call. and you morning, Good Cliff. you, Thank for joining thank our
families we me our acknowledge take Los AXIS, the to of heartfelt Before in we begin, support please allow communities. tragic share individuals, the behalf impacted of to and all wildfires a moment Angeles. on for And
are We outstanding also express our firefighters workers to gratitude doing relief the work. and who
our of the ] was company. Moving for to one -- year AXIS XXXX culminating a of great years as proper XXXX results. our best [
colleagues its May. our both strategy quarter Day fourth my in advancing partners excellent indices, for commitment their our work results produced the AXIS strong as at take full across Before Investor broker And a company we just outlined another. and world results, unpack at year, moment key throughout well one looking customers all while and to to to and thank as these the access our I'll
accomplishments, our capabilities, will to number execution. have model believe a to complementary The well pace, year of of our positioned AXIS strategic 'XX highlighted and by and product clarity of changes recruitment the and The the and we including expansion new and was drive growth talent. creation access operating purpose continue investments allow and operating enhancements of and in with We to implemented sustained profitable beyond. strong value is underwriting
were with X.X% year full record our on produced our combined delivered with quarter consistent you for expectations results. we that representing year, prior operating results. book year year XX.X% year XX.X% on Let's year-end the prior on now X.X over delivered We equity as share per including shared compared generated in over We prior We to share prior year the $X during operating over of business in a year quarters XX% our earnings improvement or year as value billion previous were current of call. review the an point XX.X% full top of a per ratio accident the for $XX.XX, return higher a of ex-cat operating in financial premiums we growth XXXX. delivered basis, $X.X ratio billion a XX.X% the and of $XX.XX than the I'll XX% and increase the a a we combined our earnings year new of prior record note second year. and X that our XXXX. Full best year, all
in to XXXX. target Pete his ratio, We are the speak some GA generated of will expense hit long-term of which expense and year-over-year by our XX% in notable track XX basis ratio were to improvement points There to items comments. on our
million $XXX for And lastly, record net the was year. investment income a
position program $XXX our the million this And Taken the capital, end we our in a order of of over company. step AXIS utilized strength, stronger the an the Enstar. attractive and was an an an we with for further an more shares and to our year. of of LPT business repurchase the use our stock improved as view steps took magnitude of financial aligning sheet in balance resilient important excellent completed December, From course with build of X in where with front we together, of and important we year repurchasing execution
overall well. respect X.X% Let's and year seeds XX now over premium, are had we the premiums, that growth showing with and the at $X.X a Day, ratio our new segments, million year. insurance. potential. XXXX, we are in we business produced to $XXX mentioned accident that With we new Moreover, we generated very that products of to prior an expanded up combined XX.X% we'll begin encouraged in planted and of generated move billion We exceedingly our In current insurance performed in operating our ex-cat Investor
book led and North Turning divisions. to In was XX% year-over-year up channel our casualty. for $XXX strong flow while generating America, of the improvement America, submission primary our growth eliminating reshaping XX% million X% by and wholesale casualty even written of North year E&S insurance core with in a AXIS property premiums. submissions our Across
from status we over some Markets. written outperformed million the included nonrenewal the prior our to cyber XXXX, delegated $XX Moving from concluded of growth Lloyd's. We year, portfolio, maintaining generated Global our premiums in X.X% which and
within are marine commented particularly evidencing units. I've competition aviation property, markets, increasing and As in global we previously, our
certain credit renewable Our underwriters discipline drive and in we to selective property, continue maintain our as products. growth, particularly of A&H, energy
Our Lloyd's the this of deliver remain months the about in XXXX, million dedicated optimistic produced ago business X syndicate value launched and $XX transition at product its of than we market. capabilities just more and syndicate energy to
Let's now move reinsurance. to
both well consistently to line. and XXXX, top Our in reinsurance strong producing performed bottom business contributions the
the short-tail XX% we driven produced increase reproduced For new business, generated AXIS $XXX from of $X.X year-over-year a of of XX% short-tail nearly our million our premiums, during billion a specialty lines. by targeted combined the growing year, ratio Moreover, which came and lines. XX.X% year, in in X% specialty
business, our with team competitive we reinsurance backdrop As XX% respects well a our X/X, where market. of of performed write the
with Overall, an and orderly conditions it renewal by particularly some saw favorable nuance surety. credit in line. was We
We We see in continue rate, Ogden competitive on levels. placed competition the environment. driven saw to greater the reduction increasingly cyber of U.K. has an course, despite rate the in in opportunities downward pressure motor class by which,
in saw marine, mix. and liability the to increasing pressure market rates business increases As saw loss was respect the we on U.S., experience and in by and rate double-digit differentiated capacity we but
remains see strong a capabilities we premium appetite continue overall the lines. we reinsurance while in maintaining competitive, adequacy specialty While market leverage and selective casualty to professional our where
Stepping rapidly our risk There discuss back, remains that broader market reflecting complex number highly let's a the responsive continues we resilient. on ensuring and to brings and take portfolio of conditions. we draw The to are will many a marketplace AXIS the market. a trends observing and evolve, remains that specialist are of that moment to that capabilities landscape are
outline several specialty and product to monitor trends will distribution to our we continue that capabilities various I respond through channels. with our
First, climate.
