Elyse Greenspan • Wells Fargo

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CEO Justin Cohen declined to break down guidance by product line but noted optimism for property as prior rate increases annualize. He confirmed no material pricing changes in July. Regarding the paid-to-incurred ratio, Cohen stated the increase was expected and driven by the natural maturation of the growing casualty book and prior-period business mix.

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Mark Pickering, Group CFO & Treasurer, noted that Aspen has excess capital, referencing a 264% BSCR for 2024, and stated that capital management actions would be considered during the upcoming three-year planning process, likely via share repurchases or special dividends. Christian Dunleavy, Group President & CEO of Aspen Bermuda Limited, clarified that he does not anticipate the reinsurance segment shrinking, explaining that recent premium figures were affected by client-side adjustments rather than a strategic pullback by Aspen.

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Ramy Tadros, Regional President - U.S. Business, stated that while MetLife is monitoring the active LTC transaction market, any deal must maximize shareholder value, and in the interim, the block is well-capitalized and performing as expected. He also clarified that MetLife's supplemental health business is not seeing the same adverse trends as major medical insurers because its products have fixed-dollar claims and are not showing unusual incidence patterns.

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Ramy Tadros, Regional President - U.S. Business, acknowledged the increased activity in the LTC reinsurance market but emphasized that any deal must maximize shareholder value, with price and structure being key. He also stated that MetLife is not seeing the same trends as major medical insurers in its supplemental health business, noting its products are fixed-dollar and that key areas like critical illness are performing in line with expectations.

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CFO John McCallion deferred providing a specific MIM earnings figure to avoid confusion, stating the segment breakout will occur with the closing of the PineBridge acquisition in H2 2025. He confirmed the guidance uses forward currency curves from year-end, which imply headwinds for 2025, particularly from the Japanese yen and Latin American currencies. Any deviation from these forward curves would present upside or downside risk.

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Chairman & CEO Peter Zaffino responded that while AIG would not break down loss trends by line, the areas with the strongest rate increases, such as excess casualty, are those with higher loss cost trends, ensuring pricing remains adequate. Regarding July, Mr. Zaffino stated that it was too premature to provide specifics but noted that no concerning or significantly different trends from Q2 had been observed so far.

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Chairman and CEO Peter Zaffino, along with executive Donald Bailey, explained that after adjusting for a one-off closeout transaction and favorable prior-year property experience, the resulting loss ratio is sustainable. For the future mix, Peter Zaffino noted that while casualty growth remains strong, he is optimistic that the property rate environment will improve, reversing its recent slowdown. Executive Jon Hancock added that international specialty lines like energy and marine also present significant growth opportunities.

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EVP & CFO Michael Katz attributed the lower 2024 Stop Loss ratio of 91% to favorable claims experience but noted it's too early to assess the 2025 block, for which Voya maintains a prudent reserving posture. He affirmed the goal is a two-step process to restore target margins. On capital, Katz confirmed plans for $200 million in H2 2025 buybacks and stated Voya is well-positioned for the 2026 OneAmerica payment. CEO & Director Heather Lavallee added that Voya will maintain a balanced capital approach, seeing attractive investment opportunities in wealth management, retirement roll-ups, and automation.

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CFO Michael Katz indicated the prior outlook is still a good starting point but requires adjustments for macro factors. He noted the Stop Loss reserve release was positive but highlighted other variables like expense seasonality and strong commercial momentum. Katz explained the 2024 Stop Loss loss ratio was reduced simply due to better-than-expected claims experience. He reaffirmed that while pricing is already at target levels, achieving target reported margins remains a two-step process expected to materialize through 2026.

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CFO Michael Katz confirmed the ROE change was driven by investments in leave management, lower spread income, and reduced prepayment income expectations. He stated that adjusting for growth investments would place the ROE above 13% and affirmed the goal is to return to the 14-16% range in 2026, supported by growing free cash flow. He noted share repurchases will be weighted to the second half of 2025 due to first-half investments in OneAmerica, Sconset Re, and leave management. CEO Heather Lavallee added that Voya remains committed to a balanced capital allocation strategy.

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CFO Robin Raju affirmed this view, stating that EPS growth will improve in the second half due to market recovery, reduced mortality exposure, and incremental buybacks. He expressed confidence in returning to the 12-15% target in 2026, noting that the company has levers like expense and investment actions to support this goal.

