Insurance premiums and reinsurance

“Catastrophe reinsurance The total cost of our property catastrophe reinsurance programs, excluding reinstatement premiums, during 2025 was $1.23 billion compared to $1.11 billion during 2024. Catastrophe placement premiums reduce net written and earned premium with approximately 83% of the reduction related to homeowners premium.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 95% of our 1,200 catastrophic claims that are eligible for reimbursement by the MCCA occurred more than 5 years ago and continue to incur costs. There are 64 claims with reserves in excess of $15 million as of December 31, 2025, which comprise approximately 25% of the gross ending reserves in the table above. As a result, significant developments with a single claimant can result in volatility in prior year incurred claims.”

Annual report 2025A · The company itself

“We utilize reinsurance to reduce exposure to catastrophe risk and manage capital, and to support the required statutory surplus and the insurance financial strength ratings of certain subsidiaries such as Castle Key Insurance Company (“CKIC”) and Allstate New Jersey Insurance Company (“ANJ”).”

Annual report 2025A · The company itself

“We have also purchased reinsurance to mitigate exposures in our long-tail liability lines, including environmental, asbestos and other run-off lines as well as our commercial lines.”

Annual report 2025A · The company itself

“Downward fluctuations in the year-over-year insurance premiums charged by insurers to protect against the same risk, referred to in the industry as softening of the insurance market, has and could adversely affect these businesses as a significant portion of our revenue is determined as a percentage of premiums charged to our clients.”

Annual report 2025A · The company itself

“Uncertainty regarding, or any changes to, state or federal law, or the interpretation of such law by applicable regulatory agencies could delay client adoption of our health care exchange, impair our ability to retain clients who have adopted our health care exchange, or cause insurance carriers to alter or eliminate the products and plans that they offer or attempt to move members into new products or plans for which we receive lower commissions.”

Annual report 2025A · The company itself

“Insurance intermediaries have traditionally been remunerated by base commissions paid by insurance carriers in respect of insurance placements for clients, or by fees paid by clients. Intermediaries also obtain other revenue from insurance carriers.”

Annual report 2025A · The company itself

“A significant portion of our revenue consists of commissions paid to us out of the premiums that insurers and reinsurers charge our clients for coverage. We have no control over premium rates, and our revenues and profitability are subject to change to the extent that premium rates fluctuate or trend in a particular direction.”

Annual report 2025A · The company itself

“In insurance brokerage, our dedicated teams of risk professionals utilize comprehensive analytics to design strategically resilient insurance programs and provide our clients access to Aon’s proprietary facilities, such as Aon Client Treaty and all other forms of capital, regardless of insurance carrier, placement structure or geography.”

Annual report 2025A · The company itself

“Reinsurance Solutions includes treaty reinsurance, facultative reinsurance, Strategy and Technology Group and capital markets. Treaty reinsurance addresses underwriting and capital objectives on a portfolio level, allowing our clients to more effectively manage the combination of premium growth, return on capital, and rating agency interests on an integrated basis.”

Annual report 2025A · The company itself

“Revenue and Compensation Our business generates revenues primarily through commissions, compensation from insurance and reinsurance companies for services we provide to them, and fees from customers.”

Annual report 2025A · The company itself

“We assist our clients with various matters, including advising on and placing insurance and reinsurance coverage and handling related claims, consulting on various human resources matters, and providing actuarial, investment consulting, asset management, and other services.”

Annual report 2025A · The company itself

“Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes revenue from contracts with customers by principal service line (in millions): Commercial Risk Solutions $ 8,497 $ 7,861 $ 7,043 Reinsurance Solutions 2,793 2,656 2,481 Total Risk Capital (1) 11,290 10,517 9,524 Health Solutions 3,839 3,335 2,433 Wealth Solutions 2,068 1,874 1,431 Total Human Capital (1) 5,907 5,209 3,864 Eliminations (16) (28) (12) Total revenue $ 17,181 $ 15,698 $ 13,376 (1)Includes inter-segment revenue.”

Annual report 2025A · The company itself

“Volatility or declines in premiums or other adverse trends in the insurance industry may seriously undermine our profitability. We derive much of our revenue from commissions and fees for our brokerage services.”

Annual report 2025A · The company itself

“Moreover, premiums are cyclical in nature and may vary widely based on market conditions. Because of market cycles for insurance and reinsurance product pricing, which we cannot predict or control, our brokerage revenues and profitability can be volatile or remain depressed for significant periods of time.”

Annual report 2025A · The company itself

“Underwriting enterprises may seek to minimize their expenses by reducing the commission rates payable to agents or brokers such as us. The reduction of these commission rates, along with general volatility and/or declines in premiums, 20 Table of Contents may significantly affect our profitability.”

Annual report 2025A · The company itself

“Currently we retain the first $15 million of each and every E&O claim. In addition, we retain, in aggregate up to another $2 million between $15 million and $100 million, plus up to another $10 million between $100 million and $200 million, and up to another $20 million between $200 million and $400 million.”

Annual report 2025A · The company itself

“Whether we are paid a commission or a fee, the vast majority of our services are associated with the placement of an insurance (or insurance-like) contract. Accordingly, we recognize approximately 85% of our commission and fee revenues on the effective date of the underlying insurance contract.”

Annual report 2025A · The company itself

“Our brokerage segment operations provide brokerage and consulting services to entities of all types, including commercial, nonprofit, public sector entities and to a lesser extent, individuals, in the areas of insurance and reinsurance placements, risk of loss management and management of employer sponsored benefit programs.”

Annual report 2025A · The company itself

“ADP Indemnity provides workers’ compensation deductible reimbursement insurance protection for PEO Services’ worksite employees up to $1 million per occurrence. PEO Services has secured a workers’ compensation insurance policy that caps the exposure for each claim at $1 million per occurrence and has also secured aggregate stop loss insurance that caps aggregate losses at a certain level in the year ended June 30, 2012 and prior from an admitted and licensed insurance company of AIG.”

Annual report 2026A · The company itself

“Additionally, starting in the year ended June 30, 2013, ADP Indemnity paid premiums to enter into reinsurance arrangements with ACE American Insurance Company, a wholly-owned subsidiary of Chubb Limited (“Chubb”), to cover substantially all losses incurred by the Company up to $1 million per occurrence related to the workers’ compensation deductible reimbursement insurance protection for PEO Services' worksite employees.”

Annual report 2026A · The company itself

“We derive significant revenue from commissions, but do not determine the insurance premiums on which our commissions are generally based. Commission levels generally follow the same trend as premium levels, as they are a percentage of the premiums paid by the insureds.”

Annual report 2025A · The company itself

“Due to the cyclical nature of the insurance market and the impact of other market conditions on insurance premiums, commission levels may vary widely between financial reporting periods. An extended period of low or declining premium rates, generally known as a “soft” or “softening” market, generally leads to downward pressure on commission revenue and can have a material adverse impact on our commission revenue and operating margins.”

Annual report 2025A · The company itself

“In addition, insurance carriers may seek to reduce their expenses by reducing the commission rates payable to insurance agents, brokers or intermediaries such as us. The reduction of these commission rates, along with general volatility and/or declines in premiums, may significantly undermine our profitability.”

Annual report 2025A · The company itself

“Due to, among other things, potentially poor macroeconomic conditions, the inherent uncertainty of loss in our industry and changes in underwriting criteria due in part to the high loss ratios experienced by insurance companies, we estimate the amount of profit-sharing contingent commissions we have earned for policies we have bound and are effective. Further, we have no control over the ability of insurance companies to estimate loss reserves, which affects our ability to make profit-sharing calculations.”

Annual report 2025A · The company itself

“Incentives and supplemental commissions are paid by insurance companies based upon the volume of business that we place with them and are generally paid over the course of the year. Any decrease in their payment to us could adversely affect our results of operations, profitability and our financial condition.”

Annual report 2025A · The company itself

“Our business, results of operations, financial condition and liquidity may be adversely affected if, in the future, our insurance coverage proves to be inadequate or unavailable, or if there is an increase in liabilities for which we self-insure. Our ability to obtain professional indemnity insurance in the amounts and with the deductibles we desire in the future may be adversely impacted by developments in the market for such insurance or our own claims experience.”

Annual report 2025A · The company itself

“b.Protection and Indemnity (“P&I”) Coverages Liabilities, costs and expenses for illness and injury to crew, guest injury, pollution and other third-party claims in connection with our cruise activities are covered by our P&I clubs, which are mutual indemnity associations owned by ship owners. We are members of three P&I clubs, Gard, Steamship Mutual and UK Club, which are part of a worldwide group of 12 P&I clubs, known as the International Group of P&I Clubs (the “IG”). The IG insures directly, and through broad and established reinsurance markets, a large portion of the world’s shipping fleets.”

Annual report 2025A · The company itself

“In common with other companies in its line of business that serve coastal regions, Houston Electric does not have insurance covering its transmission and distribution system, other than substations, because Houston Electric believes it to be cost prohibitive and insurance capacity to be limited.”

Annual report 2025A · The company itself

“To the extent the frequency and severity of extreme weather events, natural disasters and climate-related conditions such as rising sea level and coastal erosion continue to increase, our costs of providing service may increase, including the costs and availability of procuring insurance related to such impacts, and those costs may not be recoverable.”

Annual report 2025A · The company itself

“In addition, while we maintain wildfire insurance, our insurance may not be sufficient to cover all losses we may incur as a result of wildfires. Wildfires could also lead to significant financial distress, credit rating downgrades and further increased costs for wildfire insurance or lack of availability thereof.”

Annual report 2025A · The company itself

“Insufficient insurance coverage and increased insurance costs could adversely impact our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Historically, insurance market conditions become more difficult for insurance consumers during periods when insurance companies suffer significant investment losses as well as casualty losses. Consequently, it is possible that insurance markets will become more expensive and restrictive.”

Annual report 2025A · The company itself

“A significant portion of our business depends on our ability to provide surety bonds.”

Annual report 2025A · The company itself

“Under the terms of our agreements with customers, customers are obligated to maintain adequate insurance coverage applicable to such improvements and under most circumstances use their insurance proceeds to restore such improvements after a casualty event. In the event of a casualty or other loss involving one of our buildings with extensive installed tenant improvements, our customers may have the right to terminate their leases if we do not rebuild the base building within prescribed times.”

Annual report 2025A · The company itself

“A sustained or further increase in inflation could have an adverse impact on our operating expenses incurred in connection with, among others, the property-related contracted services such as repairs and maintenance, utilities, security and insurance. With regard to utilities expense, which is our largest expense category, the vast majority of the expense is passed directly through to our customers which significantly mitigates our exposure to increases in power costs.”

Annual report 2025A · The company itself

“As part of our risk management strategy, we are effectively self-insured against certain potential liabilities. Although we maintain insurance policies with respect to a broad range of risks, including automobile liability, general liability, workers’ compensation, and property damage, these policies do not cover all possible claims and certain of the policies are subject to large deductibles and retentions.”

Annual report 2025A · The company itself

“External market conditions, including catastrophic losses resulting from an increase in severe weather events, among other factors, have resulted in an insurance market that is characterized by higher premiums, diminished capacity, and more conservative underwriting. If these market conditions persist, or if we experience an increase in the number or severity of claims incurred, insurance carriers may be unwilling, in the future, to provide our current levels of coverage without a significant increase in insurance premiums, self-insured retention limits, or collateral requirements to cover our obligations to them.”

Annual report 2025A · The company itself

“The availability of insurance capacity may decrease, and the insurance policies that Entergy or the Registrant Subsidiaries are able to obtain may have higher deductibles and more restrictive terms and conditions, including higher premiums. Entergy expects the recent pattern of increasing premiums to continue in the near and medium term.”

