)		%	(4.3)		%	(6.7)		%	(8.0)		%	(4.2)		%	(2.9)		%	(6.2)		%
Catastrophes, net of reinsurance	0.5		%	4.1		%	0.4		%	0.2		%	1.9		%	0.5		%	—		%	1.7		%	0.8		%
Underlying combined ratio	86.5		%	86.1		%	85.6		%	86.8		%	87.3		%	87.8		%	85.8		%	86.1		%	86.9		%



(1) Billing and policy fees and other, which are a component of other revenues, are allocated as a reduction of underwriting expenses to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Billing and policy fees and other	$	—		$	1		$	1		$	—		$	—		$	—		$	1		$	2		$	1
Non-insurance general and administrative expenses	$	3		$	1		$	1		$	2		$	1		$	2		$	1		$	5		$	4


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Statutory underwriting
Gross written premiums	$	1,076	$	1,127	$	1,165	$	1,151	$	1,129	$	1,166	$	1,160	$	3,368	$	3,455
Net written premiums	$	943	$	1,040	$	1,072	$	1,054	$	999	$	1,085	$	1,080	$	3,055	$	3,164
Net earned premiums	$	956	$	977	$	1,009	$	1,016	$	995	$	1,021	$	1,042	$	2,942	$	3,058
Losses and loss adjustment expenses	424		468		438		427		430		414		447		1,330		1,291
Underwriting expenses	411		408		421		421		422		434		424		1,240		1,280
Statutory underwriting gain	121		101		150		168		143		173		171		372		487
Policyholder dividends	4		5		3		4		4		5		3		12		12
Statutory underwriting gain after policyholder dividends	$	117	$	96	$	147	$	164	$	139	$	168	$	168	$	360	$	475


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net written premiums by market
Domestic
Management Liability	$	543	$	586	$	617	$	563	$	553	$	589	$	613	$	1,746	$	1,755
Surety	296		325		344		329		333		342		342		965		1,017
Total Domestic	839		911		961		892		886		931		955		2,711		2,772
International	104		129		111		162		113		154		125		344		392
Total	$	943	$	1,040	$	1,072	$	1,054	$	999	$	1,085	$	1,080	$	3,055	$	3,164
Net written premiums by product line
Domestic
Fidelity and surety	$	356	$	382	$	411	$	387	$	394	$	400	$	407	$	1,149	$	1,201
General liability	434		468		479		452		440		469		475		1,381		1,384
Other	49		61		71		53		52		62		73		181		187
Total Domestic	839		911		961		892		886		931		955		2,711		2,772
International	104		129		111		162		113		154		125		344		392
Total	$	943	$	1,040	$	1,072	$	1,054	$	999	$	1,085	$	1,080	$	3,055	$	3,164


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Revenues
Premiums	$	4,010		$	4,098		$	4,221		$	4,309		$	4,250		$	4,355		$	4,393		$	12,329		$	12,998
Net investment income	147			159			161			173			172			173			190			467			535
Fee income	8			10			12			13			11			13			13			30			37
Other revenues	26			22			24			25			24			23			29			72			76
Total revenues	4,191			4,289			4,418			4,520			4,457			4,564			4,625			12,898			13,646
Claims and expenses
Claims and claim adjustment expenses	2,897			3,429			2,857			2,423			3,867			2,787			2,476			9,183			9,130
Amortization of deferred acquisition costs	652			634			666			677			674			663			679			1,952			2,016
General and administrative expenses	375			424			420			421			396			444			458			1,219			1,298
Total claims and expenses	3,924			4,487			3,943			3,521			4,937			3,894			3,613			12,354			12,444
Segment income (loss) before income taxes	267			(198)			475			999			(480)			670			1,012			544			1,202
Income tax expense (benefit)	47			(45)			91			201			(106)			136			205			93			235
Segment income (loss)	$	220		$	(153)		$	384		$	798		$	(374)		$	534		$	807		$	451		$	967
Other statistics
Effective tax rate on net investment income	17.7		%	18.0		%	18.0		%	18.1		%	18.1		%	18.0		%	18.0		%	17.9		%	18.0		%
Net investment income (after-tax)	$	122		$	129		$	133		$	141		$	141		$	141		$	157		$	384		$	439
Catastrophes, net of reinsurance:
Pre-tax	$	498		$	1,080		$	595		$	79		$	1,738		$	554		$	263		$	2,173		$	2,555
After-tax	$	393		$	854		$	468		$	62		$	1,373		$	437		$	208		$	1,715		$	2,018
Prior year reserve development - favorable:
Pre-tax	$	67		$	172		$	181		$	70		$	237		$	155		$	104		$	420		$	496
After-tax	$	52		$	137		$	143		$	56		$	187		$	122		$	82		$	332		$	391


($ in millions, net of tax)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Underwriting gain (loss)	$	82		$	(296)		$	236		$	641		$	(529)		$	380		$	631		$	22		$	482
Net investment income	122			129			133			141			141			141			157			384			439
Other income	16			14			15			16			14			13			19			45			46
Segment income (loss)	$	220		$	(153)		$	384		$	798		$	(374)		$	534		$	807		$	451		$	967
Combined ratio (1)
Loss and loss adjustment expense ratio	72.2		%	83.7		%	67.7		%	56.2		%	91.0		%	64.0		%	56.4		%	74.5		%	70.3		%
Underwriting expense ratio	24.7		%	24.8		%	24.8		%	24.5		%	24.2		%	24.4		%	24.9		%	24.7		%	24.5		%
Combined ratio	96.9		%	108.5		%	92.5		%	80.7		%	115.2		%	88.4		%	81.3		%	99.2		%	94.8		%

