“We are well positioned to meet or exceed all of our Investor Day targets by 2027 or earlier”

In context

“kely be deployed to additional share repurchases. We continue to execute our balanced capital management strategy. Driving long-term value through investment in organic and inorganic opportunities as well as prudent capital return to shareholders. Book value per share at December 31 was $76.44, up 9% from December 1, 2024, reflecting strong growth in net income as well as the favorable impact of lower interest rates offset by $6.8 billion of capital return to shareholders through dividends, and share repurchase. Adjusted tangible book value per share was $70.37 up 4% from December 31, 2024. In summary, we delivered an excellent 2025 with disciplined underwriting, strong earnings growth, balanced capital management, and execution of our strategic initiatives while investing for the future. We are well positioned to meet or exceed all of our Investor Day targets by 2027 or earlier With that, I will turn the call back over to Peter. Keith, thank you. Michelle, we're ready for questions. Thank you. Operator: One one. If your question has been answered and you'd like to remove yourself in the queue, press 11 again. Our first question comes from Alex Scott with Barclays. Your line is open. Alex Scott: First one I had for you is on the expense ratio. Yeah. There's obviously a bunch of moving pieces with corporate expenses coming in and some work to remove a portion of those as well as some of the AI initiatives. So I was hoping you could sort of talk us through what we can expect from the expense ratio over the next few years as as you're working through some of that? Peter Zaffino: Thanks, Alex. If I start let's start with the fourth quarter. You know, one is it's like”