Annual report 2025A · The company itself

“Based on the double materiality analysis, Entra has identified the following material impacts, risks, and opportunities (IROs): Environment Description of IROs Category Time horizon Interaction with business operations and value chain Topic Sub-topic Short term Medium term Long term Upstream Own operations Downstream E1 Climate change Climate change adaption Acute physical climate changes, such as extreme weather events, can cause physical damage to, and reduced value of, Entra’s properties, which constitutes most of Entra’s balance sheet. It can also lead to increased insurance costs and reduced customer satisfaction.”

Annual report 2024A · The company itself

“Nuclear Insurance Considerations Although the Evergy Companies maintain various insurance policies to provide coverage for potential losses and liabilities resulting from an accident or an extended outage, the insurance coverage may not be adequate to cover the costs that could result from a catastrophic accident or extended outage at Wolf Creek. Any substantial losses not covered by insurance, to the extent not recoverable in prices, would have a material effect on the Evergy Companies' consolidated financial results.”

Annual report 2025A · The company itself

“Nuclear Insurance Nuclear liability, property and accidental outage insurance is maintained for Wolf Creek. These policies contain certain industry standard terms, conditions and exclusions, including, but not limited to, ordinary wear and tear and war.”

Annual report 2025A · The company itself

“We may experience reduced availability and/or increases in the cost of insurance due to such changes.”

Annual report 2026A · The company itself

“If a claim were to exceed our aggregate insurance coverage, we would bear the excess exposure not covered by excess insurance carriers. Given the current claims environment, the amount of coverage available from excess insurance carriers is decreasing, the premiums for this excess coverage are increasing significantly, and excess insurance carriers are challenging insurance claims more frequently. Accordingly, our excess insurance and claims expenses may continue to increase, or we could further increase our exposure not covered by excess insurance carriers as policies are renewed or replaced.”

Annual report 2026A · The company itself

“For example, the commercial trucking industry has experienced a wave of blockbuster or so-called “nuclear” verdicts, including some instances in which juries have awarded hundreds of millions of dollars to those injured in accidents and their families. As a result, several insurance companies have completely stopped offering coverage to trucking companies for automobile liability claims, significantly reduced the amount of coverage they offer, or significantly raised premiums.”

Annual report 2026A · The company itself

“Table of Contents Given the current claims environment, the amount of coverage available from excess insurance carriers is decreasing, the premiums for this excess coverage are increasing significantly, and excess insurance carriers are challenging insurance claims more frequently, which could further exacerbate our ability to obtain adequate coverage.”

Annual report 2026A · The company itself

“Intensifying natural disasters resulting from climate change and extreme weather events, coupled with macroeconomic factors, have directly affected the availability of insurance, premiums, deductibles, and capacity that insurers are willing to underwrite.”

Annual report 2025A · The company itself

“The effect of litigation may materially increase the costs incurred by our tenants, operators, property managers, and borrowers, including costs to monitor and report quality of care compliance. In addition, the cost of professional liability, medical malpractice, property, business interruption, general liability, and insurance policies can be significant and may increase or not be available at a reasonable cost or at all.”

Annual report 2025A · The company itself

“Our involvement in the clinical trials and development process creates a risk of liability for personal injury to or death of patients, particularly those with life-threatening illnesses, resulting from adverse reactions to the drugs administered during testing or after product launch, respectively. For example, we have from time to time been sued and may be sued in the future by individuals alleging personal injury due to their participation in clinical trials and seeking damages from us under a variety of legal theories.”

Annual report 2025A · The company itself

“The potential for changes in premium rates is significant, due to the normal cycles of pricing in the commercial insurance and reinsurance markets. For example, the property and casualty insurance market has seen softer pricing recently, which may continue to impact profitability.”

Annual report 2025A · The company itself

“Revenues can be affected by premium rate levels in the insurance and reinsurance markets, the amount of risk retained by insurance and reinsurance clients, and by the value of the risks that have been insured since commission-based compensation is frequently related to the premiums paid by insureds and reinsureds.”

Annual report 2025A · The company itself

“In Risk and Insurance Services, underlying revenue growth in 2025 was driven by higher new business and renewal revenue at Marsh Risk and Guy Carpenter, partially offset by declining insurance and reinsurance premium rates.”

Annual report 2025A · The company itself

“This other compensation includes, among other things, payments for consulting and analytics services provided to insurers; compensation for administrative and other services (including fees for underwriting services and services provided to or on behalf of insurers relating to the administration and management of quota shares, panels and other facilities in which insurers participate), and contingent commissions, which are paid by insurers based on factors such as volume or profitability of Marsh Risk's placements, primarily driven by Marsh McLennan Agency ("MMA") and parts of Marsh Risk's international operations.”

Annual report 2025A · The company itself

“In addition, our liability insurance, which includes cyber insurance, may not be sufficient in type or amount to cover us against claims related to security breaches, cyberattacks and other related data and system incidents. Further, we cannot be sure that our existing coverage will continue to be available on acceptable terms or at all or that our insurers will not deny coverage as to any future claim.”

Annual report 2025A · The company itself

“A significant portion of our Risk and Insurance Services revenue consists of commissions paid to us out of the premiums that insurers and reinsurers charge our clients for coverage. We do not determine the insurance premiums on which our commissions are generally based. Our revenues and profitability are subject to change to the extent that premium rates fluctuate or trend in a particular direction.”

Annual report 2025A · The company itself

“The Company conducts business through two segments: •Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services, conducted through Marsh Risk and Guy Carpenter. •Consulting: health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting.”

Annual report 2025A · The company itself

“Product liability insurance for products may be limited, cost prohibitive or unavailable. As a result of a number of factors, product liability insurance has become less available while the cost of such insurance has increased significantly. The Company is subject to a substantial number of product liability claims.”

Annual report 2025A · The company itself

“Over time, such conditions could result in reduced demand for housing in areas where our communities are located, as well as higher costs for mitigating or repairing damage related to the effects of climate change, some which may not be fully covered by insurance.”

Annual report 2025A · The company itself

“Despite our insurance coverage, we may incur material losses due to uninsured risks, deductibles, self-insured retentions and/or losses in excess of coverage limits. In the event of a substantial loss, our insurance coverage may not be sufficient to cover the full current market value or current replacement cost of our lost investment or any settlement, fine or judgment against us resulting from legal proceedings.”

Annual report 2025A · The company itself

“Increasing real estate taxes, utilities and insurance premiums, as well as changes in the terms and conditions of our insurance policies, may negatively impact operating results. As a result of our substantial real estate holdings, the cost of real estate taxes, utilities and insurance for our apartment communities represents a significant component of expense.”

Annual report 2025A · The company itself

“Property Operating Expenses Property operating expenses include costs for property personnel, building repairs and maintenance, real estate taxes, insurance, utilities, landscaping and other operating expenses.”

Annual report 2025A · The company itself

“The following table reflects our property operating expenses by segment for the years ended December 31, 2025 and 2024 (dollars in thousands): Increase (decrease) % Change Same Store $ 772,898 $ 757,841 $ 15,057 2.0 % Non-Same Store and Other 64,909 62,251 2,658 4.3 % Total $ 837,807 $ 820,092 $ 17,715 2.2 % The increase in property operating expenses for our Same Store segment for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily driven by increases in personnel expense of $7.2 million, utilities expense of $5.3 million, building repair and maintenance expense of $2.5 million, and marketing expense of $1.5 million, partially offset by a decrease in property tax expense of $2.2 million.”

Annual report 2025A · The company itself

“Insurance and claims expenses could significantly reduce our profitability. We are exposed to a variety of claims, including but not limited to those related to cargo loss and damage, property damage, personal injury, workers’ compensation and healthcare.”

Annual report 2025A · The company itself

“The insurance costs are impacted by claims experience and are a significant portion of our PEO costs. If we experience a sudden or unexpected increase in claims activity, or our reserves were insufficient for claims activity, our costs could increase.”

Annual report 2026A · The company itself

“We may be adversely impacted by changes in health insurance and workers’ compensation rates and underlying claims trends. Within our PEO business, we maintain health and workers’ compensation insurance covering worksite employees. We establish workers’ compensation insurance reserves to provide for the estimated costs of paying claims up to per occurrence liability limits.”

Annual report 2026A · The company itself

“Insurance solutions: Our licensed insurance agency, Paychex Insurance Agency, Inc., provides insurance through a variety of carriers, allowing employers to expand their employee benefit and corporate offerings at an affordable cost. Insurance offerings include property and casualty coverage such as workers’ compensation, business-owner policies, cybersecurity protection, commercial auto, and health and benefits coverage, including health, dental, vision, and life.”

Annual report 2026A · The company itself

“Participation in the Wildfire Fund and the Continuation Account has had, and is expected to continue to have, a material impact on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows, and the benefits of participating in the Wildfire Fund and the Continuation Account may not ultimately outweigh the substantial costs of the Utility’s contributions to the Wildfire Fund or the Continuation Account.”

Annual report 2025A · The company itself

“These events could result in increased political, economic, financial and insurance market instability, a lack of available insurance or the availability of insurance on commercially reasonable terms, and volatility in power and fuel markets, which could materially adversely affect our business and results of operations, including our ability to access capital on terms and conditions acceptable to us.”

Annual report unknown yearA · The company itself

“Due to the variable condition of the insurance market, we have experienced, and may experience in the future, increased deductible retention levels and increased premiums or unavailability of insurance. As we assume more risk through higher retention levels, we may experience more variability in our insurance reserves and expense.”

Annual report 2025A · The company itself

“Liability Insurance and Bonding The nature of our business exposes us to the possible risk of liabilities arising out of our operations, including damages to the environment, property, employees or the general public, or those resulting from cyber incidents. We focus on operating safely and prudently, but occasionally we receive claims, alleging damages, negligence or other wrongdoing in the planning or performance of work, which resulted in harm to the environment, property, employees or the general public.”

Annual report 2025A · The company itself

“Our safety and risk management programs may not have the intended effect of reducing our liability for employee-work related injuries, third party-liability claims or property loss. Our auto or other safety management system and performance measures are critical to our reputation and results of operation. We attempt to mitigate risks relating to employee work-related injuries, automobile collision, third-party liability, or property loss through the implementation of company-wide safety management programs designed to focus on prevention and decrease the occurrence of incidents or events that may occur.”

Annual report 2025A · The company itself

“Additionally, we retain certain risks related to general liability, workers’ compensation, and auto liability. The accruals and reserves we hold are based on estimates that involve a degree of judgment and are inherently variable and could be overestimated or insufficient. If actual claims exceed our estimates, our operating results could be materially affected, and our ability to take timely corrective actions to limit future costs may be limited.”

Annual report 2025A · The company itself

“Our insurance coverage may be inadequate to cover all significant risk exposures and our accruals and reserves for uninsured claims are variable. Table of Contents We are exposed to liabilities that are unique to our business and the services we provide. We maintain commercial liability insurance that extends to products liability.”

Annual report 2025A · The company itself

“Letters of Credit The Company maintains $82.4 million in letters of credit as of December 31, 2025. These letters of credit are required by the Company’s insurance carriers, due to the Company’s high deductible insurance program, to secure various workers’ compensation and casualty insurance contracts coverage and were increased from $72.0 million as of December 31, 2024.”

Annual report 2025A · The company itself

“Risker relaterade till biverkningar, produktansvarskrav och försäkringsskydd Då Bolaget bedriver forskning och utveckling av läkemedel är Bolaget föremål för en inneboende risk för exponering avseende produktansvar i samband med testning av Bolagets nuvarande produktkandidater eller framtida produktkandidater i kliniska prövningar på människor. Bolaget kan hållas ansvarigt för biverkningar, sjukdomar, dödsfall eller andra skador på patienter i samband med kliniska studier, även om kliniska studier utförs av en extern part.”

Annual report 2024A · The company itself

“Produktansvarskrav kan även uppstå ifall Bolaget lanserar en produktkandidat på marknaden i framtiden. Alla produktansvarskrav som riktas mot Saniona kan leda till betydande förpliktelser för Bolaget.”

