Insurance segment GPW rose 9% in 2025 to $7.2 billion, and 3% growth in the reinsurance segment to $2.5 billion. Again, AXIS attributes the insurance segment premium growth for the year to most lines of business with the exception of cyber lines. For the full year, pre-tax catastrophe and weather-related losses, net of reinsurance, hit $159 million, of which $156 million hit the insurance segment and just $3 million the reinsurance segment. During the year, AXIS recorded net favorable prior year reserve development of $87 million, split $67 million insurance and $20 million reinsurance, compared with $24 million of favourable prior year development in 2024. All in all, AXIS generated net income of $979 million in 2025, down 7%, or $73 million, on the prior year.