Strong Free Cash Flow ConversionNearly one-to-one conversion of net income into free cash flow indicates durable cash generation ability. This sustains dividend payments, funds reserve strengthening and working capital needs, reduces reliance on external financing, and provides capital flexibility through underwriting cycles.
Healthy Underwriting ProfitabilityConsistent net and EBIT margins reflect disciplined underwriting and expense control, creating a margin buffer versus claim volatility. Sustainable margins support reinvestment in distribution, steady earnings, and resilience to adverse loss periods over the medium term.
Conservative Balance Sheet LeverageLow leverage provides long-term financial stability, easing regulatory capital pressures and preserving ratings. Conservative debt levels allow the company to absorb underwriting losses, pursue opportunistic growth or M&A, and maintain reserve strength without forcing dilutive capital raises.