10-K 0000086312-26-000065 (2026-02-12) vs 10-K 0000086312-25-000012 (2025-02-13)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 11,986 |
9.5% |
| MD&A | Item 7 | 30,778 |
11.2% |
| Legal Proceedings | Item 3, via Note 17 – CONTINGENCIES, COMMITMENTS AND GUARANTEES | 653 |
1.6% |
| Accounting Policies | Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6,012 |
4.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 216 words changed in this paragraph; it is 53% similar to last year's version.
If If, as a result of a cyber-attack (the risk of which could be exacerbated by geopolitical tensions) or otherwise, we experience difficulties with technology, data and network security (including as a result of cyber attacks), security, outsourcing relationships or cloud-based technology, our ability to conduct our business could be negatively impacted. A shut-down of, or inability to access, one or more of our facilities (including our primary data processing facility); a power outage; or a failure of one or more of our systems could significantly impair our ability to perform necessary business functions on a timely basis. In the event of a computer virus cyber-attack, malware or natural or other disaster, our systems could be inaccessible for an extended period of time, including as a result of hostile actions taken by cyber criminals, nation-states or terrorist organizations. In addition, because our systems increasingly interface with and depend on third-party systems, including cloud-based, cloud-based systems, we could experience service denials or failures of controls if demand for our service exceeds capacity or a third-party system fails or experiences an interruption. Business interruptions and failures of controls could also result if our internal systems do not interface with each other as intended or if changes to such systems or our other business processes, such as new payment technologies, are not effectively implemented. Business continuity can also be disrupted by an event, such as a pandemic, that renders large numbers of a workforce unable to work as needed, particularly at critical locations. If our business continuity plans do not sufficiently address a business interruption, system failure or service denial, this could result in a deterioration of our ability to write and process new and renewal business, provide customer service, pay claims in a timely manner or perform other necessary business functions. In addition, should internet disruptions occur, or frustration with our business platforms or distribution initiatives develop among our independent agents and brokers, any resulting loss of business could materially and adversely affect our future business volume and results of operations.
Source: Item 1A, 10-K 0000086312-26-000065 vs Item 1A, 10-K 0000086312-25-000012
MD&A 191 words changed in this paragraph; it is 74% similar to last year's version.
Losses Incurred / Unfavorable (Favorable) Estimated Ultimate Losses at as of Prior Year Reserve Development for the Year Ended December 31, December 31, (in millions, pre-tax and net of reinsurance)(1) reinsurance) 2025 2024 2023 2022 2025 2024 2023 2022 2022 PCS Serial Number: 33 — Severe wind and hail storms (4) 1 137 134 138 137 35 — Severe wind and hail storms (3) — 184 181 184 184 43 — Severe wind and hail storms 1 (6) 122 117 116 122 61 — Hurricane Ian (1) (76) 227 150 151 227 73 — Winter storm 11 158 512 681 670 512 2023 PCS Serial Number: 25 — Severe wind and hail storms (5) (6) 153 n/a 142 147 153 n/a 32 — Severe wind and hail storms (6) (5) 140 n/a 129 135 140 n/a 33 — Severe wind and hail storms (2) (10) 199 n/a 187 189 199 n/a 35 — Severe wind and hail storms 11 — 140 n/a 151 140 140 n/a 38 — Severe wind and hail storms 3 3 110 n/a 116 113 110 n/a 42 — Severe wind and hail storms — 4 133 n/a 137 137 133 n/a 48 — Severe wind and hail storms 3 (6) 150 n/a 147 144 150 n/a 49 — Severe wind and hail storms (6) 2 133 n/a 129 135 133 n/a 51 — Severe wind and hail storms 8 (34) 265 n/a 239 231 265 n/a 63 — Severe wind and hail storms — 5 125 n/a 130 130 125 n/a 75 — Severe wind and hail storms (2) (17) 190 n/a 171 173 190 n/a 2024 PCS Serial Number: 26 — Severe wind and hail storms (10) 261 n/a 251 261 n/a 261 39 — Severe wind and hail storms (7) 250 n/a 243 250 n/a 42 — Severe wind and hail storms (12) 161 n/a 149 161 n/a 44 — Severe wind and hail storms (1) 171 n/a 170 171 n/a 45 — Severe wind and hail storms 15 159 n/a 174 159 n/a 46 — Severe wind and hail storms 9 182 n/a 191 182 n/a 61 — Severe wind and hail storms (17) 144 n/a 127 144 n/a 77 — Hurricane Helene (68) 733 n/a 665 733 n/a 2025 11 — California wildfire – Palisades fire 1,344 n/a n/a 1,344 n/a n/a 12 — California wildfire – Eaton fire 377 n/a n/a 377 n/a n/a 24 — Severe wind and hail storms 337 n/a n/a 337 n/a n/a 29 — Severe wind and hail storms 137 n/a n/a 137 n/a n/a 37 — Severe wind and hail storms 227 n/a n/a 227 n/a n/a 39 — Severe wind and hail storms 250 101 n/a n/a 250 101 n/a n/a 42 43 — Severe wind and hail storms 161 97 n/a n/a 161 n/a n/a 44 — Severe wind and hail storms 171 n/a n/a 171 97 n/a n/a 45 — Severe wind and hail storms 159 107 n/a n/a 159 107 n/a n/a 46 — Severe wind and hail storms 182 n/a n/a 182 n/a n/a 61 — Severe wind and hail storms 144 n/a n/a 144 n/a n/a 77 — Hurricane Helene 733 n/a n/a 733 n/a n/a
Source: Item 7, 10-K 0000086312-26-000065 vs Item 7, 10-K 0000086312-25-000012
Accounting Policies 34 words changed in this paragraph; it is 70% similar to last year's version.
Intangible assets that are deemed to have a finite useful life are amortized over their useful lives. The carrying amount of intangible assets with a finite useful life is regularly reviewed for indicators of impairment in value. Impairment is recognized only if the carrying amount of the intangible asset is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the fair value of the asset.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000086312-26-000065 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000086312-25-000012
Legal Proceedings 12 words changed in this paragraph; it is 97% similar to last year's version.
In the ordinary course of its insurance business, the Company has received and continues to receive claims for insurance arising under policies issued by the Company asserting alleged injuries and damages from asbestos- and environmental-related asbestos--related exposures that are the subject of related coverage litigation. The Company is defending asbestos- and environmental-related asbestos-related litigation vigorously and believes that it has meritorious defenses; however, the outcomes of these disputes are uncertain. In this regard, the Company employs dedicated specialists and comprehensive resolution strategies to manage asbestos and environmental loss exposure, including settling litigation under appropriate circumstances. Currently, it is not possible to predict legal outcomes and their impact on future loss development for claims and litigation relating to asbestos and environmental claims. Any such development could be affected by future court decisions and interpretations, as well as future changes, if any, in applicable legislation. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s current insurance reserves. In addition, the Company’s estimate of ultimate claims and claim adjustment expenses may change. These additional liabilities or changes in estimates, or a range of either, cannot now be reasonably estimated and could result in income statement charges that could be material to the Company’s results of operations in future periods.
