ESBD_564831_1791234449589_WCI Actuarial Report.pdf

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Attached to: Actuarial Services
Solicitation number: RFQ-01-SBA-27-289
Issued by: Texas

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Written by GovTribe AI · Oct 16, 2026

This is an actuarial report prepared by Rudd and Wisdom, Inc. Consulting Actuaries for the Texas A&M University System regarding workers' compensation reserve analysis as of August 31, 2025. The report analyzes the System's workers' compensation claim experience from September 1, 1991 through August 31, 2025 to determine liability for unpaid claims and provide funding recommendations for fiscal years 2026 and 2027. The analysis employs four generally accepted reserving methodologies: incurred development method, paid development method, incurred Bornheutter-Ferguson method, and paid Bornheutter-Ferguson method. The System's ultimate incurred claims value is estimated at $116.32 million, with approximately $96.08 million paid through August 31, 2025, resulting in an unpaid claims liability of $20.24 million on an undiscounted basis.

The discounted liability for unpaid claims is $14.89 million using the System's long-term pool expected return rate of 5.7%. The report projects workers' compensation claims of $2.73 million for fiscal year 2026 and $2.61 million for fiscal year 2027, based on a declining pure premium trend of 4.45 percent annually due to decreasing claim frequency, offset by expected payroll growth of 5 percent annually. Historical analysis reveals that claim severity has increased 5 percent per year while payroll has grown at an average 5 percent annually. The System has maintained an unlimited claim retention throughout the analysis period. A significant $3.49 million fatality claim occurred in fiscal year 2024, which accounts for higher cost rates in that year compared to projections for 2026 and 2027. The analysis assumes external factors will remain stable and investment yields will match the 5.7 percent assumed rate; actual results may vary due to data accuracy, changes in claims handling procedures, legal environment shifts, or statistical fluctuations.

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Prepared by:

RUDD AND WISDOM, INC.

CONSULTING ACTUARIES

9500 Arboretum Blvd., Suite 200 Austin, Texas 78759

(512) 346-1590

TEXAS A&M

UNIVERSITY SYSTEM

WORKERS’ COMPENSATION

RESERVE ANALYSIS AS OF

AUGUST 31, 2025

September 23, 2025

TABLE OF CONTENTS

Introduction

Summary of Results

Comparison to Prior Results

Reserve Analysis and Methodology

Discounted Cash Flow Analysis

Loss Projection Analysis

W. Lee Bello, A.S.A.

Mitchell L. Bilbe, F.S.A.

Evan L. Dial, F.S.A.

Philip S. Dial, F.S.A.

Charles V. Faerber, F.S.A., A.C.A.S.

Mark R. Fenlaw, F.S.A.

Brandon L. Fuller, F.S.A.

Christopher S. Johnson, F.S.A.

Oliver B. Kiel, F.S.A.

Dustin J. Kim, F.S.A.

Xiuyu Li, A.C.A.S.

Edward A. Mire, F.S.A.

Rebecca B. Morris, A.S.A.

Amanda L. Murphy, F.S.A.

Michael J. Muth, F.S.A.

Khiem Ngo, F.S.A., A.C.A.S.

Timothy B. Seifert, F.S.A.

Raymond W. Tilotta

Ronald W. Tobleman, F.S.A.

David G. Wilkes, F.S.A.

9500 Arboretum Blvd., Suite 200 Austin, Texas 78759 www.ruddwisdom.com Phone: (512) 346-1590 Fax: (512) 345-7437

Mr. Charles A. Longoria, CRM Director System Risk Management The Texas A&M University System 301 Tarrow Street, 5th Floor College Station, Texas 77840

Dear Mr. Longoria:

I, Charles V. Faerber, am associated with the firm of Rudd and Wisdom, Inc. I am a member of the American Academy of Actuaries and an Associate of the Casualty Actuarial Society. As such, I meet the Academy’s qualification standards to render the actuarial opinion contained herein.

At your request, we have performed an actuarial analysis of the Texas A&M University System's workers' compensation claim experience from September 1, 1991 through August 31, 2025. The purpose of this analysis is to determine the A&M System's liability for unpaid workers' compensation claims as of August 31, 2025. We have also recommended an appropriate funding level for the FY2026 and FY2027. As a result of this study, we have reached the following conclusions:

1. We estimate that the ultimate value of claims incurred, as of August 31, 2025, is $116.32 million. Given that approximately $96.08 million has been paid through August 31, 2025, the liability for unpaid claims is $20.24 million. A summary of these results, for each year and in the aggregate, is displayed in Exhibit 1A and the table below.

2. In prior studies, the average severity of the System’s claims has increased 5% per year. This year’s analysis has focused on pure premium, which is defined as the claim cost per $100 of payroll. We find that pure premium has decreased at a rate of 4.45% per year. This is due to decreasing frequency of claims. The System’s payroll has increased at an average rate of 5% per year. Based on an assumption that these trends will continue, we have estimated that the System will incur $2.73 million of workers compensation claims in FY2026 and $2.61 million of workers compensation claims in FY2027. The estimate for the 2024 fiscal year produces a cost rate higher than our projections for the 2026

Mr. Charles A. Longoria and 2027 fiscal years. This is due to a large ($3.49 million) fatality claim in the 2024 fiscal year. The table below and Exhibit 8 summarize these results.

3. The discounted values are calculated in Exhibit 10. You have stipulated that that we use the long-term pool expected return from TAMU’s Cash Concentration Pool for our analysis. That rate is presently 5.7%. If the System is not able to realize a 5.7% yield, then the discounted liability for unpaid claims is understated.