Annual report 2024A · The company itself

“Oavsett det potentiella utfallet i en sådan situation, och oavsett om ett produktansvarskrav är välgrundat eller inte, kan en produktansvarsfråga leda till ökade kostnader för Bolaget att hantera kravet och eventuella tvister, ansvar gentemot drabbade patienter, skada på Bolagets renommé, försenade eller avbrutna kliniska studier, samt leda till minskad efterfrågan på Bolagets produktkandidater, förlust av intäkter och svårigheter att framgångsrikt kunna kommersialisera sina produktkandidater i framtiden.”

Annual report 2024A · The company itself

“Bolaget är av uppfattningen att det kommer att behöva öka sitt försäkringsskydd när dess nuvarande produktkandidater eller eventuella framtida produktkandidater avancerar genom kliniska studier och om Bolaget framgångsrikt kommersialiserar några produkter i framtiden. Försäkringsskydd blir allt dyrare och Bolaget kanske inte kan upprätthålla försäkringsskydd till en rimlig kostnad eller till ett belopp som är tillräckligt för att tillgodose eventuella ansvarskrav som kan uppstå.”

Annual report 2024A · The company itself

“Bolagets försäkringsskydd kan vara otillräckligt för att täcka eventuella kostnader i samband med produktansvarskrav, exempelvis om ett produktansvarskrav är utanför försäkringsskyddets omfattning eller om skadeståndsanspråket överstiger försäkringsbeloppet. Dessa typer av försäkringar täcker dessutom vanligtvis inte renomméskador som kan uppstå oavsett utgången av eventuella produktansvarskrav.”

Annual report 2024A · The company itself

“REINSURANCE The Company reinsures a portion of the risks it underwrites in order to manage its exposure to losses and to protect its capital. The Company cedes to reinsurers a portion of these risks and pays premiums based upon the risk and exposure of the policies subject to such reinsurance. The Company utilizes a variety of reinsurance agreements to manage its exposure to large property and casualty losses, including facultative as well as catastrophe and individual risk treaties.”

Annual report 2025A · The company itself

“The Adoption of, or Changes to, Rent Control, Rent Stabilization, Eviction, Tenants’ Rights and Similar Laws and Regulations in Our Markets Could Have an Adverse Effect on Our Results of Operations and Property Values. ● Risks of Litigation. ● A Breach of Information Technology Systems On Which We Rely Could Materially and Adversely Impact Our Business, Financial Condition, Results of Operations and Reputation. ● Changing Interest Rates Could Increase Interest Costs and Adversely Affect Our Cash Flows and the Market Price of Our Common Stock. ● Insufficient Cash Flow Could Affect Our Debt Financing and Create Refinancing Risk. ● Failure to Generate Sufficient Income Could Impair Debt Service Payments and Distributions to Stockholders. ● Failure To Maintain Our Current Credit Ratings Could Adversely Affect Our Cost of Funds, Related Margins, Liquidity, and Access to Capital Markets.”

Annual report 2025A · The company itself

“Table of Contents ● We Could Incur Significant Insurance Costs and Some Potential Losses May Not Be Adequately Covered by Insurance.”

Annual report 2025A · The company itself

“Insurance premiums and the terms and conditions of insurance policies are subject to significant fluctuations and changes, including recent increases in premiums, which are generally outside of our control.”

Annual report 2025A · The company itself

“The following factors, among others, may affect the income generated by our apartment communities: ● the national and local economies; ● local real estate market conditions, such as an oversupply or increasing supply of apartment homes; ● tenants’ or prospective tenants’ perceptions of the safety, convenience, and attractiveness of our communities and the neighborhoods where they are located; ● our ability to provide adequate management, maintenance and insurance; ● rental expenses, including real estate taxes and utilities; ● competition from other apartment communities or alternative housing options; 25 Table of Contents ● changes in interest rates and the availability of financing; ● changes in governmental regulations and the related costs of compliance; and ● changes in tax and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing.”

Annual report 2025A · The company itself

“•Health and welfare cost increased $143 million, driven by increased contributions to multiemployer plans as a result of contractual rate increases. •Workers' compensation expense increased $127 million due to higher current year claims, an increase in the average cost per claim, and less favorable development in prior year claims, partially offset by a reduction in hours worked. •Accruals for paid time off, payroll and other cost increased $72 million, due to contractual wage rate growth, partially offset by the impact of headcount reductions. •Pension and other postretirement benefits cost decreased $242 million, driven by lower service cost resulting from higher discount rates and reduced multiemployer plan expense from lower participating headcount, partially offset by the impact of contractual rate increases.”

Annual report 2025A · The company itself

“Other Expenses Other expenses increased $275 million, driven primarily by a $182 million charge related to the retirement of our MD‑11 fleet, $160 million of higher professional fees related to our transformation strategy initiatives, acquisitions, and litigation, $138 million of increased commissions associated with growth in DAP, and $117 million of higher auto liability insurance costs due to unfavorable prior‑year claim development and adverse claim trends.”

Annual report 2025A · The company itself

“Given our significant exposure to professional and general liability claims, there can be no assurance that a sharp increase in the number and/or severity of claims asserted against us, and/or reductions in the amount of commercial coverage available to us, will not have a material adverse effect on our future results of operations. In addition, our commercial insurance coverage for the period commencing in March, 2025, contains less favorable terms than previous years including coverage exclusions for incidents involving sexual molestation or abuse, higher premiums and potentially lower aggregate limitations.”

Annual report 2025A · The company itself

“Also, our invoices for certain of our solutions are linked in part to premiums in the U.S. P&C insurance market, which may rise or fall in any given year due to loss experience and capital capacity and other factors in the insurance industry such as responses to natural disasters and climate-related events that are beyond our control.”

Annual report 2025A · The company itself

“In addition, the economic factors listed above, any other economic factors or circumstances resulting in higher transportation, labor, insurance or healthcare costs or commodity prices, including energy prices, and other economic factors in the U.S. and other countries in which we operate can increase our cost of sales and operating, selling, general and administrative expenses and otherwise materially adversely affect our operations and operating results.”

Annual report 2026A · The company itself

“Intensifying natural disasters, climate change and extreme weather events, coupled with the current economic climate, have directly affected the availability of insurance premiums, deductibles and the capacity insurers are willing to underwrite. For example, the U.S. flood insurance market has been influenced by, among other things, the increasing occurrence of flood events and the introduction of a new governmental risk rating system, resulting in significant changes in the availability and affordability of coverage.”

Annual report 2025A · The company itself

“Intensifying natural disasters and extreme weather events, coupled with the current economic climate, have affected the capacity of insurers to underwrite risk. This has led to increased premiums and deductibles, or limited availability of coverage altogether.”

Annual report 2025A · The company itself

“Competition on premium rates has also exacerbated the pressures caused by a continuing reduction in demand in some classes of business.”

Annual report 2025A · The company itself

“We derive significant revenue from commissions for brokerage services, but do not determine the insurance premiums on which our commissions are generally based. Commission levels generally follow the same trend as premium levels, as they are a percentage of the premiums paid by the insureds. Fluctuations in the premiums charged by the insurance carriers can therefore have a direct and potentially material impact on our results of operations.”

Annual report 2025A · The company itself

“A period of low or declining premium rates, generally known as a ‘soft’ or ‘softening’ market, generally leads to downward pressure on commission revenue and can have a material adverse impact on our commission revenue and operating margin.”

Annual report 2025A · The company itself

“Corporate Risk & Broking (‘CRB’) The CRB business places more than $34 billion of premiums into the insurance markets on an annual basis and delivers integrated global solutions tailored to client needs.”

Annual report 2025A · The company itself

“Supporting renewable energy insurers and operators in de-risking and driving sustainable solutions across the construction and operational stages of a project, with marine consultancy, marine assurance & risk, marine warranty survey, asset integrity and management services, and expert witness.”

Annual report 2024A · The company itself

“Active Biotechs verksamhet medför ett produktansvar vilket är oundvikligt vid bedrivandet av kliniska prövningar och tillverkning av läkemedel.”

Annual report 2024A · The company itself

“In particular, the availability of insurance for coal-fired generation assets has decreased as certain insurers have opted to discontinue or limit offering insurance for such assets. Certain insurers have also withdrawn from insuring hydroelectric assets.”

Annual report 2025A · The company itself

“In addition, because we have consolidated our manufacturing facilities and we may not have redundant manufacturing capability readily available, we are more likely to experience an interruption to our operations in the event of a catastrophe in any one location. Although we carry insurance for property damage and business interruption, these coverages are subject to deductibles as well as caps and may not be sufficient to cover the entirety of potential losses in certain catastrophic events.”

Annual report 2025A · The company itself

“While we invest in system reliability, these measures may not fully prevent downtime, and our existing business interruption insurance may not cover all losses or be available to us on economically reasonable terms in the future or at all.”

Annual report 2025A · The company itself

“We offer travel insurance products to guests, which subject us and our business to extensive laws, regulations, and supervision. Since June 2022, guests in certain jurisdictions have had the opportunity to purchase travel insurance when they make a booking. Over time, we expect to make travel insurance available to guests in additional countries. In the United States, travel insurance products are subject to extensive regulation in the states in which we transact business by state insurance departments.”

Annual report 2025A · The company itself

“Further, 14 Table of Contents although we maintain cyber liability insurance, this insurance may not provide adequate coverage against potential liabilities related to any experienced cybersecurity incident or breach.”

Annual report 2025A · The company itself

“Försäljning på nästan 180 marknader Tillverkning i 17 länder 102.000 medarbetare 527 mdr kr i nettoomsättning Service i världsklass Utöver fordon och maskiner omfattar erbjudandet även olika typer av finansiering, försäkringar, hyrtjänster, reservdelar, reparationer, förebyggande underhåll, serviceavtal och assistanstjänster.”

Annual report 2024A · The company itself

“In the future, we may not be able to obtain coverage at current levels, if at all, and our premiums may increase significantly on coverage that we maintain. Any such developments could have a material adverse effect on our financial condition and results of operations.”

Annual report 2025A · The company itself

“We are potentially at risk if one or more of our insurance carriers fail. Additionally, severe disruptions in the domestic and global financial markets could adversely impact the ratings and survival of some insurers. Future downgrades in the ratings of enough insurers could adversely impact both the availability of appropriate insurance coverage and its cost.”

Annual report 2025A · The company itself

“We utilize a combination of commercial insurance and self-insurance programs, including a captive insurance subsidiary, to manage certain property, liability, and/or other risks, but such insurance may not cover all risks associated with the hazards of our business and is subject to limitations. While we endeavor to self-insure and purchase coverage that is appropriate based on our assessment of our risk, we are unable to predict with certainty the frequency, nature or magnitude of claims for direct or consequential damages.”

Annual report 2025A · The company itself

“If we experience a loss at any of our properties that is not covered by insurance, exceeds our insurance policy limits, or is subject to a policy deductible, we could lose the capital invested in the affected property and, possibly, future revenues from that property. In addition, we could continue to be obligated on any mortgage indebtedness or be responsible for other obligations related to the affected properties.”

Annual report 2025A · The company itself

“Our properties are subject to increases in operating expenses, including insurance, property taxes, utilities, administrative costs, and other costs associated with security, landscaping, and repairs and maintenance of our properties.”

Annual report 2025A · The company itself

“We regularly evaluate the insurance market, including for coverage against terrorism, earthquakes, and other catastrophic events. However, we cannot predict the availability and affordability of such coverage in the future.”

Annual report 2025A · The company itself

“We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate liabilities arising out of our data privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims.”

Annual report 2025A · The company itself

“We maintain insurance coverage at levels that we believe are appropriate for our business. However, we cannot be certain that the amount of coverage will be adequate to satisfy damages or losses incurred in the event of another wildfire or other natural or man-made disaster, which may lead to a material adverse effect on our properties, operations, and our business, or those of our tenants.”

Annual report 2025A · The company itself

“Additionally, under our A-to-z Guarantee, we may reimburse customers for certain product liability claims up to certain limits in these situations, and as our third-party seller sales grow, the cost of this program will increase and could negatively affect our operating results.”

