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Rob Berkley, President and CEO, acknowledged dramatic rate increases and shifted attachment points in the property market. He expects further softening at 1/1 given recent performance and stated the company will adjust its posture from offensive to defensive based on its assessment of market margins.

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Rob Berkley (President and CEO) stated that the outcome depends on the 'feeding frenzy' at 1.1% and market aggression. He expects further softening at 1.1% given past performance, and the company will adjust its posture from offensive to defensive based on its assessment of margin.

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President & CEO W. Robert Berkley, Jr. stated the fixed income portfolio is well-positioned and duration might be extended further if the yield curve steepens. On property, he said rates are still in a good place, but the company is being highly selective and will walk away from business if pricing becomes inadequate.

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President & CEO W. Robert Berkley, Jr. indicated the fixed income portfolio is well-positioned, with the potential to extend duration if the yield curve steepens. He described the large account property market as increasingly competitive, stating that while pricing is still generally adequate, the company is highly selective and prepared to walk away from underpriced risk.

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Principal Financial Officer Richard Baio and Executive W. Berkley confirmed that ceding commissions from quota shares can affect the expense ratio, but it was a less significant factor in the current quarter. W. Berkley added that growth in other insurance lines is a combination of achieving necessary rate increases in areas like auto, while also growing through new exposures where market conditions and rate adequacy are favorable.

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Executive VP & CFO Edward Spehar stated that an outlook for future results is unlikely to be provided in 2025, as the company needs to first complete its ongoing strategic initiatives. Regarding mortality, Spehar noted that claim severity was about 18% higher than normal, with the impact being roughly two-thirds in the Life segment and one-third in the Run-off segment, reiterating that mortality fluctuates quarterly.

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Lyndon Oliver, Regional President - Asia, noted that lower surrenders created a short-term earnings headwind but are now back in line with expectations, and higher yen rates are a net positive, improving the economics of yen-denominated products. Ramy Tadros, Regional President - U.S. Business, described MetLife's FABN program as well-established and views the overall market growth as a net positive that attracts more investors and solidifies the asset class.

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Lyndon Oliver, Regional President - Asia, noted that lower surrenders in Japan create a short-term earnings headwind but are a long-term positive for AUM growth, and that higher yen interest rates are a net positive for the business. Ramy Tadros, Regional President - U.S. Business, described the FABN program as well-established and stable, welcoming overall market growth as it attracts more investors and solidifies the asset class.

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EVP & CFO Michael Katz confirmed the ~$50 million investment in leave management capabilities is on track, with spending modestly weighted to the second half of 2025. CEO - Workplace Solutions Jay Kaduson added that the market response is positive, with cases already sold for a 1/1/2026 launch. On M&A, CEO & Director Heather Lavallee stated that Voya will be opportunistic but disciplined regarding retirement roll-ups, maintaining a high bar for capital deployment.

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CFO Max Brodén stated that Aflac expects the USP adjustment to be approved by March 31, 2026, and that full internal model approval is likely some time away. On savings products, Brodén noted that higher long-term yen yields are beneficial and create a competitive advantage. An Aflac Japan executive added that while market volatility may increase demand for stable products like Sumitas, it also increases competition.

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An unnamed executive explained the USP adds about 30 points to the ESR and is expected to be approved by March 31, 2026, while full internal model approval is some time away. The executive also noted that higher long-end yen yields are beneficial for their long-duration savings products. Masatoshi Kuide of Aflac Japan added that while market volatility may increase interest in stable products like Sumitas, it could also increase competition, and they are prepared to revise premium rates in an agile manner.

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President & CEO Tony Cheng acknowledged a recent market lull but expressed optimism, citing 'green shoots' in RGA's jumbo PRT pipeline. EVP & CFO Axel André clarified that the deployable capital is real and available to be put to work directly from excess capital held in their legal entities without requiring additional steps.

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CFO Axel André clarified that LDTI isn't the main driver, but reinsurance accounting smooths claims. CEO Tony Cheng emphasized RGA's discipline and criteria for LTC, including strategic partners and risk tolerance.

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CFO Chris Nezepore explained the GAAP remeasurement gain is an expected result of favorable disability trends tracking better than long-term reserve assumptions. For RPS, CEO Ellen Cooper highlighted a 50% YoY increase in first-year sales, driven by a new stable value product, and confirmed a healthy sales pipeline for H2. Nezepore added that while stable value outflows have been a headwind, they moderated in the quarter, and the business continues to show underlying growth and expense discipline.

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CEO Nicolas Papadopoulo stated that Arch has not seen a material comeback of aggregate treaties. He noted that while the company has always written a very small portion of this business, its teams have not seen or supported a significant return of these structures in the market.