Summary of Incurred and Anticipated Claims as of August 31, 2025

Description Undiscounted

Amounts Discounted at 5.70%

1. Ultimate Incurred Claims

2. Claim Payments through 8/31/25

3. Liability for Unpaid Claims

4. Claims To Be Incurred

a. During Fiscal Year Ending 8/31/26

b. During Fiscal Year Ending 8/31/27

$ 116,320,688

96,079,337

$ 20,241,351

$ 2,728,300 $ 2,606,891

$ 14,887,437

$ 2,350,239 $ 2,124,553

Data

Rudd and Wisdom has relied on the following data sources as provided by Charles Longoria, Director of the System Office of Risk Management for the Texas A&M University System:

WCI claim loss data valued as of August 31, 2025.

Historical payment patterns were pulled from prior actuarial reports.

Payroll data for the period September 1, 2001 through August 31, 2025.

Payroll data prior to September 1, 2022 were pulled from prior actuarial reports.

Although the above data was compared to prior reports and reviewed for reasonableness, we have not audited the data.

In prior studies, we noted the following:

1. There were few COVID-19 related workers compensation claims in Texas, and they were limited to testing costs of less than $300.

2. Because of the System’s response to Covid-19, there were fewer workers compensation claims in the 2020, 2021, and 2022 fiscal years than any other year in the last 30 years. The 2023 through 2025 claim counts are similar to the claim count levels experienced in the 2013 through 2019 fiscal years.

Comparison to Prior Results

Rudd and Wisdom, Inc. performed an analysis similar to this last summer. That study was based on data through August 31, 2024. Our liabilities were determined for the fiscal years through the year ending August 31, 2024. The current analysis is based on data through August 31, 2025 with liabilities determined for the fiscal years through the year ending August 31, 2025. Exhibits 2, 3, and 4 display comparisons of ultimate incurred claims (Exhibit 2), paid claims (Exhibit 3), and reported claims (Exhibit 4).

1. In the 12 months since the last study, the System has paid $2.57 million in claims, $1.57 million for claims incurred prior to September 1, 2024 and $1.00 million for claims incurred in the 2025 fiscal year.

2. Reported claims have increased $2.15 million over that same period. Reported claims for the period prior to September 1, 2024, have decreased by $13,117.

The 2025 fiscal year has $2.16 million of incurred claims.

3. Ultimate incurred claims have increased $1.83 million since the last analysis.

Ultimate incurred claims for the period prior to September 1, 2024, have decreased by $714,242. The ultimate incurred claims for 2025 are $2.54 million. In last year’s report, we had projected $3.11 million of incurred claims for the 2025 fiscal year.

Reserve Analysis and Methodology

The reserve analysis is based on the following four generally accepted methods of reserving. A description of each is listed below. The ultimate incurred claims values selected for each year is a function of the development methods described below.

Incurred Development Method For this approach, we have employed development factors derived from reported claim experience. The incurred claim development methodology determines the amount by which ultimate incurred claims are expected to differ from case incurred estimates (including actual payments on closed claims) established as of the valuation date (August 31, 2025). This determination is made by analyzing the periodic changes (measured at annual intervals) in case incurred estimates for each claim reported through August 31, 2025. The purpose of this approach is to adjust for any pattern of over or under reserving by claim administrators that may have appeared in the experience data. Exhibit 12 displays the derivation of these factors. Exhibit 7 displays the application of these factors to the System's case incurred claims in column 7. The selection of loss development factors is based on a review of 13 different average values derived from the claim data as well as the values used in the previous study.

Paid Development Method We have also employed development factors derived from paid claim experience.

The paid claim development methodology determines the amount by which ultimate incurred claims are expected to differ from paid amounts as of the valuation date (August 31, 2025). This determination is made by analyzing the periodic changes (measured at annual intervals) in the paid amounts for each claim reported through August 31, 2025. The purpose of this approach is to take advantage of our knowledge of historical payment patterns to estimate the value of incurred but unpaid claims. Exhibit 11 displays the derivation of these factors.

Exhibit 6 displays the application of these factors to the System's paid claims in column 6. The selection of loss development factors is based on a review of 13 different average values derived from the claim data as well as the values used in the previous study.

Expected Losses In Exhibits 6 and 7 the Bornheutter-Ferguson Methods rely on an initial estimate of expected incurred losses by claim year. These initial expected incurred losses are based on the results of the previous year’s analysis. We have taken the expected loss cost per $100 of payroll for each claim year from the results of last year’s study.

Incurred Bornheutter-Ferguson Method This approach relies on the estimate of expected losses discussed above. For this method, the inverses of the incurred loss development factors (1/LDF) represent estimates of the percentages of expected losses that have been reported and reserved on a case basis. The complements of these numbers [1-(1/LDF)] are estimates of the percentages yet to be reported (i.e., developed). These factors multiplied by the expected losses yield the estimated amount of Incurred But Not Reported (IBNR). The sum of the actual reported claims with the estimated IBNR produces this method’s estimate of ultimate incurred loss and ALAE. Exhibit 7 displays this work in Column 8.

Paid Bornheutter-Ferguson Method This approach also relies on the estimate of expected losses discussed above.

For this method, the inverses of paid loss development factors (1/LDF) represent estimates of the percentages of expected losses paid to date. The complements of these numbers [1-(1/LDF)] are estimates of the unpaid percentages. These unpaid factors multiplied by the expected losses yield the estimated amount of Incurred But Unpaid (IBU). The sum of the actual paid claims with the estimated IBU produces this method’s estimate of ultimate incurred loss and ALAE. Exhibit 6 displays this work in Column 7.

Discounted Cash Flow Analysis

Exhibit 10 displays a cash flow analysis that was used to project timing of the payments to be made in the future. These projections are made using the payment patterns contained in the paid loss development factors. The unpaid claims are discounted to present values using a 5.70% interest rate. Exhibit 1B displays a summary of unpaid claims for each year on both undiscounted and discounted bases.

