\n| \n ($ in millions except per share data)<\/i><\/p>\n<\/td>\n | \n Mar 31 2026<\/b><\/p>\n<\/td>\n | \n Mar 31 2025<\/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$851<\/p>\n<\/td>\n | \n \n$625<\/p>\n<\/td>\n | \n \n36%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income available to common stockholders per diluted share1<\/sup><\/i><\/p>\n<\/td>\n| \n $3.04<\/i><\/p>\n<\/td>\n | \n $2.15<\/i><\/p>\n<\/td>\n | \n \n41%<\/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$866<\/p>\n<\/td>\n | \n \n$639<\/p>\n<\/td>\n | \n \n36%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Core earnings per diluted share<\/i><\/p>\n<\/td>\n | \n $3.09<\/i><\/p>\n<\/td>\n | \n $2.20<\/i><\/p>\n<\/td>\n | \n \n40%<\/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$66.58<\/p>\n<\/td>\n | \n \n$57.07<\/p>\n<\/td>\n | \n \n17%<\/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$75.25<\/p>\n<\/td>\n | \n \n$65.99<\/p>\n<\/td>\n | \n \n14%<\/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 \n23.0%<\/p>\n<\/td>\n | \n \n18.8%<\/p>\n<\/td>\n | \n \n4.2<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCore earnings ROE3<\/sup>, last 12-months<\/p>\n<\/td>\n| \n \n20.3%<\/p>\n<\/td>\n | \n \n16.2%<\/p>\n<\/td>\n | \n \n4.1<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n [1]<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\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| \n [2]<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\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| \n [3]<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\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 \nFirst quarter 2026 net income available to common stockholders of $851 million, or $3.04 per diluted share, improved from $625 million in first quarter 2025, primarily driven by lower P&C CAY CATs, higher net investment income, earned premium growth, improvement in the group life loss ratio, and a lower Personal Insurance underlying loss and loss adjustment expense ratio*, partially offset by higher expense ratios in both Employee Benefits and P&C, less favorable PYD, and a higher group disability loss ratio.<\/p>\n \nFirst quarter 2026 core earnings of $866 million, or $3.09 per diluted share, compared with $639 million of core earnings in first quarter 2025. Contributing to the results were:<\/p>\n \n- \nAn increase in earnings driven by 6% growth in P&C earned premium.<\/p>\n<\/li>\n
- \nBusiness Insurance loss and loss adjustment expense ratio of 62.8 was flat compared with first quarter 2025, including 3.6 points of lower CATs, partially offset by a 3.3 point change from favorable to unfavorable PYD. Underlying loss and loss adjustment expense ratio of 57.2 compared with 56.9 in first quarter 2025.<\/p>\n<\/li>\n
- \nPersonal Insurance loss and loss adjustment expense ratio of 60.6 compared with 79.1 in first quarter 2025, including 14.3 points of lower CATs, partially offset by 0.4 points of less favorable PYD. Underlying loss and loss adjustment expense ratio of 58.0 improved 4.6 points from first quarter 2025, due to a lower loss ratio in both automobile and homeowners.<\/p>\n<\/li>\n
- \nNet favorable PYD in core earnings of $5 million, before tax, in 2026 compared with net favorable PYD of $90 million in core earnings in 2025. Net favorable PYD included in core earnings in first quarter 2026 was primarily driven by reserve reductions in workers\u2019 compensation, homeowners, and personal automobile, partially offset by an increase of $70 million in general liability reserves to reflect legacy sexual molestation and sexual abuse exposures related to policies written in the 1970s and 1980s, which includes a provision for a settlement in principle in one bankruptcy proceeding involving a religious institution.<\/p>\n<\/li>\n
- \nP&C CAY CAT losses of $230 million, before tax, in first quarter 2026, primarily from winter storms across several regions, but concentrated in the Northeast region, and losses from tornado, wind and hail events across several regions, compared with CAY CAT losses of $467 million in first quarter 2025, primarily driven by the January 2025 California Wildfire Event.<\/p>\n<\/li>\n