Impact on combined ratio:
Net favorable prior year reserve development	(1.6)		%	(4.2)		%	(4.3)		%	(1.6)		%	(5.6)		%	(3.6)		%	(2.4)		%	(3.4)		%	(3.8)		%
Catastrophes, net of reinsurance	12.4		%	26.4		%	14.1		%	1.8		%	40.9		%	12.7		%	6.0		%	17.6		%	19.7		%
Underlying combined ratio	86.1		%	86.3		%	82.7		%	80.5		%	79.9		%	79.3		%	77.7		%	85.0		%	78.9		%



(1) Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses to conform the calculation of the combined ratio with statutory accounting. Additionally, general and administrative expenses include non-insurance expenses that are excluded from underwriting expenses, and accordingly, are excluded in calculating the combined ratio. See following:


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Billing and policy fees and other	$	26		$	25		$	23		$	24		$	24		$	24		$	23		$	74		$	71
Fee income	$	8		$	10		$	12		$	13		$	11		$	13		$	13		$	30		$	37
Non-insurance general and administrative expenses	$	5		$	6		$	4		$	6		$	6		$	6		$	5		$	15		$	17


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Statutory underwriting
Gross written premiums	$	3,851	$	4,569	$	4,811	$	4,285	$	4,021	$	4,700	$	4,848	$	13,231	$	13,569
Net written premiums	$	3,643	$	4,536	$	4,728	$	4,262	$	3,818	$	4,666	$	4,718	$	12,907	$	13,202
Net earned premiums	$	4,010	$	4,098	$	4,221	$	4,309	$	4,250	$	4,355	$	4,393	$	12,329	$	12,998
Losses and loss adjustment expenses	2,896		3,430		2,857		2,423		3,867		2,787		2,476		9,183		9,130
Underwriting expenses	971		1,083		1,135		1,051		976		1,122		1,161		3,189		3,259
Statutory underwriting gain (loss)	$	143	$	(415)	$	229	$	835	$	(593)	$	446	$	756	$	(43)	$	609
Policies in force (in thousands)
Automobile	3,212		3,180		3,158		3,150		3,118		3,083		3,050		3,158		3,050
Homeowners and Other	6,235		6,167		6,106		6,060		5,980		5,882		5,768		6,106		5,768


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net written premiums by product line
Domestic
Automobile	$	1,859	$	2,001	$	2,138	$	1,927	$	1,859	$	1,968	$	2,062	$	5,998	$	5,889
Homeowners and Other	1,635		2,347		2,410		2,158		1,813		2,520		2,489		6,392		6,822
Total Domestic	3,494		4,348		4,548		4,085		3,672		4,488		4,551		12,390		12,711
International	149		188		180		177		146		178		167		517		491
Total	$	3,643	$	4,536	$	4,728	$	4,262	$	3,818	$	4,666	$	4,718	$	12,907	$	13,202


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Statutory underwriting
Gross written premiums	$	1,970		$	2,129		$	2,264		$	2,056		$	1,967		$	2,083		$	2,177		$	6,363		$	6,227
Net written premiums	$	1,959		$	2,120		$	2,253		$	2,043		$	1,955		$	2,074		$	2,165		$	6,332		$	6,194
Net earned premiums	$	1,980		$	2,026		$	2,080		$	2,110		$	2,071		$	2,091		$	2,091		$	6,086		$	6,253
Losses and loss adjustment expenses	1,430			1,532			1,477			1,518			1,270			1,320			1,300			4,439			3,890
Underwriting expenses	454			468			495			471			444			477			495			1,417			1,416
Statutory underwriting gain	$	96		$	26		$	108		$	121		$	357		$	294		$	296		$	230		$	947
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio	72.2		%	75.6		%	71.0		%	71.9		%	61.3		%	63.1		%	62.1		%	72.9		%	62.2		%
Underwriting expense ratio	22.4		%	22.3		%	22.4		%	22.3		%	22.1		%	22.2		%	22.8		%	22.4		%	22.3		%
Combined ratio	94.6		%	97.9		%	93.4		%	94.2		%	83.4		%	85.3		%	84.9		%	95.3		%	84.5		%
Impact on combined ratio:
Net favorable prior year reserve development	(2.3)		%	(1.5)		%	(2.7)		%	(1.5)		%	(6.0)		%	(5.0)		%	(4.3)		%	(2.1)		%	(5.1)		%
Catastrophes, net of reinsurance	2.0		%	4.2		%	4.9		%	(0.6)		%	1.9		%	1.3		%	0.9		%	3.7		%	1.3		%
Underlying combined ratio	94.9		%	95.2		%	91.2		%	96.3		%	87.5		%	89.0		%	88.3		%	93.7		%	88.3		%
Catastrophes, net of reinsurance:
Pre-tax	$	39		$	85		$	103		$	(13)		$	39		$	27		$	19		$	227		$	85
After-tax	$	31		$	67		$	81		$	(10)		$	30		$	22		$	15		$	179		$	67
Prior year reserve development - favorable:
Pre-tax	$	45		$	30		$	56		$	31		$	125		$	104		$	89		$	131		$	318
After-tax	$	34		$	26		$	45		$	25		$	98		$	83		$	70		$	105		$	251

Policies in force (in thousands)	3,212			3,180			3,158			3,150			3,118			3,083			3,050
Change from prior year quarter	(1.1)		%	(1.4)		%	(2.0)		%	(2.3)		%	(2.9)		%	(3.1)		%	(3.4)		%
Change from prior quarter	(0.3)		%	(1.0)		%	(0.7)		%	(0.3)		%	(1.0)		%	(1.1)		%	(1.1)		%