Loss Projection Analysis

Exhibit 9 displays the System’s claim and payroll history between the 2000 and 2025 fiscal years. Based on this exhibit, we have concluded that the System’s claim costs (claims per $100 of payroll) has experienced a 4.45% average annual negative trend. This is due primarily to decreasing claim frequency. This is consistent with the fact that the System’s covered payroll has increased at an average rate of 5% per year.

Exhibit 8 applies the claim and payroll trends from Exhibit 9 to calculate a Trended Loss Rate per $100 of Payroll for each fiscal year between 2000 and 2025. We have examined averages of these trended claim costs to select appropriate rates for the 2026 and 2027 fiscal years.

1. The selected claim cost for the 2026 fiscal year is $0.0900 per $100 of payroll.

2. The selected claim cost for the 2027 fiscal year is $0.0819 (0.9955 / 1.05 x

$0.0900) per $100 of payroll.

3. The expected payroll for the 2026 fiscal year is $3,031,444,876 (1.05 x

$2,887,090,358). That value is the 2025 fiscal year payroll plus 5%.

4. The expected payroll for the 2027 fiscal year is $3,183,017,119 (1.05 x

$3,031,444,876). That value is the 2026 fiscal year payroll plus 5%.

5. The expected incurred claims for the 2026 fiscal year are $2,728,300 ($0.0900 x $3,031,444,876 / 100)

6. The expected incurred claims for the 2027 fiscal year are $2,606,891 ($0.0891 x $3,183,017,119 / 100)

Conditions and Limitations

The actual amount of future payments, which results from claims incurred during a previous year, is a random variable, which cannot be predicted beforehand with absolute certainty. Thus, the ultimate losses, remaining liabilities, ultimate average claim sizes, and projected payments presented in this report are all estimates of the expected values of random variables. To determine these estimates, it is necessary to make assumptions about numerous external factors, which influence the frequency of claims, their severity, the timing of loss recognition, and the timing of payments. Here we have assumed that the external factors will remain stable and that the data relied upon as a basis for projections are accurate. The estimates presented in this report do not contemplate differences from actual amounts, which could result from:

1. inaccurate data,

2. unanticipated changes in payment and reporting patterns,

3. unanticipated changes in claim handling and reserving procedures,

4. unanticipated changes in risk management practices,

5. unanticipated changes in the legal environment,

6. unanticipated changes in the economic climate,

7. differences between actual and expected exposures in the future,

8. investment yields that differ from the assumed rates,

9. statistical fluctuations in losses around the expected value when all other factors remain constant.

With respect to the liability for the FY2026 and FY2027 accident years, we assume that the Texas A& M University System will maintain its unlimited claim retention.

Sincerely, Charles V. Faerber, F.S.A., A.C.A.S.

CVF: ms Enclosures N:\clients\Texas A&M WC\2025\WCI\\A&M Workers Compensation Report 8.31.20254.docx

Exhibit 1A

Texas A&M University System

Workers' Compenation

Estimated IBNR and Case Reserves

Valued as of August 31, 2025

Selected Paid Loss Reported Loss

Fiscal Ultimate Through Through

Year Loss 8/31/2025 8/31/2025 Case Reserve IBNR Total

(1) (2) (3) (4) (5) (6)

Prior 23,052,139 22,982,537 23,052,139 69,602 - 69,602

1993 2,977,391 2,977,391 2,977,391 - - -

1994 2,831,542 2,831,542 2,831,542 - - -

1995 2,462,498 2,460,851 2,462,498 1,647 - 1,647

1996 2,191,270 2,191,270 2,191,270 - - -

1997 2,614,887 2,614,887 2,614,887 - - -

1998 4,903,667 4,178,827 4,903,667 724,839 - 724,839

1999 9,119,369 5,730,196 9,119,369 3,389,173 - 3,389,173

2000 3,975,898 3,693,866 3,975,898 282,032 - 282,032

2001 2,640,175 2,632,253 2,640,175 7,921 - 7,921

2002 2,505,251 2,505,251 2,505,251 - - -

2003 2,764,323 2,752,720 2,752,720 - 11,604 11,604

2004 1,464,067 1,450,851 1,450,851 - 13,216 13,216

2005 2,436,980 2,034,545 2,431,564 397,019 5,416 402,436

2006 2,696,864 2,651,292 2,651,292 - 45,571 45,571

2007 1,462,374 1,435,890 1,435,890 - 26,484 26,484

2008 1,501,057 1,473,088 1,473,088 - 27,969 27,969

2009 1,711,444 1,676,320 1,676,320 - 35,124 35,124

2010 7,646,684 5,681,836 7,630,646 1,948,811 16,038 1,964,848

2011 1,890,015 1,842,538 1,847,733 5,195 42,282 47,477

2012 2,116,681 2,063,084 2,065,015 1,930 51,666 53,597

2013 1,645,835 1,314,569 1,637,160 322,591 8,675 331,266

2014 3,035,672 1,405,094 3,027,234 1,622,140 8,439 1,630,579

2015 3,486,499 2,088,781 3,463,435 1,374,654 23,064 1,397,718

2016 3,328,323 1,545,202 3,309,362 1,764,160 18,960 1,783,121

2017 3,179,476 1,581,190 3,158,084 1,576,895 21,392 1,598,286

2018 1,497,073 1,393,004 1,413,842 20,838 83,231 104,069

2019 1,266,961 1,169,540 1,169,540 - 97,422 97,422

2020 1,355,182 1,179,009 1,244,481 65,471 110,701 176,172

2021 1,598,265 1,301,233 1,538,629 237,396 59,637 297,032

2022 1,351,790 1,165,009 1,193,975 28,966 157,814 186,780

2023 1,743,508 1,442,530 1,504,419 61,889 239,089 300,978

2024 5,323,542 1,629,156 5,284,388 3,655,232 39,154 3,694,385

2025 2,543,987 1,003,984 2,160,673 1,156,689 383,314 1,540,002

Total 116,320,688 96,079,337 114,794,427 18,715,090 1,526,261 20,241,351

Notes:

(1) Exhibit 5, Column 5

(2) Exhibit 6, Column 4

(3) Exhibit 7, Column 4

(4) = (3) - (2)

(5) = (1) - (3)

(6) = (4) + (5)

Undiscounted Reserves

Exhibit 1B

Workers' Compenation

Discounted Total Reserves

Valued as of August 31, 2025

From 2024

Reserves Reserves Change in

Fiscal Undiscounted Discounted Discounted Discounted

Year Reserves at 5.7% at 6.3% Reserves

(1) (2) (3) (4) = (2) - (3)

Prior 69,602 60,781 67,236 (6,455)

1993 - - - -

1994 - - - -

1995 1,647 1,602 6,453 (4,851)

1996 - - - -

1997 - - - -

1998 724,839 556,362 581,531 (25,169)

1999 3,389,173 2,601,416 2,673,758 (72,342)

2000 282,032 216,479 225,900 (9,421)

2001 7,921 6,080 7,296 (1,216)

2002 - - 7,933 (7,933)

2003 11,604 8,907 18,667 (9,760)

2004 13,216 10,144 18,784 (8,640)

2005 402,436 308,896 332,256 (23,360)

2006 45,571 34,979 59,772 (24,793)

2007 26,484 23,279 32,344 (9,064)

2008 27,969 23,443 28,239 (4,796)

2009 35,124 28,129 37,750 (9,621)

2010 1,964,848 1,506,597 1,510,669 (4,072)

2011 47,477 35,213 46,083 (10,870)

2012 53,597 38,101 56,184 (18,084)

2013 331,266 226,746 248,731 (21,985)

2014 1,630,579 1,099,030 1,092,699 6,331

2015 1,397,718 953,836 948,618 5,218

2016 1,783,121 1,234,823 1,172,356 62,467

2017 1,598,286 1,104,983 1,082,723 22,260

2018 104,069 72,620 88,897 (16,278)

2019 97,422 68,836 112,315 (43,480)

2020 176,172 123,518 143,792 (20,275)

2021 297,032 205,202 219,118 (13,916)

2022 186,780 127,662 177,886 (50,224)

2023 300,978 207,654 413,807 (206,153)

2024 3,694,385 2,711,622 3,394,786 (683,164)

2025 1,540,002 1,290,498

Total 20,241,351 14,887,437 14,806,585 (1,209,647)

Notes:

(1) Exhibit 1A

(2) Exhibit 11

(3) From Prior Year Report, Exhibit 1B

(4) = Col (2) - Col (3); 2025 excluded

Exhibit 2

Workers' Compenation

Ultimate Incurred Claims Comparison

Valued as of August 31, 2025

Fiscal

Year 8/31/2024 8/31/2025 Difference

(1) (2) (3) = (2) - (1)

Prior 23,052,139 23,052,139 -

1993 2,977,391 2,977,391 -

1994 2,831,542 2,831,542 -

1995 2,461,998 2,462,498 500

1996 2,191,270 2,191,270 -

1997 2,614,887 2,614,887 -

1998 4,903,667 4,903,667 -

1999 9,119,369 9,119,369 -

2000 3,975,898 3,975,898 -

2001 2,640,175 2,640,175 -

2002 2,515,855 2,505,251 (10,604)

2003 2,777,669 2,764,323 (13,346)

2004 1,475,958 1,464,067 (11,891)

2005 2,449,919 2,436,980 (12,939)

2006 2,716,266 2,696,864 (19,403)

2007 1,472,959 1,462,374 (10,585)

2008 1,507,195 1,501,057 (6,138)

2009 1,724,571 1,711,444 (13,127)

2010 7,655,376 7,646,684 (8,692)

2011 1,906,908 1,890,015 (16,893)

2012 2,142,145 2,116,681 (25,464)

2013 1,655,848 1,645,835 (10,013)

2014 3,049,250 3,035,672 (13,578)

2015 3,519,886 3,486,499 (33,387)

2016 3,350,790 3,328,323 (22,468)

2017 3,167,795 3,179,476 11,681

2018 1,526,395 1,497,073 (29,322)

2019 1,316,385 1,266,961 (49,423)

2020 1,384,322 1,355,182 (29,140)

2021 1,567,987 1,598,265 30,279

2022 1,339,583 1,351,790 12,207

2023 1,969,044 1,743,508 (225,536)

2024 5,530,502 5,323,542 (206,960)

2025 2,543,987 2,543,987

Total 114,490,943 116,320,688 1,829,745

Selected Ultimate Incurred Claims

Exhibit 3

Workers' Compenation

Paid Claims Comparison

Valued as of August 31, 2025

Fiscal

Year 8/31/2024 8/31/2025 Difference

(1) (2) (3) = (2) - (1)

Prior 22,974,099 22,982,537 8,438

1993 2,977,391 2,977,391 -

1994 2,831,542 2,831,542 -

1995 2,455,345 2,460,851 5,506

1996 2,191,270 2,191,270 -

1997 2,614,887 2,614,887 -

1998 4,126,394 4,178,827 52,434

1999 5,545,634 5,730,196 184,563

2000 3,673,961 3,693,866 19,905

2001 2,630,422 2,632,253 1,831

2002 2,505,251 2,505,251 -

2003 2,752,720 2,752,720 -

2004 1,450,851 1,450,851 -

2005 2,005,827 2,034,545 28,718

2006 2,651,292 2,651,292 -

2007 1,435,890 1,435,890 -

2008 1,473,088 1,473,088 -

2009 1,676,361 1,676,320 (42)