Source: Item 3, via Note 17 – CONTINGENCIES, COMMITMENTS AND GUARANTEES, 10-K 0000086312-26-000065 vs Item 3, via Note 17 – CONTINGENCIES, COMMITMENTS AND GUARANTEES, 10-K 0000086312-25-000012
Every change, by type
Sentences and paragraphs of TRV's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
during extreme events, such as a pandemic, or during volatile or uncertain economic conditions, due to unexpected changes in behavior of claimants and policyholders, including an increase in fraudulent reporting of exposures and/or losses, reduced maintenance of insured properties, increased frequency of small claims or delays in the reporting or adjudication of claims.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
We are exposed to, and may face adverse developments involving, mass tort claims such as those relating to exposure to potentially harmful products or substances. We face exposure to mass tort claims, including claims related to exposure to
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
result in substantial liability and could have a significant and negative effect not only on our business in that market but also on our reputation generally.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
Any inability to enforce our intellectual property rights could have a material adverse effect on our business and our ability to compete.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedRisk Factors
We also continue to receive claims from policyholders who allege that they are liable for injury or damage arising out of their alleged disposition of toxic substances. Liability for investigation and cleanup of environmental contamination and for some related losses under federal laws, such as the Comprehensive Environmental Response, Compensation and Liability Act, and under similar state laws, may be imposed on certain parties even if they did not cause the release or threatened release of hazardous substances and may be joint and several with other responsible parties.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
•claims arising out of modern techniques and practices used in connection with the extraction of natural resources, such as hydraulic fracturing or wastewater injection;
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedRisk Factors
These variables can be affected by both internal and external events, such as: changes in claims handling procedures, including automation; adverse changes in loss cost trends, including inflationary pressures, technology or other changes that may impact medical, auto and home repair costs (e.g., more costly technology in vehicles, labor shortages, supply chain disruptions, higher costs of used vehicles and parts, and increased demand and decreased supply for raw materials, all of which result in increased severity of claims); economic conditions, including general and wage inflation; legal trends, including adverse changes in the tort environment that have continued to persist at elevated levels for a number of years (e.g., increased and more aggressive attorney involvement in insurance claims, increased litigation, expanded theories of liability, higher jury awards, lawsuit abuse and third-party litigation finance, among others); companies hiring less experienced workers, which can increase claims; higher interest rates, which can result in higher post-judgment interest costs; and legislative changes, among others.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
If If, as a result of a cyber-attack (the risk of which could be exacerbated by geopolitical tensions) or otherwise, we experience difficulties with technology, data and network security (including as a result of cyber attacks), security, outsourcing relationships or cloud-based technology, our ability to conduct our business could be negatively impacted.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
In addition, because our systems increasingly interface with and depend on third-party systems, including cloud-based, cloud-based systems, we could experience service denials or failures of controls if demand for our service exceeds capacity or a third-party system fails or experiences an interruption.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Similarly, the potential for losses from a cyber event can be magnified to the extent that the event impacts geographies, platforms, systems or vulnerabilities shared by a large number of policyholders, such as cloud-based software platforms. platforms, or in the event threat actors continue to expand their use of new and developing technologies, including artificial intelligence.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Our investment portfolio includes: residential mortgage-backed securities; collateralized mortgage obligations; pass-through securities and asset-backed securities collateralized by sub-prime mortgages; commercial mortgage-backed securities; and wholly-owned real estate and real estate partnerships, all of which could be adversely impacted by declines in real estate valuations, including as a result of changes in the use of commercial office and retail space since the COVID-19 pandemic. valuations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The risk of cyber attacks cyber-attacks could be exacerbated by geopolitical tensions, including hostile actions taken by cyber criminals, nation-states or terrorist organizations. organizations, and the increased use of artificial intelligence by threat actors to perpetrate these attacks.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
