Adjusted book value per share is calculated by dividing total shareholders’ equity (excluding after-tax net unrealized investment gains/losses on fixed maturity securities and after-tax net reserve remeasurements attributable to discount rates) by ending shares outstanding.

Core earnings (loss) excludes the after-tax impact of net investment gains (losses), discontinued operations, goodwill and intangible asset impairments, and changes in accounting principles.

Net premiums written and contract deposits are based on statutory accounting principles and used to analyze business growth.

Operating statistics, such as loss ratio, expense ratio, and combined ratio, are used to assess the profitability of property and casualty underwriting results.