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CFO Robin Raju confirmed guidance for Protection Solutions is at the lower end of the $200M-$300M range due to inherent volatility and that a strategic update is coming in H1 2025. Nicholas Lane, President of Equitable Financial, projected 2025 inflows from the BlackRock product would be similar to 2024's $600M, noting this represents upside to their long-term targets.

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An Aflac executive stated that the Japan expense ratio is expected to remain within the 20-23% guidance range for the year, likely at the middle or lower end. Regarding capital, the executive explained there is no rush to deploy the cash, as the recent yen debt issuance was a strategic move to pre-fund maturities and provides a positive carry. Capital deployment will continue to be tactical, seeking the best risk-adjusted returns.

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An unnamed executive confirmed they expect to remain within the 20-23% expense ratio guidance for Japan, likely in the middle or lower end of that range for the full year. Regarding capital, the executive explained that the current flat yield curve reduces the urgency to deploy cash. The recent yen-denominated debt issuance was intentional to pre-fund maturities and create a positive carry, and future deployment will continue to be a tactical decision based on opportunities with the best IRRs.

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CFO Max Broden characterized capital deployment as opportunistic and IRR-driven, prioritizing organic growth first and declining to commit to a specific buyback run rate. Masatoshi Koide of Aflac Japan confirmed the Japan Post issue was not related to Aflac's products and had no impact on its cancer insurance sales, noting the relationship remains strong.

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EVP & Global Chief Risk Officer Jonathan Porter specified the issue was in the healthcare access line, driven by higher treatment costs, and that significant rate increases are underway with the block expected to be repriced by January 2026. EVP & CFO Axel André added that RGA has a long-standing process with rating agencies to gain VIF credit on new and existing blocks of business.

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CEO Tony Cheng described the transaction pipeline as 'attractive' in quality, with robust and broad opportunities across EMEA, Asia, and North America, driven by the company's 'Creation Re' strategy. Regarding PRT, he characterized the current market slowdown as a temporary pause due to macro uncertainty and stated that RGA remains very bullish on the business line, expecting activity to pick up in the second half of the year.

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Chief Financial Officer Axel Philippe Andre explained the guidance assumes year-end FX rates and includes only a modest level of in-force actions, around $50 million. He stated that given the robust deal pipeline, RGA expects to use its deployable capital for transactions, making significant share buybacks unlikely in the foreseeable future. CEO Tony Cheng added that in-force actions are a core part of RGA's strategy.

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CFO Axel Andre explained the re-evaluation will focus on incorporating the value of in-force business margins as a source of capital and recalibrating diversification benefits. President and CEO Tony Cheng and CFO Axel Andre addressed LTC, noting a modest exposure of approximately $4 billion in reserves from newer, well-performing blocks. They affirmed RGA would consider new LTC transactions if the risk-return profile is attractive.

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CEO J. Patrick Gallagher declined to provide specific dates regarding the DOJ review but reiterated confidence in a Q3 closing. CFO Douglas K. Howell confirmed the back-half organic outlook is in the "five plus" percent range, which accounts for current pricing trends, potential variability in large life insurance cases, and a timing headwind from a strong Q1.

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CEO J. Patrick Gallagher declined to provide specific dates on the DOJ review but affirmed confidence in a Q3 close. CFO Douglas K. Howell explained the 5%+ back-half outlook is based on current property and casualty trends, noting potential variability from large life insurance cases and a headwind from strong Q1 timing.

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J. Gallagher, an executive, detailed that the reinsurance growth was driven by new business wins (over half the organic growth), increased renewal premiums, and some favorable timing. Douglas Howell, CFO, explained they are working on the DOJ's second request for the AssuredPartners deal and expect to submit it in the mid-third quarter, which will then start a 30-day review clock.

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CFO Douglas Howell confirmed prior commentary on the drivers of the brokerage outlook. CEO J. Gallagher addressed the M&A pipeline, stating that AssuredPartners has a strong, accretive pipeline of tuck-in deals with very little overlap with Gallagher's. He anticipates a substantial increase in the number of smaller deals post-close, as AssuredPartners is strong in geographies where Gallagher is not present. Mr. Howell also confirmed the greenshoe proceeds are extra cash for the pipeline.

