Travelers : Reports Third Quarter Net Income and Core Income per Diluted Share of $1.05 and $0.91, Respectively, Including Catastrophe Losses of $1.63 per Diluted Share

The Travelers Companies, Inc. today reported net income of $293 million, or $1.05 per diluted share, for the quarter ended September 30, 2017, compared to $716 million, or $2.45 per diluted share, in the prior year quarter. Core income in the current quarter was $253 million, or $0.91 per diluted share, compared to $701 million, or $2.40 per diluted share, in the prior year quarter. The decrease in net income and core income was primarily due to significantly higher catastrophe losses. In addition, net income benefited from an increase in net realized investment gains of $61 million pre-tax ($40 million after-tax) in the current quarter, primarily driven by gains on the sale of equity securities, compared to $23 million pre-tax ($15 million after-tax) in the prior year quarter. Per diluted share amounts benefited from the impact of share repurchases.

“In a quarter of unprecedented hurricane activity, our strength in underwriting and our investment expertise enabled us to deliver core income of $253 million and core return on equity of 4.5%,” commented Alan Schnitzer, Chairman and Chief Executive Officer. “Our disciplined coastal underwriting stood up to the storms, and we also delivered a consolidated underlying combined ratio of 92.8%, with all three segments contributing to the solid result. The results in Business Insurance benefited from higher earned premiums and lower general and administrative expenses, while Bond & Specialty Insurance delivered another quarter of impressive profitability. Within Personal Insurance, the underlying combined ratio in auto improved, reflecting the continued successful execution of pricing and underwriting actions we began implementing a year ago. Our high-quality investment portfolio continued to perform well, benefiting from strong private equity returns. Additionally, we were able to return $528 million to shareholders in the quarter, including $328 million in share repurchases.

“We also continue to be pleased with the execution of our marketplace strategies, which resulted in record net written premiums of $6.7 billion this quarter, a 4% increase over the prior year quarter. In our commercial businesses, retention remained at historic highs, renewal premium change remained positive and consistent with recent periods and the level of new business increased. In Personal auto, renewal premium change reached double digits in September, consistent with our plans to improve profitability, and we maintained the positive momentum in our homeowners business with 5% growth in policies in force quarter-over-quarter.

“In the wake of the many devastating events this quarter, our thoughts and prayers are with all who have been impacted. We also extend our deep gratitude to our claim professionals, who tirelessly demonstrate to our customers and agents the value of the Travelers promise.”

Third Quarter 2017 Results
(All comparisons vs. third quarter 2016, unless noted otherwise)

Net income of $293 million after-tax decreased $423 million due to lower core income, partially offset by higher net realized investment gains. Core income of $253 million after-tax decreased $448 million, primarily driven by significantly higher catastrophe losses. Net realized investment gains of $61 million pre-tax ($40 million after-tax) in the current quarter, compared to $23 million pre-tax ($15 million after-tax) in the prior year quarter, were primarily driven by gains on the sale of equity securities.

Underwriting results

• The combined ratio of 103.2% increased 10.3 points due to higher catastrophe losses (9.3 points), a higher underlying combined ratio (0.7 points) and lower net favorable prior year reserve development (0.3 points).
• The underlying combined ratio of 92.8% increased 0.7 points, primarily driven by a high level of non-catastrophe fire-related losses in Business Insurance and loss cost trends that modestly exceeded earned pricing, partially offset by a lower expense ratio.
• Net favorable prior year reserve development occurred in Business Insurance and Bond & Specialty Insurance. Net favorable prior year reserve development in Business Insurance was net of a $225 million increase in asbestos reserves, the same amount as in the prior year quarter. Catastrophe losses in the third quarter of 2017 primarily resulted from Hurricanes Harvey, Irma and Maria, as well as wind and hail storms in the Southern region of the United States.

Net investment income of $588 million pre-tax ($457 million after-tax) increased 1% driven by higher private equity returns, partially offset by fixed income returns that declined in line with our expectations due to lower reinvestment rates available in the market.

