globe exceptionally for with past working us other. COVID-XX have requiring and of been of challenging the interacting to profound had good morning. us. two implications to adjust ways months across Well, new time The pandemic has each all an
the those them. individuals Our by and virus all the caring thoughts and prayers for affected remain with
for been guidance federal and these government grateful have at state and the especially the in times. unprecedented of promoting in officials instrumental health leaders We are actions and local, protecting Their health levels. safety
and personnel We thankful professionals, service essential are also for workers. and food first those others, healthcare other military responders, caring and to including very serving
this policyholders priorities. to support significant these protect the successfully provide effective rely. a time proven to of Our testing a our continuity during while us our stay trusted which in amount implementing and foremost business continuing challenges time We've employees, priority invested navigate developing, plans, which our of is secure, and agents wellbeing service on enabling on our and and focused have to
We year the capital I and respond in history, of will detail and some in entered flexibility excess more afford to presented on today's position financial the and by and to company's effectively us the uncertainties explore considerations our these uncertainties liquidity in COVID-XX. address our the strongest call.
Many business. understand will of to on headwinds to results. to few and a economic this are adapt of like take of their the about with impacting overall. will insureds summary the comments I'd It start to So impact our are to impacts macro our our implications business COVID-XX of our our The some implications fully affect the operations. COVID-XX time policyholders pandemic struggling that
that basis contracts, will As affect and the economy the change. businesses exposure property casualty our
to ultimately others, claims sales that will we will there claims factored counts, the impact of results quarter employee a see while beyond the take will For our miles presentation, as play XXXX COVID-XX's frequency payrolls, increase felt for economic frequency, translate lower will an sharing decreased today. How be reduced be into In declines. auto, considerations many, time premium into be we've as claims COVID-XX. commercial there these you like discern. these factors guidance. activity fewer could Later lines, in fully overall driven result out are our some lower and will in of first economic
business has about much There been interruption written insurance.
As our policies to for to direct claims property damage investigating covered these are require presented, industry, coverage in most the we business interruption physical Like each apply. are claim. others
of In addition, exclusions. property the policies vast also majority our virus contain
unconstitutional We bargained what impose to there or be risks when coverage interruption or coverage the retroactive underwriting are for know policies. fact business Efforts these government legislation. business through are destabilizing efforts to Imposing interruption that business industry. insurance issuing the is any not to insurance insurer decrees pricing interruption or retroactive impose would after ill-considered, and these
being grappling whether the is COVID-XX. impose play States to impact are these proposed are fact-based our certain might going are exposure. considering How undermine In of with injury how broad With evolving. Other presumptions states compensability impact instances, occurred. assessment and presumptions a to are that have more crafted. would overly considerations with these out compensation, some narrowly respect they to could presumptions are workers' respect workplace
of as work, impact itself will this and active, full an return to to begin The resolve Americans the how unknown. virus remains virus remains
we claims While from due seeing furloughed many compensation numbers of reduced some to home, is have working injuries presented offset being been employees impact in claims the workplace because workers' some are sectors. or COVID-XX of these
relates than for one-half COVID-XX combined. workers, likely coverage first of relates premium approximately workers' first responders written X% and coverage responders compensation to of X.X% impact healthcare and for industry-specific. and to The to of be is nursing gross probably state-specific our homes Less
by are to excess and specifically And as expect XXXX high in to debt no current throughout beyond, of to capital significant before excess and their capital a subsidiaries agencies we at insurance have or levels we liquidity maturities ratings. Importantly, in to maintain company XXXX. have our order have projected continue expected rating the
presented during strong by well to positioned financially will this challenges COVID-XX. respond We the to and are remarks. more Jeff review his
our reported $X.XX XX.X%. share I'd results are end equity our in XXXX per April on quarter provided upper These the the of X quarter quarter AFG Annualized of operating guidance quarter turn at share in XXXX. first first the Now, webcast. first an first of of XXXX to XXth. compared of quarter return issued first in of core earnings pre-release on to on $X.XX results overview was like our to core Slide per the
The COVID-XX to on operating in year-over-year returns the adjustments including the which of and has that through equity billion core adversely pandemic The mark-to-market impacts, and decrease investments result earnings. was company's $X.X significant earnings operating of had core mark-to-market investments. in decrease economic both credit AFG's markets, are a financial affected negative widespread
of mark-to-market AFG's $X.XX $XX impact XXXX quarter operating earnings core or first the Excluding share year-over-year. million net increased investments, per
in $X.XX quarter call. will that items, to X, attributable Turning see XXXX of per per after-tax loss Jeff non-core losses to to later you'll share first in the speak share which net $X.XX Slide included the
