In December 2022, the Company finalized its plan to realize greater efficiencies by continuing to simplify its business portfolio and leverage its global footprint to reduce costs. This included realigning its organizational structure and talent to support its business strategy.

In September 2023, the Company amended and extended the December 2022 plan to include additional actions within the initiatives described above, including further consolidation of its real estate portfolio and additional changes to its organizational structure. The Company now expects to be substantially complete with these actions by mid-2025.

Management, including our CEO and CFO, has concluded that as of September 30, 2024, our disclosure controls and procedures were effective and provide reasonable assurance that information we are required to disclose in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms.

There were no changes in our internal control over financial reporting during the quarterly period ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Net income decreased $56.3 million, or 30%, to $133.8 million for Third Quarter 2024 from $190.1 million for Third Quarter 2023, primarily due to $88.3 million of higher after-tax reportable catastrophes within Global Housing.

In fourth quarter 2024, Hurricane Milton is expected to be a reportable catastrophe event with losses in the range of $75.0 million to $110.0 million pre-tax.

During Nine Months 2024, we made common stock repurchases and paid common stock dividends of $294.8 million.

In November 2023, the Board authorized an additional share repurchase program for up to $600.0 million of our outstanding common stock. As of September 30, 2024, $494.5 million aggregate cost at purchase remained unused under the repurchase authorization.

Factors affecting these items, including conditions in the financial markets, the global economy, political conditions and the markets in which we operate, fluctuations in exchange rates, interest rates and inflation, including the current period of inflationary pressures which have impacted claims costs primarily in the Homeowners and the Global Automotive businesses, may have a material adverse effect on our results of operations or financial condition.