Annual report 2025A · The company itself

“Additionally, climate change may result in higher insurance premiums or the inability to insure certain risks.”

Annual report 2026A · The company itself

“Our captive insurance companies collect annual premiums from our business groups and assume specific risks relating to various risk exposures, including property damage. The captive insurance companies may be required to make payments for insurance claims that exceed the captive's reserves, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows.”

Annual report 2026A · The company itself

“Restricted access to capital or insurance markets and/or increased borrowing costs or insurance premiums could reduce future net income and cash flows and negatively 24 impact financial condition.”

Annual report 2025A · The company itself

“The FDIC’s deposit insurance fund is funded by assessments on insured depository institutions, including AENB, which are subject to adjustment by the FDIC.”

Annual report 2025A · The company itself

“Generally, our insurance policies cover property damage, worker’s compensation, employer’s liability, general liability, cybersecurity, terrorism risks and automobile liability. Each policy includes deductibles or self-insured retentions and policy limits for covered claims.”

Annual report 2025A · The company itself

“In addition, we maintain a substantial portion of our liability and property insurance coverage through a small number of mutual insurance companies that specialize in providing coverage to the utility industry. These mutual insurers provide us with competitive terms, conditions, and self-insured retentions that may not be available in the broader commercial insurance market.”

Annual report 2025A · The company itself

“Premiums, Policy and Contract Charges Premiums include premiums on traditional life, DI and LTC insurance and payout annuities with a life contingent feature and are net of reinsurance premiums. Policy and contract charges include variable annuity rider charges and UL and VUL insurance charges, 35 Index Ameriprise Financial, Inc. which consist of cost of insurance charges (net of reinsurance premiums and cost of reinsurance for UL and VUL insurance products) and administrative charges.”

Annual report 2025A · The company itself

“Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products include term life insurance, whole life insurance, disability income (“DI”) and LTC insurance and life contingent payout annuity products.”

Annual report 2025A · The company itself

“In times of economic hardship, the policyholders of our retirement services business may choose to defer paying insurance premiums, stop paying insurance premiums altogether or surrender their policies.”

Annual report 2025A · The company itself

“Guaranty associations may also subject member insurers, including Athene, to assessments that require the insurers to pay funds to cover contractual obligations under insurance policies issued by insurance companies that become impaired or insolvent. These associations levy assessments, up to prescribed limits, on each member insurer doing business in a particular state on the basis of their proportionate share of the premiums written by all member insurers in the lines of business in which the impaired or insolvent insurer previously engaged.”

Annual report 2025A · The company itself

“Secretary of the Treasury in negotiating “covered agreements” between the U.S. and foreign governments that address insurance prudential measures, and administers the Terrorism Risk Insurance Program (“TRIP”). The TRIP will expire on December 31, 2027 unless reauthorized by Congress.”

Annual report 2025A · The company itself

“For catastrophe-exposed insurance business, our insurance group seeks to limit the amount of exposure to catastrophic losses it assumes through a combination of managing aggregate limits, underwriting guidelines and reinsurance.”

Annual report 2025A · The company itself

“We seek to limit our loss exposure by writing a number of our reinsurance contracts on an excess of loss basis, adhering to maximum limitations on reinsurance written in defined geographical zones, limiting program size for each client and prudent underwriting of each program written.”

Annual report 2025A · The company itself

“The following tables set forth our reinsurance segment’s net premiums written by major line of business: Year Ended December 31, 2025 2024 Amount % Amount % Specialty $ 2,543 33.4 $ 2,849 36.8 Property excluding property catastrophe 2,043 26.8 2,264 29.2 Casualty 1,507 19.8 1,222 15.8 Property catastrophe 1,073 14.1 958 12.4 Marine and aviation 301 4.0 300 3.9 Other 151 2.0 153 2.0 Total $ 7,618 100.0 $ 7,746 100.0 Net premiums written by the reinsurance segment were 1.7% lower in 2025 than in 2024.”

Annual report 2025A · The company itself

“The following tables set forth our reinsurance segment’s net premiums earned by major line of business: Year Ended December 31, 2025 2024 Amount % Amount % Specialty $ 2,906 35.8 $ 2,619 36.2 Property excluding property catastrophe 2,252 27.7 2,148 29.7 Casualty 1,432 17.6 1,088 15.0 Property catastrophe 1,065 13.1 959 13.2 Net premiums earned in 2025 were 12.2% higher than in 2024, reflecting changes in net premiums written over the previous five quarters, including the mix and type of business written.”

Annual report 2025A · The company itself

“Ares Insurance Solutions: AIS is Ares’ dedicated, in-house team that provides solutions to insurance clients including asset management, capital solutions and corporate development. AIS strives to provide insurers with attractive risk and capital adjusted return profiles that fit within regulatory, rating agency and other counterparty guidelines. Leveraging over 1,650 investment professionals across our investment groups, AIS creates tailored investment solutions that meet the unique objectives of our insurance clients.”

Annual report 2025A · The company itself

“RISKS RELATED TO OUR BUSINESS We may incur material losses and costs as a result of product liability, warranty, and recall claims that may be brought against us or our customers We face risks related to product liability claims, warranty claims, and recalls in the event that any of our products actually or allegedly are defective, fail to perform as expected, or the use of our products results, or is alleged to result, in bodily injury and/or property damage.”

Annual report 2024A · The company itself

“Indebtedness, Financial and Market Risks We are self-insured for certain costs associated with our operations and an increase in our insurance claims and expenses may have a material negative impact on us.”

Annual report 2025A · The company itself

“Although we maintain product liability insurance in amounts that we believe are reasonable, we may not be able to maintain such insurance on acceptable terms, if at all, and product liability claims could result in a potential award of monetary damages in excess of the amount of insurance coverage available to us. Because we manufacture and sell CEDs, insurance carriers may decide not to insure our products or our company in the future.”

Annual report 2025A · The company itself

“The insurance we have procured related to cybersecurity risks may not cover a particular cyber incident or such coverage may be insufficient.”

Annual report 2025A · The company itself

“Further, any perceived increase in the potential of severe weather events and business interruption may put an upward pressure on the cost of our risk insurance premiums, which could adversely impact our business, results of operations, financial condition, and cash flows.”

Annual report 2025A · The company itself

“Any economic factors or circumstances resulting in higher costs for transportation, labor, insurance, healthcare or commodities can increase our operating, selling, general and administrative costs and otherwise materially adversely affect our financial results.”

Annual report 2026A · The company itself

“Bilias Bil affär omfattar försäljning av nya och begagnade person-, transport- och lastbilar samt tilläggstjänster såsom finansiering och försäkring.”

Annual report 2024A · The company itself

“BlackRock serves a diverse mix of institutional and retail clients across the globe. Clients include tax-exempt institutions, such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party fund sponsors, and retail intermediaries.”

Annual report 2025A · The company itself

“Financial and Other Institutions BlackRock is a top independent manager of assets for insurance companies, which accounted for $720 billion, or 12%, of long-term institutional AUM at year-end 2025.”

Annual report 2025A · The company itself

“Principal drivers of the increases were: • In our Credit & Insurance segment, growth in insurance capital managed in the segment and BCRED resulted in increases of $21.7 billion and $13.3 billion, respectively.”

Annual report 2025A · The company itself

“Further, as a FDIC-insured institution, our subsidiary Square Financial Services is subject to regulatory obligations, including the assessment of a quarterly deposit insurance premium, calculated based on its average consolidated total assets. We are generally unable to control the amount of premiums that we are required to pay for FDIC insurance. If there are additional bank or financial institution failures, Square Financial Services may be required to pay higher deposit insurance assessments or we may be required to pay higher fees associated with FDIC-insured products offered through our bank partnerships, or we may be subject to higher capital requirements imposed by the FDIC, our bank partners, or federal banking regulators with authority over our bank partners, which could reduce our profitability, and negatively impact our business and operations.”

Annual report 2025A · The company itself

“For example, we offer optional rental car-related insurance products to customers protecting them against accidental damage to their rental vehicles, optional room and flight cancellation insurance products, and we intend to offer additional trip-related insurance products in the future, which subjects us to insurance distribution regulations and related increased compliance costs and complexities, any of which could negatively impact our business and results of operations.”

Annual report 2025A · The company itself

“Customer Communications Solutions We support clients across financial services, healthcare, insurance, consumer finance, telecommunications, utilities, and other service industries with omni-channel customer communications management solutions.”

Annual report 2026A · The company itself

“In addition to financial services firms, we service corporate clients in healthcare, insurance, consumer finance, telecommunications, utilities, and other service industries, supporting their essential communications.”

Annual report 2026A · The company itself

“Legal and Compliance Risks The nature of our business exposes us to product liability, product warranty, casualty, construction defect, asbestos, vehicle, workplace safety and injury and other claims and legal proceedings. We are involved in product liability, product warranty, casualty, construction defect, asbestos, vehicle, workplace safety and injury and other claims relating to the products we manufacture and distribute, services we provide or have provided and our operations that, if adversely determined, could adversely affect our financial condition, operating results, and cash flows.”

Annual report 2025A · The company itself

“Climate change may also have indirect effects on our business by making property insurance unavailable or by increasing the cost of (i) property insurance on terms we find acceptable, (ii) real estate taxes or other assessments, (iii) energy and (iv) property maintenance.”

Annual report 2025A · The company itself

“We are subject to claims arising from our transportation operations. We use the services of thousands of third-party transportation companies in connection with our transportation operations. From time to time, the drivers employed and engaged by the motor carriers with which we contract are involved in accidents, which may result in serious personal injuries.”

Annual report 2025A · The company itself

“We have insurance against some cyber risks and attacks; nonetheless, our insurance coverage may not be sufficient to offset the impact of a material loss event (including if our insurer denies coverage as to any particular claim in the future), and such insurance may increase in cost or cease to be available on commercially reasonable terms, or at all, in the future. In addition, in the case of any cyber-attack or other security incident, information or security breach or technology failure arising from third-party systems impacting us, any third-party indemnification may not be applicable or sufficient to address the impact of such incidents.”

Annual report 2025A · The company itself

“Produktansvar Tester, marknadsföring och försäljning av medicinteknisk utrustning och lösningar medför en risk för skadeståndsanspråk och det finns ingen garanti för att krav på ersättning kopplat till produktansvar inte kommer att riktas mot CellaVision. Bolaget har ett omfattande försäkringsskydd för täckande av sådana anspråk.”

Annual report 2024A · The company itself

“In addition, the cost of resolving the 2023 bank failures resulted in increased FDIC costs, and potential future bank failures or other similar events may prompt the FDIC to further increase its premiums or to issue additional special assessments, which could have a material negative impact on our profitability and our business.”

Annual report 2025A · The company itself

“Increases in labor costs, including the cost to provide employee-partner related healthcare benefits, minimum wages, labor shortages or shortages of skilled labor, regulations regarding the classification of employees and/or their eligibility for overtime wages, higher material costs for items such as fabrics, textiles and other products used in our operations, the inability to obtain insurance coverage at cost-effective rates, higher interest rates, inflation, higher tax rates and other changes in tax laws and other economic factors could increase our costs of rental uniforms and facility services, cost of other services and selling and administrative expenses.”

Annual report 2026A · The company itself

“We also rely on insurance carriers to insure customer losses resulting from a breach of our physical security, cybersecurity, or by employee or third party theft and hold surety bonds as required for compliance with certain of our licenses under applicable state laws.”

Annual report 2025A · The company itself

“Our insurance policies do not cover certain types of catastrophes and may not cover certain events such as pandemics. Economic conditions and uncertainties in global markets may adversely affect the cost and other terms upon which we are able to obtain insurance coverage, including for property damage and business interruption.”

Annual report 2026A · The company itself

“We are a member of an industry mutual insurance company, NEIL, which provides property and accidental outage insurance for our nuclear operations. Uninsured losses and other expenses, to the extent not recovered from insurers or the nuclear industry, could be borne by us.”