- \nThe P&C expense ratio of 30.7 compared with 30.4 in first quarter 2025.<\/p>\n<\/li>\n
- \nEmployee Benefits loss ratio of 71.7 compared with 71.9 in first quarter 2025, 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 compared with 25.4 in first quarter 2025, driven by higher staffing costs and higher technology costs.<\/p>\n<\/li>\n
- \nNet investment income of $739 million, before tax, compared with $656 million in first quarter 2025, primarily driven by increased income from limited partnerships and other alternative investments (LPs), a higher level of invested assets, and reinvesting at higher rates.\u00a0<\/p>\n<\/li>\n<\/ul>\n
\nMarch 31, 2026 book value per diluted share of $66.58 increased 0.4%, from $66.31 at Dec. 31, 2025, principally due to net income in excess of stockholder dividends through March 31, 2026, partially offset by a decrease in AOCI, primarily driven by an increase in net unrealized losses on available-for-sale (AFS) securities, and the dilutive effect of share repurchases.<\/p>\n \nBook value per diluted share (excluding AOCI) of $75.25 as of March 31, 2026, increased 2.2%, from $73.62 at Dec. 31, 2025, as the impact from net income in excess of stockholder dividends through March 31, 2026, was partially offset by the dilutive effect of share repurchases.<\/p>\n \nNet income available to common stockholders’ ROE (net income ROE) for the trailing 12-month period ending March 31, 2026, was 23.0%, increasing 4.2 points from March 31, 2025, primarily due to an increase in net income available to common stockholders.<\/p>\n \nCore earnings ROE for the trailing 12-month period ending March 31, 2026, was 20.3%, increasing 4.1 points from March 31, 2025, primarily due to an increase in core earnings.<\/p>\n BUSINESS RESULTS:
\n
<\/b>Business Insurance<\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n Mar 31 2026<\/b><\/p>\n<\/td>\n | \n Mar 31 2025<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net income<\/b><\/p>\n<\/td>\n | \n $536<\/b><\/p>\n<\/td>\n | \n $477<\/b><\/p>\n<\/td>\n | \n 12%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Core earnings<\/b><\/p>\n<\/td>\n | \n $551<\/b><\/p>\n<\/td>\n | \n $471<\/b><\/p>\n<\/td>\n | \n 17%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Written premiums<\/b><\/p>\n<\/td>\n | \n $3,904<\/b><\/p>\n<\/td>\n | \n $3,686<\/b><\/p>\n<\/td>\n | \n 6%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Underwriting gain1<\/sup><\/b><\/p>\n<\/td>\n| \n $185<\/b><\/p>\n<\/td>\n | \n $187<\/b><\/p>\n<\/td>\n | \n (1%)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Underlying underwriting gain1<\/sup><\/b><\/p>\n<\/td>\n| \n $386<\/b><\/p>\n<\/td>\n | \n $384<\/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 62.8<\/b><\/p>\n<\/td>\n | \n 62.8<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Expenses<\/b><\/p>\n<\/td>\n | \n 31.6<\/b><\/p>\n<\/td>\n | \n 31.3<\/b><\/p>\n<\/td>\n | \n 0.3<\/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 94.8<\/b><\/p>\n<\/td>\n | \n 94.4<\/b><\/p>\n<\/td>\n | \n 0.4<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nImpact of catastrophes and PYD on combined ratio<\/p>\n<\/td>\n | \n \n(5.6)<\/p>\n<\/td>\n | \n \n(5.9)<\/p>\n<\/td>\n | \n \n0.3<\/p>\n<\/td>\n<\/tr>\n | \n| \n Underlying combined ratio<\/b><\/p>\n<\/td>\n | \n 89.2<\/b><\/p>\n<\/td>\n | \n 88.4<\/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 \n57.2<\/p>\n<\/td>\n | \n \n56.9<\/p>\n<\/td>\n | \n \n0.3<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent accident year catastrophes<\/p>\n<\/td>\n | \n \n4.8<\/p>\n<\/td>\n | \n \n8.4<\/p>\n<\/td>\n | \n \n(3.6)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrior accident year development<\/p>\n<\/td>\n | \n \n0.8<\/p>\n<\/td>\n | \n \n(2.5)<\/p>\n<\/td>\n | \n \n3.3<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n | \n 62.8<\/b><\/p>\n<\/td>\n | \n 62.8<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n [1]<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\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 \nFirst quarter 2026 net income of $536 million compared with net income of $477 million in first quarter 2025, primarily due to lower CAY CATs, higher net investment income, and the impact of earned premium growth, partially offset by a change from net favorable PYD to net unfavorable PYD and a higher expense ratio. PYD in the 2025 period includes a $32 million, before-tax, benefit due to the amortization of the deferred gain related to the Navigators ADC.