2010 5,638,277 5,681,836 43,559

2011 1,842,538 1,842,538 -

2012 2,061,310 2,063,084 1,774

2013 1,287,748 1,314,569 26,821

2014 1,360,894 1,405,094 44,200

2015 2,042,602 2,088,781 46,179

2016 1,545,202 1,545,202 -

2017 1,525,086 1,581,190 56,103

2018 1,392,174 1,393,004 830

2019 1,152,196 1,169,540 17,343

2020 1,173,960 1,179,009 5,049

2021 1,246,053 1,301,233 55,179

2022 1,073,056 1,165,009 91,954

2023 1,351,219 1,442,530 91,311

2024 842,361 1,629,156 786,795

2025 1,003,984 1,003,984

Total 93,506,902 96,079,337 2,572,435

Paid Claims

Exhibit 4

Workers' Compenation

Reported Claims Comparison

Valued as of August 31, 2025

Fiscal Reported Claims (1)

Year 8/31/2024 8/31/2025 Difference

(1) (2) (3) = (2) - (1)

Prior 23,052,139 23,052,139 -

1993 2,977,391 2,977,391 -

1994 2,831,542 2,831,542 -

1995 2,461,998 2,462,498 500

1996 2,191,270 2,191,270 -

1997 2,614,887 2,614,887 -

1998 4,903,667 4,903,667 -

1999 9,119,369 9,119,369 -

2000 3,975,898 3,975,898 -

2001 2,640,175 2,640,175 -

2002 2,505,251 2,505,251 -

2003 2,752,720 2,752,720 -

2004 1,450,851 1,450,851 -

2005 2,425,384 2,431,564 6,180

2006 2,651,292 2,651,292 -

2007 1,435,890 1,435,890 -

2008 1,473,088 1,473,088 -

2009 1,678,814 1,676,320 (2,495)

2010 7,629,436 7,630,646 1,210

2011 1,848,707 1,847,733 (974)

2012 2,065,015 2,065,015 -

2013 1,637,160 1,637,160 -

2014 3,027,234 3,027,234 -

2015 3,477,545 3,463,435 (14,110)

2016 3,309,362 3,309,362 -

2017 3,126,947 3,158,084 31,138

2018 1,402,016 1,413,842 11,826

2019 1,177,151 1,169,540 (7,612)

2020 1,243,791 1,244,481 690

2021 1,469,632 1,538,629 68,997

2022 1,108,645 1,193,975 85,331

2023 1,658,685 1,504,419 (154,266)

2024 5,323,920 5,284,388 (39,532)

2025 2,160,673 2,160,673

Total 112,646,871 114,794,427 2,147,556

(1) Reported Claims = Paid Claims + Case Reserves

Exhibit 5

Workers' Compenation

Selected Ultimate Loss

Valued as of August 31, 2025

Fiscal

Year Paid BF Paid Incurred BF Incurred Selected

(1) (2) (3) (4) (5)

Prior 22,982,537 22,982,537 23,052,139 23,052,139 23,052,139

1993 2,977,391 2,977,391 2,977,391 2,977,391 2,977,391

1994 2,831,542 2,831,542 2,831,542 2,831,542 2,831,542

1995 2,460,851 2,460,851 2,462,498 2,462,498 2,462,498

1996 2,191,270 2,191,270 2,191,270 2,191,270 2,191,270

1997 2,614,887 2,614,887 2,614,887 2,614,887 2,614,887

1998 4,178,827 4,178,827 4,903,667 4,903,667 4,903,667

1999 5,730,196 5,730,196 9,119,369 9,119,369 9,119,369

2000 3,693,866 3,693,866 3,975,898 3,975,898 3,975,898

2001 2,632,253 2,632,253 2,640,175 2,640,175 2,640,175

2002 2,505,251 2,505,251 2,505,251 2,505,251 2,505,251

2003 2,775,920 2,775,934 2,752,720 2,752,720 2,764,323

2004 1,475,942 1,475,942 1,452,180 1,452,202 1,464,067

2005 2,082,690 2,091,180 2,436,956 2,437,004 2,436,980

2006 2,723,384 2,723,195 2,670,274 2,670,601 2,696,864

2007 1,478,564 1,478,402 1,446,170 1,446,361 1,462,374

2008 1,520,610 1,520,190 1,481,623 1,481,805 1,501,057

2009 1,734,606 1,734,268 1,688,321 1,688,579 1,711,444

2010 5,893,879 5,957,252 7,646,653 7,646,715 7,646,684

2011 1,919,149 1,918,661 1,860,962 1,861,289 1,890,015

2012 2,153,581 2,153,101 2,079,799 2,080,242 2,116,681

2013 1,375,924 1,388,406 1,645,788 1,645,881 1,645,835

2014 1,479,531 1,558,507 3,035,610 3,035,735 3,035,672

2015 2,224,844 2,304,044 3,486,275 3,486,723 3,486,499

2016 1,670,019 1,795,639 3,328,172 3,328,473 3,328,323

2017 1,731,729 1,856,566 3,179,576 3,179,376 3,179,476

2018 1,554,597 1,551,665 1,440,226 1,441,804 1,497,073

2019 1,337,472 1,334,824 1,196,427 1,199,123 1,266,961

2020 1,375,840 1,377,053 1,332,201 1,335,633 1,355,182

2021 1,547,231 1,550,531 1,650,443 1,644,856 1,598,265

2022 1,416,429 1,402,789 1,292,169 1,295,772 1,351,790

2023 1,820,807 1,851,604 1,637,346 1,664,275 1,743,508

2024 2,279,480 3,206,980 5,321,423 5,325,660 5,323,542

2025 2,579,498 2,591,032 2,495,823 2,509,595 2,543,987

Total 100,950,598 102,396,639 115,831,225 115,884,511 116,320,688

Notes:

(1) From Exhibit 6, Column 6

(2) From Exhibit 6, Column 7

(3) From Exhibit 7, Column 7

(4) From Exhibit 7, Column 8

(5) Selected ultimate loss based on the estimated ultimate loss from the four methods shown.

