today. thank all joining you for Thank and you, us Wasef,
and those release would I shift our said on behind we've had is excellent and of what of as strategy for the ability in to focus rate of with That markets our our our and momentum. the comments press strong another quarter. lines As producing margins from first you saw results we're execution last echo you results what's Wasef's the and quarter. night, quickly our saw Wasef strong consistent
expand dislocation last we portfolio more we call, with a led and we're business. lot optimistic pronounced further than quarter's The would last couple comment than we The to is in has the today a IGI, In was had even months an of to which our for of about abundance opportunities even here that when markets. I one opportunities profitable more diversify spoke initially talked you. make anticipated, ago to our
U.S. with makes markets highlights by IFRS decision, a sense onto for accordance in year numbers in I'll ahead which of first, moving NASDAQ GAAP. of on But fourth were meaningful shares we're the made release U.S. trading XXXX we're issued for This want the of comments last the as I are night quarter provide in our of of GAAP our basis, on our us to in in key common us. results and what U.S. voluntary first was the now All some on basis purely a as IGIC quarter proportion accounting the investors. in a and we first before on change press prepared opportunities financial in held some X/X/XX. from seeing focus to moment of
they may numbers So from IFRS. correspond under presented not deviate or to previously
in general This would results, to we've for growth in first a of primarily premium and few lesser focus there's first growth that quarter rates growth quarterly our in Gross extent, and lines recent in much Turning premium like was very seen the segments, the a on. one years. the representing points us Long-tail the highest I our XX% some to quarter gross Short-tail of Reinsurance healthy at segment. was casualty to
segment gross overall this were Although, down in premiums X%.
lines, energy aviation significant with in gross XX% business business Specifically rate and/or opportunities improvement oil in around segment, the well for in growth premiums profitable power, year. property violence. improvement all of QX gas, except -- predominantly the general most in short-tail we as and book, over last and recorded versus renewal as Growth our Short-tail political new on was
threefold of XX.X%, of term that result first book 'XX movements of ratio of the currency important -- over actual combined year, treaty few our than quarter, in a result to of Gabrielle, almost call. Cyclone in XXs, higher quarter's mid we benefited in still than long advantage the in as the a a of average high reflecting QX the which Zealand the very and in loss first from XXXX, whilst over points and reinsurance last talked was took growth the grew first sorry, -- of while premiums, this housing healthy the increased quarter higher of level the was we recall the about market More as quarter may Our of profitability from a you flooding level below a earthquake New itself Turkey.
year this compared more the for than to 'XX. million profit quarter at first XX% $XX.X higher was Overall, QX when
and and points expense which ratios, I'll down quickly address X.X the acquisition points respectively. G&A X.X were
fees, key expense growth 'XX expense by business quarter the premiums QX mix G&A costs 'XX in as as fees offset change to relates as in driver the new compared in net quarter, with higher and and to salary premium here commissions versus key in acquisition of 'XX. the a IT consultancy are movements the 'XX, earned in well partially favorable ratio, the to ratio, the the the level as QX first here Similarly higher earned the of well hires. in net reduction earned First, drivers related currency our
of led the rising significantly a in was last yields interest the in impact simple there's rates a QX to in of and story the a the that's improvement reinvestment which rates yield really and year. lot not first X.X%. quarter on up investment of to I point portfolio, here annualized when It's a investment compared to mean, income Investment say. to X.X growing
sheet, to increased Turning assets total just to over and total increased to the equity billion, $X.X over balance $XXX million. X.X% X.X%
million X authorization. common under repurchase We continued existing repurchase shares to common share our
XX.X%, average year, an release point press our annualized You the All-in, representing year. have of a out delivered on over night. average over representing in XX.X%, and improvement core specifics, of improvement we on X.X return last QX QX an X.X set as equity return points of operating last all last issued annualized equity
this grew XX% 'XX to $X.XX by XXst from at per December of end We value year. book share the QX
as attributes, much grow of as quarter's spoke really months. communications. that disciplined we've initially one supported start it's and transparent on That the the by we expected to remain call. So culture past numbers excellent flat adapt an last when structure I'm decisively key market to even and the than I to quickly we our operating to 'XX, and and company, changes as and our proud a said, ability collaboration in several of over our and to is better in had we our of continue seen
us it's we conditions call, form the was greater a said the I we very than dislocation, which initially anticipated, had for flow. similar greater as more to improving meant the what quarter's mentioned pricing far opportunity in has onto market, submission Moving and of earlier last although in pronounced
and So about markets ahead. we the in our are opportunities the increasingly bullish momentum
reinsurance second of for growth Already greatest similar positive. outlook quarter, significant energy, portfolio in year of violence. our with we've Our lines in is QX all in the treaty seen opportunities in the to property the short-tail very our virtually political remainder and and the
in of months to the X first we it the remainder reduce the While the year. of evenly of year, fairly majority continue the the portfolio throughout reduced
we So take of of will in advantage the continue us. front opportunities to
with with Short-tail in territory. The momentum exception X.X% variation in aviation, most the first rate landscape by as net We much lines increase saw of there Obviously lines. is to the I general robust, line rate the Turning here earlier. mentioned of is good and quarter.