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CFO Douglas Howell stated storm impacts on contingents would be minimal, around 10 basis points. For 2025, he suggested benefits organic could be around 5%. Executive J. Gallagher described the M&A pipeline as one of the best ever, despite a general market slowdown, and noted an election outcome could spur activity. Howell added that the FX charge reversed in October but they did not update the Q4 guide for the small amount.

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CFO Janice Hamilton confirmed that a rapid decline in property pricing in June impacted Q2 results and that the new guidance assumes these challenging conditions persist for the remainder of 2025. CEO Timothy Turner quantified the decline, noting rate reductions accelerated to 20-30% in the quarter. Hamilton attributed the margin guidance revision to both property headwinds and strategic investments in Ryan Re and alternative risk, while reaffirming the company's commitment to its 35% margin target for 2027 but declining to specify the path to get there.

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CFO Janice Hamilton and CEO Tim Turner confirmed Q2 has the toughest property comp but reiterated full-year guidance, which assumes modest property growth. On M&A, Ms. Hamilton noted leverage was 3.8x as expected and would decline significantly by year-end, providing 'ample capacity' for deals. Executive Chairman Patrick Ryan added it's a 'buyer's market.' Regarding market flow, Mr. Turner dismissed concerns about a slowdown, expressing enthusiasm for stamping results in key states like California and the continued trend of business being shed from the admitted market.

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CFO Janice Hamilton explained the 11-13% organic growth guidance is driven by secular trends, strong new business, and casualty strength, with modest growth expected in property. CEO Tim Turner added that strong flow and market share wins are offsetting property pricing softness. Regarding margins, Janice Hamilton and President Jeremiah Bickham noted that savings from the ACCELERATE 2025 program provide flexibility for larger investments in talent and platform enhancements while still expanding margins. Janice Hamilton confirmed the 35% margin target is for the full year 2027.

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An executive team member, along with Director of Investor Relations Miles Wuller and CEO Timothy Turner, explained that while Q3 property rates were challenging, strong new business flow drove healthy growth. They noted that Q4 is off to a promising start with signs of property market stabilization. Regarding contingent commissions, an executive stated they have exceeded expectations and this trend is expected to continue. For the Innovisk deal, the team confirmed its $58 million revenue and higher-margin profile but stated it would not materially impact the company's overall margin and declined to disclose the purchase price.

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CFO Andrew Krasner explained the revised JV cost estimate was due to better expense insight and the launch is on track. CEO Carl Hess added they are pleased with the progress. Regarding margins, Andrew Krasner and President of Risk & Broking Lucy Clarke attributed the expected R&B improvement to operating leverage, the global broking platform, and efficiency initiatives like the 'WeDo' organization. For the enterprise, management reiterated that operating leverage and continued efficiency gains are the primary drivers.

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Jim Williamson, President & CEO, noted that California is now a much smaller part of their workers' comp book, as a specialized unit has been run down, and they now only write it as part of a broader portfolio. Regarding the aviation loss, Williamson explained that through direct and ongoing contact with cedents, the company had sufficient information to book a confident loss estimate, regardless of formal notifications.

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CEO Jim Williamson estimated the industry aviation loss at around $1 billion and stated Everest's loss was consistent with its position as a leading excess of loss reinsurer in a heavily reinsured event. CFO Mark Kociancic advised against using the current attritional loss ratio as a direct run-rate, noting that the favorable mix shift from written premiums will take time to be reflected in earned premiums.

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President and CEO Jim Williamson attributed the lower wildfire loss to superior underwriting and deliberately avoiding heavily impacted deals. Regarding loss picks, he explained the reinsurance portfolio consists of carefully selected, top-quartile clients, whereas the insurance portfolio was historically over-concentrated in certain challenged classes, making the two books entirely different. CFO Mark Kociancic confirmed a consistent 12%+ loss trend assumption is used for key casualty lines in both segments.

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Executive Mark Kociancic outlined a clear downward trajectory for the combined ratio, driven by a mix shift to shorter-tail lines, the run-off of underperforming business, and scaling of the international business. Executive James Williamson confirmed that if more than 37% of premiums need to be non-renewed to achieve profitability, they are prepared to do so, as there is ample quality business to write elsewhere.

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CEO Nicolas Papadopoulo noted that ex-MCE growth was modest due to pivoting towards casualty lines while facing headwinds in professional lines. CFO & Treasurer François Morin confirmed a strong capital position, stating that capital return is a focus and the company may not slow buybacks during wind season. Morin also acknowledged an increase in IBNR for the Russia/Ukraine conflict, which was absorbed within overall reserves, resulting in net favorable development.