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The LTC risk transfer market has seen increased interest following recent transactions, but deals remain complex. The NPR movement reflects experience across both capped and uncapped cohorts; unfavorable experience in capped cohorts impacts earnings directly, while in other cohorts it also increases the NPR as some of the impact is buffered by the reserve.

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CFO Paul McDonough addressed repricing, stating that due to a modest uptick in claims, the company is submitting rate filings with an average requested increase in the 10% range, effective in Q1 of the following year. CEO Gary Bhojwani handled the competition question, acknowledging intense competition in the broader annuity market but emphasizing that CNO's focus on the middle-income segment, with smaller average policy sizes, insulates it from the most aggressive competitors.

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CFO Paul McDonough stated that in response to a modest rise in claims, the company is filing for average rate increases of around 10% for its Medicare Supplement products, effective in Q1 of next year. CEO Gary Bhojwani addressed competition, noting that while the broader annuity market is competitive, most players target high-net-worth clients, leaving CNO's middle-market niche less contested.

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CFO Paul McDonough stated that in response to a modest rise in claims, the company is pursuing average rate increases of around 10% for its Medicare Supplement products, effective in Q1 of the next year. CEO Gary Bhojwani addressed annuity competition, acknowledging it is intense but clarifying that CNO operates in the underserved middle-income market, which is not the primary focus of most competitors, including private equity-backed firms.

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CFO Paul McDonough responded that due to a modest uptick in Medicare Supplement claims, the company is filing for average rate increases in the 10% range, which would be effective in Q1 2026. CEO Gary Bhojwani addressed annuity competition, acknowledging it is intense overall but stating that CNO faces less direct competition as it focuses on the middle-income market with smaller average account sizes, a segment not typically targeted by asset managers.

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Kamal Bhatia, President & CEO of Principal Asset Management, stated that Q2 performance fees were driven by alternative debt strategies, diversifying from historical real estate equity drivers, and affirmed the full-year outlook is similar to 2024. Christopher Littlefield, President of Retirement & Income Solutions, confirmed the new target date product was launched but said it is in the 'very early innings' of client adoption.

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Chairman & CEO Christopher Swift and Head of Employee Benefits Mike Fish clarified they would not sacrifice margin for growth, as they price products with a long-term 6-7% margin view. On tariffs, Swift stated he feels more optimistic, believing any 2025 impact can be absorbed within current loss picks, especially given recent agreements with Japan and Europe.

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Co-Chairman & Co-CEO J. Matthew Darden explained that the technology investments improve data utilization for automated underwriting, which increases the conversion rate of inquiries to policies. This improved ROI allows for increased marketing spend. Co-Chairman & Co-CEO Frank Svoboda clarified that this marketing spend is treated as a deferred acquisition cost, not a corporate or admin expense.

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Co-Chairman & Co-CEO J. Matthew Darden explained that the technology improves data utilization in underwriting, increasing the efficiency of converting digital leads into policies. This improved conversion ROI allows for increased marketing spend, which benefits both the DTC and agency channels. Co-Chairman & Co-CEO Frank Svoboda clarified that this marketing spend is treated as a deferrable acquisition cost, not an administrative expense.

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Co-Chairman & Co-CEO J. Matthew Darden explained that technology investments improved the data-driven underwriting process, allowing for more efficient policy issuance without follow-up calls, which increases lead conversion. This improved ROI allows for expanded marketing spend. He noted that up to 80% of this business now comes through digital channels. Co-Chairman & Co-CEO Frank Svoboda clarified that the increased marketing spend is treated as an acquisition cost and does not flow through corporate or admin expenses.

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President & CEO Kevin O'Donnell explained that the growth in Florida brought the company's Southeast wind market share, as a percentage of equity, back to pre-Validus acquisition levels. He also opined that given higher reinsurance attachment points, an industry loss would likely need to be larger than events like Hurricanes Helene or Milton to significantly move market pricing.

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Greg Tislowski, President of Business Insurance, attributed the strong growth to a combination of strong rate, exposure change, near-historically high retention, and active underwriters, without providing a forward-looking forecast. CEO Alan Schnitzer stated that while social inflation is seen across the entire book, it is probably more pronounced in larger business with higher limits.

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Greg Tislowski, President of Business Insurance, attributed the strong middle market growth to a combination of strong pricing, high retention, and record new business, without providing a forward-looking forecast. CEO Alan Schnitzer commented that while social inflation is seen across the entire book, it is likely more pronounced in larger business with higher limits.

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Greg Tislowski, President of Business Insurance, attributed the strong middle market growth to a combination of strong rate, exposure change, near-record retention, and active underwriters. Chairman and CEO Alan Schnitzer noted that while social inflation is likely more pronounced in larger business with higher limits, it is a factor seen across the entire book.

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