Net income for 2025 was $1.6 billion, an increase from $1.4 billion in 2024, but significantly lower than $2.5 billion in 2023. Gross written premiums decreased by 2.9% to $17.7 billion in 2025, primarily due to a 5.7% decrease in insurance business and a 0.9% decrease in reinsurance business. Net written premiums decreased by 1.9% to $15.5 billion in 2025. Premiums earned increased by 2.5% to $15.6 billion in 2025. The combined ratio improved to 98.6% in 2025 from 102.3% in 2024, driven by lower unfavorable prior year development and catastrophe losses. Unfavorable development on prior year attritional losses was $751 million in 2025, a decrease from $1.5 billion in 2024. Current year catastrophe losses were $819 million in 2025, down from $893 million in 2024. Shareholders' equity increased by $1.6 billion to $15.5 billion at December 31, 2025. The company sold renewal rights for certain commercial retail insurance businesses to AIG for an aggregate purchase price of $301 million ($252 million for US, UK, Asia Pacific; $49 million for EU). Entered into adverse development reinsurance agreements for $1.2 billion of North American liabilities for accident years 2024 and prior. Mark Kociancic, Executive Vice President and Chief Financial Officer, will separate from the company on July 31, 2026, serving as an advisor until then. Elias Habayeb was appointed Executive Vice President and Chief Financial Officer, effective May 1, 2026. Anthony Vidovich was appointed Executive Vice President and General Counsel, effective November 17, 2025. The company terminated its qualified defined benefit pension plan in 2025, settling substantially all obligations.