Quarterly guidance

Fixed income net investment income
Approximately $875 million after tax for Q4 2026.

Annual guidance

Expense ratio
Expected to be a little below 29% for 2026 and about the same for 2027.
Fixed income net investment income
Expected to be more than $3.6 billion for 2027.

Outlook

Investment Income
Expecting growth in 2027 with quarterly figures starting around $875 million in Q1 and growing to $965 million in Q4.
Loss Cost Trends
Management sees no surprises in the loss environment and continues to focus on bending the loss cost curve through innovation.
Cyber Exposure
The company is managing cyber risk through limits management and heavy reinsurance, with most limits at $1 million or less.
Digital Adoption
Management views digital adoption in insurance as a measured process and remains prepared for various outcomes.
Capital Management
The company maintains a debt-to-capital ratio in its target range and continues to prioritize returning excess capital to shareholders.