(1) Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Billing and policy fees and other	$	15		$	15		$	14		$	15		$	14		$	15		$	14		$	44		$	43
Fee income	$	4		$	5		$	7		$	7		$	6		$	6		$	7		$	16		$	19


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Statutory underwriting
Gross written premiums	$	1,881		$	2,440		$	2,547		$	2,229		$	2,054		$	2,617		$	2,671		$	6,868		$	7,342
Net written premiums	$	1,684		$	2,416		$	2,475		$	2,219		$	1,863		$	2,592		$	2,553		$	6,575		$	7,008
Net earned premiums	$	2,030		$	2,072		$	2,141		$	2,199		$	2,179		$	2,264		$	2,302		$	6,243		$	6,745
Losses and loss adjustment expenses	1,466			1,898			1,380			905			2,597			1,467			1,176			4,744			5,240
Underwriting expenses	517			615			640			580			532			645			666			1,772			1,843
Statutory underwriting gain (loss)	$	47		$	(441)		$	121		$	714		$	(950)		$	152		$	460		$	(273)		$	(338)
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio	72.2		%	91.6		%	64.5		%	41.2		%	119.2		%	64.8		%	51.1		%	76.0		%	77.7		%
Underwriting expense ratio	26.9		%	27.2		%	27.0		%	26.6		%	26.3		%	26.5		%	26.9		%	27.1		%	26.6		%
Combined ratio	99.1		%	118.8		%	91.5		%	67.8		%	145.5		%	91.3		%	78.0		%	103.1		%	104.3		%
Impact on combined ratio:
Net favorable prior year reserve development	(1.1)		%	(6.8)		%	(5.9)		%	(1.8)		%	(5.1)		%	(2.2)		%	(0.7)		%	(4.6)		%	(2.6)		%
Catastrophes, net of reinsurance	22.6		%	48.0		%	23.0		%	4.2		%	78.0		%	23.2		%	10.7		%	31.2		%	36.6		%
Underlying combined ratio	77.6		%	77.6		%	74.4		%	65.4		%	72.6		%	70.3		%	68.0		%	76.5		%	70.3		%
Catastrophes, net of reinsurance:
Pre-tax	$	459		$	995		$	492		$	92		$	1,699		$	527		$	244		$	1,946		$	2,470
After-tax	$	362		$	787		$	387		$	72		$	1,343		$	415		$	193		$	1,536		$	1,951
Prior year reserve development - favorable:
Pre-tax	$	22		$	142		$	125		$	39		$	112		$	51		$	15		$	289		$	178
After-tax	$	18		$	111		$	98		$	31		$	89		$	39		$	12		$	227		$	140

Policies in force (in thousands)	6,235			6,167			6,106			6,060			5,980			5,882			5,768
Change from prior year quarter	(1.9)		%	(3.0)		%	(3.8)		%	(3.7)		%	(4.1)		%	(4.6)		%	(5.5)		%
Change from prior quarter	(0.9)		%	(1.1)		%	(1.0)		%	(0.8)		%	(1.3)		%	(1.6)		%	(1.9)		%



(1) Billing and policy fees and other, which are a component of other revenues, and fee income are allocated as a reduction of underwriting expenses.


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Billing and policy fees and other	$	11		$	10		$	9		$	9		$	10		$	9		$	9		$	30		$	28
Fee income	$	4		$	5		$	5		$	6		$	5		$	7		$	6		$	14		$	18


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Revenues
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Claims and expenses
Interest expense	98		98		98		98		99		99		111		294		309
General and administrative expenses	8		12		11		13		11		12		13		31		36
Total claims and expenses	106		110		109		111		110		111		124		325		345

Loss before income tax benefit	(106)		(110)		(109)		(111)		(110)		(111)		(124)		(325)		(345)
Income tax benefit	(23)		(22)		(23)		(23)		(24)		(24)		(27)		(68)		(75)
Loss	$	(83)	$	(88)	$	(86)	$	(88)	$	(86)	$	(87)	$	(97)	$	(257)	$	(270)


($ and shares in millions)	September 30, 2025		December 31, 2024
Assets
Fixed maturities, available for sale, at fair value (amortized cost $93,598 and $88,277; allowance for expected credit losses of $4 and $2)	$	91,113	$	83,666
Equity securities, at fair value (cost $506 and $544)	692		687
Real estate investments	888		902
Short-term securities	6,798		4,766
Other investments	4,193		4,202
Total investments	103,684		94,223
Cash (including restricted cash of $137 and $131)	729		699
Investment income accrued	776		752
Premiums receivable (net of allowance for expected credit losses of $58 and $58)	11,621		11,110
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $141 and $119)	8,298		8,000
Ceded unearned premiums	1,680		1,202
Deferred acquisition costs	3,691		3,494
Deferred taxes	1,035		1,762
Contractholder receivables (net of allowance for expected credit losses of $17 and $18)	3,098		3,171
Goodwill	4,271		4,233
Other intangible assets	342		360
Other assets	4,453		4,183
Total assets	$	143,678	$	133,189

Liabilities
Claims and claim adjustment expense reserves	$	67,705	$	64,093
Unearned premium reserves	23,596		22,289
Contractholder payables	3,115		3,189
Payables for reinsurance premiums	946		550

