MARKEL GROUP INC.

Previous wording

Markel Group is a holding company that owns independently operated businesses across a range of industries. The cornerstone business, Markel Insurance, provides specialized insurance products that are not typically available through the standard insurance market. This insurance business sits at the center of the Company’s strategy. It generates and holds capital used to support growth and investment across Markel Group. The other majority-owned businesses operate in diverse end markets, from industrial bakery equipment to ornamental plants to precast concrete. Markel Group also owns shares in publicly traded companies, primarily within its insurance operations.

Current wording

Markel Group is a holding company that owns independently operated businesses across a range of industries. The cornerstone business, Markel Insurance, provides specialized insurance products that are not typically available through the standard insurance market. This insurance business sits at the center of the Company's strategy. It generates and holds capital used to support growth and investment across Markel Group. The other majority-owned businesses operate in diverse end markets, from industrial bakery equipment to ornamental plants to precast concrete. Markel Group also owns shares in publicly traded companies, which are primarily held within its insurance operations.

Previous wording

Markel Group supports each business by empowering leaders to make the best long-term decisions for their businesses. Customers, associates, and shareholders each benefit from this approach, given how it allows businesses to pursue opportunities that require time, stability, and trust. We believe this approach is difficult to replicate and makes Markel Group a distinctive home for businesses.

Current wording

Markel Group supports each business by empowering leaders to make the best long-term decisions for their businesses. Customers, associates, and shareholders each benefit from this approach, given how it allows businesses to pursue opportunities that require time, stability, and trust. We believe this approach is difficult to replicate and makes Markel Group a distinctive home for businesses. The Company's long-term orientation and decision-making is rooted in the Company's culture, known as The Markel Style, which serves as a shared set of values that foster excellence and consistency across independent businesses, all while allowing each business to retain its entrepreneurial spirit.

Previous wording

A key principle of The Markel Style is building the value of the Company for shareholders. The design of Markel Group supports this goal by (i) owning businesses that generate diverse cash flows and (ii) redeploying those cash flows for additional growth.

Current wording

A key principle of The Markel Style is building the value of the Company for shareholders. The design of Markel Group supports this goal by owning businesses that generate positive cash flows and redeploying those cash flows for additional growth. Markel Group has developed the skill and capability to redeploy capital efficiently, with low friction, across a large and diverse opportunity set, which includes reinvesting in existing businesses, acquiring majority-owned businesses, investing in publicly traded companies, and repurchasing Markel Group shares. Markel Group's unique company design and set of shared values have enabled it to compound shareholder capital at attractive rates over many decades.

Previous wording

Markel Group reports its business operations in four segments: Markel Insurance, Industrial, Financial, and Consumer and Other. The following table presents a summary of annual financial data for our segments over the last five years and through the first nine months of 2025. Metrics that are only calculated for annual periods have been omitted for the nine months ended September 30, 2025.

Current wording

Markel Group reports its business operations in four segments: Markel Insurance, Industrial, Financial, and Consumer and Other. See note 2 of the notes to consolidated financial statements for details regarding our reportable segments.

Previous wording

We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. As such, we exclude net investment gains and losses from adjusted operating income. We believe adjusted operating income, both consolidated and by segment, is generally an accurate representation of the operating performance of our businesses in our periodic results.

Current wording

Net investment gains and losses have caused, and are expected to continue to cause, significant volatility in our periodic operating income, net income, and comprehensive income. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and typically include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. As such, we exclude net investment gains and losses from adjusted operating income. We believe adjusted operating income, both consolidated and by segment, is generally an accurate representation of the operating performance of our businesses in our periodic results.

Previous wording

The following table presents the components of comprehensive income to shareholders. Net investment gains and losses have caused, and are expected to continue to cause, significant volatility in our periodic operating income, net income, and comprehensive income.

Current wording

The following table presents the components of comprehensive income (loss) to shareholders.

Previous wording

Markel Insurance, headquartered in Richmond, Virginia, is a specialty insurance business comprised of empowered local leaders underwriting hard-to-place risks across the globe in service of their customers’ needs. Markel Insurance generates income primarily through its core underwriting activities and investment earnings on the capital held by its underwriting subsidiaries. Markel Insurance's operations also include other insurance-related activities, including fronting and strategic minority investments.