at and globally, the is effect of ] than was no $XXX there doubt billion industry the the ranging. to globe peril losses the climate We same year impacting wildfires [ active an this risk, of increase and the -- we know-how more time, dispersion impactful phenomenon and most the As recently wide is estimate of that continued the of respect saw to severe Los product Angeles, consequence catastrophes. believe of in natural the expertise other continued business are of is channel, have where A the the needs. convective we shift we into our U.S. clients' in this meet storms E&S we
continued in severity of liability, continues an claims most as awards driving social the remains business, industry of to impact increase challenge. on various great which inflation draw Second, the scrutiny lines particularly but on
the market cost in U.S. year-over-year. continue delta X% pricing also D&O the up up to action to on filings rise, Third, with an to deteriorate. with Moreover, the since highest are grow X% class and show security 'XX. conditions a lawsuits imbalance in bankruptcy level trends, are Indeed, filings their loss even continues year-over-year continue and at between XXXX rate growing as
ransomware, risk rising matter products, long-time risk more sophisticated tensions the tailored cyber as product geopolitical of or the triage AI Fourth, in and is whether in of broad-based landscape the in with delivering help impact rapid be cyber and known a privacy services our capabilities subject AXIS particularly expertise. and a well deep leader the advisory resurgence variety customers attacks positioned cyber incident driving our third-party resource support Commander. is ways, as of evolving it regulations, to
With developments, the energy navigate continue the volatility, there for in advances portfolio United clean focus responsive evolve and to help traditional marketplace that broad a leadership and is is changing Lastly, with policy with both know-how on renewed it positioned customers potential will products, demand traditional matter technology energy. environment, supply subject a energy geopolitical anticipated States, well and energy regulatory energy in yet global our will price energy be to deep and disruptions. and chain transition of AXIS and emerging certainly
are Stepping the that broader risk are needs dynamic to we the happening market, diverse believe the back, across in underwriting suited access customers and at this well looking shifts of the landscape. capabilities support our
further. this unpack Let's
to compared which prior written, premiums adequate approximately short-tail currently XX% up premium year. of mix lines, as toward continue gross our the shift total We to X% comprise
written make North seeing up premiums. property both taken our of which and property we're Property America property, competition increased principal In Global total through together our XX% divisions, E&S,
portfolio well well adequate. constructed, is property Our premium highly and diversified
X of more Following rate doubled. years pricing has increases than where
the accelerating. noted, business XX% were pricing XX% in the rate U.S. casualty XX% year, U.S. for excess year-over-year. as quarter. and example, strong the liability Primary in we grew AXIS year momentum casualty the is remains By quarter book, rates and and XX% generated In for our As we and our Casualty, increases for up of of XX% previously way
driving we Premiums XX% adequate in by launch. quarter this premiums cyber the liability year growing North on focused year. flow. segment, and our in grew we are account in XX% in Transactional activity remain America XX% the In deal cyber, as submission seeing large and large the grew increasing we remain
the of cyber partnership the Secure pleased to with we our address reshaping of our Elpha delegated of As our middle to portfolio, lower market. be part continue with expansion
As up insurance We this the cyber million deployment limit our businesses. of our and strong our portfolio calls, to supporting to management grew reinsurance premium remain In lean we $XXX we both year. ability and I've our commented in in prior accumulation into reinsurance, prudent premium underwriting adequacy written deploy growth. continue through over XX% between confident and capacity prior to both
geographies market and there will our will of profitable achievement, we We AXIS monetize leverage remains growth risk-adjusted our increases, customer but looking rate portfolio environment, Stepping expectations. conditions the anticipate premium importantly, return continue meeting of back and a diversified our in while new new at is continue continued and the adequate and moderation the and and in more rate are price further of part capabilities. and to portfolio product rich segments, expansion arsenal broadening by signs
to program. model while took including new our a How In long-term strengthen building transformation operations our continues and Let's target XXXX, across Work claims. to steps progress, now operating We How to profitable Work the turn enterprise, company's reshape we foundation capabilities and growth. We for building skills and critical
talent needs In our we've of existing deepened of as the meet deepening technical teammates. while build has customers to our to bench complement This our throughout tools skills team. the business, addition, and business emerging units strong us to out new with expertise our we've enabled added
decision-making. proposition improve through AI, value made we've enhance investments speed, key to and we and continue in our Moreover, and our technology, productivity efficiency
also We week, where And AXIS to to just invest U.S. recognized was our workplace last by environment create in can continue talent thrive. our programming an
News work on best of to its the XXXX companies for. list
new the XXXX to its was optimism future year the to continue look proposition with profitable competitive where marketplace a company we as believe force in on journey, a the the that in generate and and promises results achieve excitement. enhanced closing, delivered consistent, the In pivotal its arena. AXIS in value We specialty recognition
the and committed Throughout privilege in pride that we're problems to customers' our world. take we've the the we value that motivated much we're the solving have ahead. that progress stakeholders, across in delivering remains and have the recognize made also We by to company, work humility to
I'll Pete. that, with And pass to