States have from time to time passed legislation, and regulators have taken action, that have the effect of limiting the ability of insurers to manage catastrophe risk, such as by restricting insurers from reducing exposures or withdrawing from catastrophe-prone areas areas, limiting insurers’ ability to increase prices, requiring price reductions or discounts or mandating that insurers participate in residual markets.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The sophistication of these threats continues to increase, including because of the rapid evolution of artificial intelligence, and the preventative actions we take to reduce the risk of cyber incidents cyber-attacks and protect our systems and information may be insufficient.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
These regulatory systems also address authorization for lines of business, statutory capital and surplus requirements, limitations on the types and amounts of certain investments, underwriting limitations, transactions with affiliates, dividend limitations, changes in control, premium rates and a variety of other financial and non-financial components of an insurer’s business including, recently, cyber-security. cyber-security and the use of artificial intelligence and models.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The intense competition that we face, including with respect to attracting and retaining employees, and the impact of innovation, technological change change, including with respect to artificial intelligence, and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and our profitability.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Well-capitalized new entrants to the property and casualty insurance and reinsurance industries industries, including entities backed by private equity, and existing competitors that receive substantial infusions of capital may conduct business in ways that adversely impact our business volumes and profitability.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Similarly, comparative rating technology has impacted competition in personal lines and is now being used to access comparative rates for small commercial business as well, and that trend is likely to continue and may accelerate.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
In addition, the Covered Agreements between the U.S. and each of the EU and U.K. eliminate the requirement for European and U.K. reinsurers operating in the U.S. to provide collateral, which could make have made it more difficult for U.S. companies, including us, to obtain collateral from European and U.K. reinsurers.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On May 27, 2025, the Company entered into an agreement to sell its Canadian personal insurance business and the majority of its Canadian commercial insurance business to Definity Financial Corporation for approximately US$2.4 billion. The assets and liabilities of the Canadian personal insurance business and the majority of its Canadian commercial insurance business have been classified as held for sale in the consolidated balance sheet as of December 31, 2025. The Company retained its surety business in Canada. The sale closed on January 2, 2026. See note 1 of the notes to the consolidated financial statements.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
negotiations often involve a large number of claimants and other parties and require court approval to be effective. As part of its continuing analysis of asbestos reserves, the Company continues to study the implications of these and other developments.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The Company’s fixed maturity investment portfolio as of December 31, 2025 and 2024 included $13.23 billion and $12.61 billion, respectively, of residential mortgage-backed securities, including pass-through-securities and collateralized mortgage
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
2025. On July 24, 2025, the Company issued a total of $1.25 billion of debt in two tranches:
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•$500 million aggregate principal amount of 5.05% senior notes that will mature on July 24, 2035 (the “2035 notes”), and
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•$750 million aggregate principal amount of 5.70% senior notes that will mature on July 24, 2055 (the “2055 notes” and together with the 2035 notes, the “senior notes”).
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The net proceeds of the issuance, after deducting the underwriting discount and expenses payable by the Company, totaled approximately $1.23 billion. Interest on the senior notes is payable semi-annually in arrears on January 24 and July 24.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
