Strong Return on Equity
Annualized adjusted net operating return on tangible common equity reached 19.3%, surpassing the mid-teens target.
Improved Combined Ratio
Group combined ratio improved to 94%, down over 40 percentage points from the previous year's third quarter.
Book Value Growth
Tangible common book value per share grew 23.4% year-to-date.
Expense Reduction
Expense ratio decreased to 28.3%, a reduction of more than 3 percentage points from the previous year.
Casualty Rates Increase
Casualty rates increased 6.1% in the quarter with significant gains in commercial auto, energy, excess casualty, and general casualty.
Technological and Structural Improvements
Segment leadership reorganization and improved technology and data usage enhanced underwriting efficiency.