by shareholder Scott, and team this the best-in-class realize I've SiriusPoint it Thank be forward start been change good stage look we how and I the that everyone. impressed within at exciting of to and to to I forward the to value would the to ambition drive of insurer. you, have create depth joining business. by good afternoon becoming to of morning, talent our like required is saying already with working the a journey.
written in the Slide the highlight of MGA We overall gross took XXXX core The ratio on year net million actions reflects of of $XX the and business, XX% impact combined lines XX.X% exited quarter quarter growth Starting the for with for second results. our net million. $XX business in It income. increase XX. we income million quarter to an a contributing adjusted continuing the of versus income that for $XXX net the with of another was quarter premium great is prior
in value book grew the X% share quarter. per Diluted
Focusing core the premium business. the gross increased on for underwriting, written on quarter X%
year was like-for-like prior versus year versus for headline XX.X% ratio This prior the million a a business in transfer. quarter, on combined year LPT. the portfolio the to excluding $XX X.X point deterioration the prior was at lower core Our development, million which basis, due stood favorable of loss $X excluding
quarter. year that demonstrating And prior year catastrophe prudent the over losses $X in reserving. business, quarters. development of XXth our Prior approach basis the consolidated to will development our a runoff quarter vary year million includes of versus This prior on marked none favorable
Importantly, offset year loss versus X.X core costs ratio change improved business business an by was sensitive in to acquisition and in the for attritional of loss quarter. X.X increase due mix. prior by partially the a This points points features the the
improved year accident MGA service by to by resulting to period. we trend to Net quality fee to the Despite versus ratio, the strong income by was million this, by investment a million. quarter at to MGA as net year $XX reduced benefit million increasing the compared $XX Core quarter. excluding $XX underlying income strong $XX X.X increases. prior in the margins portfolio points X.X up revenue at year in rate Looking is year million compared to continues cats, prior for quarter the for derisked prior XX% our and the points This have $X earnings million. the from improved
million. Other on from quarter, investment the supported losses the liability the million including funds impact gains, impacting the party includes $X MGA quarter. for income an realized Common $XX actions This related MGA relating total the exchange from during and at losses actions. million million. mark-to-market classified quarter included stood instruments. $XX capital equity the shareholders' $XX and the of foreign were and grew result investment from we earnings net during X% gains strong took to The items by Unrealized
by Adjusting X%. shareholders' common for AOCI, equity grew
underlying at XX.X% net book Slide XX. core year pleased Now increased -- demonstrating half for We to improving Adjusting year. our looking of and net performance the the diluted transfer year-on-year, ratio earnings. from last our the we quality of on actions, growth value income combined loss and effect $XXX business, X%. impact million the of share MGA the for income of of a portfolio report the are very Net per XX%
basis is the ROE guidance Standing at MGA headline a XX% first excluding effect to and the XX.X% net Importantly, of half performance the on XX% when our XX%. medium-term of within range actions.
a service prior with of consolidated our strong by to MGA to at Looking point $XX compared up X the improving XX%. income margin fee service period million, X% performance. was year Net
half The points Looking X.X to at by Slide an in earnings We on increase prior improved X.X prior half pleased report our ratio. down in performance the in compared offset $X compared Cat of to million quality attritional acquisition and ratio points versus since X.X more XXXX. ratio in the detail substantially the in XXXX remain loss were cost and these core year $X year the at down points improved X.X the business by year. losses of were XX. more combination, OUE improvement million the which, than first in by the to underwriting
half XXXX, basis, premiums for written premium the up gross increased for a exited X% business Now written quarterly on and -- looking core premiums cyber compensation period. basis, the excludes increased shown gross trends, continuing and a premium compared quarter-on-quarter lines year which XX% first on to the We business. our workers' from discrete at prior lines quarter year continuing on XX. were Slide looking X% as
segment, a where XXXX. was all to be lines to on distribution builds impact remains growth While the programs expect driven had that by in specialisms and and we led through Service growth growth as we headline Insurance North insignificant by the saw year-end, programs. in both continuing drag America runoff business double-digit and launched growth bear strategy performance contributions in is in our beginning from International we significant momentum This The fruit. included XXXX
the reinsurance X%. premiums were down On side,
reductions see that to growth offset in Property continue casualty lines. in and Bermuda Specialty We U.S. partially our were by
Our on underwriting-first return best means as in strategy believe programs are the American areas growing targeting that we London programs. North that capital and we International such and will bring
nimble Our allows be to capital SiriusPoint structure allocators. us
roughly and quarter average In across in business. driven here, terms was non-U.S. program by American portfolio, and Casualty of of our second rate flat the broadly portfolio. the excluding an the U.S. American North saw first we change were in X% the around North sets Property mainly change program rates, the Rate business at rates business. excluding XX% in half,
lines, July change with rate produced rate U.S. in renewals. seen positive and across reinsurance The majority change The X% an period the of Casualty Specialty increases positive other lines. across rate to portfolio. business at Moving average strongest around was the
Net results the investment XX. investment of income $XXX for quarterly strong first half was our to the Turning Slide year million. on
guidance to have As million, million investment our $XXX $XXX Scott to from mentioned earlier, we million net up $XXX increased million. $XXX income to
portfolio well. our The portfolio portfolio, on cuts our across the yield fixed average half now based to of strategy income, which assumes and the income XX% remains unchanged at as perform the credit fixed income rating forward is an saw at is is our an AA. we operate low-volatility portfolio XX% average investment rating unchanged quarter, investment second In no continues guidance year. second continue to rate of X high-quality, grade with fixed AA. we curves defaults. credit Our a of investment Overall, in with
During reinvestment the in we excess quarter, X.X%. saw rates of
slightly Our portfolio X duration increased to years.
reminder, assets fully a loss As backing remain matched. reserves
quarter capital, end, equity. up XXX% estimated balance and Total This versus with prior $X.X at liquidity. quarter. significant an the Moving $X.X had shareholders' to Slide of we XX. including debt billion. is The common BSCR robust X% sheet stood is At ratio billion
took, points our debt of is result ratio now a our As XX.X%. actions within X.X decreased by This debt-to-capital to we range. ratio target
remained repurchase approximately capital stable and Series Last, our to enabled CMIG to to us mentioned, shares the liquidity as leverage Asset A and authorization These preference Scott positions settle demonstrate with X.Xx. reach X.X business at strong have flexibility to Further, the agreement actions repurchase our the approximately value. shares. have maximize in Board $XXX approved and to help sheet shareholder confidence balance we we our use million. of million the
conclude of strong presentation. were stable, and demonstrate XXXX results our quarter and our we financial and section this, half results. With the improving consistent second year
to through common this you on morning. like cycle. performance aim to XX% to for this would again and time your equity expect average XX% We deliver thank I a to on return the build
questions, turn the I at back to any contact operator. Relations please Investor over now our investor.relations@siriuspoint.com. call the For team