Debt	9,267		8,033
Other liabilities	7,440		7,171
Total liabilities	112,069		105,325
Shareholders’ equity
Common stock (1,750.0 shares authorized; 223.0 and 226.6 shares issued and outstanding)	25,817		25,452
Retained earnings	52,680		49,630
Accumulated other comprehensive loss	(3,094)		(4,967)
Treasury stock, at cost (570.1 and 564.3 shares)	(43,794)		(42,251)
Total shareholders’ equity	31,609		27,864
Total liabilities and shareholders’ equity	$	143,678	$	133,189


(at carrying value, $ in millions)	September 30, 2025		Pre-tax Book Yield (1)		December 31, 2024		Pre-tax Book Yield (1)
Investment portfolio
Taxable fixed maturities	$	65,412	4.03	%	$	61,012	3.87	%
Tax-exempt fixed maturities	25,701		3.24	%	22,654		3.00	%
Total fixed maturities	91,113		3.80	%	83,666		3.63	%
Non-redeemable preferred stocks	43		2.19	%	48		2.20	%
Common stocks	649				639
Total equity securities	692				687
Real estate investments	888				902
Short-term securities	6,798		4.23	%	4,766		4.54	%
Private equities	2,788				2,815
Hedge funds	212				219
Real estate partnerships	859				858
Other investments	334				310
Total other investments	4,193				4,202
Total investments	$	103,684			$	94,223



Net unrealized investment gains (losses), net of tax, included in shareholders’ equity	$	(1,970)			$	(3,640)


(at carrying value, $ in millions)	September 30, 2025				December 31, 2024
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	4,013			$	5,570
Obligations of U.S. states and political subdivisions:
Pre-refunded	326				572
All other	29,978				26,613
Total	30,304				27,185
Debt securities issued by foreign governments	988				909
Mortgage-backed securities - principally obligations of U.S. Government agencies	13,361				12,605
Corporate and all other bonds	42,447				37,397
Total fixed maturities	$	91,113			$	83,666

Fixed Maturities Quality Characteristics (1)
	September 30, 2025				December 31, 2024
	Amount		% of Total		Amount		% of Total
Quality Ratings
Aaa	$	25,771	28.3	%	$	40,411	48.3	%
Aa	33,440		36.7		15,278		18.3
A	19,425		21.3		16,181		19.3
Baa	11,411		12.5		10,816		12.9
Total investment grade	90,047		98.8		82,686		98.8
Ba	800		0.9		686		0.8
B	226		0.2		247		0.3
Caa and lower	40		0.1		47		0.1
Total below investment grade	1,066		1.2		980		1.2
Total fixed maturities	$	91,113	100.0	%	$	83,666	100.0	%
Average weighted quality	Aa2, AA				Aa2, AA
Weighted average duration of fixed maturities and short-term securities, net of securities lending activities and net receivables and payables on investment sales and purchases	4.6				4.3


($ in millions)	1Q2024			2Q2024			3Q2024			4Q2024			1Q2025			2Q2025			3Q2025			YTD 3Q2024			YTD 3Q2025
Gross investment income
Fixed maturities	$	692		$	709		$	749		$	798		$	812		$	833		$	874		$	2,150		$	2,519
Short-term securities	70			70			77			63			57			55			73			217			185
Other	98			118			90			103			76			67			101			306			244
	860			897			916			964			945			955			1,048			2,673			2,948
Investment expenses	14			12			12			9			15			13			15			38			43
Net investment income, pre-tax	846			885			904			955			930			942			1,033			2,635			2,905
Income taxes	148			158			162			170			167			168			183			468			518
Net investment income, after-tax	$	698		$	727		$	742		$	785		$	763		$	774		$	850		$	2,167		$	2,387

Effective tax rate	17.6		%	17.8		%	17.9		%	17.9		%	17.9		%	17.9		%	17.8		%	17.8		%	17.9		%

Average invested assets (1)	$94,677			$95,402			$97,736			$100,046			$101,000			$102,173			$105,655			$96,042			$103,086

Average yield pre-tax (1)	3.6		%	3.7		%	3.7		%	3.8		%	3.7		%	3.7		%	3.9		%	3.7		%	3.8		%
Average yield after-tax	2.9		%	3.0		%	3.0		%	3.1		%	3.0		%	3.0		%	3.2		%	3.0		%	3.1		%


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Net realized investment gains (losses)
Fixed maturities	$	(40)	$	(35)	$	(17)	$	(39)	$	(31)	$	(17)	$	(2)	$	(92)	$	(50)
Equity securities	79		(28)		53		(5)		(22)		20		39		104		37
Other	(4)		(2)		19		(11)		(8)		3		(10)		13		(15)
Realized investment gains (losses) before tax	35		(65)		55		(55)		(61)		6		27		25		(28)
Related taxes	8		(14)		13		(11)		(13)		1		6		7		(6)
Net realized investment gains (losses)	$	27	$	(51)	$	42	$	(44)	$	(48)	$	5	$	21	$	18	$	(22)

Gross investment gains	$	85	$	7	$	85	$	10	$	4	$	41	$	45	$	177	$	90
Gross investment losses before impairments	(47)		(72)		(25)		(63)		(63)		(35)		(18)		(144)		(116)
Net investment gains (losses) before impairments	38		(65)		60		(53)		(59)		6		27		33		(26)
Net impairment (charges) recoveries	(3)		—		(5)		(2)		(2)		—		—		(8)		(2)
Net realized investment gains (losses) before tax	35		(65)		55		(55)		(61)		6		27		25		(28)
Related taxes	8		(14)		13		(11)		(13)		1		6		7		(6)
Net realized investment gains (losses)	$	27	$	(51)	$	42	$	(44)	$	(48)	$	5	$	21	$	18	$	(22)