Record net written premiums of $6.660 billion increased 4%, reflecting strong retention in all three segments and improved renewal premium change in Personal Insurance, as well as an increase in new business in our commercial businesses.

Year-to-Date 2017 Results
(All comparisons vs. year-to-date 2016, unless noted otherwise)

Net income of $1.505 billion after-tax decreased $566 million, due to lower core income, partially offset by higher net realized investment gains. Core income of $1.410 billion after-tax decreased $638 million, primarily driven by significantly higher catastrophe losses, lower net favorable prior year reserve development, and a lower underlying underwriting gain (i.e., excluding net favorable prior year reserve development and catastrophe losses), partially offset by higher net investment income. The current period benefited from a $39 million resolution of prior year income tax matters, while the prior year period benefited modestly from the favorable settlement of a claims-related legal matter. Net realized investment gains of $146 million pre-tax ($95 million after-tax) in the current period, compared to $33 million pre-tax ($23 million after-tax) in the prior year period, were primarily driven by gains on the sale of equity securities.

Underwriting results

• The combined ratio of 98.7% increased 5.9 points due to higher catastrophe losses (3.5 points), lower net favorable prior year reserve development (1.2 points) and a higher underlying combined ratio (1.2 points).
• The underlying combined ratio of 92.7% increased 1.2 points, primarily driven by a high level of non-catastrophe fire-related losses in Business Insurance, the tenure impact of higher levels of new business in personal auto, the timing of higher loss estimates in personal automobile bodily injury liability coverages that were consistent with the higher loss trends recognized in the latter part of 2016 and loss cost trends that modestly exceeded earned pricing, partially offset by a lower expense ratio.
• Net favorable prior year reserve development occurred in all segments. Catastrophe losses included the third quarter events described above, as well as wind and hail storms in several regions of the United States and a winter storm in the eastern United States in the first quarter of 2017.

Net investment income of $1.796 billion pre-tax ($1.405 billion after-tax) increased 7% driven by the same factors as discussed above for the third quarter 2017.

Record net written premiums of $19.795 billion increased 5%, reflecting growth in all segments.

Shareholders’ Equity

Shareholders’ equity of $23.738 billion increased 2% from year-end 2016. Pre-tax net unrealized investment gains were $1.545 billion ($1.006 billion after-tax) compared to $1.112 billion pre-tax ($730 million after-tax) at year-end 2016. Book value per share of $86.73 and adjusted book value per share of $83.06 increased 4% and 3%, respectively, from year-end 2016.

The Company repurchased 2.6 million shares during the third quarter at an average price of $128.11 per share for a total cost of $328 million. Capacity remaining under the existing share repurchase authorization was $4.906 billion at the end of the quarter. At the end of third quarter 2017, statutory capital and surplus was $20.740 billion and the ratio of debt-to-capital was 22.6%. The ratio of debt-to-capital excluding after-tax net unrealized investment gains was 23.3%, within the Company’s target range of 15% to 25%.

The Board of Directors today declared a quarterly dividend of $0.72 per share. This dividend is payable on December 29, 2017, to shareholders of record as of the close of business on December 11, 2017.

Third Quarter 2017 Results
(All comparisons vs. third quarter 2016, unless noted otherwise)

Segment income for Business Insurance was $105 million after-tax, a decrease of $328 million, primarily driven by significantly higher catastrophe losses and a lower underlying underwriting gain. The underlying underwriting gain declined primarily due to the impact of a high level of fire-related losses.

