Thank you, everyone. Scott, and good morning, good afternoon,
investment financials with the our and all we'll delivered positive XXXX. year generated year section sources MGA and Slide half was XX, capital across underwriting, first as XXXX, earnings, three up versus presentation last you of were half returns. for through results I investments, will financial the of Net year. fee at $XXX and looking mainly year half million by take start income We for income, negative profits now the of impacted the the our
results as $XXX delivered of first million $XXX million, profits benefited the from transaction. linked the underwriting During of loss improved of which core half XXXX, a redundancy reserve portfolio we to materially underwriting
underwriting to profits of release combined the with $XX were a -- XX.X. releases ratio Excluding million linked LPT, the
portfolio an Cat QX and despite Cat high are impact Our given had prior the no market. losses we losses a for down quarter Cat during were year actions versus having
QX $X earthquake During the we and experienced claims first losses, Turkey. to half related from primarily all only million Cat during of period,
Gross service saw while business $XXX $XX versus reinsurance driven million, year. offset for the income Services, down at last up a premiums $XXX steady million increase net million million and core X%, increased by $XX written capital-light fee partially Insurance by
Services around XX%. party loss to this at are up the last $XXX investment the compared million Total million X% income $X year. realized higher were than while year, including revenues for first was million related at stable gains, are margins half $XXX investment and of strong while of driven result last by period $XXX unrealized and significantly net and million
rate a to and environment. fixed-income parts produce were the in the These the capitalize improvement down $XX rebalancing the made corporate current versus on $XX We high-interest progress two in million, results other investment assets and demonstrate million volatility here. had to P&L order expenses portfolio towards Net high-quality prior year. moving we've
One, moved loss XX-D improvement, to Transaction billion one-off and were of the transaction $XX underwriting in within other to supported the costs on of expenses of $X restructuring costs line an our $XX relation but million transfer. above which we core portfolio and hand, expenses process result, had in the we the million relation costs.
Other mark-to-market from liability-classified instruments. notable on item impact negative million was the $XX capital
cost reminder, during we come As the XXXX. an restructuring second of million $X to a of additional expect half
second I'll XX, Slide the to Moving talk financials. briefly about quarter
underwriting profits attributable basis regards with result and year down of core by underwriting the $X was segment. ratio in Reserve was $XX XXXX, million. million, million combined The premiums to to XX.X%, quarter portfolio quarter and was delivered reinsurance positive ratio up Services, Insurance for a X% combined was $XX with and the transfer increased linked points it the the year-over-year. at redundancy we driven Core to the lower up second as Overall, the $XX accident million. $XX XX.X% core quarter loss gross million from written X
for to was movements at fixed-income and the during higher previous mark-to-market excluding versus stable million million one-offs impacted was and quarter service improvement prior-year income due MGAs $XX of income supported positive MGA was an quarter was XX%. the by loss at from and and in earnings quarter investments, one-offs, but were margin book year, on the per and one-off income. Underwriting Net during investment consolidated by and securities. $XX lower $XX.XX Diluted versus share the five MGA was movements, underwriting, unchanged results fee the the value these broadly fee
and driven half both across by is our Slide renewals. to focus strategic and in also trends and were by organic segment Gross XX. mainly the update provide on partnerships half for X% Moving lines. core the will year, up the premiums premiums an and the over Accident Services. in on driven Insurance The growth growth Health I We growth XX% year premium July in
actions restructuring we international This growth taken was mainly reinsurance, reduction partially in offset by by the have XX% portfolio in already a segment. the driven property announced
On X we with of around our the and renews of renewals, July renewals. in business the trends January XX% as topic similar April and experienced X
increases property our We around with rate the rate an portfolio. excluding XX% North experienced average by American portfolio, mainly X% around driven across program change in increases business, rate positive US
continue the of In we X see we same and X tightening the addition classes renewals to reinstatement for in conditions January coverage. terms most to improvement across April and rate exclusions and and strengthening, experienced including provisions contractual
XX the core individual XXXX versus half our in Slide breaks combined shows the and movement business change ratio into for year sub-components.
on results year-over-year. as by the are our for like-for-like improved combined core actions basis portfolio points has business yielding percentage positive ratio X.X Our a
transaction, linked two-point XX.X% to benefited points reserve $XX drag. releases the headline expense in however, core of reallocation around results Our portfolio a from has the of loss X million of
The points for is like-for-like the ratio loss to on previous compares XX.X% results which year Insurance up higher ratio, it's resulted acquisition X.X from changes also and has half in the at commissions, the mix segment. XX.X% Adjusting of XXXX. of better have Reinsurance profit two, partly XX% captured and ratio impacted first a resulted X.X combined or were in Attritional mix points the these improvement. in changes between and Services for cost
X.X parts in of points net together at results a of Looking improvement the both year-on-year. moving
X% a made to X.X progress XX investment on have overall we to on SlideXX, at $XXX delivered loss years Slide of and mark-to-market portfolio. year higher quarter Total movements XXXX, in result investment versus million in to years increased strong asset the figure, as our net $XXX our investment million and is and in locked a investment income Moving investments. X.X excess attractive reinvestment at portfolio XXXX results half of first yields due duration the at we from on
and invested have increased We year-to-date and billion over asset-backed our to exposure $X securities. corporates
of and of unchanged XX% portfolio lower fixed rating with investment fixed-income QX income, as the continue helped investment an for and XXXX XX% in to XXXX unchanged year-end and to Our we strategy sale, portfolio as XX% maintaining income at focused and given a available the latter from AA. grow portfolio up remains will on was is of high-quality of average none now volatility. fixed-income half and at That continue designated fixed percentage grade was XXXX. volatility at XX% which is reduce our portfolio. is P&L the credit rebalance
balance Slide XX looks our sheet. at
strong, since Total equity, of capital stable ending is $X.X prior billion. billion shareholders' sheet balance Our was quarter. quarter the including the debt $X with
Bermuda end Capital of XXX% was Ratio to Our Solvency and the improved first XXXX. strong quarter at
to improve QX. points at the LPT XX for once than further more the it completion expect by We adjusted of
section range. target at financial this, while first ratio debt our quarter issued the and of conclude our is unchanged we Our well from XX.X% the of to our XX.X% XXXX, remains presentation. debt-to-capital With within reduced
half a are we positive first XXXX handle good in market Overall, volatility. a and to of had position
track by to improvement profitability in demonstrated results. year our see as on in are half significant XXXX We
return on full common for We year are focused achieving average on equity the double-digit portfolio loss transfer. from the the benefit including
year average common strategic in actions we XXXX realize as to double-digit next all on benefits rate to deliver as equity. of full a expect return our run well Looking
this would morning. you like to time again I thank your for
operator. For Relations any questions, the to call turn over team please investor.relations@siriuspt.com. at now the contact our back Investor I