or core Last full-year the resulting volatility losses in we share month, markets. XXXX operating uncertainty from provided operating investments core given guidance, through mark-to-market financial of the COVID-XX the excluding the earnings earnings earnings, per implications and net of
its XXXX in net Craig to guidance per share expect range of excluding be continues for $X.XX to the discuss AFG each to more core and earnings segment our $X.XX. mark-to-market call. investments the I'll our operating later detail in of in business
AFG believe of insurance portfolio introduced core of by ability the the the businesses pandemic. our our demonstrate We specialty and talented our functions We operating underlying exceptional quarter of of continuing difficult these management thank our and the first the are great during pleased of provide the strength team amid for times. challenges family. results essential part We in our employees the XXXX diversified businesses our our to the God, contributions employees who performance COVID-XX are business with of
webcast, our property focus to I'd of to X like include which Slides first to turn and results. of our the turn X quarter Now, operations. overview Please an casualty and
Specialty premiums healthy and that's growth during quarter, with exceeding very Property net objectives. written Group exceptionally performed Our the strong Casualty renewal & underwriting in our excellent margins, year-over-year well pricing
the premiums As you'll down as X% Slide the prior on compared Neon. XXXX run-off X%, result up the primarily written to net premiums year written first of quarter, X, quarter were a of were see in gross
Excluding X%, written premiums and and respectively XX% run-off, gross increased net the the impact year-over-year. of Neon
XXXX of XXXX million in core earnings to segment first $X in property decrease P&C the investments, when million operations the of compared quarter compared earnings operating impact in period. mark-to-market X%. a year AFG's million Insurance pre-tax $XXX $XXX year prior AFG's to the operating increased Core prior were the quarter period, the the in first Absent of insurance
Specialty in Specialty partially Group. XXXX. of million The $XX million Property $XX Property lower XXXX the of by in Specialty offset our & Groups profit quarter our Transportation Casualty was generated quarter Financial operations an underwriting profitability underwriting first to the in Casualty and first and compared Insurance Higher profit in underwriting
combined first improved The prior from year X.X% XX.X% of period. the quarter XXXX ratio
points X.X period. points first XXXX. year include X.X points of compared prior in results catastrophe favorable ratio X.X period. year development combined XXXX in comparison X points losses reserve quarter quarter prior losses Catastrophe prior were the First year in the added the of By the to of
and to the carefully continue fluid trends contribute as situation. evolving and to the We each claims Numerous specifics a as COVID-XX pandemic. monitor of to well regulatory highly legislative actions related claim loss
approximately designated for related quarter claims IBNR include losses. first estimated results Our and XXXX in million $XX COVID-XX reserves
see during to clarity expect We claims more the greater second quarter. and gain
cancellation, some accident event D&O, of travel currently such or to credit. and as too and of coverages. first-party insignificant the lines trade impact have We and and our as as accident, on It's other travel know to health exposures early business, well surety
Renewal pricing renewal up our see pricing our exceeding sub-segments. if our we continue we've exclude highest Property overall the pricing across over was pricing, compensation, in Group in workers' up X% & of rate comp Group the meeting Average our is each & you entire momentum. years, first the business, expectations approximately Casualty Specialty achieved & our approximately renewal was strong to Turning for Casualty Property Property Casualty quarter. XX% Specialty And quarter. to renewal workers' in in or five
like & of $XX an of business our X and the crop lower compared million of few each Property to in XXXX the quarter Specialty the first Transportation to comparable reported were prior in $XX Slide Group underwriting review profit turn the driver of period, Now, lower in The Property profit highlights I'd earnings the quarter. year groups. million to underwriting a from to Casualty
gross quarter higher period. net written were premiums First XX% XXXX and the XX% group this and than prior comparable in year respectively
partially of transportation offset transportation, were businesses, new COVID-XX pandemic. marine marine well New property the premiums Atlas business in paratransit by and ocean in and inland our addition premiums as by opportunities passenger from declines caused business the the as
renewal in commercial first our X% businesses Overall, with rate group in pleased Singapore quarter. average strengthening I'm in aviation this increased our the the auto branch. and liability in rates on and
results operating underwriting profit workers' compensation higher and of reported businesses Higher to in year losses million underwriting quarter in profitability. Specialty contributed profitability XXXX $XX XXXX XXXX comparable well executive $XX million as the Group impacting liability Neon prior to period. core Casualty first compared underwriting our the an year-over-year the in as
our year-over-year strong. to partially adverse businesses sector favorable result lines year-over-year results. public our in development be Higher E&S Underwriting business underwriting These in higher reported workers' higher reserve very and profitability businesses continues offset primarily of profit, year development. as a prior comp these
decreased written XXXX to XXXX, respectively to same Gross of the for of due run-off X% quarter premiums and primarily and Neon. X% in net first period compared the the
