“In summary, we delivered an excellent second quarter with annualized core operating ROE of 11.7%. While the macro and insurance market remains dynamic, we are well positioned with multiple levers to drive continued strong performance. We remain on track to achieve our 10% plus core operating ROE target in 2025 and continue to make steady progress on the long-term financial targets we outlined at our Investor Day.”

In context

“r insurance subsidiaries received financial strength upgrades from S&P to AA- from A+, and Moody's to A1 from A2. These actions speak to the strength and stability of AIG are a meaningful validation from our key stakeholders and represent the collective hard work of our colleagues over several years. We continue to have strong capital ratios across our major insurance subsidiaries, which supports consistent and growing statutory dividends over time. We are on track to generate approximately $3 billion of subsidiary dividends in 2025. Book value per share at June 30 was $74.14 up 8% from June 30, 2024, reflecting strong growth in net income as well as the favorable impact of lower interest rates on investment AOCI. Adjusted tangible book value per share was $69.81 up 4% from June 30, 2024. In summary, we delivered an excellent second quarter with annualized core operating ROE of 11.7%. While the macro and insurance market remains dynamic, we are well positioned with multiple levers to drive continued strong performance. We remain on track to achieve our 10% plus core operating ROE target in 2025 and continue to make steady progress on the long-term financial targets we outlined at our Investor Day. With that, I will turn the call back over to Peter. Peter Salvatore Zaffino: Thank you, Keith. Michelle, we're ready to take questions. Operator: [Operator Instructions] Our first question comes from Alex Scott with Barclays. Taylor Alexander Scott: First one I had is just on the property pricing implications and some of the comments you made around the impact of reinsurance and so forth. I just wanted to make sure I understood that right. I mean it sounded like that net wasn't really much of a headwind actually in the underwriting. So I just wanted to understand if I'm getting that right, if it's more the mix shift and can you still hit the combined ratio targets you've talked about in the past? Peter Salvatore Zaffino: Yes. So Alex, what I was trying to outline in my prepared remarks wa”