Document


			Page Number
Consolidated Results
Financial Highlights			1
Reconciliation of Net Income to Core Income and Earnings per Share to Core Income 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)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Net income	$	395		$	1,509		$	1,888		$	2,496		$	1,711		$	2,208		$	1,917		$	3,792		$	5,836
Net income per share:
Basic	$	1.73		$	6.63		$	8.37		$	11.24		$	7.89		$	10.41		$	9.20		$	16.69		$	27.48
Diluted	$	1.70		$	6.53		$	8.24		$	11.06		$	7.78		$	10.26		$	9.04		$	16.45		$	27.05
Core income	$	443		$	1,504		$	1,867		$	2,511		$	1,696		$	2,160		$	1,947		$	3,814		$	5,803
Core income per share:
Basic	$	1.94		$	6.61		$	8.27		$	11.31		$	7.82		$	10.19		$	9.34		$	16.78		$	27.32
Diluted	$	1.91		$	6.51		$	8.14		$	11.13		$	7.71		$	10.04		$	9.18		$	16.54		$	26.90
Return on equity	5.6		%	20.9		%	24.7		%	31.0		%	21.1		%	27.1		%	24.7		%	17.3		%	24.3		%
Core return on equity	5.6		%	18.8		%	22.6		%	29.6		%	19.7		%	24.9		%	22.1		%	15.8		%	22.3		%
Total assets, at period end	$	135,977		$	138,873		$	143,678		$	143,708		$	142,309		$	143,580		$	142,089		$	143,678		$	142,089
Total equity, at period end	$	28,191		$	29,518		$	31,609		$	32,894		$	31,986		$	33,121		$	28,995		$	31,609		$	28,995
Book value per share, at period end	$	124.43		$	131.11		$	141.72		$	151.21		$	150.42		$	158.81		$	141.48		$	141.72		$	141.48
Less: Net unrealized investment gains (losses), net of tax	(14.56)			(13.46)			(8.83)			(6.80)			(11.18)			(9.39)			(30.99)			(8.83)			(30.99)
Adjusted book value per share, at period end	$	138.99		$	144.57		$	150.55		$	158.01		$	161.60		$	168.20		$	172.47		$	150.55		$	172.47

Weighted average number of common shares outstanding (basic)	226.9			225.9			224.1			220.3			215.2			210.5			206.9			225.6			210.9
Weighted average number of common shares outstanding and common stock equivalents (diluted)	230.4			229.3			227.5			224.0			218.4			213.6			210.6			228.9			214.2
Common shares outstanding at period end	226.6			225.1			223.0			217.5			212.6			208.6			204.9			223.0			204.9
Common stock dividends declared	$	241		$	252		$	250		$	244		$	238		$	266		$	261		$	743		$	765
Common stock repurchased:
Under Board of Directors authorization
Shares	1.0			1.8			2.3			5.8			6.0			4.3			4.0			5.1			14.3
Cost	$	250		$	500		$	625		$	1,650		$	1,800		$	1,300		$	1,500		$	1,375		$	4,600
Other
Shares	0.4			0.3			—			—			0.6			—			—			0.7			0.6
Cost	$	108		$	57		$	3		$	3		$	185		$	11		$	8		$	168		$	204


($ and shares in millions, except earnings per share)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Net income
Net income	$	395	$	1,509	$	1,888	$	2,496	$	1,711	$	2,208	$	1,917	$	3,792	$	5,836

Net realized investment (gains) losses, after-tax	48		(5)		(21)		15		(15)		(48)		30		22		(33)

Core income	$	443	$	1,504	$	1,867	$	2,511	$	1,696	$	2,160	$	1,947	$	3,814	$	5,803
Basic
Net income per share	$	1.73	$	6.63	$	8.37	$	11.24	$	7.89	$	10.41	$	9.20	$	16.69	$	27.48

Net realized investment (gains) losses, after-tax	0.21		(0.02)		(0.10)		0.07		(0.07)		(0.22)		0.14		0.09		(0.16)

Core income per share	$	1.94	$	6.61	$	8.27	$	11.31	$	7.82	$	10.19	$	9.34	$	16.78	$	27.32
Diluted
Net income per share	$	1.70	$	6.53	$	8.24	$	11.06	$	7.78	$	10.26	$	9.04	$	16.45	$	27.05

Net realized investment (gains) losses, after-tax	0.21		(0.02)		(0.10)		0.07		(0.07)		(0.22)		0.14		0.09		(0.15)

Core income per share	$	1.91	$	6.51	$	8.14	$	11.13	$	7.71	$	10.04	$	9.18	$	16.54	$	26.90

Adjustments to net and core income and weighted average shares for net and core income EPS calculations:


Basic and Diluted	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Net income, as reported	$	395	$	1,509	$	1,888	$	2,496	$	1,711	$	2,208	$	1,917	$	3,792	$	5,836
Participating share-based awards - allocated net income	(3)		(11)		(13)		(19)		(12)		(15)		(13)		(27)		(41)
Net income available to common shareholders - basic and diluted	$	392	$	1,498	$	1,875	$	2,477	$	1,699	$	2,193	$	1,904	$	3,765	$	5,795

Core income, as reported	$	443	$	1,504	$	1,867	$	2,511	$	1,696	$	2,160	$	1,947	$	3,814	$	5,803
Participating share-based awards - allocated core income	(3)		(11)		(14)		(18)		(12)		(15)		(14)		(28)		(41)
Core income available to common shareholders - basic and diluted	$	440	$	1,493	$	1,853	$	2,493	$	1,684	$	2,145	$	1,933	$	3,786	$	5,762

Common Shares
Basic
Weighted average shares outstanding	226.9		225.9		224.1		220.3		215.2		210.5		206.9		225.6		210.9
Diluted
Weighted average shares outstanding	226.9		225.9		224.1		220.3		215.2		210.5		206.9		225.6		210.9
Weighted average effect of dilutive securities - stock options and performance shares	3.5		3.4		3.4		3.7		3.2		3.1		3.7		3.3		3.3
Diluted weighted average shares outstanding	230.4		229.3		227.5		224.0		218.4		213.6		210.6		228.9		214.2


($ in millions)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Revenues
Premiums	$	10,710		$	10,921		$	11,135		$	11,148		$	10,605		$	10,753		$	11,103		$	32,766		$	32,461
Net investment income	930			942			1,033			1,054			1,008			1,070			1,098			2,905			3,176
Fee income	119			124			127			125			121			126			123			370			370
Net realized investment gains (losses)	(61)			6			27			(20)			49			60			(34)			(28)			75
Other revenues	112			123			148			125			141			144			122			383			407
Total revenues	11,810			12,116			12,470			12,432			11,924			12,153			12,412			36,396			36,489
Claims and expenses
Claims and claim adjustment expenses	8,006			6,789			6,594			5,832			6,382			5,922			6,487			21,389			18,791
Amortization of deferred acquisition costs	1,778			1,802			1,849			1,837			1,766			1,786			1,856			5,429			5,408
General and administrative expenses	1,459			1,545			1,572			1,544			1,541			1,565			1,582			4,576			4,688
Interest expense	99			99			111			116			116			113			118			309			347
Total claims and expenses	11,342			10,235			10,126			9,329			9,805			9,386			10,043			31,703			29,234
Income before income taxes	468			1,881			2,344			3,103			2,119			2,767			2,369			4,693			7,255
Income tax expense	73			372			456			607			408			559			452			901			1,419
Net income	$	395		$	1,509		$	1,888		$	2,496		$	1,711		$	2,208		$	1,917		$	3,792		$	5,836






