Thank you, Kathy.
the annualized our a XX.X% operating on combined X.X% equity and of we delivered During ratio largest return adjusted the Employers. quarter, segments within
operating somewhat and investments. However, our line top investment lower net on these by our favorable fixed maturity results were muted losses unrealized
lower a to the due premiums as Kathy of of result lower our The as policyholders year-over-year. in million, audit reflect final as decrease reduction Our to decrease net accruals that a to we $XXX expect mentioned, our premiums XX% to earned written a well payrolls. estimated premium as were was return
favorable of ago. general Underwriting year and to premiums. of largely reserve was year prior Our due quarter years were of a earned accident expenses XX%. $XX business versus decrease Commission primarily $X development year administrative voluntary reserve prior primarily which and expenses million from its XX%. prior losses the XXXX, million, development related and million were during to That The and a of lower decrease loss adjustment ago. a million company expenses favorable $XX year recognized $XX were on unchanged a million, decrease loss loss $XX
retirement mentioned quarter, share-based one-time reflect and in our compensation Also in connection quarter. first from the we actions immediate million as taken the a with of first completed acceleration in CEO, an Dirks. recognized previously the will Doug quarters former $X.X During future expenses during reduction Kathy
expenses revenue. year levels combined its quarter our of taken From XXXX our in perspective, with segment This ratios reduction Our income other a and the with was of action first were our Employers XX.X% representing current expenses $X better employee were associated reporting and severance our for had underwriting align ago $X.X million segment million XX.X% million force. costs respectively. quarter versus a a to
segment with underwriting handed of million loss Cerity consistent loss year underwriting quarter, its ago. a Our the $X for
However, writings have which in Cerity's in address her increased premium recent months remarks. final Kathy will
securities bond our to duration Turning to quarter, investment quarter our maturities credit which decrease the plus of of was At of rates net our XX% an fixed $XX X%. equity other yields. year-over-year, represented investments and lower had investments, primarily total quality average investment X million The for was a income impacted and end, due X.X down and portfolio. interest our
maturity turn of are remaining Our million stands favorably quarter were on are and unrealized by which gains common of statement. of this the securities, And from currently each price the after-tax And to call an our stock losses reflected Conversely, equity share million. during we impacted unfavorably on at under share average and fixed $XX sheet. was balance net million income impacted finally, repurchase of I'll quarter from $XX at securities shareholders Kathy. million quarter, investments, repurchased our by which equity and share other our income reflected our book now, $XX authority $X unrealized just value back per our $XX.XX this after-tax per