Estimated Ultimate Loss

Exhibit 6

Workers' Compenation

Paid Loss Development Method

Valued as of August 31, 2025

Expected Loss Paid Loss Loss

Fiscal per $100 Expected Through Development

Year Payroll of Payroll Loss 8/31/2025 Factors Paid BF Paid

(1) (2) (3) (4) (5) (6) (7)

Prior 22,982,537 1.0000 22,982,537 22,982,537

1993 564,326,000 0.5276 2,977,391 2,977,391 1.0000 2,977,391 2,977,391

1994 576,510,000 0.4912 2,831,542 2,831,542 1.0000 2,831,542 2,831,542

1995 600,320,200 0.4101 2,461,998 2,460,851 1.0000 2,460,851 2,460,851

1996 605,179,000 0.3621 2,191,270 2,191,270 1.0000 2,191,270 2,191,270

1997 708,307,400 0.3692 2,614,887 2,614,887 1.0000 2,614,887 2,614,887

1998 756,737,600 0.6480 4,903,667 4,178,827 1.0000 4,178,827 4,178,827

1999 794,772,100 1.1474 9,119,369 5,730,196 1.0000 5,730,196 5,730,196

2000 863,346,400 0.4605 3,975,898 3,693,866 1.0000 3,693,866 3,693,866

2001 931,259,000 0.2835 2,640,175 2,632,253 1.0000 2,632,253 2,632,253

2002 1,037,932,690 0.2424 2,515,855 2,505,251 1.0000 2,505,251 2,505,251

2003 1,060,230,860 0.2620 2,777,669 2,752,720 1.0084 2,775,920 2,775,934

2004 1,097,363,726 0.1345 1,475,958 1,450,851 1.0173 1,475,942 1,475,942

2005 1,155,618,251 0.2120 2,449,919 2,034,545 1.0237 2,082,690 2,091,180

2006 1,222,622,623 0.2222 2,716,266 2,651,292 1.0272 2,723,384 2,723,195

2007 1,279,980,459 0.1151 1,472,959 1,435,890 1.0297 1,478,564 1,478,402

2008 1,368,143,811 0.1102 1,507,195 1,473,088 1.0323 1,520,610 1,520,190

2009 1,467,812,468 0.1175 1,724,571 1,676,320 1.0348 1,734,606 1,734,268

2010 1,518,572,507 0.5041 7,655,376 5,681,836 1.0373 5,893,879 5,957,252

2011 1,555,337,343 0.1226 1,906,908 1,842,538 1.0416 1,919,149 1,918,661

2012 1,552,592,028 0.1380 2,142,145 2,063,084 1.0439 2,153,581 2,153,101

2013 1,557,046,386 0.1063 1,655,848 1,314,569 1.0467 1,375,924 1,388,406

2014 1,620,363,250 0.1882 3,049,250 1,405,094 1.0530 1,479,531 1,558,507

2015 1,719,043,373 0.2048 3,519,886 2,088,781 1.0651 2,224,844 2,304,044

2016 1,813,937,451 0.1847 3,350,790 1,545,202 1.0808 1,670,019 1,795,639

2017 1,922,600,965 0.1648 3,167,795 1,581,190 1.0952 1,731,729 1,856,566

2018 1,963,774,808 0.0777 1,526,395 1,393,004 1.1160 1,554,597 1,551,665

2019 2,043,113,232 0.0644 1,316,385 1,169,540 1.1436 1,337,472 1,334,824

2020 2,130,805,118 0.0650 1,384,322 1,179,009 1.1669 1,375,840 1,377,053

2021 2,158,093,560 0.0727 1,567,987 1,301,233 1.1891 1,547,231 1,550,531

2022 2,258,375,084 0.0593 1,339,583 1,165,009 1.2158 1,416,429 1,402,789

2023 2,415,298,120 0.0815 1,969,044 1,442,530 1.2622 1,820,807 1,851,604

2024 2,689,455,491 0.2056 5,530,502 1,629,156 1.3992 2,279,480 3,206,980

2025 2,887,090,358 0.0900 2,598,381 1,003,984 2.5693 2,579,498 2,591,032

Total 94,037,185 96,079,337 100,950,598 102,396,639

Notes:

(2) From prior year report (6) = (4) x (5)

(3) = (1) x (2) (7) = (4) + [1-1/(5)]*(3)

(5) From Exhibit 11

Ultimate Loss

Exhibit 7

Workers' Compenation

Incurred Loss Development Method

Valued as of August 31, 2025

Expected Loss Reported Loss Death Claims Loss

Fiscal per $100 Expected Through Reported Development

Year Payroll of Payroll Loss 8/31/2025 8/31/2025 Factors Incurred BF Incurred

(1) (2) (3) (4) (5) (6) (7) (8)