Current wording

Markel Insurance is our core specialty insurance business comprised of empowered local leaders underwriting hard-to-place risks across the globe in service of their customers' needs. Markel Insurance generates income primarily through its core underwriting activities and by investing the capital held by its underwriting subsidiaries, as well as through other insurance-related activities, which includes fronting and strategic minority investments. Markel Insurance is primarily comprised of its U.S. Wholesale and Specialty, Program and Solutions, International, and Global Reinsurance divisions. Markel Insurance also includes the run-off of the discontinued intellectual property collateral protection insurance (IP CPI) product line, life and annuity reinsurance business, and certain asbestos and environmental exposures, none of which is managed through its divisions.

Previous wording

We measure the operating performance of our Financial segment by its operating revenues and adjusted operating income. Adjusted operating income represents operating income before amortization of acquired intangible assets. The following table summarizes the operating performance of our Financial segment.

Current wording

We measure the operating performance of our Markel Insurance segment by its operating revenues and adjusted operating income, which represents operating income before net investment losses and amortization of acquired intangible assets. The following table summarizes the results of operations for our Markel Insurance segment.

Previous wording

The 55% increase in adjusted operating income for the quarter ended September 30, 2025 was driven by higher underwriting profits, other income, and net investment income. Markel Insurance produced notably higher underwriting profits for the quarter ended September 30, 2025 as a result of earned premium growth and an improved combined ratio, as further detailed in the following discussion. The 11% increase in adjusted operating income for the nine months ended September 30, 2025 was driven by higher net investment income, other income, and underwriting profits. For further details of Markel Insurance's investment performance, see "Consolidated Investment Results."

Current wording

The 31% increase in adjusted operating income for the three months ended March 31, 2026 was driven by higher underwriting profits and net investment income. For further details of Markel Insurance's investment performance, see "Consolidated Investment Results."

Previous wording

•Global Reinsurance: Previously offered casualty and specialty reinsurance products. In August 2025, Markel Insurance sold the renewal rights for contracts written through this division, and the division entered into run-off. The Global Reinsurance division's gross premium volume in 2024 was $1.2 billion. As many of the contracts previously written within this division were multi-year agreements, we expect premiums to continue earning over the next two to three years and loss reserves to take several additional years to run off.

Current wording

In August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. Gross premium volume in 2025 attributed to the Global Reinsurance division was $1.0 billion, including $576.9 million for the three months ended March 31, 2025. As many of the contracts previously written within this division were multi-year agreements, we expect premiums to continue earning over the next two years and loss reserves to take several additional years to run off. Effective January 1, 2026, we reinsured the international marine and energy reinsurance business that was still on-risk, comprising $54.8 million of unearned premiums as of December 31, 2025.

Previous wording

(2) The point impact of catastrophes is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums.

Current wording

(4) The point impact of catastrophes is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums. For the three months ended March 31, 2026, catastrophe current accident year losses and loss adjustment expenses were attributable to the Middle East conflict.

Previous wording

Through the first three quarters of 2025, we achieved modest rate increases across our diversified product portfolio. We examine each of our product classes regularly by evaluating pricing and exposure, underwriting terms and conditions, deal structure, including limits and attachment points, and our expectations around loss cost trends, among other things. We target premium growth only in product lines where we are confident in the levels of rate adequacy.

Current wording

Rates in the aggregate across our diversified product portfolio remained relatively flat in the first quarter of 2026 with various offsetting rate increases and decreases across different product lines. Product lines achieving the most notable rate increases include our U.S. personal lines and general liability product lines. Product lines with notable rate decreases include our U.S. property product lines and our international cyber and energy product lines, while we saw more moderate rate decreases on our U.S. workers' compensation product line. We examine each of our product classes regularly by evaluating pricing and exposure, underwriting terms and conditions, deal structure, including limits and attachment points, and our expectations around loss cost trends, among other things. We target premium growth only in product lines where we are confident in the levels of rate adequacy.

