Beyond near-term seasonality and as demonstrated by the past year of results, we remain focused on building the durable earnings power of this business through disciplined expense management, optimization of the investment portfolio and continued progress on our strategic repositioning toward products that generate more stable cash flows and attractive risk-adjusted returns.

May 7, 2026 / receipt, needs a key / Chris Wacker, CEO | earnings call 2026-05-07 | transcript 5694a66e-434b-4982-a7fd-8eed68997db7 | chars 30046-30423 | segment 29

While we remain focused on disciplined expense management and continue to target efficiencies aligned with our long-term earnings objectives, it's important to remember that the fourth quarter typically brings a seasonal increase in expenses, which we expect to be a modest sequential headwind.

Oct 30, 2025 / receipt, needs a key / Chris, CEO | earnings call 2025-10-30 | transcript ea6b90b3-3028-4609-ac27-e890e0576c16 | chars 24469-24763 | segment 24

We remain committed to disciplined expense management, ensuring we maintain and build upon our progress in managing the expense base effectively.

Oct 30, 2025 / receipt, needs a key / Chris, CEO | earnings call 2025-10-30 | transcript ea6b90b3-3028-4609-ac27-e890e0576c16 | chars 27585-27730 | segment 27

Our focus on expense management will continue to be targeted as we seek opportunities for efficiency in alignment with our earnings that will manifest as both reductions and investments as our businesses dictate.

Oct 31, 2024 / receipt, needs a key / Chris, CFO | earnings call 2024-10-31 | transcript de4b85fb-732b-454d-8808-edc4937b657a | chars 25284-25496 | segment 24

The improvement was driven by continued diversification of our book of business, execution of our pricing strategy, and disciplined expense management actions.

May 2, 2024 / receipt, needs a key / Chris Nezapor, CFO | earnings call 2024-05-02 | transcript 412a8a48-f048-4a3a-aecf-f0f4a59238d2 | chars 16244-16403 | segment 16

(4) Includes severance expense related to initiatives to realign the workforce of $(11) million and $(2) million for the three months ended June 30, 2026 and 2025, respectively, and $(18) million and $(8) million for the six months ended June 30, 2026 and 2025, respectively.

filing / Jul 30, 2026 / receipt

(6) Includes severance expense related to initiatives to realign the workforce of $( 11 ) million. (7) Includes deferred compensation mark-to-market adjustment of $( 1 ) million.

filing / Jul 30, 2026 / receipt

(4) Includes severance expense related to initiatives to realign the workforce of $(7) million and $(6) million for the three months ended March 31, 2026 and 2025, respectively.

filing / May 7, 2026 / receipt

(7) Includes severance expense related to initiatives to realign the workforce of $( 7 ) million. (8) Includes deferred compensation mark-to-market adjustment of $ 18 million.

filing / May 7, 2026 / receipt