($ in millions)	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity, by asset type
Fixed maturities	$	(4,718)	$	(5,042)	$	(2,672)	$	(4,609)	$	(4,171)	$	(3,833)	$	(2,481)
Other	(2)		(1)		—		—		(1)		2		(3)
Unrealized investment gains (losses) before tax	(4,720)		(5,043)		(2,672)		(4,609)		(4,172)		(3,831)		(2,484)
Related taxes	(999)		(1,067)		(561)		(969)		(873)		(800)		(514)
Balance, end of period	$	(3,721)	$	(3,976)	$	(2,111)	$	(3,640)	$	(3,299)	$	(3,031)	$	(1,970)

(1) The Company’s top five reinsurer groups, including retroactive reinsurance, included in gross reinsurance recoverables is as follows:

Reinsurer

A.M. Best Rating of Group's Predominant Reinsurer

September 30, 2025

Swiss Re Group

A+ second highest of 16 ratings

742

Berkshire Hathaway

A++ highest of 16 ratings

490

Munich Re Group

A+ second highest of 16 ratings

382

Arch Insurance Group

A+ second highest of 16 ratings

190

Fairfax Financial Group

A+ second highest of 16 ratings

190

(2) Included in reinsurance recoverables are certain amounts related to structured settlements, which comprise annuities purchased from various life insurance companies to settle certain personal physical injury claims, of which workers’ compensation claims comprise a significant portion. In cases where the Company did not receive a release from the claimant, the amounts due from the life insurance company related to the structured settlement are included in both the claims and claim adjustment expense reserves and reinsurance recoverables in the Company’s consolidated balance sheet, as the Company retains the liability to pay the claimant in the event that the life insurance company fails to make the required annuity payments. The Company would be required to make such payments, to the extent the purchased annuities are not covered by state guaranty associations.

(3) The mandatory pools and associations represent various involuntary assigned risk pools that the Company is required to participate in. These pools principally involve workers’ compensation and automobile insurance, which provide various insurance coverages to insureds that otherwise are unable to purchase coverage in the open market. The costs of these mandatory pools in most states are usually charged back to the participating members in proportion to voluntary writings of related business in that state. In the event that a member of the pool becomes insolvent, the remaining members assume an additional pro rata share of the pool’s liabilities.

(4) Of the total reinsurance recoverables at September 30, 2025, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $6.19 billion, or 88%, were rated by A.M. Best Company. The Company utilizes updated A.M. Best credit ratings on a quarterly basis when determining the allowance. Of the total rated by A.M. Best Company, 95% were rated A- or better. The remaining 12% of reinsurance recoverables comprised the following: 6% related to captive insurance companies, 1% related to voluntary pools and 5% were balances from other companies not rated by A.M. Best Company. Certain of the Company's reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements.

(5) The Company reports its reinsurance recoverables net of an allowance for estimated uncollectible reinsurance. The allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing, disputes, applicable coverage defenses and other relevant factors. For structured settlements, the allowance is also based upon the Company’s ongoing review of life insurers’ creditworthiness and estimated amounts of coverage that would be available from state guaranty funds if a life insurer defaults. A probability-of-default methodology which reflects current and forecasted economic conditions is used to estimate the amount of uncollectible reinsurance due to credit-related factors and the estimate is reported in an allowance for estimated uncollectible reinsurance. The allowance also includes estimated uncollectible amounts related to dispute risk with reinsurers.


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Statutory Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period	$	40,833	$	41,391	$	42,050	$	42,960	$	42,909	$	43,742	$	44,477	$	40,833	$	42,909
Incurred	3,282		3,422		3,645		3,116		3,650		3,530		3,614		10,349		10,794
Paid	(2,697)		(2,758)		(2,786)		(3,066)		(2,847)		(2,890)		(2,915)		(8,241)		(8,652)
Foreign exchange and other	(27)		(5)		51		(101)		30		95		(28)		19		97
End of period	$	41,391	$	42,050	$	42,960	$	42,909	$	43,742	$	44,477	$	45,148	$	42,960	$	45,148
Bond & Specialty Insurance
Beginning of period	$	4,521	$	4,626	$	4,773	$	4,931	$	4,938	$	5,072	$	5,249	$	4,521	$	4,938
Incurred	424		468		438		427		430		414		447		1,330		1,291
Paid	(306)		(320)		(332)		(344)		(325)		(307)		(372)		(958)		(1,004)
Foreign exchange and other	(13)		(1)		52		(76)		29		70		(20)		38		79
End of period	$	4,626	$	4,773	$	4,931	$	4,938	$	5,072	$	5,249	$	5,304	$	4,931	$	5,304
Personal Insurance
Beginning of period	$	8,363	$	8,561	$	9,099	$	9,018	$	8,479	$	9,277	$	9,346	$	8,363	$	8,479
Incurred	2,896		3,430		2,857		2,423		3,867		2,787		2,476		9,183		9,130
Paid	(2,678)		(2,885)		(2,948)		(2,908)		(3,069)		(2,767)		(2,635)		(8,511)		(8,471)
Foreign exchange and other	(20)		(7)		10		(54)		—		49		(19)		(17)		30
End of period	$	8,561	$	9,099	$	9,018	$	8,479	$	9,277	$	9,346	$	9,168	$	9,018	$	9,168
Total
Beginning of period	$	53,717	$	54,578	$	55,922	$	56,909	$	56,326	$	58,091	$	59,072	$	53,717	$	56,326
Incurred	6,602		7,320		6,940		5,966		7,947		6,731		6,537		20,862		21,215
Paid	(5,681)		(5,963)		(6,066)		(6,318)		(6,241)		(5,964)		(5,922)		(17,710)		(18,127)
Foreign exchange and other	(60)		(13)		113		(231)		59		214		(67)		40		206
End of period	$	54,578	$	55,922	$	56,909	$	56,326	$	58,091	$	59,072	$	59,620	$	56,909	$	59,620
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos	$	—	$	—	$	242	$	—	$	—	$	—	$	277	$	242	$	277