Other statistics
Effective tax rate on net investment income	17.9		%	17.9		%	17.8		%	17.7		%	17.4		%	17.4		%	17.3		%	17.9		%	17.4		%
Net investment income (after-tax)	$	763		$	774		$	850		$	867		$	833		$	883		$	908		$	2,387		$	2,624

Catastrophes, net of reinsurance:
Pre-tax	$	2,266		$	927		$	402		$	95		$	761		$	518		$	538		$	3,595		$	1,817
After-tax	$	1,790		$	732		$	318		$	75		$	601		$	410		$	424		$	2,840		$	1,435

Prior year reserve development - favorable:
Pre-tax	$	378		$	315		$	22		$	321		$	413		$	578		$	234		$	715		$	1,225
After-tax	$	297		$	249		$	16		$	253		$	325		$	456		$	185		$	562		$	966


($ in millions, net of tax)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Underwriting gain (loss)	$	(239)		$	808		$	1,099		$	1,729		$	955		$	1,365		$	1,147		$	1,668		$	3,467
Net investment income	763			774			850			867			833			883			908			2,387			2,624
Other income (expense), including interest expense	(81)			(78)			(82)			(85)			(92)			(88)			(108)			(241)			(288)
Core income	443			1,504			1,867			2,511			1,696			2,160			1,947			3,814			5,803
Net realized investment gains (losses)	(48)			5			21			(15)			15			48			(30)			(22)			33

Net income	$	395		$	1,509		$	1,888		$	2,496		$	1,711		$	2,208		$	1,917		$	3,792		$	5,836
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	74.2		%	61.7		%	58.7		%	51.8		%	59.6		%	54.6		%	57.9		%	64.7		%	57.3		%
Underwriting expense ratio	28.3		%	28.6		%	28.6		%	28.4		%	29.0		%	29.0		%	28.9		%	28.5		%	29.0		%
Combined ratio	102.5		%	90.3		%	87.3		%	80.2		%	88.6		%	83.6		%	86.8		%	93.2		%	86.3		%
Impact on combined ratio:
Net favorable prior year reserve development	(3.5)		%	(2.9)		%	(0.2)		%	(2.9)		%	(3.9)		%	(5.4)		%	(2.1)		%	(2.2)		%	(3.8)		%
Catastrophes, net of reinsurance	21.2		%	8.5		%	3.6		%	0.9		%	7.2		%	4.9		%	4.8		%	11.0		%	5.6		%
Underlying combined ratio	84.8		%	84.7		%	83.9		%	82.2		%	85.3		%	84.1		%	84.1		%	84.4		%	84.5		%



(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)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Billing and policy fees and other	$	28		$	29		$	28		$	28		$	25		$	22		$	22		$	85		$	69
Fee income:
Loss and loss adjustment expenses	$	45		$	45		$	48		$	48		$	48		$	49		$	50		$	138		$	147
Underwriting expenses	74			79			79			77			73			77			73			232			223
Total fee income	$	119		$	124		$	127		$	125		$	121		$	126		$	123		$	370		$	370
Non-insurance general and administrative expenses	$	109		$	113		$	131		$	110		$	136		$	132		$	131		$	353		$	399


($ in millions)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Revenues
Premiums	$	10,710		$	10,921		$	11,135		$	11,148		$	10,605		$	10,753		$	11,103		$	32,766		$	32,461
Net investment income	930			942			1,033			1,054			1,008			1,070			1,098			2,905			3,176
Fee income	119			124			127			125			121			126			123			370			370
Other revenues	112			123			148			125			141			144			122			383			407
Total revenues	11,871			12,110			12,443			12,452			11,875			12,093			12,446			36,424			36,414
Claims and expenses
Claims and claim adjustment expenses	8,006			6,789			6,594			5,832			6,382			5,922			6,487			21,389			18,791
Amortization of deferred acquisition costs	1,778			1,802			1,849			1,837			1,766			1,786			1,856			5,429			5,408
General and administrative expenses	1,459			1,545			1,572			1,544			1,541			1,565			1,582			4,576			4,688
Interest expense	99			99			111			116			116			113			118			309			347
Total claims and expenses	11,342			10,235			10,126			9,329			9,805			9,386			10,043			31,703			29,234
Core income before income taxes	529			1,875			2,317			3,123			2,070			2,707			2,403			4,721			7,180
Income tax expense	86			371			450			612			374			547			456			907			1,377
Core income	$	443		$	1,504		$	1,867		$	2,511		$	1,696		$	2,160		$	1,947		$	3,814		$	5,803
Other statistics
Effective tax rate on net investment income	17.9		%	17.9		%	17.8		%	17.7		%	17.4		%	17.4		%	17.3		%	17.9		%	17.4		%
Net investment income (after-tax)	$	763		$	774		$	850		$	867		$	833		$	883		$	908		$	2,387		$	2,624
Catastrophes, net of reinsurance:
Pre-tax	$	2,266		$	927		$	402		$	95		$	761		$	518		$	538		$	3,595		$	1,817
After-tax	$	1,790		$	732		$	318		$	75		$	601		$	410		$	424		$	2,840		$	1,435
Prior year reserve development - favorable:
Pre-tax	$	378		$	315		$	22		$	321		$	413		$	578		$	234		$	715		$	1,225
After-tax	$	297		$	249		$	16		$	253		$	325		$	456		$	185		$	562		$	966


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Statutory underwriting
Gross written premiums	$	11,890	$	12,225	$	12,292	$	11,296	$	11,750	$	12,201	$	12,060	$	36,407	$	36,011
Net written premiums	$	10,515	$	11,516	$	11,472	$	10,856	$	10,323	$	11,525	$	11,481	$	33,503	$	33,329
Net earned premiums	$	10,710	$	10,897	$	11,133	$	11,146	$	10,593	$	10,749	$	11,103	$	32,740	$	32,445
Losses and loss adjustment expenses	7,947		6,731		6,537		5,768		6,310		5,867		6,426		21,215		18,603
Underwriting expenses	3,098		3,260		3,239		3,114		3,400		3,271		3,277		9,597		9,948
Statutory underwriting gain (loss)	(335)		906		1,357		2,264		883		1,611		1,400		1,928		3,894
Policyholder dividends	13		10		12		10		12		8		12		35		32
Statutory underwriting gain (loss) after policyholder dividends	$	(348)	$	896	$	1,345	$	2,254	$	871	$	1,603	$	1,388	$	1,893	$	3,862
Other statutory statistics
Reserves for losses and loss adjustment expenses	$	58,091	$	59,072	$	59,620	$	59,747	$	59,215	$	59,435	$	60,316	$	59,620	$	60,316
Increase (decrease) in reserves	$	1,765	$	981	$	548	$	127	$	(532)	$	220	$	881	$	3,294	$	569
Statutory capital and surplus	$	27,785	$	28,364	$	29,965	$	31,064	$	31,063	$	31,433	$	31,596	$	29,965	$	31,596
Net written premiums/surplus (1)	1.57:1		1.55:1		1.48:1		1.43:1		1.42:1		1.41:1		1.40:1		1.48:1		1.40:1


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Written premiums
Gross	$	11,890	$	12,251	$	12,293	$	11,296	$	11,765	$	12,205	$	12,059	$	36,434	$	36,029
Ceded	(1,375)		(708)		(820)		(440)		(1,427)		(676)		(579)		(2,903)		(2,682)
Net	$	10,515	$	11,543	$	11,473	$	10,856	$	10,338	$	11,529	$	11,480	$	33,531	$	33,347
Earned premiums
Gross	$	11,487	$	11,749	$	11,964	$	11,952	$	11,438	$	11,632	$	11,869	$	35,200	$	34,939
Ceded	(777)		(828)		(829)		(804)		(833)		(879)		(766)		(2,434)		(2,478)
Net	$	10,710	$	10,921	$	11,135	$	11,148	$	10,605	$	10,753	$	11,103	$	32,766	$	32,461


