[ The transcript was presubmitted by CNA Financial Corporation. No live call was conducted for the fourth quarter earnings call. ] In the fourth quarter, we produced excellent results, achieving another quarter of underlying underwriting gain above $200 million and higher levels of investment income. Net written premium was up 2%, retention improved by three points from last quarter, and renewal premium change was 4%, consistent with last quarter. For the full year, we achieved record levels of core and net income. Our underlying combined ratio was below 92% for the fifth consecutive year and our underlying underwriting gain was $855 million, which is the best on record. Core income was $317 million in the fourth quarter with P&C core income of $449 million. Net investment income increased to $653 million, with continued strong performance in our fixed income portfolio more than offsetting lower, but still strong, limited partnership and common stock returns. The P&C all-in combined ratio was 93.8%, an increase of 0.7 points compared to the prior year quarter. The increase is principally from a higher underlying loss ratio of 61.9% compared to 61.1% in the prior year quarter. As we have stated previously, in light of pricing pressures in pockets of the portfolio, we will remain prudent in our loss ratio picks, even as we continue underwriting actions in order to optimize our position in the current marketplace. Catastrophe losses of $40 million added 1.5 points to the combined ratio. The P&C underlying combined ratio was 92.3% in the quarter, 0.9 points higher than the prior year quarter. The underlying underwriting gain was once again strong at $207 million. The expense ratio of 30.1% was roughly consistent with the prior year quarter, and it was adversely impacted by 0.5 points from a non recurring technology charge in…

CNA' s fourth quarter core income of $317 million is down 7% compared to the prior year quarter of $342 million but continues to reflect strong underwriting and investment results. Full year 2025 core income of $1,342 million is a best on record leading to a core return on equity of 10.6%. This result reflects a P&C underwriting gain of $551 million and record high net investment income of $2,557 million, which is 2% higher than 2024. Our P&C expense ratio was 30.1% for the fourth quarter and 29.7% for the full year. The expense ratio for the fourth quarter includes a half point non-recurring technology charge while both periods benefited from higher net earned premiums. While there is always a certain amount of variability quarter to quarter, we currently believe an expense ratio close to 30.0% is a reasonable run-rate heading into 2026. The P&C net prior period development impact on the combined ratio was neutral in the current quarter. In the Specialty segment, prior period development was $27 million unfavorable primarily from other professional and management liability. In the Commercial segment, prior period development was negligible overall with favorable development in workers' compensation, offset by unfavorable development in commercial auto and general liability. For the International segment, prior period development was $25 million favorable primarily from property and marine. The paid to incurred ratio for our P&C segments was 0.88 for the fourth quarter. We do see some fluctuations quarter to quarter, so we tend to take a longer view of this metric. The paid to incurred ratio was 0.82 for the full year of 2025 and has been quite stable between 0.80 and 0.83 for each of the last four full years. Our Corporate segment produced a core loss of $103 million in the fourth quarter compared…

We closed the year with a strong fourth quarter leading to record levels of core income, growth in investment income and strong cash flow for the year. Our P&C operations continue to perform very well with record high levels of underlying underwriting gain, and we lowered our expense ratio by a half point even while continuing to invest in talent, technology and artificial intelligence (AI). AI is becoming part of the fabric of how we run CNA. Our approach is pragmatic and driven by the return on investment. We automate what matters, equip our people with better tools, and improve broker and customer experience. Over the past year, we' ve deployed a number of AI solutions across underwriting, claims and the back office, and we' ve rolled out generative AI tools to every CNA employee across the company. We' re seeing faster triage, better submission responsiveness and measurable time savings for our teams. At this point, we' re very happy with where we are and we' ll continue to invest in AI in those areas where we believe AI implementation improves risk selection, service quality and efficiency. Finally, we are pleased with our 2025 financial performance, anchored by our commitment to disciplined underwriting and highlighted by record core income. We believe AM Best' s recent upgrade of our financial strength rating to A+ is reflective of our consistently strong performance and productive underwriting culture. Looking forward, we believe we are well positioned to work with our distribution partners to take advantage of the many opportunities we see in the marketplace.