Previous wording

Net retention of underwriting gross premium volume was 79% for the quarter and nine months ended September 30, 2025 compared to 78% for the same periods of 2024. Within our underwriting operations, we purchase reinsurance and retrocessional reinsurance to manage our net retention on individual risks and overall exposure to losses and to enable us to write policies with sufficient limits to meet policyholder needs.

Current wording

Net retention of underwriting gross premium volume for both the three months ended March 31, 2026 and 2025 was 80%. Net retention decreased due to the impact of the ceded written premiums within our Global Reinsurance division and with our Hagerty business related to previously written business that was reinsured during the first quarter, as previously discussed, as well as changes in mix of business due to the run off of the Global Reinsurance division, which had a higher retention ratio than the rest of the segment. These decreases were offset by the impact of our Hagerty business transitioning to a fronting arrangement in 2026, which we ceded at approximately 80% in 2025, as well as lower cessions on our professional liability and personal lines reinsurance contracts. Within our underwriting operations, we purchase reinsurance and retrocessional reinsurance to manage our net retention on individual risks and overall exposure to losses and to enable us to write policies with sufficient limits to meet policyholder needs.

Previous wording

For the quarter and nine months ended September 30, 2025, the increase in earned premiums was primarily due to the impact of the changes in gross premium volume in recent periods.

Current wording

The decrease in earned premiums for the three months ended March 31, 2026 was primarily due to the impact of the changes in gross premium volume and net retention in recent periods, as previously discussed.

Previous wording

The combined ratio for the quarter ended September 30, 2025 included $129.1 million of favorable development on prior accident years loss reserves compared to $119.4 million for the same period of 2024. For the quarter ended September 30, 2025, favorable development was most significant within our general liability, marine and energy, and programs product lines. Favorable development on our general liability product lines was primarily driven by the impact of an increase in our estimate of ceded losses on a large ceded reinsurance contract. Favorable development for the quarter ended September 30, 2025 was net of adverse development on our international professional liability product lines. The favorable development on prior years loss reserves in the third quarter of 2024 was most significant on our general liability and international professional liability product lines.

Current wording

The combined ratio for the three months ended March 31, 2026 included $106.9 million of favorable development on prior accident years loss reserves compared to $148.8 million for the same period of 2025. The decrease in favorable development was primarily attributable to less favorable development on our professional liability and general liability insurance product lines. For the three months ended March 31, 2026, favorable development was most significant within our professional liability, credit and surety, and workers' compensation insurance product lines. Favorable development in the first quarter of 2025 was most significant on our professional liability, general liability, marine and energy, and workers' compensation insurance product lines.

Previous wording

The 6% decrease in gross premium volume and 4% decrease in earned premiums within the U.S. Wholesale and Specialty division for the quarter ended September 30, 2025 were primarily due to the impact of exiting our U.S. risk-managed directors and officers product line from this platform, as well as decreases within our property product line, partially offset by the impact of new business and more favorable rates within our general liability product lines. The U.S. Wholesale and Specialty division's combined ratio for the quarter ended September 30, 2025 decreased 11 points due to more favorable development on prior accident year loss reserves and a lower current accident year loss ratio.

Current wording

The 9% decrease in gross premium volume and 5% decrease in earned premiums within the U.S. Wholesale and Specialty division for the three months ended March 31, 2026 were primarily due to certain underwriting actions taken within our general liability product lines aimed at improving overall profitability and rebalancing our product mix, as well as lower rates within our property product lines. The U.S. Wholesale and Specialty division's combined ratio for the three months ended March 31, 2026 decreased seven points primarily due to a lower current accident year loss ratio.

Previous wording

Gross premium volume within the Global Reinsurance division for the nine months ended September 30, 2025 decreased by 6% due to non-renewals on exited lines and renewal decreases within our professional liability and general liability product lines. The Global Reinsurance division's combined ratio for the nine months ended September 30, 2025 increased six points due to more adverse development on prior accident years loss reserves and a higher attritional loss ratio. Adverse development was driven by increases in prior accident years loss reserves within our general liability product lines, substantially all of which was recognized in the second quarter of 2025, due to greater severity than originally expected across older accident years and increases to more recent accident years to incorporate our loss experience on the older accident years. We also increased our current accident year loss ratios on these general liability product lines based on the loss experience on these older accident years.

