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billion for was in $XXX and fourth the income quarter. $X.X operating million the Investments year
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Our largely in engine. total operating $X.X activities cash flows totaled driven XXXX from Insurance our by billion,
our operations, our customers maximizing distribution partnerships through sheet Insurance we specialized our building term, long underwriting, our Moving to balance serve on in with partners, Insurance, culture. and focusing the strong our people-powered lasting
about comment catastrophe a natural losses. First,
events this incurred These original have or of point, just of and XXXX, well million, During Hurricane for down and $XX our estimates losses Hurricane our from Milton. X we Helene size. to under are expectations related within losses come
the $XX This our quarter FAIR operations. disclosed days, to XXXX California provision potential of inclusive we includes is and we This million estimate salvage $XXX California premiums premiums range while underwriting to for the wildfires, across our reinstatement minimal million impact is Further, subject have recoveries, and on still estimated no losses and subrogation results. it global Plan. an early first for
largest exposure our lines While will minimizing underwriting to book. of excellent have Fine our of International losses. Art impact Specie product have is wildfire in our an losses, and job our teams several Overall, done first-party our
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by ratio structure the in in U.S. was a actions decline professional point the operating ratio the earned X XXXX premiums our growth support expense versus investment in The XX% in underwriting from initiatives. XX% and in XXXX and with driven operations international expense increase the to in our in changes liability reinsurance higher
Collateral Insurance or line, versus points X.X year results exited product the on CPI, Protection year. added this last Insurance segment Our X.X points
improve are business. Jeremy impact the later to CPI this to expect of XXXX will results what the we've long-term speak about in losses U.S. our XXXX. year on done past and We Specialty results our doing decrease within in further
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also We and losses within our large credit individual surety had products. some
and Our points, this this entity slightly prior year from our was million, favorable year or we had of adverse X loss line. ratio development recently $XX discontinued product public year,
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in side capital However, $XX from fee the pockets. to included XXXX income related onetime results million releasing
long-term to focus returns our results lasting equity seek price Ventures, our capital promoting our and across will advantages and We operating to of accountable. We that capital businesses our Markel family economic values. while and cycles. set cycles Ventures, our acquire autonomous steady in a provide of shared businesses, use companies Turning with competitive We from certain are strong, our that on Within underwriting. of next into occur. do businesses
total time revenues revenues, our X%. year-over-year history, experiencing our the $X to for billion of As XXXX growth exceeded in first
building businesses businesses Our step transportation-related drove took back. Ventures' majority of products a while consumer the and growth,
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approach. So while the revenues have benefit businesses of cycle, our that come down from high-equity the high capital these points long-term, are particularly from
a demand Like growth by was revenues, the strong construction addition flat year-over-year in grouping services markets, largest saw transportation-related growth our year Valor June. Additionally, post-COVID. services this total excluding for revenue businesses, compared our last in when particularly of to deceleration construction with
rates this Although challenge to a flat economic climate, growth interest result this a in for present reoccurring group. activity for solid consider revenue elevated construction be we
$XXX income growth operating strong building the stronger was manufacturing and both X income our and for revenue Within Ventures' years. over equipment the million year. operating drove consumer past growth products even businesses,
across flat, construction Although that did the excluding were revenues businesses we of services Valor, margins our operating all services slightly. noted decline construction
Now Investments, are in good reinvestment with businesses profitable opportunities we have integrity portfolio, on the talent equity moving own out our reasonable capital, to many interest that attractive through We available returns companies the and management and best world. at and of teams businesses with seek public our over valuations. in
XX.X% return XX.X% compound Our a equity net averaged over growth XXXX returns last $X.X the portfolio. pleased It over operating income. gains X investment portfolio X should and our periods. capital attractive to at repeated years. we're expect be next compound long rates has these the don't in with We equity portfolio years, but of our included billion with earned a annual in The in rate
million year. versus Net million Investment last income XXXX was $XXX in $XXX
income maturing or fixed versus X.X%, AA continued In quarter, fixed our in approximately at higher book yields, X.X%. we bond add new securities rated was bonds the better. fourth our to XXXX, approximately income that held fixed are income of portfolio at X.X%. XX% investments For was yield
turn to Jeremy, Now on will it over who I'll more provide Insurance. commentary