<\/p>\n \nBusiness Insurance core earnings of $551 million in first quarter 2026 compared with $471 million in first quarter 2025. Contributing to the results were:<\/p>\n \n- \n7% growth in earned premium.<\/p>\n<\/li>\n
- \nAn underlying loss and loss adjustment expense ratio of 57.2 in first quarter 2026 compared with 56.9 in first quarter 2025.<\/p>\n<\/li>\n
- \nNet unfavorable PYD within core earnings of $30 million, before tax, in first quarter 2026, compared with $51 million of net favorable PYD within core earnings in first quarter 2025. The net unfavorable PYD in first quarter 2026 primarily includes an increase of $70 million in general liability reserves to reflect legacy sexual molestation and sexual abuse exposures related to policies written in the 1970s and 1980s, which includes a provision for a settlement in principle in one bankruptcy proceeding involving a religious institution.<\/p>\n<\/li>\n
- \nCAY CAT losses of $171 million, before tax, in first quarter 2026, primarily from winter storms across several regions, but concentrated in the Northeast, and losses from tornado, wind and hail events across several regions, compared with CAY CAT losses of $280 million in first quarter 2025.<\/p>\n<\/li>\n
- \nNet investment income of $505 million, before tax, compared with $437 million in first quarter 2025.<\/p>\n<\/li>\n<\/ul>\n
\nCombined ratio of 94.8 compared with 94.4 in first quarter 2025, primarily due to a 3.3 point change from favorable to unfavorable PYD, partially offset by 3.6 points of lower CATs. Underlying combined ratio of 89.2 compared with 88.4 in first quarter 2025, primarily due to a slight increase in the underlying loss and loss adjustment expense ratio and expense ratio.<\/p>\n \n- \nSmall Business combined ratio of 91.9 compared with 93.3 in first quarter 2025, including 1.5 points of lower CATs, partially offset by 0.1 points of less favorable PYD. Underlying combined ratio of 89.4 was flat compared with first quarter 2025.<\/p>\n<\/li>\n
- \nMiddle & Large Business combined ratio of 95.6 compared with 99.8 in first quarter 2025, including 5.2 points of lower CAY CATs, partially offset by 0.4 points of more unfavorable PYD. Underlying combined ratio of 91.3 compared with 90.6 in first quarter 2025, primarily due to a higher loss ratio in workers’ compensation.<\/p>\n<\/li>\n
- \nGlobal Specialty combined ratio of 90.7 compared with 89.3 in first quarter 2025, including 5.3 points of lower CATs, partially offset by a 4.6 point change from favorable to unfavorable PYD. The 2025 combined ratio included 3.4 points of more favorable PYD due to the amortization of the deferred gain related to the Navigators ADC. Underlying combined ratio of 86.1 compared with 84.0 in first quarter 2025, primarily due to a higher expense ratio and the impact of higher reinstatement premiums in Global Re in the 2025 period.<\/p>\n<\/li>\n
- \nThe expense ratio of 31.6 was generally consistent with the first quarter of 2025, as higher staffing costs and investments in the business were partially offset by earned premium growth.<\/p>\n<\/li>\n<\/ul>\n
