\n| \n ($ in millions except per share data)<\/i><\/p>\n<\/td>\n | \n Sep 30
\n
2025<\/b><\/p>\n<\/td>\n | \n Sep 30
\n
2024<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet income available to common stockholders<\/p>\n<\/td>\n | \n \n$1,074<\/p>\n<\/td>\n | \n \n$761<\/p>\n<\/td>\n | \n \n41%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income available to common stockholders per diluted share1<\/sup><\/i><\/p>\n<\/td>\n| \n $3.77<\/i><\/p>\n<\/td>\n | \n $2.56<\/i><\/p>\n<\/td>\n | \n \n47%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCore earnings<\/p>\n<\/td>\n | \n \n$1,077<\/p>\n<\/td>\n | \n \n$752<\/p>\n<\/td>\n | \n \n43%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Core earnings per diluted share<\/i><\/p>\n<\/td>\n | \n $3.78<\/i><\/p>\n<\/td>\n | \n $2.53<\/i><\/p>\n<\/td>\n | \n \n49%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBook value per diluted share<\/p>\n<\/td>\n | \n \n$63.86<\/p>\n<\/td>\n | \n \n$56.39<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBook value per diluted share (ex. accumulated other comprehensive income (AOCI))2<\/sup><\/p>\n<\/td>\n| \n \n$70.92<\/p>\n<\/td>\n | \n \n$63.17<\/p>\n<\/td>\n | \n \n12%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income available to common stockholders’ return on equity (ROE)3<\/sup>, last 12-months<\/p>\n<\/td>\n| \n \n20.3%<\/p>\n<\/td>\n | \n \n20.0%<\/p>\n<\/td>\n | \n \n0.3<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCore earnings ROE3<\/sup>, last 12-months<\/p>\n<\/td>\n| \n \n18.4%<\/p>\n<\/td>\n | \n \n17.4%<\/p>\n<\/td>\n | \n \n1.0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| [1]<\/i><\/td>\n | | \n\n Includes dilutive potential common shares; for net income available to common stockholders per diluted share, the numerator is net income less preferred dividends<\/i><\/p>\n<\/td>\n<\/tr>\n\n| [2]<\/i><\/td>\n | | \n\n Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures<\/i><\/p>\n<\/td>\n<\/tr>\n\n| [3]<\/i><\/td>\n | | \n\n Return on equity (ROE) is calculated based on last 12-months net income available to common stockholders and core earnings, respectively; for net income ROE, the denominator is common stockholders\u2019 equity including AOCI; for core earnings ROE, the denominator is common stockholders\u2019 equity excluding AOCI<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThird quarter 2025 net income available to common stockholders of $1.1 billion, or $3.77 per diluted share, improved from $761 million in third quarter 2024, primarily driven by lower P&C CAY CAT losses, higher net investment income, earned premium growth across P&C, more net favorable prior accident year development (PYD), and improvement in the Personal Insurance underlying loss and loss adjustment expense ratio*.<\/p>\n \nThird quarter 2025 core earnings of $1.1 billion, or $3.78 per diluted share, compared with $752 million of core earnings in third quarter 2024. Contributing to the results were:<\/p>\n \n- \nAn increase in earnings generated by 9% growth in P&C earned premium.<\/p>\n<\/li>\n
- \nBusiness Insurance loss and loss adjustment expense ratio of 57.3 compared with 61.0 in third quarter 2024, including 3.7 points of lower CATs and 0.6 points of more favorable PYD. Underlying loss and loss adjustment expense ratio of 57.9 compared with 57.3 in third quarter 2024, largely due to a higher loss ratio in workers’ compensation, as expected.<\/p>\n<\/li>\n
- \nPersonal Insurance loss and loss adjustment expense ratio of 62.9 compared with 76.8 in third quarter 2024, including 7.1 points of lower CATs and 2.9 points of more favorable PYD. Underlying loss and loss adjustment expense ratio* of 64.2 improved 3.8 points from third quarter 2024, due to a lower loss ratio in both automobile and homeowners.<\/p>\n<\/li>\n
- \nNet favorable PYD in core earnings of $95 million, before tax, in 2025 compared with net favorable PYD of $24 million in core earnings in 2024. Net favorable PYD included in core earnings in third quarter 2025 was primarily driven by reserve reductions in workers\u2019 compensation and personal automobile liability and physical damage.<\/p>\n<\/li>\n
- \nP&C CAY CAT losses of $70 million, before tax, in third quarter 2025, including $37 million of favorable prior quarter development, compared with CAY CAT losses of $247 million in third quarter 2024.<\/p>\n<\/li>\n
