Turning to expense management, our third quarter 2025 property casualty underwriting expense ratio decreased by 0.5 percentage points, primarily due to growth and earned premiums outpacing growth and expenses.

Oct 28, 2025 / receipt, needs a key / Mike Sewell, CFO | earnings call 2025-10-28 | transcript f0640803-1948-4775-91f5-79fce9c9458a | chars 7597-7806 | segment 8

I'll briefly touch on expense management and our efforts to balance expense control with strategic business investments.

Apr 29, 2025 / receipt, needs a key / Mike Sewell, CFO | earnings call 2025-04-29 | transcript 643c93b9-2f89-414e-9a15-35fd11810183 | chars 11100-11220 | segment 11

In addition to our strong financial performance, recent travel to meet with agents reinforced my excitement about the future.

Jul 26, 2024 / receipt, needs a key / Steve Sprague, CEO | earnings call 2024-07-26 | transcript f721852d-c433-474d-894d-764380c51109 | chars 2374-2499 | segment 2

We always strive for our expense management efforts to strike an appropriate balance between controlling expenses and making strategic investments in our business. was 0.6 percentage points higher than last year, primarily due to an increase in associate and travel-related expenses.

Oct 27, 2023 / receipt, needs a key / Mike Sewell, CFO | earnings call 2023-10-27 | transcript 383c1345-a2a4-4550-a949-d309c4a646bb | chars 9288-9571 | segment 9

We continue to emphasize expense management with a balance between controlling expenses and making strategic investments in our business.

Jul 28, 2023 / receipt, needs a key / Mike Sewell, CFO | earnings call 2023-07-28 | transcript 941c7d53-bb23-49f2-a411-9b840a8bc09a | chars 10025-10162 | segment 10

Regarding expense management, we intend to appropriately balance controlling expenses with making strategic investments in our business.

Apr 28, 2023 / receipt, needs a key / Mike Sewell, CFO | earnings call 2023-04-28 | transcript 79b98573-cea2-4ced-8834-23572737fa4a | chars 10171-10307 | segment 10

Regarding expense management, we continue to apply what we see as the appropriate balance between expense control and strategic investments in our business.

Nov 1, 2022 / receipt, needs a key / Mike Sewell, CFO | earnings call 2022-11-01 | transcript 304c4c37-43ba-4e86-893a-ad75da91d704 | chars 10329-10485 | segment 10

Before we open the call for questions, I'd like to pause to recognize Marty Hollenbeck. Many of you know Marty from his years of investor travel. He's announced his intent to retire at the end of September after 35 years of service to our organization. We thank him for his steady hand overseeing investments, especially during some of the very challenging times of market volatility.

Jul 28, 2022 / receipt, needs a key / Steve Johnston, CEO | earnings call 2022-07-28 | transcript d566230a-1301-481c-b992-e438784b81ee | chars 12951-13335 | segment 13

Expense management efforts in 2021 were very good, and we continue to carefully balance strategic business investments and expense controls.

Feb 16, 2022 / receipt, needs a key / Mike Sewell, CFO | earnings call 2022-02-16 | transcript 41de1c10-978c-4e24-afb4-93df9be34f4e | chars 9169-9309 | segment 9

Expense management is another area we focus, always trying to optimize the balance of strategic business investments and expense controls.

Oct 28, 2021 / receipt, needs a key / Mike Sewell, CFO | earnings call 2021-10-28 | transcript 51789bba-e2d0-4c34-b91e-6b7a7c978465 | chars 8539-8677 | segment 8

And June and July brought a return of business travel and a return of our headquarters associates working together in person. It's wonderful to see so many familiar faces in the hallway and to be able to get out from behind our desks to visit with agents and our field teams across the country.

Jul 29, 2021 / receipt, needs a key / Steve Johnston, CEO | earnings call 2021-07-29 | transcript a2989048-9e7e-4eb6-9ef3-7a6dc32cb3b5 | chars 13750-14044 | segment 14

The second quarter ratio was higher than the first quarter of this year, largely due to higher accruals related to profit sharing in the second quarter and lower expenses in the first quarter that benefited from less business travel.

Jul 29, 2021 / receipt, needs a key / Mike Sewell, CFO | earnings call 2021-07-29 | transcript a2989048-9e7e-4eb6-9ef3-7a6dc32cb3b5 | chars 9489-9722 | segment 9

Net written premiums $ 219 $ 182 $ 184 $ 175 $ 202 $ 168 $ 401 $ 370 $ 545 $ 729

ir_statement / Aug 8, 2026 / receipt

Net written premiums $ 332 $ 275 $ 285 $ 328 $ 333 $ 266 $ 607 $ 599 $ 927 $ 1,212

ir_statement / Aug 8, 2026 / receipt

Net written premiums $ 537 $ 406 $ 446 $ 518 $ 532 $ 320 $ 943 $ 852 $ 1,370 $ 1,816

ir_statement / Aug 8, 2026 / receipt

Year over year change %- written premium 1 % 27 % 13 % 17 % 23 % 6 % 11 % 16 % 16 % 16 %

ir_statement / Aug 8, 2026 / receipt

Year over year change %- written premium 5 % 9 % 8 % 12 % 12 % 13 % 7 % 12 % 12 % 11 %

ir_statement / Aug 8, 2026 / receipt

Year over year change %- written premium 8 % 8 % 8 % 11 % 12 % 15 % 8 % 13 % 13 % 11 %

ir_statement / Aug 8, 2026 / receipt

Agency new business written premiums 353 339 331 356 404 383 692 787 1,143 1,474

ir_statement / Aug 8, 2026 / receipt

Agency renewal written premiums $ 2,254 $ 2,045 $ 1,939 $ 2,037 $ 2,135 $ 1,912 $ 4,299 $ 4,047 $ 6,084 $ 8,023

ir_statement / Aug 8, 2026 / receipt

GAAP combined ratio 100.8 % 95.6 % 85.2 % 88.2 % 94.9 % 113.3 % 98.2 % 103.8 % 98.4 % 94.9 %

ir_statement / Aug 8, 2026 / receipt

Loss adjustment expense ratio 10.4 10.8 12.4 10.9 11.6 11.7 10.6 11.7 11.4 11.6

ir_statement / Aug 8, 2026 / receipt

Net underwriting expense ratio 28.0 28.5 30.2 28.3 26.4 28.2 28.2 27.3 27.6 28.2

ir_statement / Aug 8, 2026 / receipt

US Statutory combined ratio 99.0 % 95.6 % 86.3 % 88.7 % 93.4 % 112.3 % 97.3 % 102.6 % 97.7 % 94.7 %

ir_statement / Aug 8, 2026 / receipt