Strong Revenue Growth and Adjusted Operating Income
Consolidated revenues were up 7% for the quarter and 4% year-to-date, with all reportable segments showing year-over-year growth. Adjusted operating income increased by 24% to $621 million compared to the same period last year.
Improvement in Insurance Segment
The insurance segment showed a combined ratio of 93% for the quarter, an improvement from 97% in the previous year, driven by lower catastrophe activity and improved core insurance performance.
Successful Strategic Initiatives
Decisive actions such as exiting underperforming businesses, leadership changes, and organizational restructuring have begun to positively impact the company, evidenced by the improved performance in the insurance segment.
International and Personal Lines Growth
The International division reported a combined ratio of 84% year-to-date, with strong growth in personal lines, general liability, and international lines contributing to a 11% increase in gross written premiums.
Significant Cash Flow Generation
Operating cash flows for the first 9 months were $2.1 billion, supporting share repurchases and liquidity buildup.
Investment Performance
Equity investments yielded 8.4%, and the fixed income book yield was 3.5% with a reinvestment yield of 4.2%.