million to were a writings an XX%. The written versus premiums ago, in a business was and versus renewal new $XXX of Gross X%. of increase year increase million Net premiums. earned Kathy. were you, higher ago, increase $XXX final Thank year increase an audit due an $XXX million million and premiums $XXX primarily
The prior Our reserve our result connection was reserve decrease a of study. with versus losses loss midyear million and favorable the million net in development expenses adjustment $XX were loss ago. year $XX recorded primarily year
net of development a year during favorable $XX of with were million $XX year expenses Commission $XX commission net million, ago. ago. recognized million consistent were a We our which quarter, recognizing largely favorable of development the expenses versus
in As from a ago. increase result a the ratio was premium, this XX% XX% our of year earned our commission period, down consolidated
were XX%. and $XX million expenses ago, year expenses as million and expense. was Underwriting versus dividends higher payroll-related an due increase policyholder increase The $XX well bad higher as a and general administrative to primarily debt of
which XX%, from underwriting As by year our a increase and increases ago. a expenses these our were general in was the in of and earned consolidated up result offset XX% the premium, expenses, administrative partially ratio
former lease $X the action as we our nonrecurring ongoing This headquarters pretax During with needs to of facility termination model. with announced of part in and charge our is corporate Reno, quarter, a Nevada. the a undertaken work-from-home our connection review our associated the million incurred previously tribute early of success of in the was
a XX%, From income respectively. ago, a million year our loss and were perspective, pretax had resulting segment versus segment $XX year calendar million reporting ratios combined Employers $XX of XX% of a its and
million loss the $X ago. loss versus $X segment Cerity pretax year for a of quarter a had Our a million of
Turning to investments.
ago, higher a income cost. and XX%. net was $XX invested asset higher by a an bond quarter for as the yields investment Our The was measured $XX increase balance of year increase versus amortized million million due to
credit quality Our A. an of maturities have an currently a of fixed X.X, duration average
X%. money quarter X.X% our north new was which Our a X.X% up is weighted end, from is today yield year rate average of ago, book and sharply at
Our maturity from net this stockholders' and our unrealized on equity are statement equity reflected million quarter reflected other impacted which income investments, unfavorably which by after-tax and of was favorably securities net sheet. million impacted balance $XX on unrealized net fixed securities, our after-tax our are losses from income was by gains of $X
XX, to XXXX. December authorized first through prior of of stock Board common million up average our $XX.XX to had at quarter, from new repurchases share, end exhaust million of this our the stock our for of repurchase a $XX of repurchased an price served yesterday stock the stock response, XX we to of In $XX authorization. program allow year Since common which repurchase per July our
stockholders of XXXX X. our is share. Board third a per quarter on August yesterday, to XX on of dividend record finally, quarterly declared Directors of regular August dividend $X.XX And payable The
And with Kathy. to that, I'll the call back turn