adjustment expenses for such products. The most extreme example of claim liabilities with long reporting lags are asbestos claims.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
This type of assessment requires considerable judgment. It is frequently not possible to determine whether a change in the data is an anomaly until sometime after the event. Even if a change is determined to be permanent, it is not always possible to
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
evaluates and monitors the financial condition of its reinsurers under voluntary reinsurance arrangements to minimize its exposure to significant losses from reinsurer insolvencies.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedMD&A
reserves upon occurrence. A catastrophe may also result in the payment of reinsurance reinstatement premiums and assessments from various pools and associations.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
(1) Amounts are reported pre-tax and net of recoveries under all applicable reinsurance treaties, except for the Company’s 2022 Underlying Property Aggregate Catastrophe Excess-of-Loss Treaties. That treaty covered the accumulation of certain property losses arising from one or multiple occurrences (both catastrophe and non-catastrophe events) for the period January 1, 2022 through and including December 31, 2022. As a result, the benefit from that treaty is not included in the table above as the allocation of the treaty’s benefit to each identified catastrophe changes each time there are additional events or changes in estimated losses from any covered event.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
trends and (iv) higher catastrophe losses, partially offset by (v) the comparison to an elevated level of losses in 2023 from both a small number of surety accounts and loss activity related to the disruption in the banking sector.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
The Company has received and continues to receive claims from policyholders who allege that they are liable for injury or damage arising out of the alleged storage, emissions or disposal of toxic substances, frequently under policies issued prior to the mid-1980s. These claims are mainly brought pursuant to various state or federal statutes that require a liable party to undertake or pay for environmental remediation. For example, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) enables private parties as well as federal and state governments to take action with respect to releases and threatened releases of hazardous substances. This federal statute permits the recovery of response costs from some liable parties and may require liable parties to undertake their own remedial action. Liability under these statutes may be joint and several with other responsible parties. The Company has also been, and continues to be, involved in litigation involving insurance coverage issues pertaining to environmental claims. The Company believes that some court decisions pertaining to environmental claims have interpreted the insurance coverage to be broader than the original intent of the insurers and policyholders. For more information regarding environmental claims and litigation, see note 8 of the notes to the consolidated financial statements.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
In 2024, 2023 and 2022, the Company increased its net environmental reserves by $78 million, $93 million and $132 million, respectively. Net environmental paid loss and loss adjustment expenses in 2024, 2023 and 2022 were $80 million, $82 million and $82 million, respectively. Net environmental reserves were $380 million, $382 million and $371 million at December 31, 2024, 2023 and 2022, respectively.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
•the continued application of more stringent cleanup standards on existing and emerging contaminants;
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
The following table shows the Company’s Eurozone exposure at December 31, 2024 to all debt securities issued by foreign governments, financial companies, sovereign corporations (including sovereign banks) whose securities are backed by the
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
respective country’s government and all other corporate securities (comprised of industrial corporations and utility companies) which could be affected if economic conditions deteriorated due to a prolonged recession:
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
Corporate Securities Debt Securities Issued Financial Sovereign Corporates All Other by Foreign Governments (at December 31, 2024, in millions) Carrying Weighted Average Carrying Weighted Average Carrying Weighted Average Carrying Weighted Average Value Credit Value Credit Value Credit Value Credit Quality (1) Quality (1) Quality (1) Quality (1) Eurozone Periphery Spain $ — — $ 58 Aa3 $ — — $ 3 Baa3 Ireland — — — — — — 176 Baa2 Italy — — — — — — — — Greece — — — — — — — — Portugal — — — — — — — — Subtotal — 58 — 179 Eurozone Non-Periphery Germany 12 Aaa — — 624 Aaa/Aa1 653 A2 France — — — — — — 356 A2 Netherlands — — 140 A1 81 Aaa 257 A2 Finland — — 86 Aa3 — — — — Belgium — — — — 19 Aa1 120 A3 Austria — — — — 64 Aa2 — — Subtotal 12 226 788 1,386 Total $ 12 $ 284 $ 788 $ 1,565
