Subject: Annual report
FWIW

Definitely a lot more traditional variance presentation of business units from Greg.

Lots of moving parts.

YOY performance a little weaker and may continue in 2026.

However, when you add it all up with the model. My overall estimate of IV is slightly higher. Mainly because even though underwriting for the insurance unites declined, it is still well above historical average and my future value for IV is based on historical average and on the insurance. Operating divisions seem to be growing earnings at a mid single digit level.

Bottom ine is my overall IV goes from approximately $530 to $539. Of course a precise measurement like this is unrealistic. So lets say $525 to $550. Likely to be at least $575 by year end.

However, my guess is with the headlines and lack of buybacks and dividend prospects the stock price is likely to move back under $500 next week.