“Our teams have done a fantastic job of managing expenses, and we expect to achieve our target of below 30% by 2027.”

In context

“versus expected recognized in Specialty in the prior year quarter. This was partially offset by underlying improvement in Global Personal. Our General Insurance expense ratio was 30.9%, a 100 basis point improvement year-over-year. For the first 9 months of 2025, the General Insurance expense ratio was 30.8% compared to 31.7% for the prior year period. This demonstrates our operational excellence and discipline in driving efficiencies as we have shifted expenses from other operations into General Insurance while investing in underwriting capabilities, technology and infrastructure. For context, since 2023, the business has absorbed an additional $400 million of parent costs that used to be in other operations. We expect to be at $350 million of other operations expense for full year 2025. Our teams have done a fantastic job of managing expenses, and we expect to achieve our target of below 30% by 2027. Total catastrophe losses for the quarter totaled $100 million or 1.6 loss ratio points, an excellent result. Prior year development, net of reinsurance, was $205 million favorable, which included $174 million of favorable loss reserve development and $31 million of ADC amortization. North America Commercial was favorable $139 million across our Property, Casualty and Financial Lines. International Commercial was also favorable by $47 million, primarily driven by shorter-tail lines in Global Specialty, partially offset by movements on select longer-tail lines, largely driven by auto trends and adverse development on pre-2018 general liability reserves. Global Personal was $19 million favorable. These results include a reapportionment of the remainder of our uncertainty provision across all”