The stable outlook reflects the group's very strong competitive position and robust capital adequacy, underscored by strong operating earnings. S&P Global Ratings expects the group's operating performance to remain consistent with historical profitability within our base-case projections by maintaining at least a 4-5 point lead in combined ratio, relative to the industry. We also expect Travelers to maintain favorable operating performance relative to peers, reflecting its record of disciplined underwriting and reserving. We could lower the ratings if capital adequacy weakens sustainably below 'AAA'; if the group cannot maintain its history of superior underwriting profitability; or if its competitive position materially erodes. We are unlikely to raise our ratings in the next 24 months. An upgrade is constrained by our