($ in millions)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Revenues
Premiums	$	5,465		$	5,545		$	5,700		$	5,702		$	5,493		$	5,551		$	5,862		$	16,710		$	16,906
Net investment income	656			662			727			737			708			762			766			2,045			2,236
Fee income	108			111			114			112			111			117			118			333			346
Other revenues	82			95			111			91			104			113			94			288			311
Total revenues	6,311			6,413			6,652			6,642			6,416			6,543			6,840			19,376			19,799
Claims and expenses
Claims and claim adjustment expenses	3,705			3,584			3,667			3,198			3,531			3,188			3,643			10,956			10,362
Amortization of deferred acquisition costs	917			944			973			962			938			945			1,001			2,834			2,884
General and administrative expenses	847			875			894			866			912			912			919			2,616			2,743
Total claims and expenses	5,469			5,403			5,534			5,026			5,381			5,045			5,563			16,406			15,989
Segment income before income taxes	842			1,010			1,118			1,616			1,035			1,498			1,277			2,970			3,810
Income tax expense	159			197			211			324			196			300			241			567			737
Segment income	$	683		$	813		$	907		$	1,292		$	839		$	1,198		$	1,036		$	2,403		$	3,073
Other statistics
Effective tax rate on net investment income	17.8		%	17.7		%	17.7		%	17.5		%	17.3		%	17.4		%	17.3		%	17.8		%	17.3		%
Net investment income (after-tax)	$	539		$	545		$	598		$	607		$	586		$	629		$	633		$	1,682		$	1,848
Catastrophes, net of reinsurance:
Pre-tax	$	509		$	368		$	139		$	57		$	379		$	238		$	157		$	1,016		$	774
After-tax	$	402		$	291		$	110		$	44		$	299		$	188		$	124		$	803		$	611
Prior year reserve development - favorable (unfavorable):
Pre-tax	$	74		$	79		$	(125)		$	205		$	162		$	319		$	41		$	28		$	522
After-tax	$	58		$	62		$	(99)		$	162		$	127		$	252		$	32		$	21		$	411


($ in millions, net of tax)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Underwriting gain	$	157		$	274		$	318		$	690		$	261		$	572		$	418		$	749		$	1,251
Net investment income	539			545			598			607			586			629			633			1,682			1,848
Other income (expense)	(13)			(6)			(9)			(5)			(8)			(3)			(15)			(28)			(26)
Segment income	$	683		$	813		$	907		$	1,292		$	839		$	1,198		$	1,036		$	2,403		$	3,073
Combined ratio (1) (2)
Loss and loss adjustment expense ratio	66.8		%	63.7		%	63.3		%	55.1		%	63.3		%	56.5		%	61.2		%	64.6		%	60.3		%
Underwriting expense ratio	29.4		%	29.9		%	29.6		%	29.3		%	30.5		%	30.3		%	29.7		%	29.6		%	30.2		%
Combined ratio	96.2		%	93.6		%	92.9		%	84.4		%	93.8		%	86.8		%	90.9		%	94.2		%	90.5		%
Impact on combined ratio:
Net (favorable) unfavorable prior year reserve development	(1.3)		%	(1.4)		%	2.2		%	(3.6)		%	(2.9)		%	(5.7)		%	(0.7)		%	(0.2)		%	(3.1)		%
Catastrophes, net of reinsurance	9.3		%	6.7		%	2.4		%	1.0		%	6.9		%	4.3		%	2.7		%	6.1		%	4.6		%
Underlying combined ratio	88.2		%	88.3		%	88.3		%	87.0		%	89.8		%	88.2		%	88.9		%	88.3		%	89.0		%



(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)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Billing and policy fees and other	$	4		$	5		$	4		$	4		$	4		$	3		$	4		$	13		$	11
Fee income:
Loss and loss adjustment expenses	$	45		$	45		$	48		$	48		$	48		$	49		$	50		$	138		$	147
Underwriting expenses	63			66			66			64			63			68			68			195			199
Total fee income	$	108		$	111		$	114		$	112		$	111		$	117		$	118		$	333		$	346
Non-insurance general and administrative expenses	$	91		$	93		$	112		$	89		$	107		$	105		$	105		$	296		$	317


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Statutory underwriting
Gross written premiums	$	6,740	$	6,359	$	6,284	$	5,840	$	6,791	$	6,527	$	6,298	$	19,383	$	19,616
Net written premiums	$	5,698	$	5,765	$	5,674	$	5,514	$	5,771	$	5,980	$	5,869	$	17,137	$	17,620
Net earned premiums	$	5,465	$	5,521	$	5,698	$	5,700	$	5,481	$	5,547	$	5,862	$	16,684	$	16,890
Losses and loss adjustment expenses	3,650		3,530		3,614		3,138		3,463		3,138		3,586		10,794		10,187
Underwriting expenses	1,700		1,704		1,654		1,615		1,787		1,742		1,726		5,058		5,255
Statutory underwriting gain	115		287		430		947		231		667		550		832		1,448
Policyholder dividends	9		5		9		5		8		4		8		23		20
Statutory underwriting gain after policyholder dividends	$	106	$	282	$	421	$	942	$	223	$	663	$	542	$	809	$	1,428


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Net written premiums by market
Domestic
Select Accounts	$	976	$	1,004	$	920	$	930	$	1,006	$	1,040	$	932	$	2,900	$	2,978
Middle Market	3,166		3,034		3,232		3,109		3,329		3,235		3,448		9,432		10,012
National Accounts	312		329		273		348		343		344		286		914		973
National Property and Other	720		885		841		666		691		866		809		2,446		2,366
Total Domestic	5,174		5,252		5,266		5,053		5,369		5,485		5,475		15,692		16,329
International	524		540		409		461		417		499		393		1,473		1,309
Total	$	5,698	$	5,792	$	5,675	$	5,514	$	5,786	$	5,984	$	5,868	$	17,165	$	17,638
Net written premiums by product line
Domestic
Workers’ compensation	$	950	$	821	$	792	$	786	$	980	$	835	$	824	$	2,563	$	2,639
Commercial automobile	1,030		1,019		1,030		1,017		1,106		1,106		1,118		3,079		3,330
Commercial property	873		1,051		961		820		821		1,042		926		2,885		2,789
General liability	753		878		998		967		847		964		1,062		2,629		2,873
Commercial multi-peril	1,532		1,486		1,447		1,461		1,580		1,537		1,506		4,465		4,623
Other	36		(3)		38		2		35		1		39		71		75
Total Domestic	5,174		5,252		5,266		5,053		5,369		5,485		5,475		15,692		16,329
International	524		540		409		461		417		499		393		1,473		1,309
Total	$	5,698	$	5,792	$	5,675	$	5,514	$	5,786	$	5,984	$	5,868	$	17,165	$	17,638