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CFO François Morin clarified the growth calculation and noted that while core insurance margins are holding up, a mix shift toward casualty could slightly increase the underlying loss ratio. Executive Nicolas Alain Papadopoulo described the mid-year renewal pricing for Florida as 'flattish,' with opportunities to deploy more capital due to increased demand from cedents.

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François Morin, an executive, confirmed the MidCorp deal adds about one point to the insurance loss ratio and clarified the 7-8% cat load is a forward-looking estimate, not inclusive of the recent wildfires. Nicolas Alain Papadopoulo, an executive, stated the PML increase reflects attractive opportunities and expects the wildfires to temper market competition and support rates. He also reaffirmed the long-term low 90s combined ratio target for MidCorp post-integration.

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Executive François Morin explained that the MidCorp deal added approximately 70 basis points to the insurance segment's ex-cat loss ratio. He noted that reinsurance margin trends are stable on a trailing 12-month basis and that capital return is an active discussion, especially post-wind season. Morin also clarified that Hurricane Helene's market share is not a direct proxy for Hurricane Milton and expressed comfort with current reserve levels, adding that no major strategic shifts are planned for the Investor Day.

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CFO Peter Vogt confirmed his expectation that insurance premium growth in the second half of the year should be higher than the 6% seen year-to-date. President & CEO Vincent Tizzio stated definitively that the company would not re-enter the property cat reinsurance business, preferring to pursue related opportunities through its insurance segment, particularly E&S. Mr. Vogt also confirmed there was no financial impact from the aviation ruling as AXIS does not participate in the contingent war market.

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CFO Pete Vogt confirmed an outside firm will again conduct an independent review, but the process will be less of a deep dive than last year as a highly interactive quarterly review is now standard. President and CEO Vince Tizzio described the property market as dynamic but stated AXIS's portfolio remains highly premium adequate. For 2025, Tizzio said plans are not final but emphasized that profitability will be prioritized over growth, highlighting that new initiatives are already showing strong contributions to the top line.

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Chairman & CEO Christopher Swift affirmed satisfaction with the year-to-date Business Insurance margins, viewing them as consistent with expectations. On Employee Benefits, Swift and Head of Employee Benefits Mike Fish attributed the exceptional 9.2% margin to strong LTD recoveries, rate actions, and favorable life mortality, including unusually favorable AD&D experience. Swift noted that a past conservative pricing view on mortality suppressed some life sales but he is now optimistic about returning to growth.

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CEO Christopher Swift confirmed no changes were made to loss trend assumptions in Q1, stating the adjustments made in 2024 remain appropriate and that achieved pricing is ahead of loss cost trends. Regarding tariffs, Swift clarified that while their prudent loss picks provide a buffer, the ultimate goal is to earn an adequate return, so if other options are exhausted, they will "go back in and tweak rates."

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CEO Christopher Swift explained the disability loss ratio increase was driven by a 3-point impact from elevated paid family and medical leave (PFML) trends and a 1-point impact from higher long-term disability (LTD) incidence, partially offset by a 1-point benefit from better claim recoveries. Regarding the 2025 outlook, Swift reiterated his confidence in delivering a commercial underlying combined ratio consistent with 2024's 87.9% but declined to provide a detailed reconciliation by line, stating the total result would incorporate all such moving parts.

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CEO Christopher Swift attributed the growth moderation to a difficult prior-year comparison and expressed confidence in future growth, citing strong submission flows and benefits from carrier consolidation. On GL, Swift declined to discuss specific buffers but noted the recent reserve action was a reaction to higher attorney representation and settlement values. CFO Beth Bombara added that these trends have been incorporated into the current year loss pick.

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President, CEO & Director J. Powell Brown advised that analysts should factor the ongoing downward pressure on rates into their Q3 and Q4 organic growth models. EVP, CFO & Treasurer R. Andrew Watts confirmed that the rate slowdown did intensify in June compared to April and May.

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Executive J. Powell Brown confirmed the full-year margin outlook has not changed from the previous quarter's guidance, with Q1 performance meeting expectations. Regarding retail growth, Brown reiterated the company's long-term view of low-to-mid-single-digit organic growth and expressed satisfaction with the Q1 results, which he described as a return to more traditional growth levels. Executive R. Watts added that the company has not seen buyers materially change their investment levels, supporting their stable outlook.

