“We are pleased with our progress and believe we are on track to achieve our target expense ratio of below 30% by 2027.”

In context

“5, general insurance net premiums written grew 2%. General Insurance full year accident year combined ratio adjusted was 88.3%, largely in line with the prior year. The accident year loss ratio was 57.2%, a 100 basis point increase year over year or 40 basis points increase excluding travel. The increase was driven by the reapportionment of unallocated loss adjustment expenses additional margin in our casualty loss picks, favorable loss experience in the prior year quarter in Global Specialty, and business mix change as we grew more casualty over property. This was partially offset by a 120 basis point improvement in 31.1% compared to 32% for the prior year. This is an outstanding result given the absorption of nearly $300 million of corporate parent expenses in general insurance in 2025. We are pleased with our progress and believe we are on track to achieve our target expense ratio of below 30% by 2027. Total catastrophe related charges were $920 million or 3.9 points of loss ratio. Prior year reserve development, net of reinsurance and prior year premium, was $472 million, a benefit of 2.1 points to the loss ratio. The full year 2025 combined ratio was 90.1%, an outstanding result and an improvement of a 170 basis points versus 91.8% in 2024. Moving to net investment income. The fourth quarter net investment income on an APTI basis was $954 million, an increase of 9% year over year. Internal insurance net investment income was $881 million. Growing 13% year over year. During the fourth quarter, the average new money yield on our core fixed income portfolio including the fixed maturity and loan portfolio, was roughly 65 basis points higher than sales and maturities. The annualized yield”