Watch on earnings:Combined ratio (loss ratio + expense ratio) - target below 95%, current likely 88-92% in hard marketGross written premium growth and retention rates - indicates market share gains and pricing environmentNet investment income and book value per share growth - measures total return including underwriting profit and investment returnsReturn on equity (ROE) - target 15%+ through cycle, current 17.6% reflects strong market conditionsReserve adequacy and prior year development - favorable development signals conservative reserving
Key metrics:GS10 (10-Year Treasury Yield) - primary driver of investment income on $4-5B float, target yields above 4% for strong total returns · BAMLH0A0HYM2 (High Yield Credit Spreads) - widening above 500bp signals credit stress affecting investment portfolio and economic conditions · Property catastrophe reinsurance rate-on-line at January 1 renewals - industry benchmark for pricing power, target +10% or higher for margin expansion · PCS catastrophe loss estimates - industry insured losses from hurricanes, wildfires, convective storms drive reserve charges
⚠ Reserve adequacy risk - if loss reserves prove inadequate (adverse development), requires strengthening that reduces earnings and book value. Casualty lines have long-tail development patterns creating uncertainty.
Metric
Nov 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
798
1,076↑34.9%
795↓26.2%
996↑25.4%
1,172↑17.6%
Total Current Assets
2,522
2,868↑13.7%
0
3,864
1,172↓69.7%
Total Assets
5,612
5,819↑3.7%
6,671↑14.6%
7,796↑16.9%
9,572↑22.8%
Total Current Liabilities
0
382
0
447
6,600↑1377.6%
Total Liabilities
3,824
4,155↑8.6%
4,623↑11.3%
5,467↑18.3%
6,749↑23.5%
Total Equity
1,787
1,664↓6.9%
2,048↑23.1%
2,329↑13.7%
2,822↑21.2%
Total Debt
150
150↓0.1%
150↑0.1%
150↑0.1%
150↓0.1%
Net Debt
-648
-927↓43.0%
-645↑30.4%
-847↓31.3%
-1,022↓20.8%
Cash Flow Statement
Metric
Nov 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
227
191↓15.7%
283↑48.3%
759↑168.2%
842↑10.9%
Capital Expenditure
0
0
0
0
0
Free Cash Flow
227
191↓15.7%
283↑48.3%
759↑168.2%
842↑10.9%
Stock-Based Comp
9
11↑21.4%
44↑311.5%
30↓31.5%
29↓3.7%
Net Change in Cash
295
243↓17.6%
-306↓226.0%
200↑165.3%
71↓64.4%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down