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(1)  Core operating results are a non-GAAP measure used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. A full reconciliation of non-GAAP financial measures can be found at the end of the financial statements which accompany this release. (2)  Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period.          Financial results Net income of $39.8 m...

Fourth Quarter Net income was $387 million versus $273 million in the prior year quarter; core income was a record $335 million versus $265 million in the prior year quarter. The P&C combined ratio was 93.5% compared with 95.6% in the prior year quarter, including 0.8 points of catastrophe loss impact compared with 2.9 points in the prior year quarter.  No change to COVID-19 catastrophe loss estimate. The underlying combined ratio was 92.7% compared with 94.9% in the prior year quarter.  The underlying loss ratio was 60.5% compared with 60.9% in the prior year quarter and the expense rati...

(1)    Core operating results are a non-GAAP measure used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. A full reconciliation of non-GAAP financial measures can be found at the end of the financial statements which accompany this release. (2)    Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period. Fourth Quarter 2020 Highlights Financial results...