Annual report 2025A · The company itself

“Vakuutusmaksujen nousu ja mahdollinen vakuutusturvan saatavuuden vaikeutuminen “korkean riskin” alueilla.”

Annual report 2025A · The company itself

“Operating costs consist primarily of: (i) labor (operating personnel at facilities); (ii) transportation (miles traveled and fuel rates); (iii) facilities (maintenance, property-related taxes, rent, and insurance); (iv) other (marketing and auction-related costs); and (v) costs of vehicles sold.”

Annual report 2025A · The company itself

“Services are rendered in partnership with major insurance companies including Metlife, Inc., Suhai Suguradora and others, which hold the underwriting risks to our customers.”

Annual report 2025A · The company itself

“Auto Insurance and Road Assistance – We offer a variety of auto insurance and roadside assistance services to our customer base through a physical sales channel with more than four million policies issued so far.”

Annual report 2025A · The company itself

“We offer our Falcon Complete customers a limited warranty, subject to certain conditions. While we maintain insurance relating to our warranty, we cannot be certain that our insurance coverage will be adequate to cover such claims, that such insurance will continue to be available to us on commercially reasonable terms, or at all, or that any insurer will not deny coverage as to any claim.”

Annual report 2026A · The company itself

“Guaranty Fund Assessments/Solvency Protection - Under guaranty fund laws existing in all states, insurers doing business in those states can be assessed (in most states up to prescribed limits) for certain obligations of insolvent insurance companies to policyholders and claimants. The life and health insurance guaranty associations in which the Company participates that operate under these laws respond to insolvencies of long-term care insurers as well as health insurers. The Company’s assessments generally are based on a formula relating to the Company’s health care premiums in the state compared to the premiums of other insurers.”

Annual report 2025A · The company itself

“Since fiscal 2018, we have significantly increased the percentage of medical premium contributions we make on behalf of our team members. In fiscal 2026, we subsidized 76 to 82 percent (depending on the plan and tier selected) of the premiums for our team members.”

Annual report 2026A · The company itself

“Increases in minimum wage, health care, and other benefit costs may have a material adverse effect on our labor costs.”

Annual report 2026A · The company itself

“In addition, the current premiums that we pay for our insurance, including workers’ compensation, general liability, property, health, and directors’ and officers’ liability, may increase at any time, thereby further increasing our costs.”

Annual report 2026A · The company itself

“Market rates for insurance premiums and deductibles have been steadily increasing. Our business, results of operations, financial condition and cash flows could be materially and adversely affected by, among other things, the collapse or insolvency of our insurance carriers; further increases in premiums and deductibles; increases in the number of liability claims against us or the cost of settling or trying cases related to those claims; obtaining insurance with exclusions for things such as communicable diseases; or an inability to obtain one or more types of insurance on acceptable terms, if at all.”

Annual report 2025A · The company itself

“We may also experience increased costs for energy, transportation, raw materials, production, and insurance, including higher premiums or deductibles.”

Annual report 2026A · The company itself

“Cirka 95% av kundfordringarna är kreditförsäkrade via Atradius. Vid kreditförlust erhålls 90% av det utestående beloppet.”

Annual report 2024A · The company itself

“In addition, we self-insure a significant portion of expected losses under our workers’ compensation, auto liability, general liability (including claims made against certain of our landlords), property loss, and group health insurance programs. Significant changes in actuarial assumptions and management estimates underlying our recorded liabilities for these losses, including any expected increases in medical and indemnity costs, could result in materially different expenses than expected under these programs, which could materially and adversely affect our results of operations and financial condition.”

Annual report 2026A · The company itself

“As a result of unfavorable developments due to the rising costs to reimburse, settle, or litigate claims related to customer accidents and other incidents at our stores, our actuarially determined liabilities were increased during 2024 and 2025, contributing to increases in our general liability claim expenses of $20.4 million and $33.6 million, 17 Table of Contents respectively, compared to the prior year.”

Annual report 2026A · The company itself

“Insurance Reserves The Company utilizes third-party insurance that includes retained insurance deductibles and retained quota shares to insure costs including auto liability related to both bodily injury and physical damage, and uninsured and underinsured motorists up to a certain dollar retention limit.”

Annual report 2025A · The company itself

“The Duke Energy Registrants are subject to risks associated with their ability to obtain adequate insurance at acceptable costs. The financial condition of some insurance companies, actual or threatened physical or cyberattacks, and natural disasters, among other things, could have disruptive effects on insurance markets.”

Annual report 2025A · The company itself

“We maintain insurance against many, but not all, such losses and liabilities in accordance with what we believe are customary industry practices and in amounts and at costs that we believe to be prudent and commercially practicable. However, the occurrence of any of these events and any losses or liabilities incurred as a result of such events, if uninsured or in excess of our insurance coverage, would reduce the funds available to us for our operations and could, in turn, have a material and adverse effect on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“While we also maintain cyber liability insurance to mitigate the financial risk around cyber incidents, such insurance may not cover all costs associated with the consequences of information or systems being compromised, and such insurance may become prohibitively expensive to maintain.”

Annual report 2025A · The company itself

“While we also maintain business interruption insurance to mitigate the financial risk around disruptions to our core business operations, such insurance may not cover all costs associated with a disruption, and such insurance may become prohibitively expensive to maintain.”

Annual report 2025A · The company itself

“The Company purchases general liability, employment practices liability, and property, including loss of rent, insurance coverage for each of its communities and cyber risk insurance.”

Annual report 2025A · The company itself

“Should the impact of climate change be material in nature or occur for lengthy periods of time, even if not directly impacting the Company’s current markets, the types and pricing of insurance the Company is able to procure may be materially adversely affected and our financial condition or results of operations may be materially adversely affected.”

Annual report 2025A · The company itself

“We maintain cyber risk insurance, but this may be an insufficient type or amount to cover us against claims related to a cybersecurity incident, and we cannot be certain that such insurance will continue to be available to us on economically reasonable terms, or at all, or that any insurer will not deny coverage as to any future claims.”

Annual report 2025A · The company itself

“ESM Reinsurance Limited, a wholly-owned subsidiary of Extra Space Management, Inc., generates income from insurance premiums that are subject to U.S. federal income tax and state insurance premiums tax and pays certain insurance royalties to us.”

Annual report 2025A · The company itself

“Other Operations Our tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in our stores. Our customers have the option of purchasing insurance from a non-affiliated insurance company to cover certain losses to their goods stored at our facilities, as well as those we manage for third parties. A wholly-owned, consolidated subsidiary fully reinsures such policies and thereby assumes all risk of losses under these policies and receives reinsurance premiums, substantially equal to the premiums collected from our tenants, from the non-affiliated insurance company.”

Annual report 2025A · The company itself

“Revenue from our tenant reinsurance segment consists of insurance revenues from the reinsurance of risks relating to the loss of goods stored by tenants in our stores.”

Annual report 2025A · The company itself

“Our clients also include more than 600 insurers, including eight of the top ten U.S. property and casualty insurers; more than 300 retailers and general merchandisers; and more than 200 government or public agencies.”

Annual report 2025A · The company itself

“Our insurance coverage on our properties may be inadequate. We currently carry comprehensive insurance on all of our properties, including insurance for liability, fire, flood, earthquake, environmental matters, rental loss and acts of terrorism.”

Annual report 2025A · The company itself

“Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, lubricating oils and insurance.”

Annual report 2024A · The company itself

“Gjensidige har en egen policy for forsikringsrisiko som inkluderer produktutvikling.”

Annual report 2024A · The company itself

“Produktspekteret består i hovedsak av basisforsikringer, med mulighet til å oppgradere til utvidede forsikringer for dem som føler behov for det. Både utvikling og salg av produkter skal ta utgangspunkt i kundenes behov. Kunder skal være sikre på at de får riktig informasjon enten de benytter seg av betjente eller selvbetjente kanaler.”

Annual report 2024A · The company itself

“Although we maintain network security insurance, we cannot be certain our coverage will be adequate for liabilities actually arising from a cybersecurity incident or insurance will continue to be available to us on reasonable terms, or at all.”

Annual report 2025A · The company itself

“In addition, should the availability and cost of reinsurance change materially, we may have to pay higher reinsurance costs, accept an increase in our net liability exposure, reduce the amount of business we write, or access to the extent possible other alternatives to reinsurance, such as use of the capital markets.”

Annual report 2025A · The company itself

“("HIG") (together with its subsidiaries, “The Hartford”, the “Company”, “we”, or “our”) is a holding company for a group of subsidiaries that provide property and casualty ("P&C") insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds ("ETF") to individual and business customers in the United States, as well as in the United Kingdom and other international locations.”

Annual report 2025A · The company itself

“The Company derives its revenues principally from: (a) premiums earned for insurance coverage provided to insureds; (b) management fees on mutual fund and ETF assets; (c) net investment income; (d) fees earned for services provided to third parties; and (e) net realized gains and losses.”

Annual report 2025A · The company itself

“Traditional life and disability insurance type products, such as those sold by Employee Benefits, collect premiums from policyholders in exchange for financial protection for the policyholder from a specified insurable loss, such as death or disability. These premiums together with net investment income earned are used to pay the contractual obligations under these insurance contracts. Two major factors, sales and persistency, impact premium growth.”

Annual report 2025A · The company itself

“If the Program is not extended or renewed upon its expiration in 2027, or if there are changes to the Program that would negatively affect insurance carriers, premiums for terrorism insurance 26 coverage will likely increase and/or the terms of such insurance may be materially amended to increase stated exclusions or to otherwise effectively decrease the scope of coverage available, perhaps to the point where it is effectively unavailable. In some cases, these factors could result in certain losses being partially or completely uninsured.”

Annual report 2025A · The company itself

“We maintain insurance coverage for general liability, property, business interruption, terrorism and other risks with respect to our business for all of our consolidated hotels, and we maintain workers' compensation or equivalent coverage for all of our employees.”

Annual report 2025A · The company itself

“Many of the expenses associated with owning and operating hotels, such as debt-service payments, property taxes, insurance, utilities, and employee wages and benefits, are relatively inflexible. They do not necessarily decrease directly with a reduction in revenues at the hotels and may be subject to increases that are not tied to the performance of our hotels or the increase in the rate of inflation generally.”

Annual report 2025A · The company itself

“The Bank accepts customer deposits that are insured by the DIF and, therefore, must pay insurance premiums. The FDIC may increase the Bank’s insurance premiums based on various factors, including the FDIC’s assessment of its risk profile.”

Annual report 2025A · The company itself

“Koncernen är utsatt för produktansvarskrav i fall då dess produkter påstås ha orsakat skador på person eller egendom. Koncernen är till stor del försäkrad mot den typen av krav, dels genom försäkringar i eget försäkringsbolag, så kallad captive, och dels genom externa försäkringsgivare.”

Annual report 2024A · The company itself

“Intrum har cirka 70000 uppdragsgivare på 20 marknader som täcker fordringar inom bank och finansinstitut, telekom, allmännyttiga företag, e-handel, detaljhandel, försäkring och små och medelstora företag.”

Annual report 2024A · The company itself

“Increasing property taxes, insurance costs, and HOA fees may negatively affect our financial results.”

Annual report 2025A · The company itself

“If the costs associated with property taxes, insurance, or HOA fees and assessments rise significantly and we are unable to increase rental rates due to current market conditions, rent control laws, or other regulations to offset such increases, our results of operations would be negatively affected.”

Annual report 2025A · The company itself

“A significant portion of our costs and expenses are fixed, and we may not be able to adapt our cost structure to offset declines in our revenue. Many of the expenses associated with our business, such as property taxes, insurance, HOA fees, utilities, construction, acquisition, renovation and maintenance costs, and other general corporate expenses are relatively inflexible and will not necessarily decrease with a reduction in revenue from our business.”