All other	—		(34)		(151)		(147)		(74)		(79)		(152)		(185)		(305)
Total Business Insurance (1)	—		(34)		91		(147)		(74)		(79)		125		57		(28)
Bond & Specialty Insurance	(24)		(24)		(36)		(45)		(67)		(81)		(43)		(84)		(191)
Personal Insurance	(67)		(172)		(181)		(70)		(237)		(155)		(104)		(420)		(496)
Total	$	(91)	$	(230)	$	(126)	$	(262)	$	(378)	$	(315)	$	(22)	$	(447)	$	(715)


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Asbestos reserves
Beginning reserves:
Gross	$	1,768	$	1,686	$	1,612	$	1,815	$	1,708	$	1,636	$	1,555	$	1,768	$	1,708
Ceded	(390)		(382)		(368)		(395)		(370)		(357)		(318)		(390)		(370)
Net	1,378		1,304		1,244		1,420		1,338		1,279		1,237		1,378		1,338
Incurred losses and loss expenses:
Gross	—		—		279		—		—		—		327		279		327
Ceded	—		—		(37)		—		—		—		(50)		(37)		(50)
Paid loss and loss expenses:
Gross	82		74		77		106		72		83		84		233		239
Ceded	(8)		(13)		(11)		(25)		(13)		(39)		(16)		(32)		(68)
Foreign exchange and other:
Gross	—		—		1		(1)		—		2		—		1		2
Ceded	—		1		(1)		—		—		—		—		—		—
Ending reserves:
Gross	1,686		1,612		1,815		1,708		1,636		1,555		1,798		1,815		1,798
Ceded	(382)		(368)		(395)		(370)		(357)		(318)		(352)		(395)		(352)
Net	$	1,304	$	1,244	$	1,420	$	1,338	$	1,279	$	1,237	$	1,446	$	1,420	$	1,446


($ in millions)	September 30, 2025			December 31, 2024
Debt

Short-term debt
Commercial paper	$	100		$	100
7.75% Senior notes due April 15, 2026	200			—
Total short-term debt	300			100
Long-term debt
7.75% Senior notes due April 15, 2026	—			200
7.625% Junior subordinated debentures due December 15, 2027	125			125
6.375% Senior notes due March 15, 2033 (1)	500			500
5.05% Senior notes due July 24, 2035 (1)	500			—
6.75% Senior notes due June 20, 2036 (1)	400			400
6.25% Senior notes due June 15, 2037 (1)	800			800
5.35% Senior notes due November 1, 2040 (1)	750			750
4.60% Senior notes due August 1, 2043 (1)	500			500
4.30% Senior notes due August 25, 2045 (1)	400			400
8.50% Junior subordinated debentures due December 15, 2045	56			56
3.75% Senior notes due May 15, 2046 (1)	500			500
8.312% Junior subordinated debentures due July 1, 2046	73			73
4.00% Senior notes due May 30, 2047 (1)	700			700
4.05% Senior notes due March 7, 2048 (1)	500			500
4.10% Senior notes due March 4, 2049 (1)	500			500
2.55% Senior notes due April 27, 2050 (1)	500			500
3.05% Senior notes due June 8, 2051 (1)	750			750
5.45% Senior notes due May 25, 2053 (1)	750			750
5.70% Senior notes due July 24, 2055 (1)	750			—
Total long-term debt	9,054			8,004
Unamortized fair value adjustment	32			34
Unamortized debt issuance costs	(119)			(105)
	8,967			7,933
Total debt	9,267			8,033
Common equity (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)	33,579			31,504
Total capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)	$	42,846		$	39,537
Total debt to capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)	21.6		%	20.3		%


($ in millions)	September 30, 2025 (1)		December 31, 2024
Statutory capital and surplus	$	29,965	$	27,715
GAAP adjustments
Goodwill and intangible assets	3,638		3,635
Investments	(1,955)		(3,982)
Noninsurance companies	(4,567)		(4,350)
Deferred acquisition costs	3,559		3,371
Deferred federal income tax	(342)		218
Current federal income tax	(7)		(5)
Reinsurance recoverables	44		44
Furniture, equipment & software	951		960
Agents balances	213		230
Other	110		28
Total GAAP adjustments	1,644		149
GAAP shareholders’ equity	$	31,609	$	27,864


