Earnings Document

Notices and Disclaimers

Forward Looking Statements

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Non-GAAP Measures

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Fourth Quarter Overview

• Net income up 54% to $367 million versus $239 million in the prior year quarter; core income up 37% to a record $362 million versus $265 million in the prior year quarter.
• P&C core income of $434 million versus $342 million, reflects higher investment income and higher underwriting income.
• Life & Group core income of $4 million versus core loss of $25 million in the prior year quarter reflects higher investment income.
• Corporate & Other core loss of $76 million versus core loss of $52 million in the prior year quarter reflects a $19 million after-tax charge related to office consolidation.
• Net investment income up 21% to $611 million pretax, includes a $58 million increase from limited partnerships and common stock to $78 million and a $50 million increase from fixed income securities and other investments to $533 million.
• P&C combined ratio of 92.1%, compared with 93.7% in the prior year quarter, including 1.0 point of catastrophe loss impact compared with 3.6 points in the prior year quarter and 0.3 points of favorable prior period development impact compared with 1.1 points in the prior year quarter. P&C underlying combined ratio was 91.4%, compared with 91.2% in the prior year quarter. P&C underlying loss ratio was 59.9% and the expense ratio was 31.2%.
• P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 10% in the quarter. P&C renewal premium change of +5%, with written rate of +4% and exposure change of +1%.

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Full Year Overview

• Net income up 77% to a record $1,205 million versus $682 million in the prior year; core income up 54% to a record $1,284 million versus $836 million in the prior year.
• P&C core income of $1,505 million versus $1,240 million, reflects higher investment income and record high underwriting income.
• Life & Group core loss of $48 million versus $221 million in the prior year reflects higher investment income and an unfavorable after-tax impact of $143 million in the prior year as a result of the annual reserve reviews.
• Net investment income up 25% to $2,264 million pretax, includes a $233 million increase from limited partnerships and common stock to $202 million and a $226 million increase from fixed income securities and other investments to $2,062 million.
• P&C combined ratio of 93.5%, compared with 93.2% in the prior year, including 2.6 points of catastrophe loss impact compared with 3.0 points in the prior year and no impact from prior period development compared with 1.0 point of favorability in the prior year. P&C underlying combined ratio was a record low 90.9% compared with 91.2% in the prior year. P&C underlying loss ratio was 59.9% and the expense ratio was 30.7%.
• P&C segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 9% in the year. P&C renewal premium change of +7%, with written rate of +5% and exposure change of 2%.

Stockholders' Equity

• Book value per share of $36.52; book value per share excluding AOCI of $46.39, a 10% increase from year-end 2022 adjusting for $2.88 of dividends per share.
• Increased quarterly dividend 5% to $0.44 per share; special dividend of $2.00 per share.

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Financial Performance

Record core income for the quarter and full year, and record net income for the full year

• Excluding the impact of the annual reserve reviews in the third quarter, core income was $1,286 million and $979 million for

2023 and 2022 year to date.

• As of January 1, 2023, the Company adopted Accounting Standards Update (ASU) 2018-12, Financial Services-Insurance

(Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) using the modified retrospective

method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect5 application of the new guidance.

Property & Casualty Operations

Record underwriting income for the full year and third consecutive year of double-digit GWP growth

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Property & Casualty Production Metrics

Strong new business growth while continuing to manage rate/retention dynamic effectively

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Specialty

Continued excellent all-in and underlying combined ratio

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Specialty Production Metrics

Targeting profitable new business and higher retentions after years of strengthening rate, terms & conditions

Specialty Rate & Retention

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Commercial

Record underwriting income for the quarter and full year with excellent growth

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