($ in millions)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Revenues
Premiums	$	995		$	1,021		$	1,042		$	1,049		$	1,018		$	1,056		$	1,103		$	3,058		$	3,177
Net investment income	102			107			116			120			113			113			127			325			353
Other revenues	6			5			8			8			5			6			6			19			17
Total revenues	1,103			1,133			1,166			1,177			1,136			1,175			1,236			3,402			3,547
Claims and expenses
Claims and claim adjustment expenses	434			418			451			461			441			458			425			1,303			1,324
Amortization of deferred acquisition costs	187			195			197			199			194			204			215			579			613
General and administrative expenses	205			214			207			217			219			218			218			626			655
Total claims and expenses	826			827			855			877			854			880			858			2,508			2,592
Segment income before income taxes	277			306			311			300			282			295			378			894			955
Income tax expense	57			62			61			64			28			61			69			180			158
Segment income	$	220		$	244		$	250		$	236		$	254		$	234		$	309		$	714		$	797
Other statistics
Effective tax rate on net investment income	18.4		%	18.5		%	17.7		%	18.4		%	18.5		%	18.4		%	17.6		%	18.2		%	18.1		%
Net investment income (after-tax)	$	83		$	88		$	95		$	98		$	92		$	93		$	104		$	266		$	289
Catastrophes, net of reinsurance:
Pre-tax	$	19		$	5		$	—		$	1		$	8		$	4		$	1		$	24		$	13
After-tax	$	15		$	4		$	—		$	1		$	7		$	3		$	—		$	19		$	10
Prior year reserve development - favorable:
Pre-tax	$	67		$	81		$	43		$	30		$	65		$	75		$	95		$	191		$	235
After-tax	$	52		$	65		$	33		$	24		$	51		$	59		$	75		$	150		$	185


($ in millions, net of tax)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Underwriting gain	$	133		$	154		$	150		$	132		$	159		$	138		$	202		$	437		$	499
Net investment income	83			88			95			98			92			93			104			266			289
Other income	4			2			5			6			3			3			3			11			9
Segment income	$	220		$	244		$	250		$	236		$	254		$	234		$	309		$	714		$	797
Combined ratio (1)
Loss and loss adjustment expense ratio	43.2		%	40.5		%	42.9		%	43.5		%	43.0		%	43.0		%	38.2		%	42.2		%	41.3		%
Underwriting expense ratio	39.3		%	39.8		%	38.7		%	39.5		%	40.3		%	39.8		%	39.1		%	39.3		%	39.7		%
Combined ratio	82.5		%	80.3		%	81.6		%	83.0		%	83.3		%	82.8		%	77.3		%	81.5		%	81.0		%
Impact on combined ratio:
Net favorable prior year reserve development	(6.7)		%	(8.0)		%	(4.2)		%	(2.8)		%	(6.4)		%	(7.2)		%	(8.6)		%	(6.2)		%	(7.4)		%
Catastrophes, net of reinsurance	1.9		%	0.5		%	—		%	0.1		%	0.8		%	0.4		%	0.1		%	0.8		%	0.4		%
Underlying combined ratio	87.3		%	87.8		%	85.8		%	85.7		%	88.9		%	89.6		%	85.8		%	86.9		%	88.0		%



(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)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Billing and policy fees and other	$	—		$	—		$	1		$	—		$	—		$	1		$	—		$	1		$	1
Non-insurance general and administrative expenses	$	1		$	2		$	1		$	2		$	2		$	2		$	1		$	4		$	5


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Statutory underwriting
Gross written premiums	$	1,129	$	1,166	$	1,160	$	1,192	$	1,211	$	1,333	$	1,317	$	3,455	$	3,861
Net written premiums	$	999	$	1,085	$	1,080	$	1,098	$	1,066	$	1,237	$	1,209	$	3,164	$	3,512
Net earned premiums	$	995	$	1,021	$	1,042	$	1,049	$	1,018	$	1,056	$	1,103	$	3,058	$	3,177
Losses and loss adjustment expenses	430		414		447		457		437		453		421		1,291		1,311
Underwriting expenses	422		434		424		433		676		469		467		1,280		1,612
Statutory underwriting gain (loss)	143		173		171		159		(95)		134		215		487		254
Policyholder dividends	4		5		3		5		4		4		4		12		12
Statutory underwriting gain (loss) after policyholder dividends	$	139	$	168	$	168	$	154	$	(99)	$	130	$	211	$	475	$	242


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Net written premiums by market
Domestic
Management Liability	$	553	$	589	$	613	$	571	$	572	$	611	$	649	$	1,755	$	1,832
Surety	333		342		342		337		381		480		414		1,017		1,275
Total Domestic	886		931		955		908		953		1,091		1,063		2,772		3,107
International	113		154		125		190		113		146		146		392		405
Total	$	999	$	1,085	$	1,080	$	1,098	$	1,066	$	1,237	$	1,209	$	3,164	$	3,512
Net written premiums by product line
Domestic
Fidelity and surety	$	394	$	400	$	407	$	395	$	447	$	536	$	482	$	1,201	$	1,465
General liability	440		469		475		458		455		491		508		1,384		1,454
Other	52		62		73		55		51		64		73		187		188
Total Domestic	886		931		955		908		953		1,091		1,063		2,772		3,107
International	113		154		125		190		113		146		146		392		405
Total	$	999	$	1,085	$	1,080	$	1,098	$	1,066	$	1,237	$	1,209	$	3,164	$	3,512


($ in millions)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Revenues
Premiums	$	4,250		$	4,355		$	4,393		$	4,397		$	4,094		$	4,146		$	4,138		$	12,998		$	12,378
Net investment income	172			173			190			197			187			195			205			535			587
Fee income	11			13			13			13			10			9			5			37			24
Other revenues	24			23			29			26			32			25			22			76			79
Total revenues	4,457			4,564			4,625			4,633			4,323			4,375			4,370			13,646			13,068
Claims and expenses
Claims and claim adjustment expenses	3,867			2,787			2,476			2,173			2,410			2,276			2,419			9,130			7,105
Amortization of deferred acquisition costs	674			663			679			676			634			637			640			2,016			1,911
General and administrative expenses	396			444			458			448			397			422			432			1,298			1,251
Total claims and expenses	4,937			3,894			3,613			3,297			3,441			3,335			3,491			12,444			10,267
Segment income (loss) before income taxes	(480)			670			1,012			1,336			882			1,040			879			1,202			2,801
Income tax expense (benefit)	(106)			136			205			250			178			213			173			235			564
Segment income (loss)	$	(374)		$	534		$	807		$	1,086		$	704		$	827		$	706		$	967		$	2,237
Other statistics
Effective tax rate on net investment income	18.1		%	18.0		%	18.0		%	17.7		%	17.1		%	17.1		%	17.1		%	18.0		%	17.1		%
Net investment income (after-tax)	$	141		$	141		$	157		$	162		$	155		$	161		$	171		$	439		$	487
Catastrophes, net of reinsurance:
Pre-tax	$	1,738		$	554		$	263		$	37		$	374		$	276		$	380		$	2,555		$	1,030
After-tax	$	1,373		$	437		$	208		$	30		$	295		$	219		$	300		$	2,018		$	814
Prior year reserve development - favorable:
Pre-tax	$	237		$	155		$	104		$	86		$	186		$	184		$	98		$	496		$	468
After-tax	$	187		$	122		$	82		$	67		$	147		$	145		$	78		$	391		$	370


($ in millions, net of tax)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Underwriting gain (loss)	$	(529)		$	380		$	631		$	907		$	535		$	655		$	527		$	482		$	1,717
Net investment income	141			141			157			162			155			161			171			439			487
Other income	14			13			19			17			14			11			8			46			33
Segment income (loss)	$	(374)		$	534		$	807		$	1,086		$	704		$	827		$	706		$	967		$	2,237
Combined ratio (1)
Loss and loss adjustment expense ratio	91.0		%	64.0		%	56.4		%	49.4		%	58.8		%	54.9		%	58.4		%	70.3		%	57.4		%
Underwriting expense ratio	24.2		%	24.4		%	24.9		%	24.6		%	24.1		%	24.6		%	25.1		%	24.5		%	24.6		%
Combined ratio	115.2		%	88.4		%	81.3		%	74.0		%	82.9		%	79.5		%	83.5		%	94.8		%	82.0		%