Current wording

The 83% decrease in gross premium volume and 42% decrease in earned premiums within the Global Reinsurance division for the three months ended March 31, 2026 were attributable to the division entering run-off, as previously discussed. The Global Reinsurance division's combined ratio for the three months ended March 31, 2026 increased 22 points due to adverse development on prior accident years loss reserves compared to favorable development in the same period of 2025, as well as a higher attritional loss ratio, which we increased in response to recent loss development trends and to increase the level of caution in our loss reserves. Adverse development was driven by increases in prior accident years loss reserves within our general liability product lines due to greater severity than originally expected across older accident years.

Previous wording

We measure the operating performance of our Industrial segment by its operating revenues and adjusted operating income. Adjusted operating income represents operating income before amortization of acquired intangible assets. We consolidate the results of the businesses in the Industrial segment on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. The following table summarizes the operating performance of our Industrial segment.

Current wording

The Industrial segment is comprised of businesses that operate in the industrial sector. We measure the operating performance of our Industrial segment by its operating revenues and adjusted operating income, which represents operating income before amortization of acquired intangible assets. We consolidate the results of the businesses in the Industrial segment on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. The following table summarizes the operating performance of our Industrial segment.

Previous wording

Organic revenue growth of our Industrial segment was 4% and 2% for the quarter and nine months ended September 30, 2025, respectively. Organic revenue growth is a non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional details.

Current wording

The increase in operating revenues for the three months ended March 31, 2026 reflected organic growth and the contribution from an acquisition made by one of our businesses in December 2025. Organic revenue growth for our Industrial segment was 4% for the three months ended March 31, 2026. Organic revenue growth is a non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional details.

Previous wording

For the nine months ended September 30, 2025, the increase in revenues was primarily attributable to income related to our minority investment in Velocity in 2025, following the sale of its managing general agent operations in February 2025 and of its insurance carrier in May 2025.

Current wording

The decrease in operating revenues for the three months ended March 31, 2026 was primarily attributable to the impact of $31.3 million of income related to our minority investment in Velocity Holdco, LLC (Velocity) in the first quarter of 2025 following the sale of its managing general agent operations, partially offset by 10% organic revenue growth.

Previous wording

For the nine months ended September 30, 2025, the increase in adjusted operating income was driven by the impact of higher revenues, including the impact of income related to our minority investment in Velocity, as previously discussed. These increases were partially offset by favorable loss development at MCRe in 2024, as previously discussed.

Current wording

The decrease in adjusted operating income for the three months ended March 31, 2026 was primarily attributable to the impact of the income related to our minority investment in Velocity in 2025 and an impairment of an equity method investment in 2026, as previously discussed.

Previous wording

We measure the operating performance of our Consumer and Other segment by its operating revenues and adjusted operating income. Adjusted operating income represents operating income before amortization of acquired intangible assets. We consolidate the results of the businesses in the Consumer and Other segment on a one-month lag, with the exception of significant transactions or events that occur during the intervening period.

Current wording

The Consumer and Other segment is comprised of businesses that operate in the consumer sector, as well as a variety of other sectors, including information technology, real estate, and healthcare. We measure the operating performance of our Consumer and Other segment by its operating revenues and adjusted operating income, which represents operating income before amortization of acquired intangible assets. We consolidate the results of the businesses in the Consumer and Other segment on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. The following table summarizes the operating performance of our Consumer and Other segment.

Previous wording

The following table summarizes the results of our corporate operations, as well as a reconciliation to total corporate and eliminations as presented in the summary table of our consolidated results of operations. For further details of investment performance at our corporate operations, see "Consolidated Investment Results."