Prior 23,052,139 - 1.0000 23,052,139 23,052,139

1993 564,326,000 0.5276 2,977,391 2,977,391 - 1.0000 2,977,391 2,977,391

1994 576,510,000 0.4912 2,831,542 2,831,542 - 1.0000 2,831,542 2,831,542

1995 600,320,200 0.4101 2,461,998 2,462,498 - 1.0000 2,462,498 2,462,498

1996 605,179,000 0.3621 2,191,270 2,191,270 - 1.0000 2,191,270 2,191,270

1997 708,307,400 0.3692 2,614,887 2,614,887 - 1.0000 2,614,887 2,614,887

1998 756,737,600 0.6480 4,903,667 4,903,667 2,179,031 1.0000 4,903,667 4,903,667

1999 794,772,100 1.1474 9,119,369 9,119,369 6,527,500 1.0000 9,119,369 9,119,369

2000 863,346,400 0.4605 3,975,898 3,975,898 741,078 1.0000 3,975,898 3,975,898

2001 931,259,000 0.2835 2,640,175 2,640,175 - 1.0000 2,640,175 2,640,175

2002 1,037,932,690 0.2424 2,515,855 2,505,251 - 1.0000 2,505,251 2,505,251

2003 1,060,230,860 0.2620 2,777,669 2,752,720 - 1.0000 2,752,720 2,752,720

2004 1,097,363,726 0.1345 1,475,958 1,450,851 - 1.0009 1,452,180 1,452,202

2005 1,155,618,251 0.2120 2,449,919 2,431,564 971,263 1.0037 2,436,956 2,437,004

2006 1,222,622,623 0.2222 2,716,266 2,651,292 - 1.0072 2,670,274 2,670,601

2007 1,279,980,459 0.1151 1,472,959 1,435,890 - 1.0072 1,446,170 1,446,361

2008 1,368,143,811 0.1102 1,507,195 1,473,088 280,913 1.0072 1,481,623 1,481,805

2009 1,467,812,468 0.1175 1,724,571 1,676,320 - 1.0072 1,688,321 1,688,579

2010 1,518,572,507 0.5041 7,655,376 7,630,646 5,394,896 1.0072 7,646,653 7,646,715

2011 1,555,337,343 0.1226 1,906,908 1,847,733 - 1.0072 1,860,962 1,861,289

2012 1,552,592,028 0.1380 2,142,145 2,065,015 - 1.0072 2,079,799 2,080,242

2013 1,557,046,386 0.1063 1,655,848 1,637,160 707,572 1.0093 1,645,788 1,645,881

2014 1,620,363,250 0.1882 3,049,250 3,027,234 2,124,854 1.0093 3,035,610 3,035,735

2015 1,719,043,373 0.2048 3,519,886 3,463,435 1,772,754 1.0135 3,486,275 3,486,723

2016 1,813,937,451 0.1847 3,350,790 3,309,362 1,916,991 1.0135 3,328,172 3,328,473

2017 1,922,600,965 0.1648 3,167,795 3,158,084 1,916,408 1.0173 3,179,576 3,179,376

2018 1,963,774,808 0.0777 1,526,395 1,413,842 - 1.0187 1,440,226 1,441,804

2019 2,043,113,232 0.0644 1,316,385 1,169,540 - 1.0230 1,196,427 1,199,123

2020 2,130,805,118 0.0650 1,384,322 1,244,481 - 1.0705 1,332,201 1,335,633

2021 2,158,093,560 0.0727 1,567,987 1,538,629 - 1.0727 1,650,443 1,644,856

2022 2,258,375,084 0.0593 1,339,583 1,193,975 - 1.0822 1,292,169 1,295,772

2023 2,415,298,120 0.0815 1,969,044 1,504,419 - 1.0884 1,637,346 1,664,275

2024 2,689,455,491 0.2056 5,530,502 5,284,388 3,493,684 1.0207 5,321,423 5,325,660

2025 2,887,090,358 0.0900 2,598,381 2,160,673 - 1.1551 2,495,823 2,509,595

Total 94,037,185 114,794,427 28,026,944 115,831,225 115,884,511

Notes:

(2) From prior year report (7) = [(4) - (5)] x (6) + (5)

(3) = (1) x (2) (8) = (4) + [1-1/(6)] x [(3) - (5)]

(6) From Exhibit 12

Ultimate Loss

Exhibit 8

Workers' Compenation

Claim Cost Analysis as of August 31, 2025

Pure

Ultimate Premium Pure Trended

Fiscal Payroll Payroll Trended Incurred per $100 Premium Pure

Year per $100 Trend Payroll Loss Payroll Trend Premium

(1) (2) (3) = (1) x (2) (4) (5) = (4) / (1) (6) (7) = (6) x (5)