Impact on combined ratio:
Net favorable prior year reserve development	(5.6)		%	(3.6)		%	(2.4)		%	(1.9)		%	(4.5)		%	(4.5)		%	(2.4)		%	(3.8)		%	(3.8)		%
Catastrophes, net of reinsurance	40.9		%	12.7		%	6.0		%	0.8		%	9.1		%	6.7		%	9.2		%	19.7		%	8.4		%
Underlying combined ratio	79.9		%	79.3		%	77.7		%	75.1		%	78.3		%	77.3		%	76.7		%	78.9		%	77.4		%



(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)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Billing and policy fees and other	$	24		$	24		$	23		$	24		$	21		$	18		$	18		$	71		$	57
Fee income	$	11		$	13		$	13		$	13		$	10		$	9		$	5		$	37		$	24
Non-insurance general and administrative expenses	$	6		$	6		$	5		$	6		$	14		$	12		$	12		$	17		$	38


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Statutory underwriting
Gross written premiums	$	4,021	$	4,700	$	4,848	$	4,264	$	3,748	$	4,341	$	4,445	$	13,569	$	12,534
Net written premiums	$	3,818	$	4,666	$	4,718	$	4,244	$	3,486	$	4,308	$	4,403	$	13,202	$	12,197
Net earned premiums	$	4,250	$	4,355	$	4,393	$	4,397	$	4,094	$	4,146	$	4,138	$	12,998	$	12,378
Losses and loss adjustment expenses	3,867		2,787		2,476		2,173		2,410		2,276		2,419		9,130		7,105
Underwriting expenses	976		1,122		1,161		1,066		937		1,060		1,084		3,259		3,081
Statutory underwriting gain (loss)	$	(593)	$	446	$	756	$	1,158	$	747	$	810	$	635	$	609	$	2,192
Policies in force (in thousands)
Automobile	3,118		3,083		3,050		3,025		2,819		2,801		2,769		3,050		2,769
Homeowners and Other	5,980		5,882		5,768		5,679		5,449		5,411		5,373		5,768		5,373


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Net written premiums by product line
Domestic
Automobile	$	1,859	$	1,968	$	2,062	$	1,856	$	1,756	$	1,858	$	1,892	$	5,889	$	5,506
Homeowners and Other	1,813		2,520		2,489		2,229		1,730		2,450		2,511		6,822		6,691
Total Domestic	3,672		4,488		4,551		4,085		3,486		4,308		4,403		12,711		12,197
International	146		178		167		159		—		—		—		491		—
Total	$	3,818	$	4,666	$	4,718	$	4,244	$	3,486	$	4,308	$	4,403	$	13,202	$	12,197


($ in millions)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Statutory underwriting
Gross written premiums	$	1,967		$	2,083		$	2,177		$	1,967		$	1,767		$	1,861		$	1,899		$	6,227		$	5,527
Net written premiums	$	1,955		$	2,074		$	2,165		$	1,956		$	1,756		$	1,858		$	1,892		$	6,194		$	5,506
Net earned premiums	$	2,071		$	2,091		$	2,091		$	2,075		$	1,892		$	1,897		$	1,874		$	6,253		$	5,663
Losses and loss adjustment expenses	1,270			1,320			1,300			1,393			1,145			1,137			1,192			3,890			3,474
Underwriting expenses	444			477			495			458			415			442			445			1,416			1,302
Statutory underwriting gain	$	357		$	294		$	296		$	224		$	332		$	318		$	237		$	947		$	887
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio	61.3		%	63.1		%	62.1		%	67.1		%	60.6		%	59.9		%	63.6		%	62.2		%	61.4		%
Underwriting expense ratio	22.1		%	22.2		%	22.8		%	22.3		%	22.3		%	22.9		%	23.5		%	22.3		%	22.9		%
Combined ratio	83.4		%	85.3		%	84.9		%	89.4		%	82.9		%	82.8		%	87.1		%	84.5		%	84.3		%
Impact on combined ratio:
Net favorable prior year reserve development	(6.0)		%	(5.0)		%	(4.3)		%	(3.0)		%	(6.3)		%	(4.5)		%	(1.3)		%	(5.1)		%	(4.1)		%
Catastrophes, net of reinsurance	1.9		%	1.3		%	0.9		%	0.2		%	0.9		%	1.5		%	1.1		%	1.3		%	1.2		%
Underlying combined ratio	87.5		%	89.0		%	88.3		%	92.2		%	88.3		%	85.8		%	87.3		%	88.3		%	87.2		%
Catastrophes, net of reinsurance:
Pre-tax	$	39		$	27		$	19		$	4		$	15		$	29		$	22		$	85		$	66
After-tax	$	30		$	22		$	15		$	3		$	12		$	23		$	17		$	67		$	52
Prior year reserve development - favorable:
Pre-tax	$	125		$	104		$	89		$	61		$	120		$	85		$	25		$	318		$	230
After-tax	$	98		$	83		$	70		$	47		$	95		$	67		$	20		$	251		$	182

Policies in force (in thousands)	3,118			3,083			3,050			3,025			2,819			2,801			2,769
Change from prior year quarter	(2.9)		%	(3.1)		%	(3.4)		%	(4.0)		%	(9.6)		%	(9.1)		%	(9.2)		%
Change from prior quarter	(1.0)		%	(1.1)		%	(1.1)		%	(0.8)		%	(6.8)		%	(0.6)		%	(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)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Billing and policy fees and other	$	14		$	15		$	14		$	14		$	13		$	12		$	11		$	43		$	36
Fee income	$	6		$	6		$	7		$	7		$	5		$	4		$	3		$	19		$	12


($ in millions)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Statutory underwriting
Gross written premiums	$	2,054		$	2,617		$	2,671		$	2,297		$	1,981		$	2,480		$	2,546		$	7,342		$	7,007
Net written premiums	$	1,863		$	2,592		$	2,553		$	2,288		$	1,730		$	2,450		$	2,511		$	7,008		$	6,691
Net earned premiums	$	2,179		$	2,264		$	2,302		$	2,322		$	2,202		$	2,249		$	2,264		$	6,745		$	6,715
Losses and loss adjustment expenses	2,597			1,467			1,176			780			1,265			1,139			1,227			5,240			3,631
Underwriting expenses	532			645			666			608			522			618			639			1,843			1,779
Statutory underwriting gain (loss)	$	(950)		$	152		$	460		$	934		$	415		$	492		$	398		$	(338)		$	1,305
Other statistics
Combined ratio (1):
Loss and loss adjustment expense ratio	119.2		%	64.8		%	51.1		%	33.6		%	57.4		%	50.7		%	54.2		%	77.7		%	54.1		%
Underwriting expense ratio	26.3		%	26.5		%	26.9		%	26.7		%	25.6		%	26.0		%	26.3		%	26.6		%	26.0		%
Combined ratio	145.5		%	91.3		%	78.0		%	60.3		%	83.0		%	76.7		%	80.5		%	104.3		%	80.1		%
Impact on combined ratio:
Net favorable prior year reserve development	(5.1)		%	(2.2)		%	(0.7)		%	(1.1)		%	(3.0)		%	(4.4)		%	(3.3)		%	(2.6)		%	(3.5)		%
Catastrophes, net of reinsurance	78.0		%	23.2		%	10.7		%	1.5		%	16.3		%	11.0		%	15.8		%	36.6		%	14.4		%
Underlying combined ratio	72.6		%	70.3		%	68.0		%	59.9		%	69.7		%	70.1		%	68.0		%	70.3		%	69.2		%
Catastrophes, net of reinsurance:
Pre-tax	$	1,699		$	527		$	244		$	33		$	359		$	247		$	358		$	2,470		$	964
After-tax	$	1,343		$	415		$	193		$	27		$	283		$	196		$	283		$	1,951		$	762
Prior year reserve development - favorable:
Pre-tax	$	112		$	51		$	15		$	25		$	66		$	99		$	73		$	178		$	238
After-tax	$	89		$	39		$	12		$	20		$	52		$	78		$	58		$	140		$	188

