We continue to emphasize that the full year direct expense ratio offers the most meaningful measure of our expense management, given the inherent variability in quarterly results. However, this quarter's outcome further demonstrates our continued commitment to disciplined expense control and operational efficiency while maintaining responsible growth across our businesses.

Nov 6, 2025 / receipt, needs a key / John McCallion, CFO | earnings call 2025-11-06 | transcript 5dc54dc5-1e00-4a3b-a202-8ca750735e1f | chars 20690-21065 | segment 21

I think the last point you made around you can't do this overnight is an important piece, but I think direction of travel, you know, it's probably a fair point. And I think we've talked about the fact that, you know, we are in a different rate environment, so the relative value of investments are probably different than where they were when it was lower for longer. You know, we pride ourselves in diversification. So it's not that we would make an abrupt shift, but we do believe that, you know, making some tweaks to allocations is appropriate in different environments. And that would, I think what you're referencing is one that we would lean towards.

May 1, 2024 / receipt, needs a key / John, CFO | earnings call 2024-05-01 | transcript 166f45ab-269f-4dd0-8ae0-21792486e832 | chars 37074-37731 | segment 38

As the world has opened up, I was able to spend more time on the road in the last half of 2022 since the start of the pandemic. I'm more invigorated than ever to get out and meet face to face with our customers, our distribution partners, our employees, and our shareholders.

Feb 2, 2023 / receipt, needs a key / Michelle Halaf, CEO | earnings call 2023-02-02 | transcript c547bd41-3a32-4124-803d-652aa59c669a | chars 9405-9680 | segment 9

The simplified pillar of our strategy was evident in our exceptional expense management. In the quarter, we delivered a direct expense ratio of 11.4%, and we now expect to beat our 12.3% target ratio, not only for all of 2021, but for 2022 as well.

Aug 5, 2021 / receipt, needs a key / Michelle Halaf, CEO | earnings call 2021-08-05 | transcript 7f99f711-06d7-44b2-ba99-5591ce9220f1 | chars 7612-7860 | segment 7

~20% average efficiency2 across major processes

ir_statement / Sep 16, 2026 / receipt

Expense discipline drives Direct Expense Ratio improvement

ir_statement / Sep 16, 2026 / receipt

Leveraging technology and business process re-engineering to drive significant efficiencies

ir_statement / Sep 16, 2026 / receipt

Average expense reduction target 2024-2029.

ir_statement / Sep 16, 2026 / receipt

Direct expense ratio target communicated at Investor Day 2019 (adjusted for LDTI approximately +30bps), was updated to 12.3% in 4Q2023 earnings call.

ir_statement / Sep 16, 2026 / receipt

Created operating leverage2 to reinvest in growth initiatives

ir_statement / Sep 16, 2026 / receipt

Reduced Direct Expense Ratio1 while absorbing impact of divesting lower expense ratio businesses

ir_statement / Sep 16, 2026 / receipt

Deliver 12-14% Adjusted ROE1

ir_statement / Sep 16, 2026 / receipt

Positive Operating Leverage

ir_statement / Sep 16, 2026 / receipt

Significant product expansions

ir_statement / Sep 16, 2026 / receipt

Discipline drives underwriting stability through cycles

ir_statement / Sep 16, 2026 / receipt

Driving operating leverage via digitization and automation enabled by AI

ir_statement / Sep 16, 2026 / receipt