Current wording

The following table summarizes the results of our corporate operations, as well as a reconciliation to total corporate and eliminations as presented in the summary table of our consolidated results of operations. Our corporate operations include activities at our holding company, Markel Group Inc., and investments and loans to and from our operating businesses, which are held by other corporate subsidiaries. For further details of investment performance at our corporate operations, see "Consolidated Investment Results."

Previous wording

We measure our investment performance by analyzing net investment income, which reflects the recurring interest and dividend earnings on our investment portfolio. We also analyze net investment gains, which are primarily comprised of unrealized gains and losses on our equity portfolio. Net investment gains or losses in any given period are typically attributable to changes in the fair value of our equity portfolio due to market value movements. Based on the potential for volatility in the financial markets, we understand that the level of gains or losses may vary from one period to the next, and therefore believe that our investment performance is best analyzed over longer periods of time. As of September 30, 2025, the fair value of our equity portfolio included cumulative unrealized gains of $8.8 billion.

Current wording

We also analyze net investment gains, which are primarily comprised of unrealized gains and losses on our equity portfolio. Net investment gains or losses in any given period are typically attributable to changes in the fair value of our equity portfolio due to market value movements. Based on the potential for volatility in the financial markets, we understand that the level of gains or losses may vary from one period to the next, and therefore believe that our investment performance is best analyzed over longer periods of time. As of March 31, 2026, the fair value of our equity portfolio included cumulative unrealized gains of $8.2 billion.

Previous wording

The increase in net investment income for the quarter and nine months ended September 30, 2025 was driven by higher interest income on fixed maturity securities due to a higher yield and higher average holdings of fixed maturity securities in 2025 compared to 2024. These increases were partially offset by lower interest income on our short-term investments due to lower average short-term investment holdings and lower short-term interest rates in 2025 compared to 2024. Proceeds from our May 2024 senior debt offering, which had been held in short-term investments, were used to redeem our preferred shares in the second quarter of 2025 resulting in lower average holdings in 2025 compared to 2024. See note 4(d) of the notes to consolidated financial statements for details regarding the components of net investment income.

Current wording

The 8% increase in net investment income for the three months ended March 31, 2026 was driven by higher interest income on fixed maturity securities and higher dividend income on equity securities due to higher yields and higher average holdings in 2026 compared to 2025. These increases were partially offset by lower interest income on cash and cash equivalents due to lower average cash and cash equivalents holdings and lower short-term interest rates in 2026 compared to 2025.

Previous wording

We hold investments across our operating businesses and at our holding company, with the majority of our investments held at our Markel Insurance business in support of its underwriting activities. Markel Insurance has also provided loans to a corporate subsidiary to fund certain non-insurance acquisitions, which we evaluate similarly to invested assets held by Markel Insurance. Additionally, a corporate subsidiary may, from time to time, provide loans to our operating businesses to fund strategic growth investments and projects. The following tables summarize the composition of our invested assets by segment.

Current wording

The following tables summarize the composition of our invested assets by segment. We hold investments across our operating businesses and at our holding company, with the majority of our investments held at our Markel Insurance business in support of its underwriting activities. Invested assets and the associated net investment income at our other reportable segments are primarily attributable to our Financial segment. Markel Insurance has also provided loans to a corporate subsidiary to fund certain non-insurance acquisitions. We evaluate these loan receivables similarly to invested assets held by Markel Insurance. Additionally, one of our corporate subsidiaries may, from time to time, provide loans to our operating businesses to fund strategic growth investments and projects. These intercompany loans are presented in the tables below but are eliminated in consolidation.

Previous wording

The following tables summarize our investing results by segment. Intercompany interest relates to interest on intersegment loans.

Current wording

The following tables summarize our investing results by segment. Intercompany interest relates to interest on intercompany loans.

Previous wording

The following tables reconcile our Markel Insurance segment underwriting results to our consolidated underwriting operations. State National's underwriting results are included in our Financial segment.

Current wording

The following table reconciles our Markel Insurance segment underwriting results to our consolidated underwriting results. State National's underwriting results are included in our Financial segment.