Annual report 2025A · The company itself

“Risk and Insurance We maintain property, casualty, flood, and corporate-level insurance coverage related to our business, including general liability, business auto, umbrella, commercial crime, directors’ and officers’ liability, fiduciary liability, cyber liability, employment practices liability, and workers’ compensation insurance.”

Annual report 2025A · The company itself

“Changes in the cost or availability of insurance could expose us to uninsured casualty losses.”

Annual report 2025A · The company itself

“Risker relaterade till verksamheten Produktansvar och försäkring Deltagare i kliniska studier med IRLAB:s läkemedelskandidater kan drabbas av biverkningar vilket kan leda till att skadeståndseller andra krav, inklusive krav grundade på produktansvar, riktas mot IRLAB. IRLAB har tecknat en produktansvarsförsäkring men det finns risk att eventuella krav överstiger IRLAB:s försäkrade belopp eller att IRLAB i framtiden inte kan erhålla eller upprätthålla ett försäkringsskydd till rimliga villkor.”

Annual report 2024A · The company itself

“We maintain insurance coverage from third-party insurers as part of our overall risk management strategy and because some of our contracts require us to maintain specific insurance coverage limits. Catastrophic events, litigation claims, and other market factors can result in decreased coverage limits, coverage that is more limited, increased premium costs or higher deductibles and/or retentions or quota shares.”

Annual report 2025A · The company itself

“Käytetyn auton myynnin yhteydessä Kamux tarjoaa asiakkailleen komissiopohjaisia palveluita kuten vakuutus- ja rahoituspalveluja sekä lakisääteistä myyjän virhevastuuta laajentavaa Kamux Plus -tuotetta.”

Annual report 2024A · The company itself

“Kamux tarjoaa asiakkailleen käytetyn auton myynnin yhteydessä kolmansien osapuolten rahoitus- ja vakuutustuotteita.”

Annual report 2024A · The company itself

“Insurance coverage, even where available, may not be sufficient to cover losses we may incur. Our business exposes us to the risk of liabilities and losses arising from our operations. We seek to minimize these risks where practicable and economical through various insurance contracts from third-party insurance carriers.”

Annual report 2025A · The company itself

“Recurring extreme weather events could also reduce or eliminate the availability or increase the cost of insurance to Key and our customers.”

Annual report 2025A · The company itself

“The occurrence of natural disasters, severe weather conditions and the effects of climate change, including extreme temperatures or changes to meteorological or hydrological patterns, can delay new development or redevelopment projects, decrease the attractiveness of locations, increase investment costs to repair or replace damaged properties (or make repair or replacement impossible), increase operation costs, including the cost of energy at our properties, increase costs for future property insurance, negatively impact the tenant demand for lease space and cause substantial damages or losses to our properties, which could exceed any applicable insurance coverage.”

Annual report 2025A · The company itself

“Our insurance policies do not cover all losses, costs or liabilities that we may experience, and insurance companies that currently insure companies in the energy industry may cease to do so or substantially increase premiums. Our insurance program may not cover all operational risks and costs and may not provide sufficient coverage in the event of a claim.”

Annual report 2025A · The company itself

“The effects of reinsurance on the consolidated statements of operations were as follows: Years Ended December 31, 2025 2024 2023 Net Premiums: Direct $1,822,474 $642,803 $118,535 Assumed 3,370,466 11,915,597 4,138,758 Ceded (1,795,754) (4,659,566) (2,281,618) $3,397,186 $7,898,834 $1,975,675 Years Ended December 31, 2025 2024 2023 Policy Fees: Direct $906,470 $917,684 $912,931 Assumed 1,099,104 1,111,998 442,085 Ceded (654,760) (651,996) (94,767) Net Policy Fees $1,350,814 $1,377,686 $1,260,249 Years Ended December 31, 2025 2024 2023 Net Policy Benefits and Claims: Direct $6,683,552 $4,047,792 $3,406,055 Assumed 8,249,333 15,949,420 5,922,927 Ceded (4,201,732) (6,703,930) (2,966,725) Net Policy Benefits and Claims $10,731,153 $13,293,282 $6,362,257 Global Atlantic holds collateral for, and provides collateral to, its reinsurance clients.”

Annual report 2025A · The company itself

“•Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets.”

Annual report 2025A · The company itself

“These risks could lead to higher costs for KCC, including crew expenses and insurance premiums, while also affecting revenue through market disruptions and trade restrictions.”

Annual report 2024A · The company itself

“Although we maintain insurance for certain risks, including certain cybersecurity exposures, the amount of our insurance coverage may not be adequate to cover all claims or liabilities, and we may be forced to bear substantial costs from an accident or incident.”

Annual report 2025A · The company itself

“If any of our third-party insurers fail, become insolvent, cancel our coverage or otherwise are unable to provide us with adequate insurance coverage or renew our insurance coverage on favorable terms, then our overall risk exposure and our operational expenses would increase, and the management of our business operations would be disrupted. Our insurance may be insufficient to protect us from significant product and other liability claims or losses. Moreover, there is a risk that commercially available liability insurance will not continue to be available to us at a reasonable cost, if at all.”

Annual report 2026A · The company itself

“Our insurance, customer indemnifications or other liability protections may be insufficient to protect us from product and other liability claims or losses. Not every risk or liability we face is or can be protected by insurance, and for those risks we insure, the limits of coverage that are reasonably obtainable may not be sufficient to cover all actual losses or liabilities incurred. We are limited in the amount of insurance we can obtain to cover certain risks, such as cybersecurity risks and natural hazards, including earthquakes, fires, and extreme weather conditions, some of which can be worsened by climate change and pandemics.”

Annual report 2026A · The company itself

“Vahinkoriskit • Työtapaturmat voivat aiheuttaa merkittävän nousun vakuutusmaksuissa sekä pahimmassa tapauksessa vaikeuttaa yhtiön mahdollisuuksia osallistua julkisiin hankintoihin. • Asiakaskohteen avainten häviäminen voi aiheuttaa lisäkustannuksia esimerkiksi lukitusten uusimisesta sekä heikentää asiakasluottamusta ja yhtiön mainetta.”

Annual report 2025A · The company itself

“We maintain property, business interruption, product, general liability, casualty and other types of insurance that we believe are appropriate for our business and operations as well as in line with industry practices. However, we are not fully insured against all potential hazards incident to our business, including losses resulting from natural disasters or climate-related exposures, wars, terrorist acts, or cybersecurity incidents.”

Annual report 2025A · The company itself

“For example, over time, the occurrence of acute climate events may result in both increasing insurance premiums for and reduced availability of insurance, which could have a broader impact on the economy.”

Annual report 2025A · The company itself

“Natural disasters, extreme weather, and other climate impacts and events (including rising sea levels, extreme hot or cold weather, hurricanes and typhoons, flooding, water shortages, fires, and droughts) have impacted, and continue to impact, hotels in our system, including by causing physical damage that prevents or limits the operations of the property or resulting in increases in insurance, energy or other operating costs.”

Annual report 2025A · The company itself

“For example, over the past several years following the severe and widespread damage caused by natural disasters, coupled with continued large global losses, the property, liability, and other insurance markets have seen significant cost increases.”

Annual report 2025A · The company itself

“Although we carry cyber insurance that is designed to protect us against certain losses related to cyber risks, that insurance coverage may not be sufficient or available to cover all expenses or other losses (including payments, fines, or penalties) or all types of claims that may arise in connection with cyberattacks, security compromises, and other related incidents. Furthermore, in the future such insurance may not be available on commercially reasonable terms, or at all.”

Annual report 2025A · The company itself

“We have insurance coverage related to many different types of risk; however, we self-insure for some potentially significant risks and obligations, because we believe that it is more cost effective for us to self-insure than to pay the high 27 Table of Contents premium costs. The risks and exposures that we self-insure include, but are not limited to, employee health matters, certain property matters, product defects, cybersecurity matters, employment risks, environmental matters, political risks, and intellectual property matters.”

Annual report 2026A · The company itself

“Moberg Pharmas försäkringsskydd innefattar utöver företagsförsäkring särskild försäkring för patienter som deltar i kliniska prövningar och produktansvarsförsäkringar för produkter under utveckling samt produkter på marknaden. Det finns en risk att försäkringen inte ger tillräckligt skydd mot skadeståndsanspråk och andra kostnader vid händelse av skador orsakade av bolagets produkter eller produktkandidater.”

Annual report 2024A · The company itself

“Revenue ⇑ $72 million Global DS revenue for the years ended December 31, 2025 and 2024 was comprised as follows: Global DS revenue increased 12% driven by growth in both the U.S. (18%) and internationally (8%). DS recurring revenue grew 15%. Organic constant currency revenue(1) and organic constant currency recurring revenue(1) growth for DS was 8% and 11%, respectively, and ARR(2) grew 10%.”

Annual report 2025A · The company itself

“Med vårt breda utbud av tjänster – som täcker allt från vardagens betalningar, till sparande, placeringar, pensioner och försäkringar – kan vi stötta dem hela vägen genom livet.”

Annual report 2025A · The company itself

“Vi vill också värna om våra kunders långsiktiga ekonomiska trygghet, och det gör vi genom en rad konkurrenskraftiga produkter och tjänster inom liv- och pensionsförsäkring.”

Annual report 2025A · The company itself

“Life & Pension, som har ett heltäckande utbud av pensions-, kapitalförsäkrings- och riskprodukter, redovisade rekordhöga bruttopremieintäkter.”

Annual report 2025A · The company itself

“Ikke fordelte indtægter / omkostninger -22,7 -23,6 -10,9 -5,1 -2,2 -4,5 -9,5 -7,9 -2,9 -3,3 EBIT 66,2 -74,9 36,9 -1,7 32,4 -1,4 -134,1 3,0 44,1 12,1 Overskudsgrad 5,1% -5,8% 10,3% -0,6% 9,5% -0,5% -39,4% 1,0% 12,9% 3,8% Koncernens kvartalsskema - EBIT Resultater Bekey Dayli BoligPortal Virksomheder Fremgang drevet af nyt forretningsområde Karman Connect lancerede i 2025 et nyt forretningsområde på det danske marked, Consumer Services, der forbinder private forbrugere med udbydere af bl.a. forsikringer, og internet, samt el- og varmeløsninger.”

Annual report 2025A · The company itself

“Insurance We maintain insurance on the hull and machinery of our ships, which are maintained in amounts related to the estimated market value of each ship. The coverage for each of the hull and machinery policies is maintained with syndicates of insurance underwriters from the European and U.S. insurance markets.”

Annual report 2025A · The company itself

“NP3s fastighetskostnader utgörs framför allt av taxebundna kostnader, fastighetsskötsel, reparationer och planerat underhåll. När det gäller taxebundna kostnader och kostnader för fastighetsskatt täcks dessa vanligen genom hyrestillägg i NP3s hyresintäkter och vidarefaktureras helt eller delvis till hyresgästerna.”

Annual report 2024A · The company itself

“Table of Contents In addition, severe weather conditions and natural disasters may increase the cost of homeowner's insurance or potentially reduce insurance availability which could negatively impact demand in certain of our markets perceived to be more vulnerable to increased severe weather events and other impacts of climate change.”

Annual report 2025A · The company itself

“We maintain cyber risk insurance, although an insufficiency or unavailability of insurance coverage could adversely affect our cash flows and overall profitability.”

Annual report 2025A · The company itself

“To the extent the severity or frequency of extreme weather events increases, this could increase our cost of providing services, including the cost of insurance, and the availability of certain insurance coverages could decrease.”

Annual report 2025A · The company itself

“98 procent av patienterna inom det kommersiella betalarsegmentet kan få Zubsolv subventionerat, en oförändrad utveckling mot året innan.”

Annual report 2024A · The company itself

“OX124 förväntas bli subventionerat av försäkringsbolagen och förskrivas av vårdgivare. Det livräddande högdos läkemedlet har potential att spela en avgörande roll vid behandling av personer som behöver flera doser av 4 mg naloxon (lågdos), särskilt vid överdosering av syntetiska opioider, som fentanyl.”

