The company posted fourth-quarter net income of $676 million, up from $405 million a year earlier, reflecting in part a $145 million after-tax increase in the fair value of equity securities still held. For the full year, net income rose to $2.393 billion from $2.292 billion in 2024, a performance that compares favorably with several large commercial insurers that reported flatter year-over-year earnings due to catastrophe losses and margin pressure.

