the reported non-GAAP per adjusted Thank diluted first per morning and again. you, of share income $X.XX income In share. and we diluted $X.XX net Julie, of quarter, good operating
year, would like context our growing mentioned, to our those I further increased came has of underlying X some the which changes. assumed additional both and increase Kevin enterprise provide overall ratio our loss As reinsurance prior is largest behind from business, diversifying portfolio. driver points The from and this
for current this to better exposure book to we ratio, refined expectations. shift year neutral perform reflect this to business. our line As business continues loss was grow, the with in continues the and accident of total across effectively allocation to This have losses this our the
fourth that In our our strengthening of addition, took liability we in underlying higher from third assumptions the business. the reflects in actions loss other line of and XXXX quarters resulted loss reserve the ratio cost
our Julie of our impact quarter loss upward impact begin to combined ceded pressure the on underlying ratio. first in the ratio the mentioned reinsurance on we mitigate and to Finally, put the retentions actions as costs some take
quarter the points XX.X% Our expense ratio X of XXXX. from increased first of
costs increased increase quarter ratio quarter the the premiums for talent Although technology from well this of the the expense as the our head expenses higher benefited X% in as implementation since a earned XXXX, from count policy fourth quarter an in strategic in administrative during leadership of platform. of new investments senior decline start and
In of increased beginning XXXX, addition, funded would employee we design moved a no benefit quarters announced fourth benefit that in a the recognized of an benefit post-retirement contribute and quarter in amortized and first due in XXXX In post-retirement onetime dental X down the the late $X our XXXX, quarter programs. million of remaining plan through quarter that at the for to was a expense that of participant longer and costs XXXX. the to ended of benefits in for was then XXXX. medical each change to plan liability UFG There
a we ongoing the balance plan expense still plan. employee losses and expenses are the change from but market expenses have changes plan, XXXX, to million sensitive the during reduced rate per plan interest of equity a changed That to in and our equity cash addition, last interest pension plan to Due markets. quarter. increases our approximately by In year, $X rates increased traditional
assets was the portfolio of high-quality in a of which $XX.X up million $X.X quarter, quarter XXXX. was of income Net fixed XX% investment income invested the XX% in the book. quarter, first investment to is billion first to allocated Our compared first
maturity helping a in a investing yields continue the compared environment by income to new to XX% X.X%, interest realize of fixed money ago. of with benefits We higher rate increase year
higher partially losses $X equity was of The reduced realized bond impacts negative our $X positive million yields investment from by portfolio our by the partnership valuation core and driven on changes limited of million of in negative portfolio. impact valuation
first on share value $XX.XX. and that our per book increased X.X%, improvement was return common the Our the equity quarter saw in to unrealized in position we loss
are returning fund to focused business on shareholder capital profitable Our management strategies to top-tier and capital capital shareholders. deploying pursuing available growth excess returns,
dividends of XXXX, shareholders quarter, of continuing XX-year dividend and XX, we declared of to paid March paying a our per back dating to XXXX. the first $X.XX history During share as cash record March
remarks. This prepared questions. line now the Operator? will our concludes I open for
