Revenue: As of FY2025, the actual value is USD 43.3 B.

EPS: As of FY2025, the actual value is USD -1.51.

EBIT: As of FY2025, the actual value is USD -16.96 B.

Segment Revenue

Gross Written Premiums Total gross written premiums decreased by $12.3 million, or -17.0%, to $59.8 million in 2025, from $72.1 million in 2024. Commercial Lines gross written premiums decreased by $18.0 million, or -67.4%, to $8.7 million in 2025, from $26.7 million in 2024, as the company ceased writing commercial lines business by December 31, 2025. Personal Lines gross written premiums increased by $5.7 million, or 12.7%, to $51.1 million in 2025, from $45.4 million in 2024, driven by organic growth in the low-value dwelling book of business in Texas and the Midwest, offset by the exit from the Oklahoma homeowners business.

Net Written Premiums Total net written premiums decreased by $28.0 million, or -56.7%, to $21.3 million in 2025, from $49.3 million in 2024. Commercial Lines net written premiums decreased by $16.17 million, or -111.2%, to - $1.629 million in 2025, from $14.541 million in 2024. Personal Lines net written premiums decreased by $11.82 million, or -34.0%, to $22.977 million in 2025, from $34.797 million in 2024.

Net Earned Premiums Total net earned premiums decreased by $28.5 million, or -46.8%, to $32.4 million in 2025, from $60.9 million in 2024. Commercial Lines net earned premiums decreased by $25.607 million, or -90.9%, to $2.553 million in 2025, from $28.160 million in 2024. Personal Lines net earned premiums decreased by $2.868 million, or -8.8%, to $29.834 million in 2025, from $32.702 million in 2024.

Operational Metrics

Net Income (Loss) Net loss from continuing operations was - $18.438 million in 2025, compared to - $34.240 million in 2024. Net income from discontinued operations was $0 in 2025, compared to $58.587 million in 2024. Total net income (loss) was - $18.438 million in 2025, compared to $24.347 million in 2024.

Adjusted Operating Income (Loss) (Non-GAAP) Adjusted operating loss was - $25.634 million in 2025, compared to - $34.558 million in 2024.

Underwriting Gain (Loss) Total underwriting loss was - $25.887 million in 2025, compared to - $37.278 million in 2024. Commercial Lines underwriting loss was - $14.715 million in 2025, compared to - $32.329 million in 2024. Personal Lines underwriting loss was - $7.583 million in 2025, compared to - $1.853 million in 2024. Corporate underwriting loss was - $3.589 million in 2025, compared to - $3.096 million in 2024.

Combined Ratio Total combined ratio was 168.8% in 2025, compared to 156.0% in 2024.

Loss Ratio Total loss ratio was 119.0% in 2025, compared to 120.2% in 2024. Commercial Lines calendar year loss ratio was 624.7% in 2025, compared to 184.8% in 2024. Personal Lines calendar year loss ratio was 75.7% in 2025, compared to 64.6% in 2024.

Expense Ratio Total expense ratio was 49.8% in 2025, compared to 35.8% in 2024. Commercial Lines total expense ratio was 51.6% in 2025, compared to 29.8% in 2024. Personal Lines total expense ratio was 49.7% in 2025, compared to 41.1% in 2024.

Policy Acquisition Costs Total policy acquisition costs were 26.0% of net earned premiums and other income in 2025, compared to 21.8% in 2024. Commercial Lines policy acquisition costs were -3.0% in 2025, compared to 15.3% in 2024. Personal Lines policy acquisition costs were 28.4% in 2025, compared to 27.5% in 2024.

Operating Expenses (as % of Net Earned Premiums and Other Income) Total operating expenses were 23.8% in 2025, compared to 14.0% in 2024. Commercial Lines operating expenses were 54.6% in 2025, compared to 14.5% in 2024. Personal Lines operating expenses were 21.3% in 2025, compared to 13.6% in 2024.

Net Investment Income Net investment income decreased by $726,000, or -12.6%, to $5.037 million in 2025, from $5.763 million in 2024.

Interest Expense Interest expense was $3.185 million in 2025, compared to $4.883 million in 2024.

Cash Flow

Operating Activities Cash used in operating activities was - $43.9 million in 2025, compared to - $32.7 million in 2024.

Investing Activities Cash provided by investing activities was $28.1 million in 2025, compared to $70.3 million in 2024.

Financing Activities Cash provided by financing activities was $15.5 million in 2025, compared to cash used of - $21.1 million in 2024.

Unique Metrics

Receivable from Contingent Considerations (Fair Value) The fair value of the receivable from contingent considerations was $4.290 million as of December 31, 2025, compared to $8.070 million as of December 31, 2024. The third contingent payment of $10.0 million from the CIS Sale is expected by September 2026, with a fair value of $4.3 million as of December 31, 2025, but remains subject to uncertainty with a significant chance of non-receipt.

Net Liability for Losses and Loss Adjustment Expenses Net liability for losses and LAE was $82.353 million as of December 31, 2025, compared to $104.795 million as of December 31, 2024. Net cumulative redundancy (deficiency) was $0 as of December 31, 2025, compared to - $13.974 million as of December 31, 2024.

Reinsurance Recoverables on Unpaid Losses Reinsurance recoverables on unpaid losses were $63.909 million as of December 31, 2025, compared to $84.490 million as of December 31, 2024.

Outlook / Guidance

• The Company expects to continue directly writing Midwest and Texas homeowners business but does not anticipate significant continued growth in this area. Management believes that with reduced writings and capital contributions, Triassic Insurance Company (TIC) will regain compliance with its Risk-Based Capital (RBC) level by December 31, 2026. The Company also anticipates that legacy operational costs related to run-off books of business will reduce over the next year.