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Management attributed strong results to global diversification across geographies and products, which provided resilience against elevated macro uncertainty and geopolitical tensions in the Middle East.

Performance was driven by significant growth in Life income and P&C underwriting, though results were partially flattered by a comparison to the prior year's California wildfire impacts.

The company intentionally shrank its North America large account and London wholesale property portfolios, characterizing current market pricing in those segments as 'dumb' and 'woefully inadequate'.

Growth in North America commercial was bifurcated, with strong performance in casualty and risk management offset by a strategic retreat from shared and layered property markets.

International retail business saw robust expansion, particularly in consumer-related premiums and Accident & Health, benefiting from strong agency and digital distribution channels.

Management emphasized a 'patient' approach to capital allocation, prioritizing long-term tangible book value growth over short-term premium volume in soft pricing environments.

Management expects geopolitical conflicts to exert inflationary pressure on global supply chains, though the exact timing and degree of impact on U.S. insurance pricing remains 'unknowable'.

The company remains confident in delivering double-digit EPS and tangible book value growth, assuming catastrophe levels remain within historical norms.

Adjusted net investment income for the second quarter is projected to be between $1.825 billion and $1.85 billion, supported by a 5.5% new money rate.

The full-year core operating effective tax rate is expected to normalize within a range of 19.5% to 20% following first-quarter equity award vestings.

Strategic investments in AI and agentic technology are expected to be a real growth area over a five-year horizon, and management anticipates that digitalization and AI will lower intermediation costs in the longer term.

Management flagged the rise of volume-based incentive systems and MGAs as a structural risk, noting they often bring 'cheaper price and higher commission' at the expense of ultimate risk-takers.

A new marine insurance program was established in partnership with the U.S. government to support shipping convoys in the Gulf, reflecting a strategic move to support global trade under stress.

The company noted that while property pricing is declining by 25% to 30% in some markets, loss costs are actually increasing by 4% to 5%, creating a significant mismatch.

Private credit exposure remains disciplined at less than 4% of total investments, with management explicitly limiting exposure to the volatile software sector to 0.25% of the total portfolio.

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Management noted that while AI helps identify vulnerabilities, it also accelerates the 'arms race' for patching and defense.

Middle-market companies are identified as the highest risk segment because they have significant assets but weaker security perimeters compared to large enterprises.

Evan Greenberg explained that the current softening is driven by excess capital and 'volume-based' MGAs rather than improved loss trends.

He suggested that because property is a short-tail line, the 'report card' on inadequate pricing will arrive quickly, likely forcing a market correction.

Management stated that intermediation costs in many parts of the industry are 'excessive' and should eventually decline due to digitalization.

While brokers remain partners, the long-term expectation is that AI will compress the margins currently held by intermediaries.

The 33% growth in Life was driven by savings-oriented single premiums in Asia, which management views as high-return but lower-margin 'spread-based' business.

Management expects a shift back toward regular premium, risk-based products as the year progresses.

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