Previous wording

Net foreign exchange gains and losses are primarily due to the remeasurement of our foreign currency denominated insurance loss reserves to the U.S. Dollar. The predominant foreign currencies within our insurance operations are the Euro and the British Pound. The U.S. Dollar strengthened against the British Pound and remained relatively stable against the Euro during the quarter ended September 30, 2025. The U.S. Dollar weakened against the Euro and the British Pound during the nine months ended September 30, 2025, most notably during the second quarter of 2025. The U.S. dollar also weakened against the British Pound and Euro during 2024, most notably during the third quarter of 2024.

Current wording

Net foreign exchange gains and losses are primarily due to the remeasurement of our foreign currency denominated insurance loss reserves to the U.S. Dollar. The predominant foreign currencies within our insurance operations are the Euro and the British Pound. The U.S. Dollar strengthened against the Euro and the British Pound during the three months ended March 31, 2026, while it weakened against these currencies during the same period of 2025.

Previous wording

Our exposure to foreign currency exchange rates is largely hedged through our available-for-sale investment portfolio, where we hold securities that generally match the currencies of our loss reserves. We also purchase foreign currency forward contracts to further manage unmatched foreign currency exposures.

Current wording

Our exposure to foreign currency exchange rates is largely hedged through our available-for-sale investment portfolio, where we hold securities that generally match the currencies of our loss reserves. We also purchase foreign currency forward contracts to manage unmatched foreign currency exposures.

Previous wording

Pre-tax net foreign exchange gains and losses attributed to changes in exchange rates on available-for-sale securities supporting our insurance reserves, which are included in the changes in net unrealized losses on available-for-sale investments in other comprehensive income, were losses of $25.0 million and gains of $197.7 million for the quarter and nine months ended September 30, 2025, respectively, compared to gains of $98.8 million and $53.2 million for the same respective periods of 2024.

Current wording

Pre-tax net foreign exchange gains and losses attributed to changes in exchange rates on available-for-sale securities supporting our insurance reserves, which are included in the changes in net unrealized losses on available-for-sale investments in other comprehensive income, were losses of $51.8 million for the three months ended March 31, 2026 compared to gains of $64.4 million for the same period of 2025.

Previous wording

The following table summarizes the components of other comprehensive income to shareholders.

Current wording

The following table summarizes the components of other comprehensive income (loss) to shareholders.

Previous wording

The change in net unrealized losses on available-for-sale investments in any given period is typically attributable to changes in the fair value of our fixed maturity portfolio due to changes in interest rates during the period, and, to a lesser extent, changes in foreign currency exchange rates. During the nine months ended September 30, 2025, the change in net unrealized losses on available-for-sale investments included $197.7 million of foreign exchange gains due to the weakening of the U.S. Dollar against the British Pound and Euro during 2025.

Current wording

The change in net unrealized losses on available-for-sale investments in any given period is typically attributable to changes in the fair value of our fixed maturity portfolio due to changes in interest rates during the period, and, to a lesser extent, changes in foreign currency exchange rates.

Previous wording

As of September 30, 2025, 96% of our fixed maturity portfolio was rated "AA" or better.

Current wording

As of March 31, 2026, 97% of our fixed maturity portfolio was rated "AA" or better.

Previous wording

We seek to maintain prudent levels of liquidity and financial leverage for the benefit and protection of our policyholders, creditors, and shareholders. Our consolidated debt to capital ratio was 19% and 20% at September 30, 2025 and December 31, 2024, respectively, both of which are within the range of our target capital structure.

Current wording

We seek to maintain prudent levels of liquidity and financial leverage for the benefit and protection of our policyholders, creditors, and shareholders. Our consolidated debt to capital ratio was 19% at both March 31, 2026 and December 31, 2025, which is within the range of our target capital structure.

Previous wording

Investments, cash and cash equivalents, and restricted cash and cash equivalents (invested assets) were $36.8 billion and $34.2 billion at September 30, 2025 and December 31, 2024, respectively. Our holding company had $3.7 billion and $4.3 billion of invested assets at September 30, 2025 and December 31, 2024, respectively. The decrease in invested assets at our holding company was attributable to cash used to redeem our preferred stock and repurchase shares of our common stock in 2025. For further details on the composition of our invested assets, see "Consolidated Investment Results."