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J. Powell Brown, an executive, reiterated that Retail is a low- to mid-single-digit organic growth business and confirmed the 100 bps Q1 headwind is a timing issue, not a change in the annual outlook. R. Watts, an executive, explained the full-year flat margin guidance is for the total company and accounts for headwinds from lower investment income and contingents. He attributed the Q4 negative corporate EBITDA to non-recurring, one-off costs.

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R. Watts, an executive, confirmed incentive commissions are in organic growth and explained the higher Q3 investment income was temporary, driven by holding proceeds from a bond issuance. J. Powell Brown, an executive, later clarified that the Retail segment's Q3 performance, adjusted for one-time items, serves as a 'good starting place' for Q4 expectations.

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CEO Greg Case stated that Aon's M&A services capability is broad-based geographically and has expanded beyond private equity to corporate clients. CFO Edmund Reese confirmed the growth was seen across all regions and that margins are expanding across all solution lines due to operating leverage from Aon Business Services (ABS). He attributed the strong free cash flow to operating income growth, working capital improvements, and lower NFP transaction costs.

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CEO Greg Case explained that Aon's M&A services capability is broad-based, having expanded geographically and beyond private equity to the corporate world. CFO Edmund Reese added that the key focus is on margin expansion across all segments driven by operating leverage from Aon Business Services (ABS). On free cash flow, Reese attributed the 59% quarterly growth to strong operating income (including NFP), working capital improvements, and lower NFP transaction costs, confirming confidence in the full-year growth target.

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CEO Gregory Case described the reinsurance deal as a unique, high-value-creation event for a major client that affected Q1 timing but not the segment's strong underlying momentum. CFO Edmund Reese confirmed the impact would not repeat and expects the Reinsurance segment to meet its mid-single-digit or greater guidance for the full year, with a strong second half. Mr. Reese also confirmed the double-digit free cash flow growth is off the 2024 reported base, driven by NFP and core performance, noting that Q1 is seasonally the lowest cash flow quarter.

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CFO Edmund Reese stated there is no unusual seasonality for Q1 beyond guided FX and fiduciary income impacts, and confirmed the NFP M&A EBITDA is in the 2025 forecast. On buybacks, Reese noted the 2025 focus is deleveraging but deferred specific 2026 capital return guidance, emphasizing a continued balanced approach.

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CEO Gregory Case addressed the M&A business, noting that while activity is still below the 10-year average, it is improving and represents a significant future opportunity due to substantial available capital. CFO Edmund Reese discussed the tax rate, explaining that variability is driven by geographic profit mix and global policy changes. He deferred specific 2025 guidance to the year-end call but noted the Q3 YoY comparison was affected by a prior-year discrete item.

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EVP & CFO Robert Qutub clarified that the reserve releases stemmed from multiple accident years, dating back to 2017. President & CEO Kevin O'Donnell added that the market has fundamentally reset, and he expects the 2026 environment to be similar to 2025, expressing confidence in RenaissanceRe's ability to execute its strategy regardless of the upcoming hurricane season's activity.

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CEO Kevin O'Donnell and EVP & Group Chief Underwriting Officer David Marra responded. They emphasized that the property market's rate adequacy remains exceptional post-2023's reset. For midyear renewals, they see growing demand and favorable trading conditions, allowing for disciplined deployment of capital. Regarding the Casualty & Specialty guidance change to 'high 90s', they explained it reflects a conservative approach, choosing not to immediately recognize positive rate and claims management trends until they are validated by data, despite the market being in a better position than the previous quarter.

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CEO Kevin O'Donnell and EVP, Group Chief Underwriting Officer David Marra responded. O'Donnell explained that the company has been proactively managing its general liability book with a high loss trend assumption and is underweight in problematic areas. Marra added that improving rates and claims handling support the current outlook. Regarding property cat, Marra stated that with most U.S. accounts renewing in the next six months, he expects the recent catastrophe losses to reverse the competitive pressure seen at the January 1 renewals, leading to better rate opportunities in the second quarter.

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President and CEO Kevin O'Donnell responded that while rates are currently fair, an estimated $10 billion in new demand for U.S. cat limits in 2025 should help stabilize pricing around current levels. On the casualty question, CFO Robert Qutub and Group Chief Underwriting Officer David Marra clarified that they are already increasing the loss pick for the current accident year on a forward-looking basis. Marra added that the full impact of corrective actions like rate increases and improved claims handling is a cumulative process that will materialize through 2025, making it prudent to adjust next year's outlook now.