Policies in force (in thousands)	5,980			5,882			5,768			5,679			5,449			5,411			5,373
Change from prior year quarter	(4.1)		%	(4.6)		%	(5.5)		%	(6.3)		%	(8.9)		%	(8.0)		%	(6.8)		%
Change from prior quarter	(1.3)		%	(1.6)		%	(1.9)		%	(1.5)		%	(4.1)		%	(0.7)		%	(0.7)		%



(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)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Billing and policy fees and other	$	10		$	9		$	9		$	10		$	8		$	6		$	7		$	28		$	21
Fee income	$	5		$	7		$	6		$	6		$	5		$	5		$	2		$	18		$	12


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Revenues
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Claims and expenses
Interest expense	99		99		111		116		116		113		118		309		347
General and administrative expenses	11		12		13		13		13		13		13		36		39
Total claims and expenses	110		111		124		129		129		126		131		345		386

Loss before income tax benefit	(110)		(111)		(124)		(129)		(129)		(126)		(131)		(345)		(386)
Income tax benefit	(24)		(24)		(27)		(26)		(28)		(27)		(27)		(75)		(82)
Loss	$	(86)	$	(87)	$	(97)	$	(103)	$	(101)	$	(99)	$	(104)	$	(270)	$	(304)


($ and shares in millions)	September 30, 2026		December 31, 2025
Assets
Fixed maturities, available for sale, at fair value (amortized cost $97,423 and $91,717; allowance for expected credit losses of $2 and $3)	$	89,372	$	89,833
Equity securities, at fair value (cost $414 and $457)	640		618
Real estate investments	883		900
Short-term securities	5,561		5,716
Other investments	4,132		4,115
Total investments	100,588		101,182
Cash (including restricted cash of $147 and $132)	766		842
Investment income accrued	860		877
Premiums receivable (net of allowance for expected credit losses of $69 and $58)	12,142		10,992
Reinsurance recoverables (net of allowance for estimated uncollectible reinsurance of $142 and $129)	8,078		7,886
Ceded unearned premiums	1,488		1,283
Deferred acquisition costs	3,763		3,518
Deferred taxes	2,268		887
Contractholder receivables (net of allowance for expected credit losses of $13 and $16)	3,041		3,010
Goodwill	4,060		4,066
Other intangible assets	326		336
Other assets	4,709		4,279
Assets held for sale (1)	—		4,550
Total assets	$	142,089	$	143,708

Liabilities
Claims and claim adjustment expense reserves	$	68,130	$	65,737
Unearned premium reserves	23,525		22,431
Contractholder payables	3,054		3,026
Payables for reinsurance premiums	828		529

Debt	9,813		9,267
Other liabilities	7,744		7,282
Liabilities held for sale (1)	—		2,542
Total liabilities	113,094		110,814
Shareholders’ equity
Common stock (1,750.0 shares authorized; 204.9 and 217.5 shares issued and outstanding)	26,307		25,910
Retained earnings	60,002		54,931
Accumulated other comprehensive loss	(7,063)		(2,500)
Treasury stock, at cost (590.8 and 575.9 shares)	(50,251)		(45,447)
Total shareholders’ equity	28,995		32,894
Total liabilities and shareholders’ equity	$	142,089	$	143,708


(at carrying value, $ in millions)	September 30, 2026		Pre-tax Book Yield (1)		December 31, 2025 (2)		Pre-tax Book Yield (1)
Investment portfolio
Taxable fixed maturities	$	63,036	4.26	%	$	63,051	4.11	%
Tax-exempt fixed maturities	26,336		3.48	%	26,782		3.29	%
Total fixed maturities	89,372		4.02	%	89,833		3.86	%
Non-redeemable preferred stocks	33		2.02	%	34		1.64	%
Common stocks	607				584
Total equity securities	640				618
Real estate investments	883				900
Short-term securities	5,561		3.93	%	5,716		3.86	%
Private equities	2,753				2,749
Hedge funds	207				212
Real estate partnerships	806				832
Other investments	366				322
Total other investments	4,132				4,115
Total investments	$	100,588			$	101,182



Net unrealized investment gains (losses), net of tax, included in shareholders’ equity	$	(6,352)			$	(1,478)


(at carrying value, $ in millions)	September 30, 2026				December 31, 2025 (1)
Fixed maturities
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	3,022			$	3,857
Obligations of U.S. states and political subdivisions:
Pre-refunded	241				416
All other	30,300				30,962
Total	30,541				31,378
Debt securities issued by foreign governments	408				312
Mortgage-backed securities - principally obligations of U.S. Government agencies	12,507				13,232
Corporate and all other bonds	42,894				41,054
Total fixed maturities	$	89,372			$	89,833

Fixed Maturities Quality Characteristics (2)
	September 30, 2026				December 31, 2025 (1)
	Amount		% of Total		Amount		% of Total
Quality Ratings
Aaa	$	24,385	27.3	%	$	24,898	27.7	%
Aa	31,321		35.0		33,027		36.7
A	20,929		23.4		19,660		21.9
Baa	11,687		13.1		11,198		12.5
Total investment grade	88,322		98.8		88,783		98.8
Ba	810		0.9		812		1.0
B	207		0.3		205		0.2
Caa and lower	33		—		33		—
Total below investment grade	1,050		1.2		1,050		1.2
Total fixed maturities	$	89,372	100.0	%	$	89,833	100.0	%
Average weighted quality	Aa3, 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	5.3				4.7


($ in millions)	1Q2025			2Q2025			3Q2025			4Q2025			1Q2026			2Q2026			3Q2026			YTD 3Q2025			YTD 3Q2026
Gross investment income
Fixed maturities	$	812		$	833		$	874		$	914		$	899		$	930		$	955		$	2,519		$	2,784
Short-term securities	57			55			73			68			75			53			59			185			187
Other	76			67			101			82			47			100			97			244			244
	945			955			1,048			1,064			1,021			1,083			1,111			2,948			3,215
Investment expenses	15			13			15			10			13			13			13			43			39
Net investment income, pre-tax	930			942			1,033			1,054			1,008			1,070			1,098			2,905			3,176
Income taxes	167			168			183			187			175			187			190			518			552
Net investment income, after-tax	$	763		$	774		$	850		$	867		$	833		$	883		$	908		$	2,387		$	2,624

Effective tax rate	17.9		%	17.9		%	17.8		%	17.7		%	17.4		%	17.4		%	17.3		%	17.9		%	17.4		%

Average invested assets (1) (2)	$101,000			$102,173			$105,655			$107,932			$106,666			$107,067			$108,727			$103,086			$107,566

