The Company repurchased 5.8 million shares during the fourth quarter at an average price of $285.04 per share for a total cost of $1.653 billion. At December 31, 2025, the Company had $2.015 billion of capacity remaining under its share repurchase authorizations approved by the Board of Directors. At the end of the quarter, statutory capital and surplus was $31.064 billion, and the ratio of debt-to-capital was 22.0%. The ratio of debt-to-capital excluding after-tax net unrealized investment losses included in shareholders' equity was 21.2%, within the Company's target range of 15% to 25%.

The Board of Directors declared a regular quarterly dividend of $1.10 per share. The dividend is payable March 31, 2026, to shareholders of record at the close of business on March 10, 2026. The Board of Directors also authorized an additional $5.0 billion of share repurchases. This amount is in addition to the $2.015 billion that remained from previous authorizations as of December 31, 2025. This authorization does not have a stated expiration date. The timing and actual number of shares to be repurchased will depend on a variety of factors, including the factors described below in the Forward-Looking Statements section.