{
  "report_rows": [
    {
      "kpi": "Operating EPS",
      "prediction": "MISS",
      "answer": "pred ~$14.25 vs. cons $14.74",
      "confidence": "LOW"
    },
    {
      "kpi": "Gross written premium",
      "prediction": "MISS",
      "answer": "pred ~$3.75B vs. cons $3.819B",
      "confidence": "LOW"
    },
    {
      "kpi": "Underwriting margin",
      "prediction": "MISS",
      "answer": "pred ~7.60% vs. cons 8.02%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Legacy combined ratio (FY2026)",
      "prediction": "UNCHANGED",
      "answer": "guide >110% vs. cons UNVERIFIED",
      "confidence": "LOW"
    },
    {
      "kpi": "Buyback floor (2H26)",
      "prediction": "UNCHANGED",
      "answer": "guide >=$300M per quarter vs. cons UNVERIFIED",
      "confidence": "LOW"
    },
    {
      "kpi": "Property-cat adequacy (2H26)",
      "prediction": "UNCHANGED",
      "answer": "guide: adequate returns despite further pressure vs. cons UNVERIFIED",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -6.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -5.0,
  "day5_path": "FADE",
  "day5_rationale": "FADE \u2014 weaker out-period earnings signal, partly cushioned by buybacks",
  "day5_confidence": "LOW"
}