impact in business Neon, exclude premiums. our quarter and respectively XXXX. the impacted compared businesses were the liability first E&S the written same net you and If in when X% XX% sessions and of period for to gross up premiums of XXXX excess net Higher written
quarter. business premium exception growth in the Lower this strong surplus rate excess premiums. achieved the higher on and of in business lines excess businesses this renewal higher premiums our during the Growth comp, of primary in and was reported offset liability first opportunities pricing majority and group. increases, comp renewal of workers' group the of partially driver retentions and With our new result the businesses, workers' the primarily business our
Renewal during up the quarter. group first for this was pricing X%
very in were seen were five rates and we've more rates of to Specialty the Excluding Renewal nearly XX.X%. renewal and than that workers' up Casualty strong workers' in renewal businesses, Group exclude comp highest overall adjusted rates years. our comp our this in impact group the
continued XXXX underwriting first in in XXXX. million lower the the achieve our financial quarter reported in margins. compared Financial quarter and institutions group was profit business profitability in million our crime of of by Nearly year-over-year an this Group fidelity excellent underwriting businesses all first underwriting underwriting $XX to in profitability Specialty Higher operations. to partially $XX of offset
the written prior leadership. gross largest XXXX written week, respectively and X% last our market Association quarter attaining First team industry for renewal the group rankings excited X%, of we was that rider American published third quarter. to when X% net the as and were to Surety approximately for their up were period up & down the this this in America. Congratulations are placing crime XXXX compared premiums very Great premiums in year And Fidelity crime fidelity pricing insurance
turn a & to Casualty Specialty by Specialty Casualty X Now, our of if conducted and the the our our operations. review please Property for expectations a COVID-XX of financial of for uncertainties Slide operating and presented each we've light outlook of pandemic, and In you would, Property summary for XXXX & key the view items other detailed businesses. challenges
and Property Specialty Based on we of mark-to-market XX% Casualty Property the XXXX, in COVID-XX to the expectations core excluding $XXX expect core continue XXXX of first operating an overall the earnings through three results operating Group of impact of & ratio of pre-tax million investments $XXX between our current Casualty the and XX%. to months expect earnings, the and we overall combined impact range & for the now through million
expect do due the affect exposure than adverse Casualty to will expected of Property impact premiums, & are billion as written to as premiums be declines. XXXX, to $X.X an in X% have lower that reported on change the economic businesses primarily COVID-XX now basis activity Net & XX% run-off Casualty We Property to our the overall Neon.
reported and Neon, we range X%. if impact the is workers' to X% than to of is in guidance lower down to Excluding a in comp, be that you premiums up the results of net expect Neon X% exclude then And X% our XXXX. written range
stay-at-home in range XX% to of our in as And the transportation XX% estimate than Group. Looking of be ratio to XXXX. and are Transportation Net local response units XXXX were of in taken return premium of X% and closing X% the of a businesses, for the this and guidance in higher segment, combined state to service reflects we premiums impact written out our many Property now continue to orders businesses. of estimated lower at to each insured
expect Group produce XX% range to to ratio combined continue in the in We our a to Specialty of XX% Casualty XXXX.
in excess renewal pricing Our liability strong businesses. continued our our guidance of liability several assumes E&S longer-tail and
net Neon premiums accounted in for XXXX. million in written $XXX
the down As in placed expect XX% net written a this premiums of Specialty we into be Group to being run-off, result in XX% Casualty business XXXX. to
prior to a Neon and we Excluding of range X% impact be we in And lower to than Neon, year you expect Neon results. premiums the X%. the to X% run-off, of when comp, X% expect premiums this in to down exclude our group be workers' up
written our be the as businesses lower return comp that Our group will shut guidance in for this includes premium lower businesses as forced other the expectation compensation as mid-term our businesses in XXXX resulting from impact a were of in other the of net premiums and adjustments down that during of result workers' payrolls down well and rates pandemic. provisions for to workers' premium
XX% initial premiums. to expected in of than is range slightly Specialty X% written combined our up of from now expect range XX% to net ratio premiums Financial lower XX%, be to XX%. to XXXX to now XX% Group be the We
this impact in guidance the regulations placement of Our for of our expected institutions on forced includes business. state various policy moratoria cancellations regarding financial group coverage and
of the the for of resulting are investment in the the guidance Given implications and uncertainties financial not volatility income. providing markets, P&C COVID-XX net we
return the investments earnings an annualized Our assumes guidance of on approximating earned through core mark-to-market XXXX. return XX% previous in
increases of from an X% comp, of we range the in previously. expect Based X% range X% And pricing increase overall to in be renewal through Property of to from estimated range workers' up & X% to estimated to rate on to X% to results improvement expect X% the previously. XX%, the an be April, XXXX the renewal the excluding end X%, we Casualty of
over I'll now in to review the investment Thank you. Craig turn Annuity the results performance. to and AFG's discussion our segment
