Excluding significant requirements, the basic merger ratio is 82.1%, compared with 80.6% last year. The loss loss rate was 48.3%, consistent with the previous period. The previous year’s reserve release contributed 2.0% to the combined ratio, including improvements in disaster events such as Herene Helene and Milton, although this was somewhat offset by enhanced aviation reserves due to the latest losses in Ukraine’s loss estimates. The expense ratio increased to 35.8%, reflecting higher total commissions and higher employee costs.