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President & CEO W. Robert Berkley, Jr. explained that the company chose a special dividend as the most efficient method for capital return this quarter but emphasized that share repurchases remain an active tool. He described the reserve movements as minor adjustments from their regular granular review with nothing particularly noteworthy.

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President & CEO W. Robert Berkley, Jr. explained that a special dividend was chosen as the most efficient method for capital return in the quarter but affirmed that share repurchases remain an active tool. He characterized the modest adverse development in insurance as minor and not noteworthy.

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Principal Financial Officer Richard Baio provided the reserve development figures, stating it was $11 million unfavorable for the Insurance segment and $12 million favorable for the Reinsurance & Monoline Excess segment. He attributed the underlying loss ratio increase to business mix and the impact of outward reinsurance purchasing at the operating unit level. Executive W. Berkley commented that the Mitsui Sumitomo regulatory process is a matter for them to address, and it does not preclude W.R. Berkley from its own share repurchases.

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W. Robert Berkley, Jr. (Executive) deferred the specific reserve breakdown numbers to a follow-up call but highlighted that the company is paying close attention to auto liability and excess/umbrella lines, while workers' compensation continues to perform well. Regarding 2025 growth, he stated a belief that the organization has an opportunity to grow in the double digits, though it could range from 9% to 16%, driven by achieving rate increases in excess of exposure growth.

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CFO Richard Baio and Executive W. Berkley clarified that reserve development between segments was negligible. W. Berkley attributed the premium growth slowdown to underwriting discipline in the Auto and Excess/Umbrella lines, where the company is waiting for the market to catch up on rate adequacy. He expressed confidence in returning to the 10-15% annual growth target, citing encouraging market trends in October.

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Chairman and CEO Alan Schnitzer said the capital will be reallocated to support business growth and does not change their M&A strategy. He also stated they see no meaningful impact from Medicaid changes on workers' comp. Greg Tislowski, President of Business Insurance, added that a Medicare fee schedule change was within expectations.

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Chairman and CEO Alan Schnitzer said the remaining capital will be reallocated to support business growth and other objectives, with no change to their M&A strategy. He also stated they see no meaningful impact from Medicaid or OBB on workers' comp. Greg Tislowski, President of Business Insurance, added that a recent Medicare fee schedule change was within expectations.

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Michael Klein, President of Personal Insurance, noted no specific one-offs but reiterated that Q1 is a seasonally strong quarter for Auto and that favorable non-weather frequency benefited Home. Alan Schnitzer, Chairman and CEO, clarified the tariff impact is a one-time severity change, not a trend change, and would likely be seen in the second half of the year rather than Q2.

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CFO Dan Frey emphasized comparing Q4 to the prior Q4, not sequentially, stating the result was a clean jump-off point. CEO Alan Schnitzer noted statewide market share is a blunt tool for estimating exposure. Dan Frey confirmed the CAT treaty is an aggregate cover, meaning the fire loss will count toward the annual retention, potentially triggering recoveries from later events.

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CFO Dan Frey confirmed that Business Insurance prior year development was driven by workers' comp, with other lines having small net favorable movements. Michael Klein, President of Personal Insurance, stated that while the year-to-date auto result indicates the book is rate adequate, he reminded listeners of Q4 seasonality.

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CFO Ed Spehar clarified the mean reversion benefit was about 15 percentage points and noted other positive impacts included normalized statutory earnings and the seasonal release of the C4 capital charge for fixed business. He added that while flow reinsurance is still being considered, the current top priority is simplifying the hedging strategy for the in-force variable annuity and first-generation Shield block.

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CFO Craig Howie stated that Hamilton has ample capital for both growth and continued share repurchases, noting the $10 million buyback in Q1 was limited by a short open trading window. CEO Pina Albo confirmed the A.M. Best upgrade drove $40 million in new premium in Q1, predominantly in casualty, making the company comfortable with its previous $80 million full-year guidance. Craig Howie detailed the reserve releases, attributing them mainly to property and specialty claims settling for less than reserved, with only a minor $1 million unfavorable development in casualty. He also mentioned a favorable adjustment for Hurricane Ian (2022) reserves.

