4Q23 Financial Results Presentation Slides

Market leader in desirable segments with high retucharacteristics

Delivering consistently strong results across diversified businesses with significant contribution from investment portfolio

Leveraging core strengths of underwriting excellence, risk management, claims, products and distribution

Investing in differentiating capabilities to strengthen competitive advantage to enable profitable growth

Ethics, people and performance driven culture

Personal

Lines

14%

Group Benefits

28%

Growth:

P&C net written premium growth of 10%, including 9% in Commercial Lines in 4Q23

Group Benefits fully insured ongoing premium growth of 6% in 4Q23

Profitability:

Commercial Lines combined ratio of 84.7 and underlying combined ratio1 of 86.6 in 4Q23

• Full Year 2023 combined ratio of 89.6 and underlying combined ratio1 of 87.8

Group Benefits core earnings margin1 of 9.8% in 4Q23

• Full Year 2023 core earnings margin1 of 8.1%

Balance sheet & capital management:

Proactive capital management - repurchased $350 million of shares and paid $129 million in common stockholder dividends in 4Q23

For the full year, the company has returned $1.9 billion to stockholders including $1.4 billion in share repurchases and $0.5 billion in common stockholder dividends paid

Book Value Per Diluted Share

(ex AOCI)1,2,5

Written premiums of $3.0 billion in 4Q23 were up 9% from 4Q22 with increases across the segment, including continued expansion in property lines, strong growth in new business, and the effect of renewal written price increases

Renewal written price increases of 6.0% is up 50 bps from 3Q23. Excluding workers' compensation, renewal written price increases of 8.5% is up 40 bps from 3Q23.

Combined ratio of 84.7 in 4Q23 compared to 89.0 in 4Q22 and underlying combined ratio1 of 86.6 in 4Q23 compared to 87.4 in 4Q22, principally due to a 1.1 point improvement in the expense ratio

Expense ratio of 30.2 improved 1.1 points from 4Q22, driven by the impact of higher earned premium

CAY CATs and PYD

Expense Ratio

CAY Losses and

LAE4 Before CATs

1. Denotes financial measure not calculated based on GAAP
2. Excludes Middle Market loss sensitive and programs businesses, Global Re, offshore energy policies, credit and political risk insurance policies, political violence and terrorism policies, and any business under which the managing agent of our Lloyd's Syndicate 1221 delegates underwriting authority to coverholders and other third parties
3. Combined ratio includes policyholder dividends ratio
4. Loss adjustment expense (LAE)
5. Commercial Lines written premiums include immaterial amounts from Other Commercial

Commercial Lines Renewal Written Pricing %

Commercial Lines Written Premiums5

($ in millions)

Written premiums of $780 million increased by 12% compared to 4Q22

Renewal written price increase in auto of 21.9% in 4Q23 compared to 6.2% in 4Q22 and 19.6% in 3Q23, and in home, 14.7% in 4Q23 compared to 13.3% in 4Q22 and 14.0% in 3Q23

Combined ratio of 101.2 in 4Q23 compared to 99.1 in 4Q22, primarily driven by a

3.4 point increase in the underlying loss and loss adjustment expense ratio1, partially offset by a change from unfavorable PYD in 4Q22 to favorable in 4Q23

Underlying combined ratio1 of 99.5 compared to 96.2 in 4Q22 primarily due to an increase in auto losses, partially offset by a lower non-CAT CAY homeowners loss ratio

CAY CATs and PYD

Expense Ratio

CAY Losses and LAE

Before CATs

Personal Lines Renewal Written Price Increase %

Homeowners

Auto

Written Premiums

($ in millions)

Homeowners

Auto

10