Covered, compounding — income-light. A 1.15% yield on a 14.3% payout is very comfortably covered: $1.02 a quarter, raised in 2026 from $0.97, with most earnings retained. The yield is low, but the coverage and the multi-decade record of increases (more than 30 years per both MarketBeat and StockAnalysis) make this a compounding card.
Key risk: Catastrophe exposure — as a global property-and-casualty insurer, a severe catastrophe year can hit earnings sharply, even though the current payout leaves a large buffer.
Changes if: The payout pushes past about 40% on a sustained basis, or a catastrophe year forces the board to hold the dividend flat.
- ✓Payout-coverage check: 14.3% of earnings per StockAnalysis (about 16.7% of cash flow per MarketBeat) — among the lowest payouts on any card here, leaving ample retained earnings.
- ✓Yield check: 1.15% indicated — $1.02/qtr × 4 at the $355.11 close on Oct. 23, 2026. Low, but real and earned.
- ✓Dividend growth check: Quarterly rate raised in 2026 from $0.97 to $1.02; both MarketBeat (31 years) and StockAnalysis (34 years) record a multi-decade increase streak, so this card claims more than 30 years without pinning the exact count.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.