Strong Specialty Auto Performance
Specialty Auto generated a 93.5% underlying combined ratio, with 8% year-over-year PIF growth and earned premium growth of 17%.
Record Operating Cash Flow
Achieved an all-time high trailing 12-month operating cash flow of nearly $600 million.
Solid Financial Metrics
Reported a return on adjusted equity of 15% and adjusted book value per share growth of 14% year-over-year.
Debt Reduction and Share Repurchases
Retired $450 million of debt, bringing debt-to-cap ratio near long-term target, and repurchased $80 million of common stock since April 1.
Significant Share Repurchase Authorization
Board approved an additional $500 million of repurchase authorization, bringing the total available to $550 million.