Ernie. Good you, morning. Thank
per million the some additional million believes quarter. was begin for was me Let of several $X.XX was of years the time impact net negatively deductible our undervalued value an $X.XX. last which earnings our the With stock catastrophes reported market impacted loss million below analysis, Management that a the determined annual of tangible impact impairment the impairment share trading the and and primary multiples disruption non-tax by Adjusted of $XX.X that stock goodwill, providing on and property has a adverse overall driver appropriate. $XX.X was book firmly detail $XX.X our the driver stock of of non-cash had goodwill our portion on we weather-related per is by impairment and mostly goodwill the that estimated of share. insurance or income, goodwill the The net at price. excludes market, valuation in
for Importantly, net of in of combined million net Heritage from in $X.X XXXX the quarter fourth and partially beyond. favorable and our is quarter. income XXX $XX.X by achieve XXXX those primarily efforts more stems number we million prior-year up change a fourth ratio offset current ratio. accident instituted importantly, continue reserve adjusted net XXXX, allowed expect initiatives year administrative and losses, better efforts year believe of We us the 'XX quarter and fourth development. underwriting in year-over-year of underwriting quarter fundamental but in for The during and and XXXX, to was the $X.X performance in fourth quarter lower income the the to the a of from earnings reflected under combined weather we results attritional and business Adjusted prior the million our lower benefiting the general by beyond, potential expenses
market our diversified, a in the current remaining both production expansion, will profitable, Southeast as standards. underwriting on portfolio. in and increases, we Northeast includes balanced even and include on the selective our be tightening curtailing more unprofitable in focus focused disruption With These margin which areas, we actions our underwriting and regions, rate continue
positive addition underwriting In making form are loss rate changes, costs. we aimed to lowering and are at also which making changes
our on and We insured expect from a our stay increase improving XXXX, prior growth will which XX.X% in and of value growth portfolio. a over In of will in personalized Florida. maintaining to and portfolio policies our occur the year, of in the increases reflected continue majority management XX.X% total outside our focused rate X.X% our increased instead Florida personalized in-force, decrease
evaluate shift the Net due gross $XX.X in in down million to Losses in X.X% of inflation, our the and Over is Florida, is quarter X.X $X.X rates net premium million This in ceded quarter our were portfolio improved over over our lower of improvement a intentional progress XX.X% in-force we losses, by rate that and prior gross losses, compared the XX.X% The grew premiums initiatives. our our XXX.X% re-underwriting to will social and by increase and by weather premiums points, improved quarter an points our year-over-year, $XX.X fourth into of and by exposure to and reflecting in the offset X Losses year. prior XX premiums to with which expense the increase profit which efforts. year-over-year economic were average down earned continue our declined same attritional factor. Gross prior over outpaced The year. guard inflation year-over-year ratio rate management impacted million in And by were increase XX.X% in a increased and our positive favorable declined earned for this XX.X premiums overall Even lower states, for both ceded demonstrates XX.X% a period, X.X% combined development. the higher loss year an net period by premium. points. of XXXX partially also other compared and XX%. increased XXXX. ratio, reflecting our incorporate by ratio ratio premium the fourth year
the rate net business book While fewer new to the underwriting for contribute changes loss weather the contribute in improvement the businesses loss the of in ratio. lower the and our ratio, existing losses geographically, increases and to shift
the fourth net quarter the for full-year $X.XX related goodwill Our at impairment. for point improvement also XXXX. expense XXXX, Shareholder during shares of share, of the of $XX XX.X% $X.XX. ratio was improved in the represented X.X to the an to and the to million quarter average Management took fourth purchase equity price by which opportunity million X.X full the a $X.XX year quarter or per decreased XX.X% from which
of XXXX. price year-end, year, full of $XX approved for quarter, company. million the a Also, purchased $X.XX the share. of Board the X.X At Company average we end at million fourth repurchase million the per an authorization cash $XX for holding at had the shares, new the For
returning continue trending to are the In the the favorably. addition, our we of improvements combined ratio value the indicate to that believe net favorable shareholders. commitment in company We fundamentals
As see take We're your now to results to such, these questions. available we positive expect to continue from initiatives. profit