- \nThe P&C expense ratio of 30.0 was relatively flat compared with 29.9 in third quarter 2024.<\/p>\n<\/li>\n
- \nEmployee Benefits loss ratio of 70.1 was relatively flat compared with 70.2 in third quarter 2024, driven by improvement in the group life loss ratio, partially offset by an increase in the group disability loss ratio.<\/p>\n<\/li>\n
- \nThe Employee Benefits expense ratio of 26.7 increased 1.4 points compared with 25.3 in third quarter 2024, largely due to higher staffing costs, increased investments in technology, and a higher commission ratio.<\/p>\n<\/li>\n
- \nNet investment income of $759 million, before tax, compared with $659 million in third quarter 2024, primarily driven by increased income from limited partnerships and other alternative investments (LPs)*, a higher level of invested assets, and reinvesting at higher interest rates, partially offset by a lower yield on variable-rate securities.<\/p>\n<\/li>\n<\/ul>\n
\nSept. 30, 2025, book value per diluted share of $63.86 increased 15.9%, from $55.09 at Dec. 31, 2024, principally due to net income in excess of stockholder dividends through Sept. 30, 2025, partially offset by the dilutive effect of share repurchases.<\/p>\n \nBook value per diluted share (excluding AOCI) of $70.92 as of Sept. 30, 2025, increased 9.2%, from $64.95 at Dec. 31, 2024, as the impact from net income in excess of stockholder dividends through Sept. 30, 2025, was partially offset by the dilutive effect of share repurchases.<\/p>\n \nNet income available to common stockholders’ ROE (net income ROE) for the trailing 12-month period ending Sept. 30, 2025 was 20.3%, increasing 0.3 points from Sept. 30, 2024.<\/p>\n \nCore earnings ROE for the trailing 12-month period ending Sept. 30, 2025, was 18.4%, increasing 1.0 point from Sept. 30, 2024, due to higher average common stockholder’s equity excluding AOCI, partially offset by higher trailing 12-month core earnings.<\/p>\n \n\n| \n BUSINESS RESULTS:<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Business Insurance<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n Sep 30
\n
2025<\/b><\/p>\n<\/td>\n | \n Sep 30
\n
2024<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | \n $710<\/b><\/p>\n<\/td>\n | \n $528<\/b><\/p>\n<\/td>\n | \n 34%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Core earnings<\/b><\/p>\n<\/td>\n | \n $723<\/b><\/p>\n<\/td>\n | \n $534<\/b><\/p>\n<\/td>\n | \n 35%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Written premiums<\/b><\/p>\n<\/td>\n | \n $3,573<\/b><\/p>\n<\/td>\n | \n $3,275<\/b><\/p>\n<\/td>\n | \n 9%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Underwriting gain1<\/sup><\/b><\/p>\n<\/td>\n| \n $397<\/b><\/p>\n<\/td>\n | \n $253<\/b><\/p>\n<\/td>\n | \n 57%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Underlying underwriting gain1<\/sup><\/b><\/p>\n<\/td>\n| \n $376<\/b><\/p>\n<\/td>\n | \n $372<\/b><\/p>\n<\/td>\n | \n 1%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n | \n 57.3<\/b><\/p>\n<\/td>\n | \n 61.0<\/b><\/p>\n<\/td>\n | \n (3.7)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Expenses<\/b><\/p>\n<\/td>\n | \n 31.1<\/b><\/p>\n<\/td>\n | \n 30.9<\/b><\/p>\n<\/td>\n | \n 0.2<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Policyholder dividends<\/b><\/p>\n<\/td>\n | \n 0.3<\/b><\/p>\n<\/td>\n | \n 0.3<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Combined ratio<\/b><\/p>\n<\/td>\n | \n 88.8<\/b><\/p>\n<\/td>\n | \n 92.2<\/b><\/p>\n<\/td>\n | \n (3.4)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nImpact of catastrophes and PYD on combined ratio<\/p>\n<\/td>\n | \n \n0.6<\/p>\n<\/td>\n | \n \n(3.7)<\/p>\n<\/td>\n | \n \n4.3<\/p>\n<\/td>\n<\/tr>\n | \n| \n Underlying combined ratio<\/b><\/p>\n<\/td>\n | \n 89.4<\/b><\/p>\n<\/td>\n | \n 88.6<\/b><\/p>\n<\/td>\n | \n 0.8<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying loss and loss adjustment expense ratio<\/p>\n<\/td>\n | \n \n57.9<\/p>\n<\/td>\n | \n \n57.3<\/p>\n<\/td>\n | \n \n0.6<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent accident year catastrophes<\/p>\n<\/td>\n | \n \n1.1<\/p>\n<\/td>\n | \n \n4.8<\/p>\n<\/td>\n | \n \n(3.7)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFavorable prior accident year development<\/p>\n<\/td>\n | \n \n(1.7)<\/p>\n<\/td>\n | \n \n(1.1)<\/p>\n<\/td>\n | \n \n(0.6)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n | \n 57.3<\/b><\/p>\n<\/td>\n | \n 61.0<\/b><\/p>\n<\/td>\n | \n (3.7)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| [1]<\/i><\/td>\n | | \n\n Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest U.S. GAAP measures can be found in this news release under the heading Discussion of Non-GAAP Financial Measures<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThird quarter 2025 net income of $710 million compared with net income of $528 million in third quarter 2024, principally due to lower CAY CAT losses, higher net investment income, the impact of earned premium growth, and greater net favorable PYD, partially offset by a higher underlying loss and loss adjustment expense ratio. PYD includes an $8 million, before-tax, benefit due to the amortization of the deferred gain related to the Navigators ADC, compared with a $26 million before tax benefit in 2024.<\/p>\n \nBusiness Insurance core earnings of $723 million in third quarter 2025 compared with $534 million in third quarter 2024. Contributing to the results were:<\/p>\n \n- \n9% growth in earned premium.<\/p>\n<\/li>\n
- \nAn underlying loss and loss adjustment expense ratio of 57.9 in third quarter 2025 compared with 57.3 in third quarter 2024 largely due to a higher loss ratio in workers’ compensation, as expected.<\/p>\n<\/li>\n
- \nNet favorable PYD within core earnings of $52 million, before tax, in third quarter 2025, compared with $10 million of net favorable PYD within core earnings in third quarter 2024. The net favorable PYD in third quarter 2025 primarily includes reserve reductions in workers\u2019 compensation.<\/p>\n<\/li>\n
- \nCAY CAT losses of $39 million, before tax, in third quarter 2025, including $30 million of favorable prior quarter development, down from CAY CAT losses of $155 million in third quarter 2024.<\/p>\n<\/li>\n
- \nNet investment income of $519 million, before tax, compared with $442 million in third quarter 2024.<\/p>\n<\/li>\n<\/ul>\n
\nCombined ratio of 88.8 compared with 92.2 in third quarter 2024, primarily due to a 3.7 point decrease in the loss and loss adjustment expense ratio, including 3.7 points of lower CATs and 0.6 points of more favorable PYD. Underlying combined ratio of 89.4 compared with 88.6 in third quarter 2024, primarily due to a 0.6 point increase in the underlying loss and loss adjustment expense ratio:<\/p>\n \n- \nSmall Business combined ratio of 87.9 compared with 91.6 in third quarter 2024, including 5.1 points of lower CAY CATs and 0.9 points of less favorable PYD. Underlying combined ratio of 89.8 compared with 89.3 in third quarter 2024, primarily due to a higher loss ratio in workers’ compensation.<\/p>\n<\/li>\n
- \nMiddle & Large Business combined ratio of 90.8 compared with 97.0 in third quarter 2024, including a 3.9 point change from unfavorable to favorable PYD and 3.5 points of lower CAY CATs. Underlying combined ratio of 91.4 compared with 90.2 in third quarter 2024, primarily due to a higher loss ratio in workers’ compensation.<\/p>\n<\/li>\n
- \nGlobal Specialty combined ratio of 86.9 compared with 87.4 in third quarter 2024, including 1.6 points of lower CAY CATs and 0.6 points of less favorable PYD. The combined ratio included 2.1 points of less favorable development due to the amortization of the deferred gain related to the Navigators ADC. Underlying combined ratio of 85.8 compared with 85.3 in third quarter 2024, primarily due to a higher expense ratio.<\/p>\n<\/li>\n
- \nThe expense ratio of 31.1 increased from 30.9 in third quarter 2024, as the impact of earned premium leverage was more than offset by expected increases in marketing and technology costs and higher incentive compensation due to overall financial performance.<\/p>\n<\/li>\n<\/ul>\n
\nThird quarter 2025 written premiums of $3.6 billion were up 9% from third quarter 2024, with increases across the segment. Small Business and Middle & Large Business both delivered double-digit increases, driven in part by new business growth of 11% and 20%, respectively, and supported by strong renewal written pricing.<\/p>\n Personal Insurance<\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n Sep 30
\n
2025<\/b><\/p>\n<\/td>\n | \n Sep 30
\n