Average yield pre-tax (1)	3.7		%	3.7		%	3.9		%	3.9		%	3.8		%	4.0		%	4.0		%	3.8		%	3.9		%
Average yield after-tax	3.0		%	3.0		%	3.2		%	3.2		%	3.1		%	3.3		%	3.3		%	3.1		%	3.3		%


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Net realized investment gains (losses)
Fixed maturities	$	(31)	$	(17)	$	(2)	$	(19)	$	(22)	$	(32)	$	(16)	$	(50)	$	(70)
Equity securities	(22)		20		39		8		1		91		(15)		37		77
Other (1)	(8)		3		(10)		(9)		70		1		(3)		(15)		68
Realized investment gains (losses) before tax	(61)		6		27		(20)		49		60		(34)		(28)		75
Related taxes	(13)		1		6		(5)		34		12		(4)		(6)		42
Net realized investment gains (losses)	$	(48)	$	5	$	21	$	(15)	$	15	$	48	$	(30)	$	(22)	$	33

Gross investment gains	$	4	$	41	$	45	$	13	$	277	$	99	$	5	$	90	$	381
Gross investment losses before impairments	(63)		(35)		(18)		(33)		(224)		(32)		(39)		(116)		(295)
Net investment gains (losses) before impairments	(59)		6		27		(20)		53		67		(34)		(26)		86
Net impairment (charges) recoveries	(2)		—		—		—		(4)		(7)		—		(2)		(11)
Net realized investment gains (losses) before tax	(61)		6		27		(20)		49		60		(34)		(28)		75
Related taxes	(13)		1		6		(5)		34		12		(4)		(6)		42
Net realized investment gains (losses)	$	(48)	$	5	$	21	$	(15)	$	15	$	48	$	(30)	$	(22)	$	33

($ in millions)	March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026
Net unrealized investment gains (losses), net of tax, included in shareholders’ equity, by asset type
Fixed maturities	$	(4,171)	$	(3,833)	$	(2,481)	$	(1,859)	$	(3,003)	$	(2,477)	$	(8,049)
Other	(1)		2		(3)		(3)		(5)		(1)		—
Unrealized investment gains (losses) before tax	(4,172)		(3,831)		(2,484)		(1,862)		(3,008)		(2,478)		(8,049)
Related taxes	(873)		(800)		(514)		(384)		(630)		(518)		(1,697)
Balance, end of period	$	(3,299)	$	(3,031)	$	(1,970)	$	(1,478)	$	(2,378)	$	(1,960)	$	(6,352)

(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, 2026

Swiss Re Group

A+ second highest of 16 ratings

635

Berkshire Hathaway

A++ highest of 16 ratings

421

Munich Re Group

A+ second highest of 16 ratings

350

Sompo Group

A+ second highest of 16 ratings

277

Arch Insurance Group

A+ second highest of 16 ratings

267

(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, 2026, after deducting mandatory pools and associations and before allowances for estimated uncollectible reinsurance, $6.21 billion, or 91%, 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 9% of reinsurance recoverables comprised the following: 5% related to captive insurance companies, 1% related to voluntary pools and 3% 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)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Statutory Reserves for Losses and Loss Adjustment Expenses
Business Insurance
Beginning of period	$	42,909	$	43,742	$	44,477	$	45,148	$	45,383	$	45,599	$	45,760	$	42,909	$	45,383
Incurred	3,650		3,530		3,614		3,138		3,463		3,138		3,586		10,794		10,187
Paid	(2,847)		(2,890)		(2,915)		(2,912)		(2,635)		(2,973)		(2,776)		(8,652)		(8,384)
Foreign exchange and other (1)	30		95		(28)		9		(612)		(4)		(2)		97		(618)

End of period	$	43,742	$	44,477	$	45,148	$	45,383	$	45,599	$	45,760	$	46,568	$	45,148	$	46,568
Bond & Specialty Insurance
Beginning of period	$	4,938	$	5,072	$	5,249	$	5,304	$	5,367	$	5,331	$	5,448	$	4,938	$	5,367
Incurred	430		414		447		457		437		453		421		1,291		1,311
Paid	(325)		(307)		(372)		(396)		(336)		(334)		(361)		(1,004)		(1,031)
Foreign exchange and other (1)	29		70		(20)		2		(137)		(2)		—		79		(139)

End of period	$	5,072	$	5,249	$	5,304	$	5,367	$	5,331	$	5,448	$	5,508	$	5,304	$	5,508
Personal Insurance
Beginning of period	$	8,479	$	9,277	$	9,346	$	9,168	$	8,997	$	8,285	$	8,227	$	8,479	$	8,997
Incurred	3,867		2,787		2,476		2,173		2,410		2,276		2,419		9,130		7,105
Paid	(3,069)		(2,767)		(2,635)		(2,357)		(2,213)		(2,334)		(2,406)		(8,471)		(6,953)
Foreign exchange and other (1)	—		49		(19)		13		(909)		—		—		30		(909)

End of period	$	9,277	$	9,346	$	9,168	$	8,997	$	8,285	$	8,227	$	8,240	$	9,168	$	8,240
Total
Beginning of period	$	56,326	$	58,091	$	59,072	$	59,620	$	59,747	$	59,215	$	59,435	$	56,326	$	59,747
Incurred	7,947		6,731		6,537		5,768		6,310		5,867		6,426		21,215		18,603
Paid	(6,241)		(5,964)		(5,922)		(5,665)		(5,184)		(5,641)		(5,543)		(18,127)		(16,368)
Foreign exchange and other (1)	59		214		(67)		24		(1,658)		(6)		(2)		206		(1,666)

End of period	$	58,091	$	59,072	$	59,620	$	59,747	$	59,215	$	59,435	$	60,316	$	59,620	$	60,316
Prior Year Reserve Development: Unfavorable (Favorable)
Business Insurance
Asbestos	$	—	$	—	$	277	$	—	$	—	$	—	$	295	$	277	$	295

All other	(74)		(79)		(152)		(205)		(162)		(319)		(336)		(305)		(817)
Total Business Insurance (2)	(74)		(79)		125		(205)		(162)		(319)		(41)		(28)		(522)
Bond & Specialty Insurance	(67)		(81)		(43)		(30)		(65)		(75)		(95)		(191)		(235)
Personal Insurance	(237)		(155)		(104)		(86)		(186)		(184)		(98)		(496)		(468)
Total	$	(378)	$	(315)	$	(22)	$	(321)	$	(413)	$	(578)	$	(234)	$	(715)	$	(1,225)


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Asbestos reserves
Beginning reserves:
Gross	$	1,708	$	1,636	$	1,555	$	1,798	$	1,700	$	1,623	$	1,525	$	1,708	$	1,700
Ceded	(370)		(357)		(318)		(352)		(345)		(330)		(310)		(370)		(345)
Net	1,338		1,279		1,237		1,446		1,355		1,293		1,215		1,338		1,355
Incurred losses and loss expenses:
Gross	—		—		327		—		—		—		376		327		376
Ceded	—		—		(50)		—		—		—		(81)		(50)		(81)
Paid loss and loss expenses:
Gross	72		83		84		98		77		98		90		239		265
Ceded	(13)		(39)		(16)		(8)		(15)		(20)		(15)		(68)		(50)
Foreign exchange and other:
Gross	—		2		—		—		—		—		—		2		—
Ceded	—		—		—		(1)		—		—		—		—		—
Ending reserves:
Gross	1,636		1,555		1,798		1,700		1,623		1,525		1,811		1,798		1,811
Ceded	(357)		(318)		(352)		(345)		(330)		(310)		(376)		(352)		(376)
Net	$	1,279	$	1,237	$	1,446	$	1,355	$	1,293	$	1,215	$	1,435	$	1,446	$	1,435


