Delivered a third consecutive year of operating ROE improvement to 16.2%, outperforming the long-term target of 12% to 15% through disciplined risk selection. Achieved 1.5 points of year-over-year improvement in core underwriting earnings quality, supported by an eighth consecutive quarter of attritional loss ratio improvement. Shifted portfolio mix toward less volatile lines, with 60% of growth coming from sectors less correlated to P&C pricing cycles, notably Accident & Health. Crystallized $390 m ...