Shares declined 1.4% following a solid but somewhat cautious quarter, with the market seemingly tempering enthusiasm amid signs of moderation in overall growth and a conservative outlook for Global Housing's combined ratio and catastrophe assumptions.

• Adjusted EBITDA grew 6% and adjusted EPS increased 9% in Q1, excluding catastrophe events; growth improves to 8% and 12%, respectively, when excluding prior year reserve development.
• Global Lifestyle delivered strong double-digit earnings growth, with Connected Living up 18% and Global Automotive rising 23%, driven by client expansions, operational efficiencies, and new AI-enabled initiatives.
• Global Housing showed double-digit top-line growth in homeowners and renewed over 5 million loans via long-term lender place contracts; however, the outlook includes a cautious combined ratio target in the low to mid-80s and a $185 million catastrophe assumption for the year.
• Share repurchases accelerated given the company’s capital flexibility, reflecting confidence in underlying value despite tempered near-term growth signals.