Current wording

Investments, cash and cash equivalents, and restricted cash and cash equivalents (invested assets) were $36.5 billion and $37.4 billion at March 31, 2026 and December 31, 2025, respectively. The decrease in invested assets was primarily attributable to a decrease in the fair value of our equity securities. Our holding company had $4.0 billion and $4.4 billion of invested assets at March 31, 2026 and December 31, 2025, respectively. The decrease in invested assets at our holding company was primarily attributable to a decrease in the fair value of equity securities held by our holding company and cash used to repurchase shares of our common stock. For further details on the composition of our invested assets, see "Consolidated Investment Results."

Previous wording

We have a share repurchase program, authorized by our Board of Directors, that provides for the repurchase of up to $2 billion of common stock. As of September 30, 2025, $1.6 billion remained available for repurchase under the program. This share repurchase program has no expiration date but may be terminated by the Board of Directors at any time.

Current wording

We have a share repurchase program, authorized by our Board of Directors, that provides for the repurchase of up to $2 billion of common stock. As of March 31, 2026, $1.4 billion remained available for repurchase under the program. This share repurchase program has no expiration date but may be terminated by the Board of Directors at any time.

Previous wording

Net cash used by investing activities was $635.9 million for the nine months ended September 30, 2025 compared to $1.9 billion for the same period of 2024. During the nine months ended September 30, 2025, net cash used by investing activities included net purchases of fixed maturity securities and equity securities of $877.3 million and $126.6 million, respectively, and net sales of short-term investments of $473.1 million. The net sales of short-term investments in 2025 were largely driven by the conversion of short-term investments to cash in order to redeem our preferred stock in June 2025. During the nine months ended September 30, 2024, net cash used by investing activities included net purchases of fixed maturity securities and equity securities of $1.3 billion and $318.0 million, respectively, and net sales of short term investments of $305.2 million. Net cash used by investing activities in 2024 also included $154.4 million and $167.7 million of net cash used for the acquisition of Valor and EPI, respectively. Cash flows from investing activities are affected by various factors such as anticipated payment of claims, financing activity, acquisition opportunities, and individual buy and sell decisions made in the normal course of our investment portfolio management.

Current wording

Net cash used by investing activities was $348.2 million for the three months ended March 31, 2026 compared to net cash provided by investing activities of $192.8 million for the same period of 2025. During the three months ended March 31, 2026, net cash used by investing activities included net purchases of fixed maturity securities and equity securities of $271.6 million and $28.0 million, respectively. During the three months ended March 31, 2025, net cash provided by investing activities included net sales of short-term investments of $447.4 million and net purchases of fixed maturity securities and equity securities of $242.2 million and $56.7 million, respectively. Cash flows from investing activities are affected by various factors such as anticipated payment of claims, financing activity, acquisition opportunities, and individual buy and sell decisions made in the normal course of our investment portfolio management.

Previous wording

For the nine months ended September 30, 2025, net cash used by financing activities was $1.1 billion, which included $600.0 million of cash used to redeem our preferred stock and $344.0 million of cash used to repurchase shares of our common stock. For the nine months ended September 30, 2024, net cash provided by financing activities was $65.7 million, which included net proceeds of $592.6 million from the issuance of senior notes in May 2024, and was net of $389.1 million of cash used to repurchase shares of our common stock. Additionally, financing activities during the nine months ended September 30, 2025 and 2024 reflected borrowings and repayments of debt at certain of our operating businesses, primarily on revolving lines of credit.

Current wording

Net cash used by financing activities was $79.5 million for the three months ended March 31, 2026 compared to $105.8 million for the same period of 2025. Cash of $133.9 million and $170.3 million was used to repurchase shares of our common stock during the first three months of 2026 and 2025, respectively. Additionally, financing activities during the three months ended March 31, 2026 and 2025 reflected borrowings and repayments of debt at certain of our operating businesses, primarily on revolving lines of credit.

Previous wording

Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metrics.

Current wording

Consolidated adjusted operating income, which excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, is a non-GAAP financial measure. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metric.