($ in millions)	September 30, 2026			December 31, 2025
Debt

Short-term debt
Commercial paper	$	100		$	100
7.75% Senior notes due April 15, 2026	—			200
Total short-term debt	100			300
Long-term debt
7.625% Junior subordinated debentures due December 15, 2027	125			125
4.95% Senior notes due July 24, 2031 (1)	750			—
6.375% Senior notes due March 15, 2033 (1)	500			500
5.05% Senior notes due July 24, 2035 (1)	500			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			750
Total long-term debt	9,804			9,054
Unamortized fair value adjustment	29			31
Unamortized debt issuance costs	(120)			(118)
	9,713			8,967
Total debt	9,813			9,267
Common equity (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)	35,347			34,372
Total capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)	$	45,160		$	43,639
Total debt to capital (excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity)	21.7		%	21.2		%


($ in millions)	September 30, 2026 (1)		December 31, 2025
Statutory capital and surplus	$	31,596	$	31,064
GAAP adjustments
Goodwill and intangible assets	3,428		3,640
Investments	(7,327)		(1,238)
Noninsurance companies	(4,818)		(4,876)
Deferred acquisition costs	3,589		3,478
Deferred federal income tax	864		(446)
Current federal income tax	(14)		(6)
Reinsurance recoverables	150		41
Furniture, equipment & software	1,036		948
Agents balances	358		182
Other	133		107
Total GAAP adjustments	(2,601)		1,830
GAAP shareholders’ equity	$	28,995	$	32,894


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Cash flows from operating activities
Net income	$	395	$	1,509	$	1,888	$	2,496	$	1,711	$	2,208	$	1,917	$	3,792	$	5,836
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	61		(6)		(27)		20		(49)		(60)		34		28		(75)
Depreciation and amortization	188		164		166		162		193		170		174		518		537
Deferred federal income tax expense (benefit)	31		(83)		320		(58)		51		(58)		(59)		268		(66)
Amortization of deferred acquisition costs	1,778		1,802		1,849		1,837		1,766		1,786		1,856		5,429		5,408
Equity in income from other investments	(53)		(42)		(74)		(57)		(23)		(75)		(72)		(169)		(170)
Premiums receivable	(459)		(438)		412		370		(434)		(961)		241		(485)		(1,154)
Reinsurance recoverables	(97)		78		(250)		132		(108)		(23)		(68)		(269)		(199)
Deferred acquisition costs	(1,822)		(1,917)		(1,877)		(1,757)		(1,837)		(1,912)		(1,907)		(5,616)		(5,656)
Claims and claim adjustment expense reserves	1,818		725		845		(88)		1,211		319		903		3,388		2,433
Unearned premium reserves	419		495		331		(661)		351		559		198		1,245		1,108
Other	(899)		47		644		289		(634)		(37)		661		(208)		(10)
Net cash provided by operating activities	1,360		2,334		4,227		2,685		2,198		1,916		3,878		7,921		7,992
Cash flows from investing activities
Proceeds from maturities of fixed maturities	2,801		3,071		2,886		2,902		3,014		2,963		2,823		8,758		8,800
Proceeds from sales of investments:
Fixed maturities	253		348		178		53		251		134		532		779		917
Equity securities	68		32		31		29		52		64		18		131		134
Real estate investments	—		—		—		—		—		17		—		—		17
Other investments	63		79		68		111		60		65		78		210		203
Purchases of investments:
Fixed maturities	(4,296)		(4,847)		(5,376)		(4,252)		(5,356)		(4,799)		(5,386)		(14,519)		(15,541)
Equity securities	(25)		(35)		(34)		(32)		(25)		(31)		(21)		(94)		(77)
Real estate investments	(7)		(6)		(10)		(25)		(12)		(10)		(12)		(23)		(34)
Other investments	(96)		(80)		(86)		(84)		(69)		(112)		(89)		(262)		(270)
Net sales (purchases) of short-term securities	239		(215)		(2,051)		1,082		(945)		2,081		(982)		(2,027)		154
Securities transactions in the course of settlement	308		64		(4)		(224)		430		(400)		352		368		382

Proceeds from the divestiture of the Canadian business	—		—		—		—		2,384		—		4		—		2,388
Other	(116)		(127)		(155)		(135)		(119)		(137)		(130)		(398)		(386)
Net cash used in investing activities	(808)		(1,716)		(4,553)		(575)		(335)		(165)		(2,813)		(7,077)		(3,313)


($ in millions)	1Q2025		2Q2025		3Q2025		4Q2025		1Q2026		2Q2026		3Q2026		YTD 3Q2025		YTD 3Q2026
Cash flows from financing activities
Treasury stock acquired - share repurchase authorizations	(250)		(500)		(619)		(1,635)		(1,785)		(1,313)		(1,487)		(1,369)		(4,585)
Treasury stock acquired - net employee share-based compensation	(102)		(22)		(1)		(2)		(149)		(5)		(5)		(125)		(159)
Dividends paid to shareholders	(240)		(250)		(247)		(242)		(237)		(263)		(259)		(737)		(759)
Payment of debt	—		—		—		—		—		(200)		—		—		(200)
Issuance of debt	—		—		1,233		—		—		—		744		1,233		744
Issuance of common stock - employee share options	57		70		36		51		86		38		88		163		212
Net cash provided by (used in) financing activities	(535)		(702)		402		(1,828)		(2,085)		(1,743)		(919)		(835)		(4,747)
Effect of exchange rate changes on cash and restricted cash	8		19		(6)		2		(5)		(2)		(1)		21		(8)
Net increase (decrease) in cash and restricted cash	25		(65)		70		284		(227)		6		145		30		(76)
Cash and restricted cash at beginning of period	699		724		659		729		842		615		621		699		842
Less amounts classified as held for sale at end of period	—		—		—		171		—		—		—		—		—
Cash and restricted cash at end of period	$	724	$	659	$	729	$	842	$	615	$	621	$	766	$	729	$	766
Supplemental disclosure of cash flow information
Income taxes paid	$	24	$	538	$	194	$	518	$	12	$	1,100	$	575	$	756	$	1,687
Interest paid	$	61	$	136	$	60	$	136	$	94	$	136	$	94	$	257	$	324

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, 2025		June 30, 2025		September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026
Shareholders’ equity	$	28,191	$	29,518	$	31,609	$	32,894	$	31,986	$	33,121	$	28,995
Adjustments:
Net unrealized investment (gains) losses, net of tax, included in shareholders’ equity	3,299		3,031		1,970		1,478		2,378		1,960		6,352
Net realized investment (gains) losses, net of tax	48		43		22		37		(15)		(63)		(33)

Adjusted shareholders’ equity	$	31,538	$	32,592	$	33,601	$	34,409	$	34,349	$	35,018	$	35,314

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 2026 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 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 Pelagos Insurance Capital Limited (formerly known as 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/or 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, 2026		December 31, 2025
Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses (1)	$	4,555	$	4,352
Gross structured settlements (2)	2,269		2,469
Mandatory pools and associations (3)	1,396		1,485
Gross reinsurance recoverables (4)	8,220		8,306
Allowance for estimated uncollectible reinsurance (5)	(142)		(135)
Less amounts classified as held for sale	—		285
Net reinsurance recoverables	$	8,078	$	7,886


The Travelers Companies, Inc. Financial Supplement - Third Quarter 2026						Exhibit 99.2


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