Underwriting results

• The combined ratio of 109.8% increased 13.7 points due to higher catastrophe losses (11.6 points) and a higher underlying combined ratio (2.3 points), partially offset by higher net favorable prior year reserve development (0.2 points).
• The underlying combined ratio of 96.4% increased 2.3 points, driven by a high level of non-catastrophe fire-related losses and loss cost trends that modestly exceeded earned pricing, partially offset by a lower expense ratio.
• Net favorable prior year reserve development primarily resulted from better than expected loss experience in the segment’s domestic operations in (i) the workers’ compensation product line for multiple accident years and (ii) the general liability product line (excluding the increase to asbestos reserves) for both primary and excess coverages for accident years 2007 and prior as well as accident year 2016, largely offset by (iii) a $225 million increase to asbestos reserves and (iv) the impact of higher than expected loss experience in the commercial automobile product line for accident years 2013 through 2016.
• The asbestos reserve strengthening, which resulted from the Company’s annual in-depth asbestos claim review that was completed in the third quarter, was driven by increases in the Company’s estimate for projected settlement and defense costs related to a broad number of policyholders. The increase in the estimate of projected settlement and defense costs resulted from recent payment trends that continue to be higher than previously anticipated. While the overall view of the underlying asbestos environment is essentially unchanged from recent periods, there remains a high degree of uncertainty with respect to future exposure to asbestos claims.

Net written premiums of $3.434 billion increased 1% and benefited from continued strong retention, improved renewal premium change and an increase in new business.

Year-to-Date 2017 Results
(All comparisons vs. year-to-date 2016, unless noted otherwise)

Segment income for Business Insurance was $976 million after-tax, a decrease of $305 million, primarily driven by significantly higher catastrophe losses and a lower underlying underwriting gain, partially offset by higher net investment income. The current period benefited from a $15 million resolution of prior year income tax matters, while the prior year period benefited modestly from the favorable settlement of a claims-related legal matter.

Underwriting results

• The combined ratio of 101.0% increased 5.1 points due to higher catastrophe losses (3.9 points), a higher underlying combined ratio (1.1 points) and lower net favorable prior year reserve development (0.1 points).
• The underlying combined ratio of 95.2% increased 1.1 points, driven by a high level of non-catastrophe fire-related losses and the impact of loss cost trends that modestly exceeded earned pricing, partially offset by a lower expense ratio.
• Net favorable prior year reserve development primarily resulted from net favorable prior year reserve development in the segment’s domestic operations due to better than expected loss experience in (i) the workers’ compensation product line for multiple accident years, (ii) the general liability product line (excluding an increase to asbestos and environmental reserves) for both primary and excess coverages for multiple accident years and (iii) the commercial multi-peril product line for liability coverages for multiple accident years, partially offset by (iv) a $225 million increase to asbestos reserves, (v) a $65 million increase to environmental reserves and (vi) the impact of higher than expected loss experience in the commercial automobile product line for accident years 2013 through 2016. The net favorable prior year reserve development in the segment’s domestic operations was partially offset by net unfavorable prior year reserve development in the segment’s international operations in Europe due to the UK Ministry of Justice’s “Ogden” discount rate adjustment applied to lump sum bodily injury payouts.

Other income in the prior year period included proceeds from the favorable settlement of a claims-related legal matter.

Net written premiums of $10.833 billion increased 2% and benefited from strong retention and improved renewal premium change.

Third Quarter 2017 Results
(All comparisons vs. third quarter 2016, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $136 million after-tax, a decrease of $29 million, due to lower net favorable prior year reserve development.

Underwriting results

• The combined ratio of 77.7% increased 7.1 points due to lower net favorable prior year reserve development (7.2 points) and higher catastrophe losses (0.7 points), partially offset by a lower underlying combined ratio (0.8 points).
• The underlying combined ratio remained very strong at 77.7%.

Net written premiums of $611 million grew 2% from the prior year quarter and benefited from record retention and positive renewal premium change.

Year-to-Date 2017 Results
(All comparisons vs. year-to-date 2016, unless noted otherwise)

Segment income for Bond & Specialty Insurance was $444 million after-tax, a decrease of $96 million, due to lower net favorable prior year reserve development, partially offset by the current period benefit from a $17 million resolution of prior year income tax matters.