\nFirst quarter 2026 written premiums of $3.9 billion were up 6% from first quarter 2025, with growth across the segment. Small Business delivered an 8% increase in written premiums, supported by double-digit new business growth, while Middle & Large and Global Specialty each reported single-digit written premium growth.<\/p>\n Personal Insurance<\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n | \n Mar 31 2026<\/b><\/p>\n<\/td>\n | \n Mar 31 2025<\/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 $5<\/b><\/p>\n<\/td>\n | \n NM<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Core earnings<\/b><\/p>\n<\/td>\n | \n $141<\/b><\/p>\n<\/td>\n | \n $6<\/b><\/p>\n<\/td>\n | \n NM<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Written premiums<\/b><\/p>\n<\/td>\n | \n $862<\/b><\/p>\n<\/td>\n | \n $913<\/b><\/p>\n<\/td>\n | \n (6%)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Underwriting gain (loss)<\/b><\/p>\n<\/td>\n | \n $113<\/b><\/p>\n<\/td>\n | \n $(55)<\/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 $137<\/b><\/p>\n<\/td>\n | \n $93<\/b><\/p>\n<\/td>\n | \n 47%<\/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 60.6<\/b><\/p>\n<\/td>\n | \n 79.1<\/b><\/p>\n<\/td>\n | \n (18.5)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Expenses<\/b><\/p>\n<\/td>\n | \n 27.0<\/b><\/p>\n<\/td>\n | \n 27.0<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Combined ratio<\/b><\/p>\n<\/td>\n | \n 87.7<\/b><\/p>\n<\/td>\n | \n 106.1<\/b><\/p>\n<\/td>\n | \n (18.4)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nImpact of catastrophes and PYD on combined ratio<\/p>\n<\/td>\n | \n \n(2.6)<\/p>\n<\/td>\n | \n \n(16.5)<\/p>\n<\/td>\n | \n \n13.9<\/p>\n<\/td>\n<\/tr>\n | \n| \n Underlying combined ratio<\/b><\/p>\n<\/td>\n | \n 85.0<\/b><\/p>\n<\/td>\n | \n 89.7<\/b><\/p>\n<\/td>\n | \n (4.7)<\/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 \n58.0<\/p>\n<\/td>\n | \n \n62.6<\/p>\n<\/td>\n | \n \n(4.6)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent accident year catastrophes<\/p>\n<\/td>\n | \n \n6.5<\/p>\n<\/td>\n | \n \n20.8<\/p>\n<\/td>\n | \n \n(14.3)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrior accident year development<\/p>\n<\/td>\n | \n \n(3.9)<\/p>\n<\/td>\n | \n \n(4.3)<\/p>\n<\/td>\n | \n \n0.4<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Losses and loss adjustment expense ratio<\/b><\/p>\n<\/td>\n | \n 60.6<\/b><\/p>\n<\/td>\n | \n 79.1<\/b><\/p>\n<\/td>\n | \n (18.5)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet income of $139 million in first quarter 2026 compared with net income of $5 million in first quarter 2025, primarily due to lower CAY CAT losses and an improvement in the underlying loss and loss adjustment expense ratio.<\/p>\n \nPersonal Insurance core earnings of $141 million compared with core earnings of $6 million in first quarter 2025. Contributing to the results were:<\/p>\n \n- \n1% 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 58.0 in first quarter 2026, which improved 4.6 points from 62.6 in first quarter 2025, driven by the impact of earned pricing increases outpacing loss cost trends.<\/p>\n<\/li>\n
- \n$35 million, before tax, of favorable PYD in first quarter of 2026, compared with $39 million of favorable PYD in first quarter 2025. The net favorable PYD in first quarter 2026 primarily includes reserve reductions in automobile and homeowners.<\/p>\n<\/li>\n
- \nCAY CAT losses of $59 million, before tax, in first quarter 2026, including losses from tornado, wind and hail events across several regions, but concentrated in the Midwest region, and losses from winter storms across several regions, compared with $187 million of CAY CAT losses in first quarter 2025.<\/p>\n<\/li>\n
- \nNet investment income of $62 million, before tax, in first quarter 2026 compared with $57 million in first quarter 2025.<\/p>\n<\/li>\n<\/ul>\n
\nCombined ratio of 87.7 in first quarter 2026 compared with 106.1 in first quarter 2025, primarily due to an 18.5 point improvement in the loss and loss adjustment expense ratio, including 14.3 points of lower CAY CAT losses and a 4.6 point improvement in the underlying loss and loss adjustment expense ratio, partially offset by 0.4 points of less favorable PYD. Underlying combined ratio of 85.0 improved 4.7 points from 89.7 in first quarter 2025, primarily due to improvement in the underlying loss and loss adjustment expense ratio in automobile and homeowners.<\/p>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |