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• Net incomeÌýupÌý54%ÌýtoÌý$367ÌýmillionÌýversus $239ÌýmillionÌýinÌýtheÌýpriorÌýyearÌýquarter; coreÌýincomeÌýupÌý37%ÌýtoÌýa record $362 million versus $265 million in the prior year quarter.
• P&CÌýcoreÌýincomeÌýofÌý$434Ìýmillion versusÌý$342Ìýmillion, reflectsÌýhigherÌýinvestmentÌýincomeÌýandÌýhigher underwriting income.
• Life & Group core income of $4 million versus core loss of $25 million in the prior year quarter reflects higher investment income.
• Corporate & Other core loss of $76 million versus core loss of $52 million in the prior year quarter reflects a $19Ìýmillion after-taxÌýchargeÌýrelated toÌýofficeÌýconsolidation.
• Net investment income up 21% to $611 million pretax, includes a $58 million increase from limitedÌýpartnerships and common stock to $78 million and a $50 million increase from fixed income securities and other investments to $533 million.
• P&C combined ratio of 92.1%, compared with 93.7% in the prior year quarter, including 1.0 point of catastrophe loss impact compared with 3.6 points in the prior year quarter and 0.3 points of favorable prior period developmentÌýimpact comparedÌýwith 1.1 points in the priorÌýyear quarter.ÌýP&C underlying combined ratio was 91.4%, compared with 91.2% in the prior year quarter.ÌýP&C underlying loss ratio was 59.9% and the expense ratio was 31.2%.
• P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 10% in the quarter.ÌýP&C renewal premium change of +5%, with written rate of +4% and exposure change of +1%.

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• Net income up 77% to a record $1,205 million versus $682 million in the prior year; core income up 54% to a record $1,284 million versus $836 million in the prior year.
• P&C core income of $1,505 million versus $1,240 million, reflects higher investment income and record high underwriting income.
• Life & Group core loss of $48 million versus core loss of $221 million in the prior year reflects higher investment income and an unfavorable after-tax impact of $143 million in the prior year as a result of the annual reserve reviews.
• Net investment income up 25% to $2,264 million pretax, includes a $233 million increase from limited partnerships and common stock to $202 million and a $226 million increase from fixed income securities and other investments to $2,062 million.
• P&C combined ratio of 93.5%, compared with 93.2% in the prior year, including 2.6 points of catastrophe loss impact compared with 3.0 points in the prior year and no impact from prior period development compared with 1.0 point of favorability in the prior year.ÌýP&C underlying combined ratio was a record low 90.9% compared with 91.2% in the prior year.ÌýP&C underlying loss ratio was 59.9% and the expense ratio was 30.7%.
• P&CÌýsegments,ÌýexcludingÌýthirdÌýpartyÌýcaptives,ÌýgeneratedÌýgrossÌýwrittenÌýpremium growthÌýof 10%ÌýandÌýnetÌýwritten premium growth of 9% in the year.ÌýP&C renewal premium change of +7%, with written rate of +5% and exposure change of 2%.

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• Book value per share of $36.52; book value per share excludingÌýAOCI of $46.39, a 10% increase from year- end 2022 adjusting for $2.88 of dividends per share.
• Increased quarterly dividend 5% to $0.44 per share; special dividend of $2.00 per share.

CHICAGO, Feb. 5, 2024 /PRNewswire/ -- ÃÛÌÒ´«Ã½ Financial Corporation (NYSE: ÃÛÌÒ´«Ã½) today announced fourth quarter 2023 net income of $367 million, or $1.35 per share, versus $239 million, or $0.87 per share, in the prior year quarter.Ìý Net investment gains for the quarter were $5 million compared to net investment losses of $26Ìýmillion in the prior year quarter.ÌýCore income for the quarter was $362 million, or $1.33 per share,Ìýversus $265 million, or $0.97 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $434 million for the fourth quarter of 2023, an increase of $92 million compared to the prior year quarter driven by higher investment income and higher underwriting income.ÌýP&C segments, excluding third party captives, generated gross written premium and net written premium growth of 10%, driven by new business growth of 16%, retention of 85% and renewal premium change of +5%.

Our LifeÌý& Group segment producedÌýcore incomeÌýof $4 million for the fourth quarter of 2023 versus core loss of $25 million in the prior year quarter driven by higher net investment income.

Our Corporate & Other segment produced a core loss of $76 million for the fourth quarter of 2023, an increase of $24 million compared to the prior year quarter, which reflects a $19 million after-tax charge related to office consolidation.

Net income for the full year 2023 was $1,205 million, or $4.43 per share, versus $682 million, or $2.51 per share, in the prior year.ÌýNet investment losses for the full year were $79 million compared to $154 million in the prior year.ÌýCore income for the full year 2023 was $1,284 million, or $4.71 per share, versus $836 million, or $3.07 per share, in the prior year.ÌýCore income increased 31% to $1,286 million versus $979 million in the prior year quarter, excluding the results of the third quarter Life & Group annual reserveÌýreviews.

Our Property & Casualty segments produced core income of $1,505 million for the full year 2023, anÌýincrease of $265 million compared to the prior year driven by higher investment income and record high underwriting income.ÌýP&C segments, excluding third party captives, generated gross written premiumÌýgrowth of 10% and net written premium growth of 9%, driven by written rate of +5% and new businessÌýgrowth of 11%.

Our Life & Group segment produced a core loss ofÌý$48 million for the full year 2023 versus $221 millionÌýin the prior year, which reflects higher investment income andÌýan unfavorable after-taxÌýimpact of $143 million in the prior year as a result of the annual reserve reviews.

Our Corporate & Other segment produced a core loss of $173 million for the full year 2023 versus $183 million in the prior year.

ÃÛÌÒ´«Ã½ Financial declared a quarterly dividend of $0.44 per share and a special dividend of $2.00 per share, payable March 7, 2024 to stockholders of record on February 20, 2024.

Ìý

"We ended the year strong,Ìýwith core income up 37% to a record high of $362 million in the fourth quarter capping off a record level for the year of $1,284 million, a 54% increase driven by a 25% increase in pretax net investment income and record levels of underlying and all-in underwriting income.

Net and gross written premiums ex. captives each grew by 10% in the quarter with new business growth of 16%, our strongest quarter of the year.Ìý2023 was also theÌýthird year in aÌýrow of 10% gross written premiums ex. captives growth and included our highest level of new business of roughly $2.1 billion. Retentions remained strong in the quarter in the mid-80's and have been so throughout 2023 as we continue to lock in favorable terms and conditions from the hard market, which we feel will largely persist into 2024.

In the quarter, renewal premium change was 5% in the aggregate across all operating segments and geographies.ÌýIn Commercial, renewal premium change was 9% in the quarter, consistent with the prior quarter, and excluding workers' compensation, renewal premium change was 11% continuing to exceed our loss cost trends which remained stable in the quarter.

We remain optimisticÌýabout our opportunitiesÌýforÌýthis yearÌýgivenÌýour broad-basedÌýprofitability acrossÌýourÌýthree operating segments and track record of double-digit growth levels in the last several years," said Dino E. Robusto, Chairman & Chief Executive Officer of ÃÛÌÒ´«Ã½ Financial Corporation.

Property & Casualty Operations

• The fourth quarter underlying combined ratio increased 0.2 points as compared with the prior year quarter.ÌýThe expense ratio was largely consistent with the prior year quarter as net earned premium growthÌýofÌý12%ÌýwasÌýoffsetÌýbyÌýhigher employeeÌýrelatedÌýcosts. TheÌýunderlyingÌýlossÌýratioÌýwasÌýconsistent with the prior year quarter.
• The fourth quarter combined ratio improved 1.6 points as compared with the prior year quarter. Catastrophe losses were $22 million, or 1.0 point of the loss ratio in the quarter compared withÌý$76Ìýmillion, or 3.6 points of the loss ratio, for the prior year quarter.ÌýFavorable net prior period development improved the loss ratio by 0.3 points in the current quarter compared with 1.1 points of improvement in the prior year quarter.
• In the fourth quarter, P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 10%.
• For the full year, the underlying combined ratio improved 0.3 points as compared with the prior year, reflecting the lowest underlying combined ratio on record. The expense ratio improved 0.2 points and the underlying loss ratio was largely consistent with the prior year.
• For the full year, the combined ratio increased 0.3 points as compared with the prior year. Catastrophe losses were $236 million, or 2.6 points of the loss ratio for the full year compared with $247Ìýmillion, or 3.0 points of the loss ratio, for the prior year.ÌýThere was no impact on the loss ratio from net prior period development in the current year compared with 1.0 point of improvement from favorable net prior period development in the prior year.
• For the full year, P&C segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 9%.

Business Operating Highlights
Specialty

• The fourth quarter underlying combined ratio increased 2.0 points as compared with the prior year quarter.ÌýThe expense ratio increased 1.7 points as compared with the prior year quarter driven by higher acquisition and employee related costs. The underlying loss ratio increased 0.2 points as compared with the prior year quarter.
• The fourth quarter combined ratio increased 2.0 points as compared with the prior year quarter. Favorable net prior period development improved the loss ratio by 0.6 points in both the current and prior year quarters.
• In the fourth quarter, gross written premiums, excluding third party captives, grew 1% and net written premiums grew 3%.
• For the full year, the underlying combined ratio increased 0.9 points as compared with the prior year. The expense ratio increased 1.0 point driven by higher employee related and acquisition costs.ÌýThe underlying loss ratio was largely consistent with the prior year.
• For the full year, the combined ratio increased 1.8 points as compared with the prior year. Favorable net prior period development improved the loss ratio by 0.3 points in the current year compared with 1.3Ìýpoints ofÌýimprovement inÌýtheÌýpriorÌýyear.
• For the full year, gross written premiums, excluding third party captives, were flat to the prior year and net written premiums grew 1%.

Commercial

• The fourth quarter underlying combined ratio improved 1.1 points as compared with the prior year quarter.ÌýThe expense ratio improved 1.0 point driven by net earned premium growth of 18% partially offset by higher employee related costs. The underlying loss ratio was consistent with the prior year quarter.
• The fourth quarter combined ratio improved 6.1 points as compared with the prior year quarter. Catastrophe losses were $17 million, or 1.4 points of the loss ratio in the quarter compared withÌý$74Ìýmillion, or 7.2 points of the loss ratio, for the prior year quarter.ÌýFavorable net prior period development improved the loss ratio by 0.1 points in the current quarter compared with 0.9 points of improvement in the prior year quarter.
• InÌýtheÌýfourthÌýquarter, gross writtenÌýpremiums,ÌýexcludingÌýthirdÌýpartyÌýcaptives, grewÌý20%ÌýandÌýnetÌýwritten premiums grew 18%.
• For the full year, the underlying combined ratio improved 0.8 points as compared with the prior year, reflecting the lowest underlying combined ratio on record.ÌýThe expense ratio improved 0.8 points driven by net earned premium growth of 16% partially offset by higher employee related costs.ÌýThe underlying loss ratio was consistent with the prior year.
• For the full year, the combined ratio improved 1.3 points as compared with the prior year. Catastrophe losses were $207 million, or 4.5 points of the loss ratio for the full year compared with $222Ìýmillion, or 5.6 points of the loss ratio, for the prior year.ÌýFavorable net prior period development improved the loss ratio by 0.1 points in the current year compared with 0.7 points of improvement in the prior year.
• For the full year, gross written premiums, excluding third party captives, grew 19% and net written premiums grew 16%.

International

• The fourth quarter underlying combined ratio increased 0.8 points as compared with the prior year quarter.ÌýThe expense ratio increased 1.2 points driven by higher employee related costs partially offset by net earned premium growth of 8%.ÌýThe underlying loss ratio improved 0.4 points as compared with the prior year quarter.
• The fourth quarter combined ratio increased 4.1 points as compared with the prior year quarter. Catastrophe losses were $5 million, or 1.8 points of the loss ratio in the quarter compared with $2Ìýmillion, or 0.9 points of the loss ratio, for the prior year quarter.ÌýFavorable net prior period development improved the loss ratio by 0.6 points in the current quarter compared with 3.0 points of improvement in the prior year quarter.
• In the fourth quarter, excluding currency fluctuations, gross written premiums and net written premiums both declined 3%.
• For the full year, the underlying combined ratio improved 1.8 points as compared with the prior year. The expense ratio improved 1.1 points driven by net earned premium growth of 10% and a favorable reinsurance acquisition catch-up adjustment in the third quarter of 2023, partially offset by higher employee related costs.ÌýThe underlying loss ratio improved 0.7 points as compared with the prior year.
• For the full year, the combined ratio increased 0.8 points as compared with the prior year. Catastrophe losses were $29 million, or 2.5 points of the loss ratio for the full year compared with $23Ìýmillion, orÌý2.2ÌýpointsÌýofÌýtheÌýlossÌýratio, forÌýtheÌýpriorÌýyear.ÌýUnfavorableÌýnetÌýpriorÌýperiod development increased the loss ratio by 1.1 points in the current year compared with 1.2 points of favorable development improving the loss ratio in the prior year.
• For the full year, excluding currency fluctuations, gross written premiums grew 8% and net written premiums grew 7%.

Life & Group

Core results improved $29 million for the fourth quarter of 2023 as compared with the prior year quarter primarily due to higher net investment income.

Core loss decreased $173 million for the full year as compared with the prior year primarily due to higher net investment income and an unfavorable after-tax impact of $143 million in the prior year as a result of the annual reserve reviews, partially offset by long-term care policy buyouts in 2023.ÌýExcluding the impact of policy buyouts, full year 2023 underwriting results are generally in line with reserving expectations.

Corporate & Other

Core loss increased $24 million for the fourth quarter of 2023 as compared with the prior year quarter. The current quarter includes a $19 million after-tax charge related to office consolidation and aÌý$12 million after-tax charge related to unfavorable prior period development for legacy mass tort claims.

The application of retroactive reinsurance accounting to additional cessions to the asbestos and environmental pollution (A&EP) Loss PortfolioÌýTransfer in bothÌýperiodsÌýresulted in after-taxÌýnon-economic charges of $24Ìýmillion and $28Ìýmillion in 2023 and 2022, respectively.ÌýThe additional cessions in those periods were $86 million and $87 million, respectively.

Core loss decreased $10 million for the full year as compared with the prior year. The current year includes higher net investment income, a $19 million after-tax charge related to office consolidation, and a $56 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort claims compared with a $51 million after-tax charge in the prior year.

Net Investment Income

Net investment income increased $108 million for the fourth quarter of 2023 and $459 million the full year driven by favorable limited partnership returns and higher income from fixed income securities as a result of the rising interest rate environment.

Stockholders' Equity

Stockholders' equity of $9.9 billion improved 16% from year-end 2022, primarily due to net incomeÌýandÌýan improvement in net unrealized investment losses, partially offset by dividends paid to stockholders.

BookÌývalueÌýperÌýshareÌýexÌýAOCIÌýofÌý$46.39ÌýincreasedÌý10%ÌýfromÌýyear-end 2022ÌýadjustingÌýforÌý$2.88Ìýof dividends per share.

As of December 31, 2023, statutory capital and surplus for the Combined Continental Casualty Companies was $10.9 billion.

Accounting Standards Update

In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI).ÌýThe updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts.ÌýFor the ÃÛÌÒ´«Ã½, this includes the run-off long-term care business in the Life & Group segment.ÌýThe ÃÛÌÒ´«Ã½ adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021.ÌýAll prior period amounts have been adjusted to reflect application of the new guidance.ÌýWhile the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business.ÌýAdditional information regarding the ÃÛÌÒ´«Ã½'s adoption of ASU 2018-12 and the impact to historical financial results is contained in the ÃÛÌÒ´«Ã½'s Q1 2023 Financial Supplement, furnished on Form 8-K, on May 1, 2023 with the Securities and Exchange Commission.

AboutÌýtheÌýÃÛÌÒ´«Ã½

ÃÛÌÒ´«Ã½ is one of the largest U.S. commercial property and casualty insurance companies.ÌýBacked by more than 125 years of experience, ÃÛÌÒ´«Ã½ provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe.ÌýFor more information, please visit ÃÛÌÒ´«Ã½Ìýat

Contacts

ConferenceÌýCallÌýandÌýWebcast/PresentationÌýInformation

A conference call for investors and the professional investment community will be held at 8:00 a.m. (CT) today.ÌýOn the conference call will be Dino E. Robusto, Chairman and Chief Executive Officer of ÃÛÌÒ´«Ã½ÌýFinancial Corporation, Scott R. Lindquist, Executive Vice President and Chief Financial Officer of ÃÛÌÒ´«Ã½ Financial Corporation and other members of senior management. ParticipantsÌýcanÌýaccessÌýtheÌýcallÌýbyÌýdialingÌý(844)Ìý481-2830Ìý(USAÌýToll Free)ÌýorÌý+1Ìý(412)Ìý317-1850 (International).ÌýTheÌýcallÌýwillÌýalso be broadcast live on the internet and may be accessed from the Investor Relations page of the ÃÛÌÒ´«Ã½Ìýwebsite ().ÌýA presentation will be posted and available on the ÃÛÌÒ´«Ã½Ìýwebsite that will provide additional insight into the results.

The call is available to the media, but questions will be restricted to investors and the professional investment community.ÌýAn online replay will be available on ÃÛÌÒ´«Ã½'s website following the call.ÌýFinancial supplement information related to the results is available on the investor relations pages of the ÃÛÌÒ´«Ã½Ìýwebsite or by contacting investor.relations@cna.com.

DefinitionÌýofÌýReportedÌýSegments

• Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters.
• Commercial works with a network of brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle markets and other commercial customers.
• International underwrites property and casualty coverages on a global basis through a branch operation in Canada, a EuropeanÌýbusiness consistingÌýofÌýinsuranceÌýcompaniesÌýbasedÌýinÌýtheÌýU.KÌýandÌýLuxembourgÌýandÌýHardy,ÌýourÌýLloyd'sÌýSyndicate.
• Life & Group includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants.
• Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, includingÌýÃÛÌÒ´«Ã½ÌýRe, asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and legacy mass tort reserves.

FinancialÌýMeasures

Management utilizes the following metrics in their evaluation of the Property & Casualty Operations.

TheseÌýratios are calculated using financial results prepared in accordance with accounting principles generally accepted in tÌýhe United States of America (GAAP).

• LossÌýratioÌýisÌýtheÌýpercentageÌýofÌýnetÌýincurred claimÌýandÌýclaimÌýadjustmentÌýexpenses toÌýnetÌýearnedÌýpremiums.
• UnderlyingÌýlossÌýratioÌýrepresentsÌýtheÌýlossÌýratioÌýexcludingÌýcatastropheÌýlossesÌýandÌýdevelopment-relatedÌýitems.
• Expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.
• DividendÌýratioÌýisÌýtheÌýratio ofÌýpolicyholders'Ìýdividends incurredÌýtoÌýnetÌýearnedÌýpremiums.
• CombinedÌýratio isÌýtheÌýsumÌýofÌýtheÌýloss,ÌýexpenseÌýandÌýdividendÌýratios.
• UnderlyingÌýcombined ratioÌýis theÌýsumÌýofÌýtheÌýunderlyingÌýloss,ÌýexpenseÌýandÌýdividendÌýratios.

Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes.

Rate represents the average change in price on policies that renew excluding exposure change.ÌýFor certain products within Small Business, where quantifiable, rate includes the influence of new business as well.

Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy.

Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew.

New business represents premiums from policies written with new customers and additional policies written with existing customers.

Gross written premiums ex. 3rdÌýparty captives represents gross written premiums excluding business which is ceded to third party captives, including business related to large warranty programs.

Development-related items represents net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

Underwriting gain (loss) represents net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and other insurance related expenses, pre-tax.

Underlying underwriting gain (loss) represents underwriting results excluding catastrophe losses and development-related items.

Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices.ÌýStatutory capital and surplus as of the current period is preliminary.

The ÃÛÌÒ´«Ã½'s investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.

ReconciliationÌýofÌýGAAPÌýMeasures toÌýNon-GAAPÌýMeasures

This press release also contains financial measures that are not in accordance with GAAP.ÌýManagement utilizes these financial measures to monitor the ÃÛÌÒ´«Ã½'s insurance operations and investment portfolio.ÌýThe ÃÛÌÒ´«Ã½ believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the ÃÛÌÒ´«Ã½'s operating performance.ÌýReconciliations of these measures to the most comparable GAAP measures follow below.

ReconciliationÌýofÌýNetÌýIncomeÌý(Loss) toÌýCoreÌýIncome (Loss)

CoreÌýincomeÌý(loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses. The calculation of core income (loss) excludes net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily reflective of our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.

ReconciliationÌýofÌýNetÌýIncomeÌý(Loss) perÌýDilutedÌýShareÌýtoÌýCoreÌýIncomeÌý(Loss)ÌýperÌýDiluted Share

Core income (loss) per diluted share provides management and investors with a valuable measure of the ÃÛÌÒ´«Ã½'s operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis.

Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI

Book value per share excluding AOCI allows management and investors to analyze the amount of the ÃÛÌÒ´«Ã½'s net worth primarily attributable to the ÃÛÌÒ´«Ã½'s business operations. The ÃÛÌÒ´«Ã½ believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.

CalculationÌýofÌýReturnÌýonÌýEquity andÌýCoreÌýReturn onÌýEquity

Core return on equity provides management and investors with a measure of how effectively the ÃÛÌÒ´«Ã½ is investing the portion of the ÃÛÌÒ´«Ã½'s net worth that is primarily attributable to its business operations.

For additional information, please refer to ÃÛÌÒ´«Ã½'s most recent 10-K on file with the Securities and Exchange Commission,Ìýas well as the financial supplement, available at

Forward-LookingÌýStatements

This press release includes statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events.ÌýThese statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes," "expects," "intends," "anticipates," "estimates" and similar expressions.ÌýForward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by ÃÛÌÒ´«Ã½.ÌýFor a detailed description of these risks and uncertainties, please refer to ÃÛÌÒ´«Ã½'s filings with the Securities and Exchange Commission, available at

Any forward-looking statements made in this press release are made by ÃÛÌÒ´«Ã½Ìýas of the date of this press release.ÌýFurther, ÃÛÌÒ´«Ã½ does not have any obligation to update or revise any forward-looking statement contained in this press release, even if ÃÛÌÒ´«Ã½'s expectations or any related events, conditions or circumstances change.

Any descriptions of coverage under ÃÛÌÒ´«Ã½ policies or programs in this press release are provided for convenience only and areÌýnot to be relied upon with respect to questions of coverage, exclusions or limitations.ÌýWith regard to all such matters, the terms and provisions of relevant insurance policies are primary and controlling.ÌýIn addition, please note that all coverages may not be available in all states.

"ÃÛÌÒ´«Ã½" is a registered trademark of ÃÛÌÒ´«Ã½ Financial Corporation.ÌýCertain ÃÛÌÒ´«Ã½ Financial Corporation subsidiaries use the "ÃÛÌÒ´«Ã½" trademark in connection with insurance underwriting and claims activities.ÌýCopyright © 2024 ÃÛÌÒ´«Ã½.ÌýAll rights reserved.

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