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Cash flows from operating activities
Net income	$	1,123	$	534	$	1,260	$	2,082	$	395	$	1,509	$	1,888	$	2,917	$	3,792
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	(35)		65		(55)		55		61		(6)		(27)		(25)		28
Depreciation and amortization	196		182		174		163		188		164		166		552		518
Deferred federal income tax expense (benefit)	42		(85)		(59)		(50)		31		(83)		320		(102)		268
Amortization of deferred acquisition costs	1,698		1,678		1,790		1,807		1,778		1,802		1,849		5,166		5,429
Equity in income from other investments	(68)		(89)		(63)		(74)		(53)		(42)		(74)		(220)		(169)
Premiums receivable	(557)		(664)		234		128		(459)		(438)		412		(987)		(485)
Reinsurance recoverables	33		(34)		74		38		(97)		78		(250)		73		(269)
Deferred acquisition costs	(1,776)		(1,807)		(1,856)		(1,734)		(1,822)		(1,917)		(1,877)		(5,439)		(5,616)
Claims and claim adjustment expense reserves	928		1,384		755		(387)		1,818		725		845		3,067		3,388
Unearned premium reserves	457		788		659		(416)		419		495		331		1,904		1,245
Other	(583)		(275)		962		452		(899)		47		644		104		(208)
Net cash provided by operating activities	1,458		1,677		3,875		2,064		1,360		2,334		4,227		7,010		7,921
Cash flows from investing activities
Proceeds from maturities of fixed maturities	1,709		2,464		1,817		2,547		2,801		3,071		2,886		5,990		8,758
Proceeds from sales of investments:
Fixed maturities	942		308		225		159		253		348		178		1,475		779
Equity securities	21		41		31		50		68		32		31		93		131
Real estate investments	—		—		64		—		—		—		—		64		—
Other investments	55		55		101		211		63		79		68		211		210
Purchases of investments:
Fixed maturities	(3,738)		(4,349)		(4,273)		(4,772)		(4,296)		(4,847)		(5,376)		(12,360)		(14,519)
Equity securities	(26)		(21)		(33)		(44)		(25)		(35)		(34)		(80)		(94)
Real estate investments	(13)		(11)		(10)		(14)		(7)		(6)		(10)		(34)		(23)
Other investments	(90)		(95)		(98)		(113)		(96)		(80)		(86)		(283)		(262)
Net sales (purchases) of short-term securities	454		330		(1,126)		712		239		(215)		(2,051)		(342)		(2,027)
Securities transactions in the course of settlement	111		247		24		(326)		308		64		(4)		382		368
Acquisition, net of cash acquired	(381)		(1)		—		—		—		—		—		(382)		—
Other	(81)		(111)		(113)		(103)		(116)		(127)		(155)		(305)		(398)
Net cash used in investing activities	(1,037)		(1,143)		(3,391)		(1,693)		(808)		(1,716)		(4,553)		(5,571)		(7,077)


($ in millions)	1Q2024		2Q2024		3Q2024		4Q2024		1Q2025		2Q2025		3Q2025		YTD 3Q2024		YTD 3Q2025
Cash flows from financing activities
Treasury stock acquired - share repurchase authorizations	(250)		(249)		(248)		(256)		(250)		(500)		(619)		(747)		(1,369)
Treasury stock acquired - net employee share-based compensation	(110)		(1)		(1)		(2)		(102)		(22)		(1)		(112)		(125)
Dividends paid to shareholders	(229)		(244)		(238)		(240)		(240)		(250)		(247)		(711)		(737)

Issuance of debt	—		—		—		—		—		—		1,233		—		1,233
Issuance of common stock - employee share options	190		22		33		76		57		70		36		245		163
Net cash provided by (used in) financing activities	(399)		(472)		(454)		(422)		(535)		(702)		402		(1,325)		(835)
Effect of exchange rate changes on cash and restricted cash	(5)		—		13		(22)		8		19		(6)		8		21
Net increase (decrease) in cash and restricted cash	17		62		43		(73)		25		(65)		70		122		30
Cash and restricted cash at beginning of period	650		667		729		772		699		724		659		650		699
Cash and restricted cash at end of period	$	667	$	729	$	772	$	699	$	724	$	659	$	729	$	772	$	729
Supplemental disclosure of cash flow information
Income taxes paid	$	24	$	831	$	92	$	363	$	24	$	538	$	194	$	947	$	756
Interest paid	$	60	$	135	$	60	$	135	$	61	$	136	$	60	$	255	$	257

The following measures are used by the Company’s management to evaluate financial performance against historical results, to establish performance targets on a consolidated basis, and for other reasons as discussed below. In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure.

Core income (loss) is consolidated net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations, the effect of a change in tax laws and tax rates at enactment, and cumulative effect of changes in accounting principles when applicable. Segment income (loss) is determined in the same manner as core income (loss) on a segment basis. Management uses segment income (loss) to analyze each segment’s performance and as a tool in making business decisions. Financial statement users also consider core income (loss) when analyzing the results and trends of insurance companies. Core income (loss) per share is core income (loss) on a per common share basis.

Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two. Adjusted shareholders’ equity is shareholders’ equity excluding net realized investment gains (losses), net of tax, net unrealized investment gains (losses), net of tax, included in shareholders’ equity for the periods presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)). Adjusted average shareholders’ equity is (a) the sum of total adjusted shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.


	As of
($ in millions)	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Shareholders’ equity	$	25,022	$	24,862	$	27,696	$	27,864	$	28,191	$	29,518	$	31,609
Adjustments:
Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity	3,721		3,976		2,111		3,640		3,299		3,031		1,970
Net realized investment (gains) losses, net of tax	(27)		24		(18)		26		48		43		22

Adjusted shareholders’ equity	$	28,716	$	28,862	$	29,789	$	31,530	$	31,538	$	32,592	$	33,601

A catastrophe is a severe loss designated, or reasonably expected by the Company to be designated, a catastrophe by one or more industry recognized organizations that track and report on insured losses resulting from catastrophic events, such as Property Claim Services (PCS) for events in the United States and Canada. Catastrophes can be caused by various natural events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions and other naturally-occurring events, such as solar flares. Catastrophes can also be man-made, such as terrorist attacks and other intentionally destructive acts including those involving nuclear, biological, chemical and radiological events, cyber events, explosions and destruction of infrastructure. Each catastrophe has unique characteristics and catastrophes are not predictable as to timing or amount. Their effects are included in net and core income and claims and claim adjustment expense reserves upon occurrence. A catastrophe may result in the payment of reinsurance reinstatement premiums and assessments from various pools. The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is reached and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company. Additionally, an aggregate threshold is applied for international business across all reportable segments. The threshold for 2025 ranges from $20 million to $30 million of losses before reinsurance and taxes.

