all thank and joining Wasef, you today. you, us for Thank
only XX-year diversified growth underwriting Wasef as Gross release, straightforward. the premiums results record for solid written of which a our book build the fourth have story very about is As of excellent the year the of the XXXX, with fairly million, start solid over excellent that press production. a high-quality, recap but representing high-level not fourth business and ahead. an we we've the itself numbers in saw quarter XX.X% the were as continue of supports $XXX.X you lays in mentioned, strong had years XXXX, core foundation track to producing I'll quarter at
For million. the to full by grew $XXX.X of level we record year, XX.X% a premiums
growth Short-tail business the aviation, two exception to as in result well In in While trends XXXX, fourth in continue saw Growth business as quarter particularly rates. of a in in early every as experienced renewal of we it's in increases but with most well the over still and we as U.S. saw new lines the of growth line increased past the years in expect in XXXX. the was as segment, we engineering
U.S., marine in the we recorded professional said, and million increase $XX.X wrote as Long-tail premium of years strong and and growth non-U.S. we a of than was is for growth we institutions. D&O. segment, in XXXX, line, the most in to the see which, is Long-tail of in the lines Specifically growth as an XX% which in opportunity wrote in what financial significant more indemnity segment predominantly its we us the in exception this the XXXX. In with come. The We casualty always business all of a liability
the the XX% the and full very average segment, is on XX.X% would of portfolio. segment, the treaty compares by approximately accounted indemnity the income X% for million full of U.K. claims-made overall basis to business We excess worth fourth year emanating of we the of quarter in and not reported to good of rates primarily approximately XX% the This the $XX.X for that our and of was D&O business some energy, period. an lines this XX.X% fourth was portfolio. Short-tail in in It's For which from premium business the of $XXX.X written book year and driven lesser achieved premium these That A year for XXXX, significant for which property in XX.X% increases lines over portion Growth an XXXX, The of in was In relatively reinsurance and on increase gradual. Europe underwriting book, overall accounted primarily also Growth lines, both capacity made this up written also the for for and year the continuing IGI. premiums portfolio, and in and XXXX. full reinsurance professional appetite market note XXXX lines. our of and the XX.X% for We're continuing for million large in the up remain the to business the remain And on of we acceleration segment, where business quarter reiterating year East. the is treaty full new XXXX. and gross was accounted rate are of We're full price in marine and the primarily pace although of fourth these and The Long-tail business, of in that degree, cargo XX%. slowing wrote XXXX construction and $X a for was our contingency for see ratio constrained. as opportunities the see recorded and do which of approximately underwriting engineering in a And lines this of the it's a with I U.S. relatively gross in in and $XX.X combined million net income $XX periods. healthy each quarter XX.X% $XX.X Overall, for full respectively. record the year XXXX. million million represented XX.X% for fourth million Middle basis. most quarter
release, year to unfavorable favorable acquisition XXXX costs premiums both full XXXX, and level year the both with you ratio to and the the claims press XXXX. years development claims increased fourth favorable increase fourth in both and quarter in lower a points As net X.X the well for from in written periods. quarter prior Policy year quarter in and compared the fourth period development earned XX points of XXXX year, in in as the the fourth increased from accident earned expense reflecting quarter the XXXX, due compared same saw of full of in losses as and the our full improved premiums throughout full for when the development
company's points for 'XX point However, of fourth a improved the by shy the premium year the higher fees. growth and to in of to cost professional to over and new and policy in some full the infrastructure expense related increased acquisition ratio the investment to General fourth year quarter on largely XXXX, as administrative hires -- legal and support full well expenses XXXX. both nonrecurring salaries period prior as X.X higher year technology due and were period earned over the in just the quarter compared when X and
likely to continue are We And grow. cognizant this. keep expenses that a close on we to we as eye increase are
release and clearly 'XX the for results quarter set movements year currency press out night. full the Foreign are in issued last fourth
turn our to I'll investment portfolio. So
by flow the Growth duration full the investor quarter the portfolio You can find we and year, and an investment have breakdown for portfolio cash fourth which supported from for net the in in on full posted was the increase of operations. the our presentation year and website.