Annual report 2024A · The company itself

“Ökade operationella kostnader för försäkringar som ökar med risker i fastigheterna.”

Annual report 2024A · The company itself

“On a general basis, we observe increased premium on insurance due to cost of the incidents and the number of incidents due to extreme weather conditions.”

Annual report 2024A · The company itself

“Operating Revenues Premiums and fees in our Specialty Benefits business increased $105.5 million due to growth in the business.”

Annual report 2025A · The company itself

“Premiums and fees in our Life Insurance business increased $17.8 million due to growth in the business and $11.4 million due to the one-time impact of the YRT Reinsurance Transactions in 2024.”

Annual report 2025A · The company itself

“Total stockholder dividends paid by Principal Life to its parent in 2025 were $1,055.0 million, all of which was extraordinary and approved by the Commissioner.”

Annual report 2025A · The company itself

“Cirka 65 procent (60) av koncernens årsomsättning täcks av kreditförsäkring.”

Annual report 2024A · The company itself

“The international businesses primarily use reinsurance to obtain experience with respect to certain new product offerings and to a lesser extent, to mitigate mortality risk for certain protection products and for capital management purposes.”

Annual report 2025A · The company itself

“The Company’s Japan insurance operations have entered into reinsurance agreements with Gibraltar Reinsurance Company Ltd., the Company’s Bermuda-based reinsurance affiliate, as well as with the Company’s domestic insurance operations to reinsure the mortality and morbidity risk associated with a portion of the in-force contracts as well as newly-issued contracts for certain products. The Company expects these transactions will allow it to more efficiently manage its capital and risk profile.”

Annual report 2025A · The company itself

“Grow ancillary business activities: We pursue growth initiatives aimed at increasing our insurance offering coverage for tenants who choose to protect their stored items against loss. Additionally, as we grow our self-storage portfolio through acquisition, development and third-party management, we have the opportunity to increase the growth profile of our tenant reinsurance business.”

Annual report 2025A · The company itself

“Our tenant reinsurance business is subject to governmental regulation, which could reduce our profitability or limit our growth. We hold limited lines self-service storage insurance agent licenses from a number of individual state departments of insurance and are subject to state governmental regulation and supervision.”

Annual report 2025A · The company itself

“General Discussion of our Business Public Storage is a Maryland real estate investment trust (“REIT”) engaged in the ownership, development, and operation of self-storage facilities and other related operations including tenant reinsurance, third-party self-storage management and bridge lending to third-party self-storage owners.”

Annual report 2025A · The company itself

“Across various regions in which we operate, costs associated with homeowner, hazard, and flood insurance have increased in recent years, driven in part by the increasing frequency and severity of weather‑related losses. In some cases, these conditions have constrained homeowners’ ability to obtain adequate coverage.”

Annual report 2025A · The company itself

“Additionally, the coverage offered by and the availability of general liability insurance for construction defects have become more costly and limited. There can be no assurance that coverage will not be further restricted, become more costly, or even become unavailable in the future.”

Annual report 2025A · The company itself

“In sum, taking these risks and potential impacts together, climate change may materially and adversely impact our business by increasing the cost to operate our properties, for example, with respect to infrastructure and facilities construction and maintenance, energy, insurance (and, potentially, the incurrence of uninsured losses), taxes, consultants and advisors, and other unforeseen fees, costs and expenses.”

Annual report 2025A · The company itself

“We carry liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties. Some types of losses, such as losses from named windstorms, hurricanes, earthquakes, flooding, terrorism, or wars may have more limited coverage, or in some cases, can be excluded from insurance coverage. In addition, it is possible that the availability of insurance coverage in certain geographic areas may decrease in the future or become unavailable to us, and the cost to procure such insurance may increase due to lack of market availability or other factors beyond our control.”

Annual report 2025A · The company itself

“Other Regulatory and Litigation Risks If the testing or use of our products harms people, or is perceived to harm them even when such harm is unrelated to our products, we could be subject to costly and damaging product liability claims. The testing, manufacturing, marketing, and sale of drugs for use in people expose us to product liability risk.”

Annual report 2025A · The company itself

“Premiums charged by insurance carriers, including carriers in the maritime insurance industry, increase or decrease from time to time and tend to be cyclical in nature. These cycles are impacted both by our own loss experience and by losses incurred in direct and reinsurance markets.”

Annual report 2025A · The company itself

“Insurance We maintain insurance on the hull and machinery of our ships, with insured values generally equal to the net book value of each ship. This coverage is maintained with reputable insurance underwriters from the British, Scandinavian, French, United States and other reputable international insurance markets.”

Annual report 2025A · The company itself

“We are members of four Protection and Indemnity ("P&I") clubs, which are part of a worldwide group of 12 P&I clubs, known as the International Group of P&I Clubs (the “IG”). Liabilities, costs and expenses for illness and injury to crew and guest, pollution and other third-party claims in connection with our cruise activities are covered by our P&I clubs, subject to the clubs’ rules and the limits of coverage determined by the IG.”

Annual report 2025A · The company itself

“We maintain limited insurance coverage and, in some cases, no coverage at all, for natural disasters and damage to our facilities, as these types of insurance are sometimes not available or available only at a prohibitive cost. Climate change may reduce the availability or increase the cost of certain types of insurance by contributing to an increase in the incidence and severity of certain natural disasters.”

Annual report 2026A · The company itself

“In addition, any such outage could disrupt or temporarily halt our operations resulting in reduced productivity, staff downtime, and increased insurance premiums, as well as additional costs for attempting to recover lost information, equipment or data, and could damage our reputation, which could have a material adverse effect on our business, results of operations, cash flows and financial condition, and the trading price of our ordinary shares.”

Annual report 2025A · The company itself

“Banken har lyktes veldig godt med salg av skadeog personforsikring for Fremtind Forsikring, og banken tar også en stadig større andel av markedet for finansiering av biler og båter gjennom salgspantlån i samarbeid med SpareBank 1 Finans Nord-Norge.”

Annual report 2024A · The company itself

“Provisjonsnivået har økt noe gjennom 2024, økningen er i hovedsak relatert til økte provisjoner fra SpareBank 1 Boligkreditt, samt økte provisjoner fra salg av forsikringsprodukter. Breddesalg med fokus på forsikring, leasing og refinansiering vil fortsatt være et satsingsområde for banken.”

Annual report 2024A · The company itself

“Virksomhetsområdet leverte over salgsbudsjett i 2024, og den svake utviklingen i netto andre provisjonsinntekter skyldes fall i lønnsomhetsprovisjon grunnet både økt skadefrekvens og økt gjennomsnittlig erstatning per skade i forsikringsporteføljen.”

Annual report 2024A · The company itself

“Erfaringen så langt indikerer at kredittrisikoen har vært begrenset, men at forsikringsselskapene har båret risikoen og tatt de største konsekvensene og tapene som har rammet husholdninger og virksomheter i vår region.”

Annual report 2024A · The company itself

“Personkundemarkedet har høyt fokus på breddesalg hvor flere og kapitallette produkter bidrar til økt kundelønnsomhet og tettere kunderelasjon.”

Annual report 2024A · The company itself

“Når det gjelder felleseide selskaper, har en svært viktig hendelse vært fusjonen mellom Fremtind og Eika Forsikring. Fusjonen gjør Fremtind til markedsleder innen personforsikring i Norge.”

Annual report 2024A · The company itself

“Banken stiller krav til at eiendom hvor banken har pantesikkerhet, er forsikret. Banken har ikke stilt krav til egne klimatilpasningstiltak for noen av de overnevnte eiendommene.”

Annual report 2024A · The company itself

“Table of Contents We maintain product liability and other insurance with coverages believed to be adequate.”

Annual report 2026A · The company itself

“Virksomheten hadde tosifret vekst innen områdene innskuddspensjon, kapitalforvaltning, forsikring og bank.”

Annual report 2024A · The company itself

“Skadeforsikringsvirksomhetens største påvirkning på klima er knyttet til å redusere materialbruken i reparasjoner etter skader.”

Annual report 2024A · The company itself

“Å redusere antall skadesaker gjennom god skadeforebygging 3.”

Annual report 2024A · The company itself

“- Vi har flyttet betydelige deler av oppgjørene fra den lineære til den sirkulære økonomien - Vi har prosjekter hvor vi, sammen med partnere, har utviklet sirkulære forretningsmodeller som er gjort tilgjengelige for andre - Våre leverandører skal enten sette vitenskapsbaserte mål, eller ta i bruk løsninger for gjenbruk og reparasjon. av verdikjeden Dialog med leverandører Myndighetsdialog 3,4 % 4 % Skadeforebygging Storebrand Forsikring skal redusere antall skadesaker gjennom god skadeforebygging - Forebygging skal lede til reduksjon i hyppighet og omfang av skader i forhold til hva vi ville sett dersom vi ikke hadde hatt skadeforebyggende tiltak. - Forebygging skal bidra til lønnsom vekst.”

Annual report 2024A · The company itself

“Over 90 prosent av skadeverkstedene har signert konsernets leverandørerklæring om bærekraftforpliktelser, der vi forventer at selskapene jobber for å nå netto null utslipp i 2050, og setter vitenskapsbaserte mål.”

Annual report 2024A · The company itself

“Redusere antall skadesaker gjennom god skadeforebygging Alle skader er sløsing med ressurser. Når vi skal erstatte etter skader kreves det både nye materialer og energi, samtidig som det oppstår avfall. Skadeforsikring sin rolle er i hovedsak å gi faglige råd til kundene for å unngå fremtidige skader.”

Annual report 2024A · The company itself

“Storebrand tilbyr et bredt spekter av finansielle produkter og tjenester. Gjennom relevante pensjons-, spare-, forsikrings-, og bankløsninger støtter vi kundene i å håndtere både forventede og uforutsette livshendelser og med å forvalte deres økonomiske interesser på en måte som gir økt trygghet og ivaretar deres risikoprofil og tidshorisont.”

Annual report 2024A · The company itself

“Konsernet tilbyr pensjons-, spare-, forsikrings- og bankprodukter til privatpersoner, bedrifter og offentlige virksomheter.”

Annual report 2024A · The company itself

“2025 var præget af markant skalering af koncernens digitale distributionsmodel med høj vækst i nytegning og portefølje. Nytegningen (GWP) udgjorde for året ca. SEK 55,3m, summeret af offentliggjorte delperioder (H1 SEK 22,3m, Q3 SEK 14,0m og Q4 SEK 19,0m).”

Annual report 2025A · The company itself

“Potentiella biverkningar eller produktansvarskrav kan försena eller stoppa SynActs utvecklingsarbete samt begränsa eller förhindra den kommersiella användningen av koncernens läkemedelskandidater och därmed leda till ökade kostnader, vilket skulle kunna ha en negativ inverkan på SynActs möjligheter att generera lönsamhet. Det finns vidare en risk att bolaget kan komma att bli stämt av patienter som drabbas av biverkningar, dels av försökspersoner och patienter inom ramen för SynActs kliniska studier, dels från andra personer som i framtiden kan komma att använda bolagets läkemedel, varvid SynAct kan komma att bli skadeståndsskyldigt.”

Annual report 2024A · The company itself

“SynActs försäkringsskydd kan visa sig vara otillräckligt för att täcka eventuella kostnader som kan uppstå till följd av biverkningar eller andra produktansvarskrav, exempelvis om ett krav ligger utanför försäkringsskyddet eller om skadeståndskravet överstiger försäkringsbeloppet. Därtill täcker denna typ av försäkringar normalt inte renomméskador som kan uppkomma oavsett utgången av ett eventuellt ansvarskrav.”

Annual report 2024A · The company itself

“Risker relaterade till produktansvar, biverkningar och försäkringsskydd Då SynAct är verksamt inom läkemedelsbranschen är bolaget exponerat för olika ansvarsrisker såsom risken för potentiella produktansvarskrav som kan uppstå i samband med tillverkning av läkemedel, kliniska studier eller marknads föring och försäljning av läkemedel för det fall SynActs läkemedelskandidater kommersialiseras.”

