Slide 1: Second Quarter 2024 Results
SECOND QUARTER 2024 RESULTS AUGUST 7, 2024
Slide 2: Safe harbor statement and non-GAAP measures
Safe harbor statement and non-GAAP measures This presentation may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securitie
Slide 3: Financial highlights
Financial highlights Consolidated financial results ▪ Net written premium growth continued with Q2 +9% to prior year ▪ GAAP combined ratio of 105.6%, improved 27.4 points compared to the second quarter of 2023 ▪ Underlying combined ratio of 94.4% improved 4.8 points from prior year ▪ Q2 catastrophe
Slide 4: P&C trends
P&C trends Premium trend ($M) ▪ Second quarter net written premium growth supported by Core Commercial Net Written Premium Net Earned Premium and Alternative Distribution ▪ Total combined ratio improved vs. prior year with stable reserving and $330,000 $321 $326 $280,000 $299 decreased catastrophe a
Slide 5: P&C portfolio production
P&C portfolio production Core Commercial Net written premium ($M) Alternative Distribution Specialty Surety ▪ Core Commercial net written premium growth supported by average renewal premium increases of 12.3% with retention and new business levels $350,000 $321 $326 reflecting ongoing focus on profi
Slide 6: Core commercial lines production detail
Core commercial lines production detail New business & premium retention trend New Business ($M) Premium Retention ▪ Core Commercial retention and new business reflect continued focus on $80 84% 88% 82% 81% profitability 79% 80% 80% 83% $60 78% ▪ Total Q2 renewal premium change accelerated to 12.3%
Slide 7: Investment portfolio
Investment portfolio Investment portfolio composition & quality Portfolio Composition Fixed Maturity Credit Rating ▪ Q2 invested assets of $1.9B, with 93% of invested assets in fixed Other & Long- Rating % of Portfolio income securities Term AAA 43% Partnerships 7% AA 21% ▪ High-quality portfolio wi
Slide 8: Investment income
Investment income Results ▪ Q2 net investment income increased +59% vs. prior year as fixed maturity income continues to grow ▪ Q2 fixed maturity income increased 19% from prior year, supported by ongoing reinvestment and targeted repositioning actions that generated small amount of realized losses