in Here, a a the $XX.X company's fixed respectively. to million years XXXX for respectively, in that total XXXX The commercial $X.X full ongoing year higher has deployed, has which particularly currency XX.X% devaluation estate share movement, turmoil significant million maturity the million was investment gain economic in investment income net total resulted the where of of Lebanon, and in quarter relates the of of real of decline of hyperinflationary for fourth quarter $X.X and million mark-to-market and the million loss value million to same a loss pressures from financial share versus funds increased some a of the portfolio. caused realized throughout a in and country. volume meaningful Including unrealized $X associates $XX.X XXXX in and fourth the XXXX for income and due and full loss of properties by compared XXXX bond XXXX recorded the to the to of IGI gain owns for quarter investment a $X.X
we last night, Lebanon written estate press As holdings further expect our material down been real in our this don't any holdings. by from so said more of estate XX%; we now impact than release real portion has our
was quarter when a fourth the in of fourth total other period XXXX, of and of included investment reclassification net to result a million comprehensive to XXXX same of million decreased the $X.X a income as the the XX.X% from For by $X.X income income maturity interest XXXX, calculation quarter the compared compared down the XXXX. in with interest-bearing for management XXXX, and for fixed quarter from fourth the Income assessment of by period full effective portfolio. portfolio or up XX.X% core corresponding interest year rate the when bond in the
was million than quarter XXXX XX% the fourth more year operating to to from full compared the increase average XXXX, to for with for full from X.X% fourth value the of term million portfolio. XX, was quarter which for $X.XX representing XXXX, an X.X% a for XX.X% and and yield of and of and the X.X% XXXX income full $XX.X XXXX included XXXX. periods first the of the of The on higher quarter full for public of The equity of The for fourth compared year datapoint reclassification return of year full an Core per year yield share for of for per and was XXXX increase in since fourth million just million. in the X.X% the for Core allocation the December the income of for quarter $X.X background increase on March $XXX.X quarter value described. I million income comprehensive becoming the the a and equity despite corresponding full compared was December increase the XXXX the company. yielding bonds XXXX. roughly XXXX, X.X% fourth the XX.X% $XX.X at from deposits the a a in $X.X to reasons when While the to fourth quarter XXXX, full in X.X% interest $XX.X of for was the to operating increase XXXX on XXXX tripled relevant result was decline the yield XX, for XX.X% annualized year. year million with Book [ph] maturity average portfolio average and the quarter full X.X% fourth XXXX. year and share Shareholders' bond year fourth X.X% is deposits for XXXX fixed X.X% book the quarter XX, compared and other
year business. all, our to years in mark XX the an in excellent all So,
in conditions, our of our year. and the position for remainder spend the market, some we'll time outlook market Now, the discussing
and markets only the have The first XXXX Europe taken We during are year expect of during opportunity portfolio. growth into the financial we majority primarily we significant which we established both our for the the in and recall include institutions. already our opportunities We saw so our further that a expect the are on PI U.S., majority and extent D&O, all indications U.S. to we of we lines of quarter business, seeing regions where lesser compared XXXX. we're short-tail and well and new Western few portfolio that meaningful both long-tail years writing the a long-tail to of and to in level subsidiary the growth when expect have you'll In far positive extent, similar be [ph] growth with a first where XXXX. In been in during in lines. but July, in XXXX, Malta advantage and in Europe, half both, across our XX% of Northern renewed European we expansion particularly Europe, growth last are the in The first segments. still see us, said we and, a
On engineering the proxy of opportunities in short-tail Europe. side, we're seeing coming some out Western
really signs the be up than well. business. rates more of as line XX% rate lines, professional in In claims short-tail was we improvement XXXX weakening times although give significant and Europe. this D&O, the year. most of although on can but professional long-tail In has of premium as long-term were continues business in write around the are rate basis, specifically, XXXX this should setup we varies to of While indemnity. see other within million XX% there indication, you lines line, of to we line, achieve will business what this $XX widely several measure around we said Again, expect was pace of to the gross and a of rate an be like made U.S. our a before, portfolio But long-term in continue increases the written most In of on depending acceleration majority better to any production segment, phase, the written we slowed across see don't
Our early Russian comment of It result on to us of are from invasion. moderate It's to which all too action closely impact situation to on to geographically, immediately improvements the in the X%. can re-insurance Russia, portfolio, what Ukraine, continues sanctions. for also the comment Russia. is, a monitoring will rate impact as is including are sanctions any over see against be say too to and ready early I and well-spent is current the of situation we against What respond the taken
our business obviously -- our to but footprint, are are impacted, in energy given Given and exposures book, portfolio in these that likely our be have profile some profile do we geographic not mostly material. our
We are our impacts. to but don't are serious required. expect Clearly, and this this and and keep investment at the portfolio, we to again, and very action top continue take is looking any be on it situation, a appropriate when fast as and evolving there real will of we is
Wasef's Before questions, wanted the beginning I we at comments open call upon to the the to up expand of call. just
We our years XXXX our IGI. earnings capabilities. and strength in have past XX and our core And our of strength focusing on results the and worked demonstrates power in hard for XXXX results on core focusing clearly the capabilities,
that of markets are tolerances. our and We've much technical been a lines by culture. we've outside capabilities, our and of how where proven including in very expertise We business, is have entering a are we somewhat underwriter, lines significant business staying service-oriented in and grown don't, from those away the this where and risk we experience systematic backed
not growth; is thoughtful, will growth this for growth sake change. not of measured Our the and just
where successfully that what to important point means shift our in exposures our conditions structure market flat and and growth is years. past market and quickly the What any cycles. decisively that so our open over respond that tightly us is and has organic allow And that and XX navigate been controlled can communications know we are. operational we transparent Another to entirely
proven our and -- the at have ratio ability our track We an of this. demonstrates clearly combined cyclicality manage average XX% our record to volatility and business, demonstrates with capped
and XXXX, continue shareholders the at results said to as over we to the also about the [ph]. Wasef proud very future achieved that beginning confident the in of to -- call, our we've we last our value years. generate of and the in We XX the in come for years to are expect the come are And years
time I that are call the and we open typically that at our Lastly before note results. Q&A, our held the same to would board we meetings up report
announcements as are report. for out instance, any same made so, meetings around time And dividends, coming those the of we regarding
this -- Our board is board meeting later month. meeting our
So, announcements be any will made then.
we're I'm to the going it we'll take and first turn please. Operator, question, pause So, ready there over to questions. for
