Image source: The Motley Fool. Tuesday, Feb. 10, 2026 at 11 a.m. ET CALL PARTICIPANTS President and Chief Executive Officer — Stephen Michael Spray Executive Vice President and Chief Financial Officer — Michael James Sewell Chief Investment Officer — Steve Soloria Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Net Income -- $2,400,000,000 for 2025, representing 4% growt...
Image source: The Motley Fool. Tuesday, Feb. 10, 2026 at 11 a.m. ET CALL PARTICIPANTS President and Chief Executive Officer — Stephen Michael Spray Executive Vice President and Chief Financial Officer — Michael James Sewell Chief Investment Officer — Steve Soloria Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Net Income -- $2,400,000,000 for 2025, representing 4% growth; fourth quarter net income was $676,000,000, up 67%, including $145,000,000 after-tax from increased fair value of equity securities held. -- $2,400,000,000 for 2025, representing 4% growth; fourth quarter net income was $676,000,000, up 67%, including $145,000,000 after-tax from increased fair value of equity securities held. Non-GAAP Operating Income -- $531,000,000 for the quarter, a 7% increase; for the year, up 5%. -- $531,000,000 for the quarter, a 7% increase; for the year, up 5%. Property-Casualty Combined Ratio -- 85.2% in the quarter and 94.9% for the year, with the annual ratio rising 1.5 points due to a 1.6-point increase in catastrophe losses; current accident year combined ratio before catastrophe losses improved 0.4 points. -- 85.2% in the quarter and 94.9% for the year, with the annual ratio rising 1.5 points due to a 1.6-point increase in catastrophe losses; current accident year combined ratio before catastrophe losses improved 0.4 points. Net Written Premium Growth -- Consolidated property-casualty net written premiums grew 5% in the quarter; commercial lines grew 7%, personal lines 14%, and excess and surplus lines 11% for the year. -- Consolidated property-casualty net written premiums grew 5% in the quarter; commercial lines grew 7%, personal lines 14%, and excess and surplus lines 11% for the year. Segment Combined Ratios (Full Year) -- Commercial lines improved to 91.1% (down 2.1 points), personal lines increased to 103.6% (up 6.1 points), and excess and surplus lines improved to 88.4% (down 5.6 points). -- Commercial lines improved to 91.1% (down ...