Earnings Releases·Nov 3, 2026, 4:29 PM ET

Glossary of Selected Terms — Q3 2026 Earnings Summary

The document defines non-GAAP financial measures and operating statistics used by management to evaluate performance, excluding items such as net investment gains/losses, reserve remeasurements, goodwill impairments, and other non-recurring or infrequent items.
Specific metrics including "Adjusted book value per share," "Tangible book value per share," and "Core earnings (loss)" are calculated by removing after-tax impacts of unrealized investment gains, reserve remeasurements, and legacy commercial exposures.
Property & Casualty and Supplemental & Group Benefits segments utilize distinct operating statistics, such as underlying loss ratios and benefits ratios, which exclude catastrophes and reserve development to assess core performance.
Sales data serves as a leading indicator of future revenue and agency productivity, with measurement methodologies varying by segment to reflect premiums collected over 12 months or annualized expected premiums.
A "catastrophe" is strictly defined as a severe loss event causing $25 million or more in insured property and casualty losses for the industry, affecting a significant number of insurers.