2001 9,312,590 3.3864 31,535,735 2,640,175 0.2835 0.3208 0.0910

2002 10,379,327 3.2251 33,474,367 2,505,251 0.2414 0.3358 0.0810

2003 10,602,309 3.0715 32,565,243 2,764,323 0.2607 0.3514 0.0916

2004 10,973,637 2.9253 32,100,750 1,464,067 0.1334 0.3677 0.0491

2005 11,556,183 2.7860 32,195,092 2,436,980 0.2109 0.3848 0.0812

2006 12,226,226 2.6533 32,439,818 2,696,864 0.2206 0.4028 0.0888

2007 12,799,805 2.5270 32,344,469 1,462,374 0.1142 0.4215 0.0482

2008 13,681,438 2.4066 32,926,012 1,501,057 0.1097 0.4411 0.0484

2009 14,678,125 2.2920 33,642,531 1,711,444 0.1166 0.4616 0.0538

2010 15,185,725 2.1829 33,148,533 7,646,684 0.5035 0.4831 0.2433

2011 15,553,373 2.0789 32,334,346 1,890,015 0.1215 0.5056 0.0614

2012 15,525,920 1.9799 30,740,260 2,116,681 0.1363 0.5291 0.0721

2013 15,570,464 1.8856 29,360,432 1,645,835 0.1057 0.5537 0.0585

2014 16,203,632 1.7959 29,099,396 3,035,672 0.1873 0.5795 0.1086

2015 17,190,434 1.7103 29,401,475 3,486,499 0.2028 0.6064 0.1230

2016 18,139,375 1.6289 29,547,130 3,328,323 0.1835 0.6346 0.1164

2017 19,226,010 1.5513 29,825,851 3,179,476 0.1654 0.6642 0.1098

2018 19,637,748 1.4775 29,013,898 1,497,073 0.0762 0.6950 0.0530

2019 20,431,132 1.4071 28,748,655 1,266,961 0.0620 0.7274 0.0451

2020 21,308,051 1.3401 28,554,826 1,355,182 0.0636 0.7612 0.0484

2021 21,580,936 1.2763 27,543,350 1,598,265 0.0741 0.7966 0.0590

2022 22,583,751 1.2155 27,450,690 1,351,790 0.0599 0.8337 0.0499

2023 24,152,981 1.1576 27,960,095 1,743,508 0.0722 0.8725 0.0630

2024 26,894,555 1.1025 29,651,247 5,323,542 0.1979 0.9131 0.1807

2025 28,870,904 1.0500 30,314,449 2,543,987 0.0881 0.9555 0.0842

Projected Payroll per $100 Average - All Years 0.0844

FY2026 30,314,449 1.0500 Average - Last 10 Years 0.0810

FY2027 31,830,171 1.0500 Average - Last 5 Years 0.0874

Average - Last 3 Years 0.1093

Estimated Ultimate Loss

FY2026 2,728,300 = $0.0900 x $30,314,449 Wtd Avg - All Years 0.0848

FY2027 2,606,891 = $0.0819 x $31,830,171 Wtd Avg - Last 10 Years 0.0818

Wtd Avg - Last 5 Years 0.0886

Wtd Avg - Last 3 Years 0.1100

Selected - FY 2026 0.0900

Selected - FY 2027 0.0819

Exhibit 9

Calculation of Trend on Claim Severity and Payroll at August 31, 2025

Claims

Ultimate Pure Annual

Fiscal Incurred Average Annual Annual Premium Pure

Year Claims No of Claim Payroll Payroll per $100 Premium

Ending (000) Claims Severity (Hundreds) Trend Payroll Trend

(1) (2) (3) = (1) / (2) (4) (5) (6) = (1) / (4)

08/93 2,977 1,717 1,734

08/94 2,832 1,236 2,291

08/95 2,462 1,298 1,897

08/96 2,191 1,329 1,649

08/97 2,615 1,138 2,298

08/98 4,904 1,121 4,374

08/99 9,119 1,222 7,463

08/00 3,976 1,242 3,201 8,633,464 0.4605

08/01 2,640 1,319 2,002 9,312,590 7.87% 0.2835 -38.44%

08/02 2,505 1,281 1,956 10,379,327 11.45% 0.2414 -14.86%

08/03 2,764 1,003 2,756 10,602,309 2.15% 0.2607 8.02%

08/04 1,464 859 1,704 10,973,637 3.50% 0.1334 -48.83%

08/05 2,437 792 3,077 11,556,183 5.31% 0.2109 58.06%

08/06 2,697 745 3,620 12,226,226 5.80% 0.2206 4.60%

08/07 1,462 689 2,122 12,799,805 4.69% 0.1142 -48.20%

08/08 1,501 643 2,334 13,681,438 6.89% 0.1097 -3.97%

08/09 1,711 721 2,374 14,678,125 7.28% 0.1166 6.27%

08/10 7,647 605 12,639 15,185,725 3.46% 0.5035 331.86%

08/11 1,890 585 3,231 15,553,373 2.42% 0.1215 -75.87%

08/12 2,117 621 3,409 15,525,920 -0.18% 0.1363 12.19%

08/13 1,646 464 3,547 15,570,464 0.29% 0.1057 -22.47%

08/14 3,036 425 7,143 16,203,632 4.07% 0.1873 77.24%

08/15 3,486 464 7,514 17,190,434 6.09% 0.2028 8.26%

08/16 3,328 499 6,670 18,139,375 5.52% 0.1835 -9.53%

08/17 3,179 477 6,666 19,226,010 5.99% 0.1654 -9.87%

08/18 1,497 468 3,199 19,637,748 2.14% 0.0762 -53.90%

08/19 1,267 458 2,766 20,431,132 4.04% 0.0620 -18.66%

08/20 1,355 404 3,354 21,308,051 4.29% 0.0636 2.56%

08/21 1,598 386 4,141 21,580,936 1.28% 0.0741 16.45%

08/22 1,352 413 3,273 22,583,751 4.65% 0.0599 -19.18%

08/23 1,744 438 3,981 24,152,981 6.95% 0.0722 20.60%

08/24 5,324 466 11,424 26,894,555 11.35% 0.1979 174.21%

08/25 2,544 425 5,986 28,870,904 7.35% 0.0881 -55.48%

Linear Avg: 4.99% 12.04%

Geometric Avg: 4.83% -4.75%

Selected Trend: 5.00% -4.45%

(1) Ultimate Incurred Claims from Exhibit 5, column 5.

(2) Number of reported claims provided by TAMU System staff

(3) Average Claim Severity = $1,000 x (1) / (2)

(4) Annual payroll provided by TAMU System staff and from prior actuarial reports

(5) Annual Payroll Trend = Current Year Payroll / Prior Year Payroll

(6) Pure Premium per $100 of Payroll = $1,000 x (1) / (4)

(7) Annual Pure Premium Trend = Current Year Premium / Prior Year Premium

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In c u rr ed

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File details come from the government source that posted it. Updated Oct 16, 2026.