Annual report 2024A · The company itself

“While we currently maintain levels and types of insurance that we believe to be prudent under current insurance industry market conditions, our inability to secure these levels and types of insurance in the future could negatively impact our business operations and financial stability, particularly if an uninsured loss were to occur. No assurance can be given that we will be able to maintain these levels of insurance in the future at rates considered commercially reasonable, particularly named windstorm coverage and contingent business interruption coverage for our onshore operations, and potentially excess liability insurance given the current insurance market environment.”

Annual report 2025A · The company itself

“We maintain, on behalf of ourselves and our subsidiaries, general public liability, property, boiler and machinery and business interruption insurance in amounts that we consider to be appropriate for such risks. Such insurance is subject to deductibles or self-insured retentions that we consider reasonable and not excessive given the insurance market environment.”

Annual report 2025A · The company itself

“Ensimmäisellä vuosipuoliskolla palveluiden käyttöä tuki normaalia korkeampi ylähengitystieinfektioiden esiintyvyys, vahva vakuutusasiakaskysyntä sekä kuluttaja-asiakkaiden hieman piristynyt kysyntä.”

Annual report 2025A · The company itself

“Vakuutusasiakkaiden kysyntä säilyi kuitenkin vahvana koko vuoden ajan.”

Annual report 2025A · The company itself

“We may be subject, in the ordinary course of business, to losses resulting from products liability, accidents, acts of God and other claims against us, for which we may have no insurance coverage. As a general matter, we do not maintain as much insurance coverage as many other companies do, and in some cases, we do not maintain any at all. Additionally, the policies that we do have may include significant deductibles or self-insured retentions, policy limitations and exclusions, and we cannot be certain that our insurance coverage will be sufficient to cover all future losses or claims against us.”

Annual report 2025A · The company itself

“As a result of heightened concerns and challenges regarding property, casualty, liability, business interruption, cancellation, cybersecurity and other insurance coverage resulting from terrorist and related security incidents along with varying weather-related conditions and incidents, we may experience increased difficulty obtaining high policy limits of coverage at a reasonable cost and with reasonable deductibles. We cannot assure you that future increases in insurance costs and difficulties obtaining high policy limits and reasonable deductibles will not adversely impact our profitability, thereby possibly impacting our operating results and growth.”

Annual report 2025A · The company itself

“En defekt eller fel kan leda till tredjepartkrav, produktåterkallelseprogram, och utmaningar kring försäkringsskydd, vilket kan resultera i betydande rättsliga och förlikningskostnader samt påverkan på bolagets rykte.”

Annual report 2024A · The company itself

“Some of our clients, primarily those for our property appraisal services, require that we secure performance bonds before they will select us as their vendor. In addition, we have in the past been required to provide letters of credit as security for the issuance of a performance bond. We cannot guarantee that we will be able to secure such performance bonds in the future on terms that are favorable to us, if at all. Our inability to obtain performance bonds on favorable terms or at all could impact our future ability to win some contract awards, particularly large property appraisal services contracts, which could negatively impact revenues.”

Annual report 2025A · The company itself

“The Company maintains insurance policies, including, but not limited to, terrorism, aviation hull and liability, workers' compensation and property and business interruption insurance, but we are not fully insured against all potential hazards and risks incident to our business. If the Company is unable to obtain sufficient insurance with acceptable terms, the costs of such insurance increase materially, or if the coverage obtained is unable to pay or is insufficient relative to actual liability or losses that the Company experiences, whether due to insurance market conditions, policy limitations and exclusions or otherwise, our business, operating results and financial condition could be materially and adversely affected.”

Annual report 2025A · The company itself

“In the ordinary course of our business operations, we are exposed to a variety of potential claims. These claims include those relating to personal injuries or property damage arising from: (i) the use and/or operation of our rented or sold equipment, (ii) motor vehicle accidents involving our vehicles and our employees, and (iii) employment-related claims.”

Annual report 2025A · The company itself

“Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses.”

Annual report 2025A · The company itself

“Furthermore, our or our tenants’ insurance premiums may increase as a result of factors outside our or their respective control, such as changes in the insurance industry or underwriting practices, increasing frequency of certain climate-related claims in one or more markets, or other effects of climate change.”

Annual report 2025A · The company itself

“Koncernens fartyg är bokförda till ett värde om 423,5 Meur (435,3 Meur). Fartygen är kasko- och intresseförsäkrade till ett värde om 724,0 Meur (726,0 Meur). Därutöver är samtliga fartyg strike/delay-, P&I- (Protection and Indemnity) och PLR- (Passenger Liability Regulation) försäkrade.”

Annual report 2024A · The company itself

“Further, due to rising insurance costs and changes in the insurance markets, including increasing pressure on firms that provide insurance to companies that own and operate fossil fuel generation, we cannot provide any assurance that our insurance coverage will continue to be available at all or at rates or on terms similar to those presently available.”

Annual report 2025A · The company itself

“Men eftersom försäkrings- och ersättningssystem fortsätter att öka kommer detta att minska de egna utgifterna över tid, vilket gör branschen mindre exponerad till makroekonomiska fluktuationer. På kort sikt kan marknadsvillkoren för Vitrolife Group påverkas av allmänna marknadsvillkor såsom regleringar, handelshinder, sanktioner, kunders uppfattning med mera, vilket kan påverka delar av vår produkt- och tjänsteportfölj.”

Annual report 2024A · The company itself

“Mot den bakgrunden utökar regeringar, arbetsgivare och försäk - ringsbolag möjligheten att få IVF-behandlingen helt eller delvis betald så att fler kan få tillgång till den. I takt med att födelsetalen sjunker globalt och befolkningstillväxten hamnar i fokus följer dessa satsningar en långsiktig trend.”

Annual report 2024A · The company itself

“Produktansvar och produktåterkallande samt projektansvar Vissa av verksamheterna tillverkar produkter som, vid felaktig hantering, kan orsaka personoch materiella skador hos kunderna. Verksamheterna därmed komma att exponeras för produktansvar och krav på produkt återkallande för det fall att användning av ett relevant bolags produkter orsakar, uppges orsaka eller befaras kunna orsaka skador på person eller material.”

Annual report 2024A · The company itself

“Kunderna inkluderar saneringsföretag, försäkringsbolag och byggbolag på 13 europeiska marknader.”

Annual report 2024A · The company itself

“•Facultative reinsurance - The Company purchases facultative reinsurance on certain individual policies or risks that are in excess of treaty reinsurance capacity. •Other reinsurance - Depending on the business, the Company purchases specific additional reinsurance to supplement the above programs. •Lifson Re continues to participate on the majority of the Company’s reinsurance placements. As of January 1, 2026, Lifson Re participates in a 32.5% share of the placed amounts, consistent with the prior year.”

Annual report 2025A · The company itself

“A summary of gross premiums written in 2025 compared with 2024 by line of business within each business segment follows: •Insurance gross premiums increased 6% to $13,465 million in 2025 from $12,662 million in 2024. Gross premiums increased $365 million (11%) for short-tail lines, $264 million (5%) for other liability, $110 million (7%) for auto, $44 million (3%) for workers' compensation and $20 million (1%) for professional liability.”

Annual report 2025A · The company itself

“Over the past few years, insurance costs have increased substantially and may continue to increase in the future and may be affected by natural disasters, outbreaks of disease, climate change, fear of terrorism, war, financial irregularities, cybersecurity breaches and fraud at publicly-traded companies, intervention by the government or political crises and instability, an increase in the number and severity of claims received by the carriers, or a decrease in the number of insurance carriers.”

Annual report 2026A · The company itself

“It is important that we are able to obtain many different types of insurance, and if we are not able to obtain insurance or exhaust our coverage, we may be forced to retain the risk. We have many types of insurance coverage and are also self-insured for some risks and obligations. Our third-party insurance coverage varies from time to time in both type and amount depending on availability, cost and our decisions with respect to risk retention.”

Annual report 2025A · The company itself

“Försäkringarna omfattar bland annat egendomsförsäkring av forskningsutrustning och kylanläggningar samt en driftsförsäkring.”

Annual report 2024A · The company itself

“Bolidens resultat för 2024 ökade jämfört med föregående år främst till följd av försäkringsintäkten om 3 335 MSEK i Rönnskär.”

Annual report 2024A · The company itself

“If we seek insurance against cybersecurity risks, it may be limited by the availability and increasing expense of sufficient coverage.”

Annual report 2025A · The company itself

“Table of Contents •If our internal enterprise IT networks, our operational networks, our research and development networks, our back-end labs and cloud stacks hosted in our data centers or PoPs, colocation vendors or public cloud providers are compromised, public perception of our products and services may be harmed, our customers may be breached and harmed, we may become subject to liability, and our business, operating results and stock price may be adversely impacted. •We have incurred indebtedness and may incur other debt in the future, which may adversely affect our financial condition and future financial results. •We generate a majority of billings, revenue and cash flow from sales outside of the United States, which may expose us to risks associated with international operations and may adversely affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Per 2024-12-31 uppgick koncernens kundfordringar till 2 823 (2 696) Mkr, varav 39 (41) procent var försäkrade mot kreditförluster.”

Annual report 2024A · The company itself

“•Increases in our cost of employee benefits in the future could reduce our profitability. •We negotiate with our suppliers to optimize our terms and conditions, including payment terms, and reductions in our payment terms with our suppliers could adversely affect our liquidity. •An impairment of the value of our goodwill and other indefinite lived intangible assets could have a material adverse effect on our financial statements. •We depend on third-party bottling and distribution companies for a significant portion of our business. •Changes in the retail landscape or in sales to any key customer can adversely affect our business. •Failure to maintain strategic relationships with brand owners and private label brands could adversely impact our future growth and business, potentially resulting in the termination of those agreements.”

Annual report 2025A · The company itself

“Risk management activities covering all the project phases. ■ Adequate balancing of insurance, contract provisions, and pre-production testing. ■ Production float and contingency plans to absorb potential delays. ■ Project and risk management activities covering investment process, including continuous monitoring and evaluation to track performance and status. ■ Due diligence process of supply chain and contingency planning for potential adverse scenarios and unplanned disruptions. ■ Operational excellence programmes and monitoring of operational performance for critical equipment and processes. ■ Robust maintenance programmes across production and testing. ■ Contingency plans in place to respond to incidents and unplanned disruptions. ■ Effective strategic procurement, including: ■ Monitoring commodity price indexes and applying forecasting tools. ■ Hedging mechanisms for commodities, components, and services.”

Annual report 2025A · The company itself

“Any compromise of our security could result in a violation of applicable privacy and other laws, unauthorized access to information of ours and others, significant legal and financial exposure, damage to our reputation, loss or misuse of the information and a loss of confidence in our security measures, which could negatively impact our business.”

Annual report 2025A · The company itself

“Rental expenses principally include the cost of our property management and leasing personnel, utilities, repairs and maintenance, property insurance, real estate taxes and the other costs of managing our properties.”

Annual report 2025A · The company itself

“The Group is insured against significant damage to property, plant and equipment, and maintains close dialogue with authorities and insurance providers”

Annual report 2025A · The company itself

“Omfattande skador där ekonomiska värden går förlorade kan även leda till stigande försäkringskostnader. • Ekonomiska förluster på grund av bristande resurser eller kompetenser att följa upp eller utvärdera hållbarhetsrelaterade kravställningar och att byggprojekt inte blir miljöcertifierade eller att bolaget inte kan leva upp till kundkrav. • Wästbygg Gruppen ser hållbarhet som ett strategiskt område för att nå långsiktig tillväxt.”

Annual report 2024A · The company itself

“we take into account an estimated maximum loss (EML) assessments to quantify potential financial exposures and ensure sufficient insurance protection”

Annual report 2025B · From the report