2024<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | \n $139<\/b><\/p>\n<\/td>\n | \n $31<\/b><\/p>\n<\/td>\n | \n NM<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Core earnings<\/b><\/p>\n<\/td>\n | \n $143<\/b><\/p>\n<\/td>\n | \n $33<\/b><\/p>\n<\/td>\n | \n NM<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Written premiums<\/b><\/p>\n<\/td>\n | \n $987<\/b><\/p>\n<\/td>\n | \n $970<\/b><\/p>\n<\/td>\n | \n 2%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Underwriting gain (loss)<\/b><\/p>\n<\/td>\n | \n $107<\/b><\/p>\n<\/td>\n | \n $(22)<\/b><\/p>\n<\/td>\n | \n NM<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Underlying underwriting gain<\/b><\/p>\n<\/td>\n | \n $95<\/b><\/p>\n<\/td>\n | \n $56<\/b><\/p>\n<\/td>\n | \n 70%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n | \n 62.9<\/b><\/p>\n<\/td>\n | \n 76.8<\/b><\/p>\n<\/td>\n | \n (13.9)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Expenses<\/b><\/p>\n<\/td>\n | \n 25.8<\/b><\/p>\n<\/td>\n | \n 25.6<\/b><\/p>\n<\/td>\n | \n 0.2<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Combined ratio<\/b><\/p>\n<\/td>\n | \n 88.7<\/b><\/p>\n<\/td>\n | \n 102.5<\/b><\/p>\n<\/td>\n | \n (13.8)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nImpact of catastrophes and PYD on combined ratio<\/p>\n<\/td>\n | \n \n1.2<\/p>\n<\/td>\n | \n \n(8.8)<\/p>\n<\/td>\n | \n \n10.0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Underlying combined ratio<\/b><\/p>\n<\/td>\n | \n 90.0<\/b><\/p>\n<\/td>\n | \n 93.7<\/b><\/p>\n<\/td>\n | \n (3.7)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying loss and loss adjustment expense ratio<\/p>\n<\/td>\n | \n \n64.2<\/p>\n<\/td>\n | \n \n68.0<\/p>\n<\/td>\n | \n \n(3.8)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent accident year catastrophes<\/p>\n<\/td>\n | \n \n3.3<\/p>\n<\/td>\n | \n \n10.4<\/p>\n<\/td>\n | \n \n(7.1)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFavorable prior accident year development<\/p>\n<\/td>\n | \n \n(4.5)<\/p>\n<\/td>\n | \n \n(1.6)<\/p>\n<\/td>\n | \n \n(2.9)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n | \n 62.9<\/b><\/p>\n<\/td>\n | \n 76.8<\/b><\/p>\n<\/td>\n | \n (13.9)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet income of $139 million in third quarter 2025 compared with net income of $31 million in third quarter 2024, primarily due to lower CAY CAT losses, an improvement in the underlying loss and loss adjustment expense ratio, including the impact of higher earned premium, and more favorable PYD.<\/p>\n \nPersonal Insurance core earnings of $143 million compared with core earnings of $33 million in third quarter 2024. Contributing to the results were:<\/p>\n \n- \n7% growth in earned premium largely driven by the impact of double-digit earned pricing increases.<\/p>\n<\/li>\n
- \nAn underlying loss and loss adjustment expense ratio of 64.2 in third quarter 2025, which improved 3.8 points from 68.0 in third quarter 2024, primarily driven by the impact of earned pricing increases, partially offset by loss cost increases.<\/p>\n<\/li>\n
- \n$43 million, before tax, of favorable PYD in third quarter of 2025, compared with $14 million of favorable PYD in third quarter 2024. The net favorable PYD in third quarter 2025 primarily includes reserve reductions in automobile liability and physical damage.<\/p>\n<\/li>\n
- \nCAY CAT losses of $31 million, before tax, in third quarter 2025, including $7 million of favorable prior quarter development, down from $92 million of CAY CAT losses in third quarter 2024.<\/p>\n<\/li>\n
- \nNet investment income of $67 million, before tax, in third quarter 2025 compared with $58 million in third quarter 2024.<\/p>\n<\/li>\n<\/ul>\n
\nCombined ratio of 88.7 in third quarter 2025 compared with 102.5 in third quarter 2024, primarily due to a 13.9 point improvement in the loss and loss adjustment expense ratio, including 7.1 points of lower CAY CAT losses, a 3.8 point improvement in the underlying loss and loss adjustment expense ratio, and more favorable PYD of 2.9 points, partially offset by a higher expense ratio. Underlying combined ratio of 90.0 improved 3.7 points from 93.7 in third quarter 2024, primarily due to improvement in the underlying loss and loss adjustment expense ratio in automobile and homeowners, partially offset by a 0.2 point increase in the expense ratio.<\/p>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |