Financial Performance - Net income decreased to $274 million, a 19% decrease compared to $338 million in the prior year quarter[7,8] - Core income decreased to $281 million, a 21% decrease compared to $355 million in the prior year quarter[7,8] - Core ROE decreased by 2.3 percentage points to 9.2% compared to 11.5% in the prior year quarter[8] Property & Casualty Operations - P&C core income was $311 million, reflecting lower underwriting results partially offset by higher net investment income, compared to $372 million in the prior year[7] - The P&C combined ratio increased to 98.4%, compared to 94.6% in the prior year quarter, including 3.8 points of catastrophe loss impact in both quarters[7,9] - P&C underlying combined ratio increased to 92.1%, compared with 91.0% in the prior year quarter[7,9] - P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 9%[7,9] Investments - Net investment income was $604 million pretax, reflecting a $14 million decrease from limited partnerships and common stock to $54 million, partially offset by a $9 million increase from fixed income securities and other investments to $550 million[7,22,23] - Fixed income securities net investment income is up 4% year-over-year[28] Capital Management - Book value per share excluding AOCI increased 2% from year-end 2024, adjusting for $2.46 of dividends per share paid, reaching $44.58[7,38]