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
In addition to fixed maturities noted in the foregoing table, the Company has exposure totaling $279 million to private equity limited partnerships and real estate partnerships (both of which are included in other investments in the Company’s consolidated balance sheet) whose primary investing focus is across Europe. The Company has unfunded commitments totaling $168 million to these partnerships.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
Percentage of Common Equity (2) Likelihood of Exceedance Single U.S. and Single U.S. and Canadian Canadian Hurricane Earthquake 2.0% (1-in-50) 6% 2% 1.0% (1-in-100) 8% 4% 0.4% (1-in-250) 12% 6% 0.1% (1-in-1,000) 29% 10%
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
Beginning in early January 2025, there were a series of severe wildfires that impacted the Pacific Palisades neighborhood and Eaton Canyon area in Southern California. The Company’s preliminary pre-tax estimate of catastrophe losses from these wildfires, including assessments from the California FAIR Plan, and net of estimated recoveries from reinsurance, is $1.7 billion. The catastrophe losses from these wildfires will be reflected in the Company’s first quarter 2025 earnings.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedMD&A
Losses Incurred / Unfavorable (Favorable) Estimated Ultimate Losses at as of Prior Year Reserve Development for the Year Ended December 31, December 31, (in millions, pre-tax and net of reinsurance)(1) reinsurance) 2025 2024 2023 2022 2025 2024 2023 2022 2022 PCS Serial Number: 33 — Severe wind and hail storms (4) 1 137 134 138 137 35 — Severe wind and hail storms (3) — 184 181 184 184 43 — Severe wind and hail storms 1 (6) 122 117 116 122 61 — Hurricane Ian (1) (76) 227 150 151 227 73 — Winter storm 11 158 512 681 670 512 2023 PCS Serial Number: 25 — Severe wind and hail storms (5) (6) 153 n/a 142 147 153 n/a 32 — Severe wind and hail storms (6) (5) 140 n/a 129 135 140 n/a 33 — Severe wind and hail storms (2) (10) 199 n/a 187 189 199 n/a 35 — Severe wind and hail storms 11 — 140 n/a 151 140 140 n/a 38 — Severe wind and hail storms 3 3 110 n/a 116 113 110 n/a 42 — Severe wind and hail storms — 4 133 n/a 137 137 133 n/a 48 — Severe wind and hail storms 3 (6) 150 n/a 147 144 150 n/a 49 — Severe wind and hail storms (6) 2 133 n/a 129 135 133 n/a 51 — Severe wind and hail storms 8 (34) 265 n/a 239 231 265 n/a 63 — Severe wind and hail storms — 5 125 n/a 130 130 125 n/a 75 — Severe wind and hail storms (2) (17) 190 n/a 171 173 190 n/a 2024 PCS Serial Number: 26 — Severe wind and hail storms (10) 261 n/a 251 261 n/a 261 39 — Severe wind and hail storms (7) 250 n/a 243 250 n/a 42 — Severe wind and hail storms (12) 161 n/a 149 161 n/a 44 — Severe wind and hail storms (1) 171 n/a 170 171 n/a 45 — Severe wind and hail storms 15 159 n/a 174 159 n/a 46 — Severe wind and hail storms 9 182 n/a 191 182 n/a 61 — Severe wind and hail storms (17) 144 n/a 127 144 n/a 77 — Hurricane Helene (68) 733 n/a 665 733 n/a 2025 11 — California wildfire – Palisades fire 1,344 n/a n/a 1,344 n/a n/a 12 — California wildfire – Eaton fire 377 n/a n/a 377 n/a n/a 24 — Severe wind and hail storms 337 n/a n/a 337 n/a n/a 29 — Severe wind and hail storms 137 n/a n/a 137 n/a n/a 37 — Severe wind and hail storms 227 n/a n/a 227 n/a n/a 39 — Severe wind and hail storms 250 101 n/a n/a 250 101 n/a n/a 42 43 — Severe wind and hail storms 161 97 n/a n/a 161 n/a n/a 44 — Severe wind and hail storms 171 n/a n/a 171 97 n/a n/a 45 — Severe wind and hail storms 159 107 n/a n/a 159 107 n/a n/a 46 — Severe wind and hail storms 182 n/a n/a 182 n/a n/a 61 — Severe wind and hail storms 144 n/a n/a 144 n/a n/a 77 — Hurricane Helene 733 n/a n/a 733 n/a n/a
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The material cash requirements from contractual and other obligations at as of December 31, 2024 2025 were as follows:Payments Due by Period (in millions) Total Less than 1-3 3-5 After 5 1 Year Years Years Years Senior notes $ 7,750 $ — 9,000 $ 200 $ — $ 7,550 — $ 8,800 Debt Junior subordinated debentures 254 — 125 — 129 Total debt principal 8,004 9,254 200 125 — 325 — 7,679 8,929 Interest 7,039 389 755 728 5,167 8,185 449 873 864 5,999 Total long-term debt obligations (1) 15,043 389 1,080 728 12,846 17,439 649 998 864 14,928 Real estate and other operating leases (2) 358 79 129 83 67 332 78 124 64 66 Information systems-related commitments (3) 915 503 378 34 988 566 361 61 — Unfunded investment commitments (4) 1,490 295 463 509 1,409 280 423 483 223 Estimated claims and claim-related payments Claims and claim adjustment expenses (5) 62,537 15,045 15,888 8,516 23,088 64,436 15,328 17,067 8,463 23,578 Claims from large deductible policies (6) — — — — — Total estimated claims and claim-related payments 62,537 15,045 15,888 8,516 23,088 64,436 15,328 17,067 8,463 23,578 Total $ 80,343 84,604 $ 16,311 16,901 $ 17,938 18,973 $ 9,870 9,935 $ 36,224 38,795
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Claims and claim adjustment expenses in 2024 2025 were $11.61 $11.30 billion, $428 $303 million or 4% 3% lower than in 2023, 2024, primarily reflecting the impacts of (i) lower losses in the automobile product line, (ii) lower non-catastrophe weather-related and non-weather losses in the homeowners and other product line and (iii) higher net favorable prior year reserve development, (ii) lower physical damage losses in the automobile product line and (iii) lower non-weather and non-catastrophe weather-related losses in the homeowners and other product line, partially offset by (iv) higher business volumes catastrophe losses and (v) higher catastrophe losses. loss cost trends.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Water $ 2,606 2,957 Aaa/Aa1 Higher education 2,095 1,981 Aaa/Aa1 Sewer 872 912 Aaa/Aa1 Special tax 515 Aaa/Aa1 Power utilities 480 476 Aaa/Aa1 Highway tolls 246 Aa2 Transit 213 Aa1 Special tax 407 Aaa/Aa1 Transit 225 Aa1 Housing 210 Aaa Fuel sales 196 203 Aaa/Aa1 Health care 173 Aa2 Housing 164 Aaa Highway tolls 150 172 Aa2 Lease 28 Aaa/Aa1 Port, airport and marina 8 Aa2 Industrial 8 Aaa/Aa1 25 Aaa Natural gas 6 Aa2 Lottery 3 Aa1 Industrial 1 A2 Other revenue sources 1,159 1,405 Aaa/Aa1 Total $ 8,580 9,325 Aaa/Aa1
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The Company’s consolidated total investments at as of December 31, 2024 2025 increased by $5.41 $6.96 billion, or 6% 7% over December 31, 2023, 2024, primarily reflecting the impacts of (i) net cash flows provided by operating activities, partially offset by activities and (ii) net cash used in financing activities, (iii) higher lower net unrealized investment losses on investments due to the impact of higher lower interest rates during 2024 2025, partially offset by (iii) total investments reclassified as held for sale and (iv) the cost of acquiring Corvus. net cash used in financing activities.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Bank 4,815 A1 4,425 A1 4,658 A1 Insurance 2,704 Aa2 2,404 Aa2 2,084 Aa2 Finance/leasing 71 Ba1 41 Ba3 63 Ba2 Brokerage and asset management 119 A2 165 A2 139 A1 Total financial 7,709 7,035 6,944 Industrial 25,299 A3 21,940 A3 19,037 A3 Public utility 5,472 A2 4,522 A2 4,338 A2 Canadian municipal securities 285 Aa1 1,641 Aa1 1,604 Aa1 Sovereign corporate securities (2) 489 Aaa 635 Aaa 584 Aaa Commercial mortgage-backed securities and project loans (3) 1,314 Aaa/Aa1 1,152 Aaa 1,038 Aaa Asset-backed and other 486 Aa2 472 Aa2 564 Aa1 Total corporate and all other bonds 41,054 37,397 34,109 Total fixed maturities $ 89,833 Aa2 $ 83,666 Aa2 $ 77,807 Aa2
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Income tax expense in 2024 2025 was $781 $485 million, $413 $191 million or 112% 65% higher than in 2023, 2024, primarily reflecting the impact of the $1.14 billion $995 million increase in segment income before income taxes in 2024 and the one-time tax benefit of $171 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item. taxes.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Income tax expense in 2024 2025 was $781 $891 million, $413 $110 million or 112% 14% higher than in 2023, 2024, primarily reflecting the impact of the $1.14 billion $499 million increase in segment income before income taxes in 2024 and the one-time tax benefit of $171 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item. 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Income tax expense in 2024 2025 was $781 $244 million, $413 $43 million or 112% 21% higher than in 2023, 2024, primarily reflecting the impact of the $1.14 billion $178 million increase in segment income before income taxes in 2024 and the one-time tax benefit of $171 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item. 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Income tax expense in 2024 2025 was $1.18 $1.51 billion, $801 $327 million or 211% 28% higher than in 2023, 2024, primarily reflecting the impact of the $2.81 $1.62 billion increase in income before income taxes in 2024 and the one-time tax benefit of $211 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item. 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) higher net investment income, (ii) higher underlying underwriting margins and (iii) net favorable prior year reserve development compared to development, (ii) higher net unfavorable prior year reserve development in 2023, partially offset by investment income, (iii) lower catastrophe losses and (iv) higher catastrophe losses. underlying underwriting margins.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Income tax expense in 2024 2025 was higher than in 2023, 2024, primarily reflecting the impact of the increase in income before income taxes, partially offset by a one-time tax benefit of $211 million in the first quarter of 2023 due to the expiration of the statute of limitations with respect to a tax item. taxes.
Read it in 10-K 2026-02-12 at sec.gov ↗
