Matt. while in operating and superior in of shareholder underwriting had year. business income, of you, both joining and the morning, We risk quarter and return for on delivered trajectories, first focused you us. total another second an with solid grew resulting net of half XX%. Thank We selection. Everest investment quarter lines remaining everyone. and return Good geographies Thank strong on an disciplined excellent annualized equity profit
continue We well-diversified build produce designed returns. to leading financial to a portfolio
attractive. generate Reinsurance returns very Our and expected to results remain risk-adjusted business strong continued
again differentiator there of position top-tier for midyear the from preferred array broad for treaties be a strong Our was our once customers. lead demand continues as to evident was Everest. market a through This renewals participation on
achieve opportunities growth. and in Both where new on also profitable most to primary operations made investments Australia. businesses Colombia franchise the talent we Mexico, and and where are underwriting conditions of are capabilities We platform progress our can attractive We in expanding sustained scale market with our globally. capitalizing opened insurance
and portfolio At is investment delivering our the consistent same earnings. strong time,
returns importantly, momentum are financial on executing with of strategy measured Most return. on half second are by We of generating shareholder delivering our the industry-leading year. as objective total heading into primary we significant the our
objective in our XXXX, multiple our operating Day. as strategy outlined at paths Investor XXXX flexibility last significant to XXXX with provides and primary achieving Our
financial With XXXX. that performance by an at more premiums backdrop, constant shareholder reinstatement compared underwriting XX% premiums, I generated the $XXX remaining Group an North will to of now and excluding We of resulted lines, million in quarter than operating Everest's in increase half while particularly return gross annualized of quarter year-over-year. $XXX net turn level. million written $XX casualty in We million, profit an increase $XXX total our and highlights, beginning dollars of as second and XX% income quarter grew of to million the in America. year-to-date, in $XXX million the disciplined in first second
now by is improved underwriting. quarter, segments, also basis from given remain combined the level and and particularly included of Group In estimated ratio disciplined primarily the of result net reinstatement contributions points This pretax pricing of year-to-date. from momentum is favorable. mix sustained driven several catastrophe events. Terms of we XX both at ratio catastrophe loss a recoveries million good midsized $XXX our year-over-year, industry billion by global international The approximately and U.S. conditions and XX.X% losses, $XX elevated attritional losses premiums that
and I well, billion income As billion perform $X.X of our to nearly investment net the over continued earlier, producing in mentioned investment year-to-date. quarter portfolio $X
our Turning Reinsurance now to business.
lines. margins. and January Everest growing and April excellent the midyear engineering aviation million. we combined portfolio. business as respectively, including underwriting XX% property We and our expected ratio and with The delivered renewals, more quarter execution to attritional The had profits our expanded to reinsurance at proactively improved excellent. excellent of attritional across loss were results renewals. $XXX shape Second cedings ratio continue portfolio than the specialty with at Consistent top-tier XX.X%, and marine,
in scarce June negotiated nonconcurrent the of progressed minimum successfully Florida As X we reinsurance covers ceding days, deals, superior terms, commissions. and became renewal Everest higher [ On overall shortfall ] terms. security number many the including capacity at final premiums and lower
book renewal. more X the property XX% June at grew Our than
exposed to addition, growth trajectory with higher CAT double-digit July premium with the continued year. expected margins last at renewal a In compared
across dollar reinstatement achieved signings, every on to conditions number the Importantly, signed drove and quarter. and XX% business grew property a on differentiated participate we by second we terms the the a premiums we in mid-year renewals, in chose Overall, basis, full of were excluding deals on on. catastrophe constant virtually preferential we transaction
the in we and property Growth have to as points underlying have our E&S. the book from favorable. levels the particularly advantage be property conditions and over X market from years. rata of strong market, attractive not terms wavered pro continue Rates Property significant significantly, persisted took commercial improvement increased last and attachment past year in at up made XX% conditions
not we did our that casualty, In disciplined lines remain meet in underwriting criteria.
strong While rata opposed rate increases casualty as primarily by grew quarter, to the pro was premiums exposure. driven this in second
of $XXX this casualty million continues premiums shed year, business so franchise excellent, over underwriting quality meet We as did far is book standards. to set the the in and programs our of our of number The the have our renewal apart. not strength
We expect very attractive. risk-adjusted returns remain to
Our remains outlook XXXX for bullish.
second in constant the to premiums $X.X generating in insurance turning We by Insurance. grew dollars, Now business the quarter. billion in X%
XX% XX% mix by increase a we was tail property of lines. continue specialty optimize business, and our short overall driven in As to in growth
Our traction distribution market our international we're becoming business go-to for as partners. gain continued to a rapidly
excess be were prudent to and and casualty around the and casualty liability other lines additional the a was year. well rate offset casualty wide loss prior in gained array quarters, of and trend the in social averaged to this as such as and completed workers' overall lines increases in in excess we in mid- liability, of Consistent previously growth liability, exit, quarter compensation medical We of the in as casualty partially acceleration officers directors with as inflation. exposed The auto caution lines achieved continued quarter, by announced end lines, momentum less attractive XXXX commercial general business across high-teens. the by started stop-loss the will which
financial over excluding in was benefited was workers' This I quarter ratio. average attritional XX%, compensation Looking lower-than-expected by XX-basis-point have last across combined the the loss improvement increase a we rate higher the and earned lines. from offset and benign portfolio, actions as underwriting CAT year's resulting achieved The of ratio losses an described. already premium, from
Day combined last our XX% set hitting Investor of a to At November, for a goal we ratio insurance. XX%
more to objective, combined until is underwriting to now we our be create our in we target, of are not increase satisfied all to the confident including timing we run order mix on this our We're goal. and business achieving good We our rate ratio progress will achieve short-tail more in for but and getting two, navigate the target continue one, XXXX, balanced businesses; a to of these. achieve prudently making environment. In continue must, international three, premium; scale, particularly
First, on mix.
I in are granted. short are of tail in there's results, North specific have America. jurisdiction now the There said, been in more up As work specialty to second we but particularly operations the new grew by done, over markets were year. XX%. in be also half by regulatory ramping international delays some that quarter Those These lines the approval our XX% good business and
achieve the infrastructure. up. in continued where people, improved will international businesses, very quarter to technology we and scale Earned with growth invest did ratios start our as we products, attractive in to have Second, premium strong in loss catch
premium Some earned our which actions runoff in earlier. as ongoing reduced our discipline million. mentioned This the medical of stop such offset business, progress by was North $XX this by I the quarter approximately underwriting America of loss
environment, we the Finally, loss on regarding our effect risk are complex work keenly the on social costs. inflation to of navigate focused casualty
We casualty trend, are in rate we achieving certain are excess reducing business jurisdictions. classes prudent while at observed in we're loss booking of picks. lines, our and increased And loss writings
As premiums down slightly a result, casualty in the quarter. were
away from on focused our are not that business meet we underwriting standards. and does margin, We walk
pulling of these combined our segment. making focus all for target reach to ratio are this This our levers and insurance. We immediate is for progress
I am of And proud have far. thus what in we conclusion, accomplished
We clear have strategy. a
our total executing we return. We are and delivering shareholder above target plan, on focused are our
focused even We stronger. on making are Everest
Our Reinsurance exceed to segment expectations. continued
strengthening market momentum.
With proposition. and financials our global opportunity, to as to are stage review continued positioned for platform, go-to detail. as solidify market to a it turn the a the to in that, well value ourselves I'll continue building insurance setting We is we our environment Mark Everest With more position continue over
