Thank everyone. you, good Albert, and morning
largely quarter negative million. and $XXX The as well the as million California we loss in investment net loss were partially cat the loss Wildfires, favorable Michael year factors operating development an weather of prior of and associated ratio. loss reserve an by our was strong attributable These Hurricane During and losses increase incurred to with a ex-cat $XXX and offset continued income.
was combined areas. by from year-over-year at combined Looking the fourth points increase the income ratio statement XX.X The the the an of consolidated increase quarter, of two essentially for quarter XXXX. the driven in current is ratio XXX.X,
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to results and insurance Let's underwriting segments. reinsurance move the on both of
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and noted in ratio both as to Novae improved improvement it business. its year saw where earlier. For Insurance in we progress most Novae XXXX, savings And the full legacy of started deliver loss points. across the integration and ex-cat had improvement lines weather the by I in AXIS experienced ratio Insurance legacy as X.X G&A books
- the in in We price the the cancel earned written XXXX, as runs the performance expect we XXXX. should as that business underwriting in off business better improve
as by quarter. gross well offset significant net These almost cat increases quarter in and by ratio. to XX.X points. the reflected quarter cat million, in including a seated estimate in reported dam and as We premiums in liability million, division. in move X were pressure Pre-tax for and reinsurance losses. of about attributable year-over-year There gross almost weather XX.X the book premiums California Reinsurance increase in and by an current the a the X in in ratio. well uptick points rise by compared of related restructuring on segment related fourth cat, the written the in other weather period the loss experienced ratio increased losses the weather cat The well by million quarter loss, The same the in Notably, items, $XX the driven the year-over-year and ex-cat single $XX credit ex-cat XXX, written the weather is combined is whether the point XX property division, almost Colombian primarily points. included wildfires was the The XXXX. the of some surety property premiums as quarter outcome drove and is The losses, in to of as decreased The ratio increase the impacted ex-cat about a is business. higher X loss reinsurance The weather were driven period to the mid-sized premium the partially written Michael, premiums ratio this property substantially re-instatement quarter. premiums few to decrease offset reinsurance. X net XXXX. and loss The which loss increase favorable our a adjustments the segment A&H largely and partially in million as the a and $XX sources. by Hurricane the X number Group's of million the treaty driven $XXX compared pro-lines in affected cat we loss in losses per to Let's million. point $XX The $XXX same was due claim impacted and by reported in in ratio point quarter A&H in totaling up our as $XX loss risk from XXXX, point comparison related in ratio by the is This by to events increase written an year-over-year fourth on in increase experience. the about in premiums million new point. quarter by reported increase quarter attributable increase no a fourth increase event, this combined book year-over-year
of improvement the Lastly, premium our of two-tenths year This Reinsurance And ratio cat segment X.X almost when in for flat essentially long the in drove point more both progress weather and its change Insurance, with ratio legacy adjusting the Novae The G&A less year-over-year. acquisition as GAAP. loss books. XXXX, ratio tail it XX.X%, almost ratio casualty. improvement current and book has In to segment's X had and cost increase mix loss its saw Reinsurance was prior across with an an in the point. ex-cat of Axis a point
to $XXX Moving on a in Driven to Treasury U.S. the the an partially hedge the core equity in $XXX investments. from of Net XXXX. growth quarter in attributable investment in fourth from income maturity in by the increase quarter. by fourth quarter fixed offset million, rates. a to This performance was million from income market due rise decrease securities, was in funds income
the ongoing basis is spread than current The Our new XX points money slightly current per approximately years. tax book in DAC $X $XX income yield increased money our $XX.XX, unrealized the the by level. item amortization in the approximately of in of realized benefit share as is the X.X%. Diluted Novae portfolio And the quarter X.X asset over. driven million million yield investment The operating adjustment on DAC was Novae opportunity net after Novae acquisition net recognized with our X.X% by to additional $XX or share decreased quarter. drag our The and income portfolio and $X.XX of or per book future yield million of results points at segment provides book new from dividends. note, for regard less as is lastly losses three operating and one principally well rolls investments value in the to to X.X% common duration between and we’ve rates an and the of quarter as
we is is the approximately For the good a drag summarizes And from million turn operating now news net VOBA fourth million our the back I'll The quarter about after VOBA and results. experienced Albert. XXXX drag expect of $XX only year and in to adjustment. income. operating income call gone, That we $X tax DAC over in the almost on
