Extremely strong competitive position due to brand recognition, sophisticated pricing, product innovation, efficient claims management, and well-developed and controlled distribution network Dominant market presence in homeowners' multiperil and private passenger auto lines Positive geographic diversification offering property/casualty (P/C) and life products in all 50 states Intermediate insurance industry and country risk assessment (IICRA) stemming from U.S. P/C and life operations Very strong capital adequacy per our calculations Intermediate risk position offset by a balance of uncorrelated risks in the P/C and life lines Strong financial flexibility and cash flows with broad access to capital markets Track record of diligent strategic planning, expertise, and experienced, sophisticated financial management Strong enterprise risk management (ERM) and satisfactory management and governance These factors result
