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