Underwriting results

• The combined ratio of 75.3% increased 10.3 points due to lower net favorable prior year reserve development (10.4 points) and higher catastrophe losses (0.2 points), partially offset by a lower underlying combined ratio (0.3 points).
• The underlying combined ratio remained very strong at 80.5%.
• Net favorable prior year reserve development resulted from better than expected loss experience in the segment’s domestic operations in the general liability product line for accident years 2012, 2014 and 2015.

Net written premiums of $1.753 billion grew 4% from the prior year period and benefited from the same factors as discussed above for third quarter 2017.

Third Quarter 2017 Results
(All comparisons vs. third quarter 2016, unless noted otherwise)

Segment income for Personal Insurance of $77 million after-tax decreased $86 million due to significantly higher catastrophe losses, partially offset by a higher underlying underwriting gain.

Underwriting results

• The combined ratio of 99.7% increased 6.2 points due to higher catastrophe losses (8.1 points), partially offset by a lower underlying combined ratio (1.4 points) and no net prior year reserve development compared to net unfavorable prior year reserve development in the prior year quarter (0.5 points).
• The underlying combined ratio of 91.0% improved 1.4 points, primarily driven by a lower expense ratio.

Net written premiums of $2.615 billion increased 9%. Agency Automobile net written premiums grew 12%, including renewal premium change of 9.5%. Agency Homeowners & Other net written premiums grew 5% and benefited from policies in force growth of 5% year-over-year and positive renewal premium change.

Year-to-Date 2017 Results
(All comparisons vs. year-to-date 2016, unless noted otherwise)

Segment income for Personal Insurance was $178 million after-tax, a decrease of $232 million, primarily driven by significantly higher catastrophe losses, a lower underlying underwriting gain and lower net prior year reserve development, partially offset by higher net investment income. The current period benefited from a $7 million resolution of prior year income tax matters.

Underwriting results

• The combined ratio of 101.1% increased 6.1 points due to higher catastrophe losses (3.8 points), a higher underlying combined ratio (1.9 points) and lower net favorable prior year reserve development (0.4 points).
• The underlying combined ratio of 91.9% increased 1.9 points, primarily driven by normal variability in non-catastrophe weather-related losses, the tenure impact of higher levels of new business in auto and the timing impact of higher loss estimates in auto bodily injury liability coverages that were consistent with the higher loss trends we recognized in the latter part of 2016, partially offset by a lower expense ratio.

Net written premiums of $7.209 billion increased 9%, benefiting from the same drivers as described above for the third quarter 2017.

Financial Supplement and Conference Call

The information in this press release should be read in conjunction with a financial supplement that is available on our website at www.travelers.com. Travelers management will discuss the contents of this release and other relevant topics via webcast at 9 a.m. Eastern (8 a.m. Central) on Thursday, October 19, 2017. Investors can access the call via webcast at http://investor.travelers.com or by dialing 1-800-926-4951 within the U.S. and 1-212-231-2939 outside the U.S. Prior to the webcast, a slide presentation pertaining to the quarterly earnings will be available on the Company’s website.

Following the live event, an audio playback of the webcast and the slide presentation will be available on the same website. An audio playback can also be accessed by phone at 1-800-633-8284 within the U.S. and 1-402-977-9140 outside the U.S. (use reservation 21858140 for both the U.S. and international calls).

About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $28 billion in 2016. For more information, visit www.travelers.com.

Travelers may use its website and/or social media outlets, such as Facebook and Twitter, as distribution channels of material Company information. Financial and other important information regarding the Company is routinely accessible through and posted on our website at http://investor.travelers.com, our Facebook page at https://www.facebook.com/travelers and our Twitter account (@Travelers) at https://twitter.com/travelers. In addition, you may automatically receive email alerts and other information about Travelers when you enroll your email address by visiting the Email Notifications section at http://investor.travelers.com.