Net favorable (unfavorable) prior year loss reserve development is the increase or decrease in incurred claims and claim adjustment expenses as a result of the re-estimation of claims and claim adjustment expense reserves at successive valuation dates for a given group of claims, which may be related to one or more prior years. In the opinion of the Company’s management, a discussion of loss reserve development is meaningful to users of the financial statements as it allows them to assess the impact between prior and current year development on incurred claims and claim adjustment expenses, net and core income (loss), and changes in claims and claim adjustment expense reserve levels from period to period.

Combined ratio For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators. The combined ratio, as used in this financial supplement, is the equivalent of, and is calculated in the same manner as, the SAP combined ratio except that the SAP underwriting expense ratio is based on net written premiums and the underwriting expense ratio as used in this financial supplement is based on net earned premiums. For SAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment expenses less certain administrative services fee income to net earned premiums as defined in the statutory financial statements required by insurance regulators. The loss and LAE ratio as used in this financial supplement is calculated in the same manner as the SAP ratio. For SAP, the underwriting expense ratio is the ratio of underwriting expenses incurred (including commissions paid), less certain administrative services fee income and billing and policy fees and other, to net written premiums as defined in the statutory financial statements required by insurance regulators. The underwriting expense ratio as used in this financial supplement, is the ratio of underwriting expenses (including the amortization of deferred acquisition costs), less certain administrative services fee income and billing and policy fees, to net earned premiums. Underlying combined ratio is the combined ratio adjusted to exclude the impact of prior year reserve development and catastrophes, net of reinsurance.

Book value per share is total common shareholders’ equity divided by the number of common shares outstanding. Adjusted book value per share is total common shareholders’ equity excluding net unrealized investment gains and losses, net of tax, included in shareholders’ equity, divided by the number of common shares outstanding. In the opinion of the Company’s management, adjusted book value per share is useful in an analysis of a property casualty company’s book value per share as it removes the effect of changing prices on invested assets, (i.e., net unrealized investment gains (losses), net of tax) which do not have an equivalent impact on unpaid claims and claim adjustment expense reserves.

Business Insurance - Business Insurance offers a broad array of property and casualty insurance products and services to its customers, primarily in the United States, as well as in Canada, the United Kingdom, the Republic of Ireland and throughout other parts of the world, including as a corporate member of Lloyd’s. Business Insurance is organized as follows: Select Accounts; Middle Market including Commercial Accounts, Construction, Technology & Life Sciences, Public Sector Services, Energy, Excess Casualty, Inland Marine, Ocean Marine, and Boiler & Machinery; National Accounts; National Property and Other including National Property, Northland Transportation, Agribusiness, Northfield and National Programs; and International, including Global Services and a 20% quota-share reinsurance agreement with subsidiaries of Fidelis Insurance Holdings Limited. Business Insurance also includes Simply Business, a leading provider of small business insurance policies primarily in the United Kingdom, and Business Insurance Other, which primarily comprises the Company’s asbestos and environmental liabilities and other runoff operations, including certain assumed reinsurance arrangements.

Bond & Specialty Insurance - Bond & Specialty Insurance offers surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers, primarily in the United States, and certain surety and specialty insurance products in Canada, the United Kingdom, the Republic of Ireland and Brazil (through a joint venture as described below), in each case utilizing various degrees of financially-based underwriting approaches. The range of coverages includes performance, payment and commercial surety bonds for construction and general commercial enterprises; management liability coverages including directors’ and officers’ liability, employment practices liability, fidelity liability, fiduciary liability and cyber risk for public corporations, private companies, not-for-profit organizations and financial institutions; professional liability coverage for a variety of professionals including, among others, lawyers and design professionals; in the United States only, property, workers’ compensation, auto and general liability for financial institutions; and transactional liability coverages to public and private companies.


($ in millions)	September 30, 2025		December 31, 2024
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses (1)	$	4,447	$	3,962
Gross structured settlements (2)	2,546		2,626
Mandatory pools and associations (3)	1,446		1,531
Gross reinsurance recoverables (4)	8,439		8,119
Allowance for estimated uncollectible reinsurance (5)	(141)		(119)
Net reinsurance recoverables	$	8,298	$	8,000


The Travelers Companies, Inc. Financial Supplement - Third Quarter 2025						.2


The Travelers Companies, Inc. Reconciliation to Net Income and Earnings per Share


The Travelers Companies, Inc. Statement of Income - Consolidated


The Travelers Companies, Inc. Net Income by Major Component and Combined Ratio - Consolidated


The Travelers Companies, Inc. Selected Statistics - Property and Casualty Operations


The Travelers Companies, Inc. Written and Earned Premiums - Property and Casualty Operations


The Travelers Companies, Inc. Segment Income - Business Insurance


The Travelers Companies, Inc. Net Written Premiums - Business Insurance


The Travelers Companies, Inc. Investment Portfolio - Fixed Maturities Data


The Travelers Companies, Inc. Net Realized Investment Gains (Losses) and Net Unrealized Investment Gains (Losses) included in Shareholders' Equity


The Travelers Companies, Inc. Net Reserves for Losses and Loss Adjustment Expense


The Travelers Companies, Inc. Statutory Capital and Surplus to GAAP Shareholders' Equity Reconciliation


The Travelers Companies, Inc. Glossary of Financial Measures and Description of Reportable Business Segments