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CFO Craig Howie stated that despite a modest $10 million buyback in Q1 due to a short trading window, Hamilton has ample capital for both continued growth and share repurchases. CEO Giuseppina Albo confirmed that $40 million in new business was written in Q1 due to the upgrade, keeping them on track for their $80 million full-year target. Craig Howie added that favorable development was mainly from property and specialty claims settling below reserves and a favorable adjustment for Hurricane Ian, with only a minor unfavorable development in casualty.

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Craig Howie, Group CFO, advised using the full-year 2023 attritional loss ratio of approximately 53% as a better indicator for the International segment, noting the YTD 2024 figure is impacted by the Baltimore bridge loss. Pina Albo, Group CEO, confirmed the Q3 slowdown in International was due to underwriting discipline, particularly in cyber, but maintained expectations for double-digit growth for the full year, supported by strong performance in Hamilton Select. Craig Howie added that Bermuda growth is expected to remain strong.

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CEO Alex Timm acknowledged that Q1 growth was amplified by typical tax season seasonality and a potential pull-forward of demand due to looming tariffs. CFO Megan Binkley added that policy growth was flat quarter-to-date in Q2, in line with expectations after a large Q1 cohort. Regarding tariffs, Timm stated they expect a low- to mid-single-digit loss ratio impact, which they believe can be absorbed by current margins, but they will take rate if necessary, leveraging their agile tech platform. Binkley cautioned against extrapolating Q1 profitability, noting that loss ratios are expected to rise in Q2 and Q3 due to seasonal weather events, aligning with their long-term 60-65% target.

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CEO Alex Timm projected a low to mid-single-digit loss trend for 2025, which, combined with rate decreases, may lead to a slight, non-material increase in the loss ratio. He emphasized that the company does not manage to quarterly earnings but to lifetime customer value, and investments in growth may pressure short-term GAAP profitability. Regarding tariffs, Timm stated they are not currently predicting any impact but are prepared to react quickly using their technology platform if the environment changes.

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CEO Kevin Hogan identified the expansion of their Bermuda reinsurance strategy as a key capital management tool, noting they have ceded $14 billion to date and see further opportunities. He also mentioned that external reinsurance is evaluated based on whether it is accretive on a risk-adjusted basis. Regarding PRT, Hogan stated the pipeline remains robust, especially for full plan terminations, and he does not see current volatility significantly impacting deal timing.

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CEO Kevin Hogan explained that while the volume of policies exiting surrender charge periods will increase due to portfolio growth, the actual surrender rate will depend on market conditions. CFO Elias Habayeb confirmed the 60-65% payout ratio is the baseline for the full year and that the holdco liquidity philosophy remains unchanged, aiming to hold cash for one year of parent needs.

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CEO Kevin Hogan confirmed a strong PRT pipeline, noting a decent-sized transaction has already been secured for Q4 and the outlook for 2025 is very attractive. CFO Elias Habayeb stated that parent liquidity remains above the 12-month needs target but is expected to continue trending down over time as one-time separation expenses have concluded.

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President and CEO Kevin Hogan described the Bermuda entity as an extension of their capital management toolkit, initially ceding fixed and index annuity new sales to support robust growth and create long-term value. Regarding fixed annuities, Hogan noted that Q2 conditions were exceptionally strong due to customer demand and attractive rates. He emphasized that while such record quarters may not always repeat, the company's responsive pricing and broad distribution position them well to capitalize on supportive market conditions.

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CFO Yanela Frias confirmed the 5-8% EPS growth target is not linear and will be impacted in 2025 by headwinds from Japan surrenders and VA runoff, which are expected to dissipate over time. She clarified that the 65% of net income figure is a free cash flow target, not a direct capital return policy, and is measured over time due to the lumpiness of cash flows.

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CFO Yanela Frias confirmed that growth will not be linear, with near-term headwinds from new business strain and runoff blocks suggesting an upward trajectory over the three-year period. Vice Chairman Rob Falzon affirmed that Prudential has an active pipeline for multiple future reinsurance transactions for Prismic in Japan, covering balance sheet optimization, flow solutions, and third-party blocks.

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Andy Sullivan, Head of International Businesses and PGIM, explained that PGIM's institutional flows are variable due to derisking by large, overfunded pension clients, but noted flows were positive year-to-date. He added that retail flows have improved significantly and are poised to accelerate. Caroline Feeney, Head of U.S. Businesses, stated the Group Insurance strength was core, driven by favorable mortality, claims management, and diversification. She projected the full-year benefit ratio would be at the lower end of the 83% to 87% target range.