Travelers is organized into the following reportable business segments:

Effective April 1, 2017, the Company’s results are reported in the following three business segments – Business Insurance, Bond & Specialty Insurance and Personal Insurance, reflecting a change in the manner in which the Company’s businesses were being managed as of that date, as well as the aggregation of products and services based on the type of customer, how the business is marketed and the manner in which risks are underwritten. While the segmentation of the Company’s domestic businesses was unchanged, the Company’s international businesses, which were previously managed and reported in total within the Business and International Insurance segment, were disaggregated by product type among the three newly aligned reportable business segments. All prior periods presented have been reclassified to conform to this presentation. In connection with these changes, the Company revised the names and descriptions of certain businesses comprising the Company’s segments and has reflected other related changes.

Business Insurance – Business Insurance offers a broad array of property and casualty insurance and insurance related services to its customers, primarily in the United States, as well as in Canada, the United Kingdom, the Republic of Ireland, Brazil and throughout other parts of the world as a corporate member of Lloyd’s.

Bond & Specialty Insurance – Bond & Specialty Insurance provides surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services to its customers in the United States and certain specialty insurance products in Canada, the United Kingdom, the Republic of Ireland and Brazil, utilizing various degrees of financially-based underwriting approaches.

Personal Insurance – Personal Insurance writes a broad range of property and casualty insurance covering individuals’ personal risks, primarily in the United States, as well as in Canada. The primary products of automobile and homeowners insurance are complemented by a broad suite of related coverages.

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Forward-Looking Statements

This press release contains, and management may make, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about:

• the Company’s outlook and its future results of operations and financial condition (including, among other things, anticipated premium volume, premium rates, margins, net and core income, investment income and performance, loss costs, return on equity, core return on equity and expected current returns and combined ratios);
• share repurchase plans;
• future pension plan contributions;
• the sufficiency of the Company’s asbestos and other reserves;
• the impact of emerging claims issues as well as other insurance and non-insurance litigation;
• the cost and availability of reinsurance coverage;
• catastrophe losses (including recent California wildfires);
• the impact of investment, economic (including inflation, potential changes in tax law and rapid changes in commodity prices, as well as fluctuations in foreign currency exchange rates) and underwriting market conditions;
• strategic initiatives to improve profitability and competitiveness; and
• the impact of the Company’s acquisition of Simply Business.

The Company cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

Some of the factors that could cause actual results to differ include, but are not limited to, the following:

• catastrophe losses, including those discussed above, could materially and adversely affect the Company’s results of operations, its financial position and/or liquidity, and could adversely impact the Company’s ratings, the Company’s ability to raise capital and the availability and cost of reinsurance;
• if actual claims exceed the Company’s claims and claim adjustment expense reserves, or if changes in the estimated level of claims and claim adjustment expense reserves are necessary, including as a result of, among other things, changes in the legal, regulatory and economic environments in which the Company operates, the Company’s financial results could be materially and adversely affected;
• during or following a period of financial market disruption or an economic downturn, the Company’s business could be materially and adversely affected;
• the Company’s investment portfolio is subject to credit risk, and may suffer material realized or unrealized losses. The Company’s investment portfolio may also suffer reduced or low returns, particularly if interest rates remain at historically low levels for a prolonged period of time or decline further as a result of actions taken by central banks (a risk which potentially could be increased by, among other things, the United Kingdom’s withdrawal from the European Union);
• the Company’s business could be harmed because of its potential exposure to asbestos and environmental claims and related litigation;
• the intense competition that the Company faces, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which it operates, could harm its ability to maintain or increase its business volumes and its profitability;
• disruptions to the Company’s relationships with its independent agents and brokers or the Company’s inability to manage effectively a changing distribution landscape could adversely affect the Company;
• the Company is exposed to, and may face adverse developments involving, mass tort claims such as those relating to exposure to potentially harmful products or substances;
• the effects of emerging claim and coverage issues on the Company’s business are uncertain;
• the Company may not be able to collect all amounts due to it from reinsurers, reinsurance coverage may not be available to the Company in the future at commercially reasonable rates or at all and we are exposed to credit risk related to our structured settlements;
• the Company is also exposed to credit risk in certain of its insurance operations and with respect to certain guarantee or indemnification arrangements that we have with third parties;
• within the United States, the Company’s businesses are heavily regulated by the states in which it conducts business, including licensing and supervision, and changes in regulation may reduce the Company’s profitability and limit its growth;
• a downgrade in the Company’s claims-paying and financial strength ratings could adversely impact the Company’s business volumes, adversely impact the Company’s ability to access the capital markets and increase the Company’s borrowing costs;
• the inability of the Company’s insurance subsidiaries to pay dividends to the Company’s holding company in sufficient amounts would harm the Company’s ability to meet its obligations, pay future shareholder dividends or make future share repurchases;
• the Company’s efforts to develop new products or expand in targeted markets may not be successful and may create enhanced risks;
• the Company may be adversely affected if its pricing and capital models provide materially different indications than actual results;
• the Company’s business success and profitability depend, in part, on effective information technology systems and on continuing to develop and implement improvements in technology;
• if the Company experiences difficulties with technology, data and network security (including as a result of cyber attacks), outsourcing relationships, or cloud-based technology, the Company’s ability to conduct its business could be negatively impacted;
• changes in U.S. tax laws or in the tax laws of other jurisdictions in which the Company operates could adversely impact the Company;
• the Company is also subject to a number of additional risks associated with its business outside the United States, including foreign currency exchange fluctuations and restrictive regulations, as well as the risks and uncertainties associated with the United Kingdom’s withdrawal from the European Union;
• regulatory changes outside of the United States, including in Canada and the European Union, could adversely impact the Company’s results of operations and limit its growth;
• loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of the Company’s products could reduce the Company’s future profitability;
• acquisitions and integration of acquired businesses may result in operating difficulties and other unintended consequences;
• the Company could be adversely affected if its controls designed to ensure compliance with guidelines, policies and legal and regulatory standards are not effective;
• the Company’s businesses may be adversely affected if it is unable to hire and retain qualified employees;
• intellectual property is important to the Company’s business, and the Company may be unable to protect and enforce its own intellectual property or the Company may be subject to claims for infringing the intellectual property of others;
• changes in federal regulation could impose significant burdens on the Company and otherwise adversely impact the Company’s results;
• changes to existing U.S. accounting standards may adversely impact the Company’s reported results; and
• the Company’s share repurchase plans depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining capital levels commensurate with the Company’s desired ratings from independent rating agencies, funding of the Company’s qualified pension plan, capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions and other factors.

Our forward-looking statements speak only as of the date of this press release or as of the date they are made, and we undertake no obligation to update forward-looking statements. For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 16, 2017, as updated by our periodic filings with the SEC.

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GLOSSARY OF FINANCIAL MEASURES AND RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES

The following measures are used by the Company’s management to evaluate financial performance against historical results and establish targets on a consolidated basis. In some cases, these measures are considered non-GAAP financial measures under applicable SEC rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure. Reconciliations of these measures to the most comparable GAAP measures also follow.

In the opinion of the Company’s management, a discussion of these measures provides investors, financial analysts, rating agencies and other financial statement users with a better understanding of the significant factors that comprise the Company’s periodic results of operations and how management evaluates the Company’s financial performance. Internally, the Company’s management uses these measures to evaluate performance against historical results, to establish financial targets on a consolidated basis and for other reasons, which are discussed below.

Some of these measures exclude net realized investment gains (losses), net of tax, and/or net unrealized investment gains (losses), net of tax, which can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends.

Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by the Company’s management.

RECONCILIATION OF NET INCOME TO CORE INCOME AND CERTAIN OTHER NON-GAAP MEASURES

Core income (loss) is net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations and cumulative effect of changes in accounting principles when applicable. Segment income (loss) is comparable to core income (loss) on a segment basis. Management uses segment income (loss) to analyze each segment’s performance and as a tool in making business decisions. Financial statement users also consider core income when analyzing the results and trends of insurance companies. Core income (loss) per share is core income (loss) on a per common share basis.