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Thomas Wilson (executive) responded that it was impossible to determine if there was a pull-forward effect on policy growth. Regarding tariffs, he stated Allstate will manage through the impact just as it did with pandemic-related inflation. While the exact impact is unknown, costs are likely to rise, and the company will raise prices if necessary to protect its thin margins, while also leveraging tort reform and cost-cutting initiatives.

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CEO Richard McKenney stated that capital deployment priorities include growth and dividends, and that share repurchases will be managed 'dynamically,' with capacity to do more if warranted. On sales, executives Chris Pyne, Tim Arnold, and Mark Till detailed a strong pipeline for group sales, robust growth in voluntary benefits, and positive trends in international markets, supporting the full-year outlook.

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CEO Rick McKenney stated the wide $500M to $1B buyback range provides flexibility for potential M&A—focused on capabilities, distribution, and international growth—and allows for dynamic capital return, as demonstrated in 2024. CFO Steven Zabel addressed voluntary benefits, acknowledging Q4 volatility but describing it as transitory and not systemic. He affirmed confidence in the segment's earnings power, guiding to a normalized level of around $121 million per quarter in 2025.

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CEO Rick McKenney described the share repurchase plan as 'dynamic,' allowing flexibility for opportunities like M&A, which would focus on capabilities, distribution, or international growth. CFO Steve Zabel addressed the voluntary benefits results, characterizing the Q4 weakness as non-systemic volatility and stating that quarterly earnings of around $121 million are a reasonable expectation for 2025.

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CFO Steven Zabel attributed the strong Group Life results to favorable incidence trends, which can be volatile. He stated that a 70% benefit ratio remains a decent planning metric for Q4 2024 but deferred providing specific 2025 guidance until the company's Investor Day, noting the block's inherent volatility.

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President and CEO John Doyle and Guy Carpenter CEO Dean Klisura attributed the 5% growth, which followed a strong 8% comp, to headwinds from property cat pricing, but highlighted strong new business, record cat bond issuance, and growth in advisory services. Regarding McGriff, Doyle declined to disclose specific revenue but noted a strong start, while CFO Mark McGivney confirmed Q1 is seasonally the smallest quarter, with Q2 and Q4 being the largest.

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CEO John Doyle expressed satisfaction with the full-year 80 basis point margin expansion, attributing the Q4 result to factors like FX and M&A activity, not a disappointment. He affirmed the outlook for margin expansion in 2025. CFO Mark McGivney added that free cash flow can be volatile but has doubled since 2019 and should track earnings growth over the long term, noting the strong 28% growth in the prior year.

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President and CEO John Doyle expressed enthusiasm for the McGriff deal but declined to provide specific financial projections beyond stating it would be 'modestly accretive' in year one. He noted that while capital markets activity is improving, it's from a low base. Martin South, CEO of Marsh, added that the U.S. and Canada saw 6% growth, with double-digit growth in capital markets and M&A products, driven by strong performance from MMA and Vector.

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CFO Peter Enns estimated the backward-looking excess capital drag at around 2% on ROE and 6% on ROCE. He confirmed the tax guidance is based on current law for 2025-26, with long-term uncertainty remaining. CEO Evan G. Greenberg stated that as losses emerge and renormalize in financial lines, it will serve as an 'ameliorating factor' on competition.

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Chairman and CEO Evan G. Greenberg declined to provide a detailed breakdown of reserve movements. CFO Peter Enns guided for Q4 recurring investment income to be at the high end of the previous H2 guidance. He deferred any commentary on the 2025 tax rate until the Q4 earnings release, citing ongoing uncertainty.

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CFO Chris Neczypor explained that the annual assumption review was a rigorous process and key assumptions for the life business, including mortality and policyholder behavior, are now in line with experience. Regarding capital return, he reiterated that deleveraging and repaying preferred stock remain priorities, with no new timeline provided for share repurchases.

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Executive Christopher Littlefield expressed confidence in hitting the $3 billion PRT sales target for the year at attractive returns and expects to grow sales in 2025. On fee compression, he explained that strong market performance is the primary driver, pressuring the rate by an extra 0.5-1 bp. However, he still expects to end the year within the guided 2-3 bps of compression on a trailing 12-month basis.

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