average energy of showed XX%, than saw rate almost contingency renewal XX%. more increases while downstream instance, For property net increases of net and X%
We in market, and the given see geopolitical events. dislocation opportunity PV continue significant to recent
increases reinsurance the at capacity a that would So for this business, north moment. the note is of the in XX%. more net rate saw of line PV first costly in we But I far quarter
improvements rate momentum. be best for these we we've almost net our saw IGI. seen market reduced to to I lack see as note XX% would in in continuing capacity conditions of their reinsurance cat the of the pressured of increasingly a with many QX, The In of business some appetite others history have strong reinsurance treaty where we are significantly risk. that cat continues are
deploy results, seeing the a tolerances. quarter's our of first remained the very cautious we saw has way market allowed to As you quarter vision. in our outside when more until to up the quarter, wait leading and the the and we saw last our risk as from made mentioned moving meaningful outcome to way, This capacity in initially of described the behaving decision fourth in X/X call, without was we us
current Our class as piece portfolio the XX%, of persists, portfolio, long become we current and book probably treaty business, they at business will this around global which as a reinsurance as diversified both to our near-term. we is market by a meaningful expect that least of in overall as territorially business, of believe -- long more well
we to Long-tail In of rate where pressures. last consecutive competitive quite of pressures this But in we quarter's and see as renewal seen story mixed, We increases segment, of institutions quarters D&O business bit impacts in segment. variation saw a rates the noted by of and first force in Overall, have financial call, compression. several remains cumulative again, of net [X.X%]. the margin pricing continue quarter, in we and the is the there line
business. still again I'll extent, finding of holding really the is net professional based adequate we of General indemnity, Middle this casualty a more UK U.S. up of lines predominantly rate opportunity, are lesser business is take more which cautious remains than reiterate this increases of business a any continue pockets are although predominantly and a in following this Elsewhere, we East X%. selective to some don't to that Asia. to than write book and in the Overall, and approach trend, with we
is million increases first $XX with from more outpacing QX around movement we're where Long-tail lines other geographical over in almost markets U.S. all is U.S. of property exposed. rate predominantly writing, premiums business. and which our in we our year. doubled and positive clearly know, the last quarter, of energy, of Short-tailed by XX% contingency. supplemented Europe we the business some at Looking The In market. Elsewhere, America, kind in are as treaty $XX we Short-tail million and are writing Latin all seeing And you mostly reinsurance than
of out finally the and while offices probably of highest healthy XXX%. level and improving, Asia, arguably in years. you Dubai for Casablanca know, regions, production the which Our registered we growth MENA seeing there had are strong many very almost It's competition has as
in regional and where of offices of the our local ensuring the is make essential people capabilities ground cultural times. of one the to having with our service clients, our key these IGI, that is markets on right idiosyncrasies right to we providing unique and at all moves advantages For thereby understanding
returns to risk and adept areas we the bullish as adjusted us. portfolio very believe Excellence and best of with and said, are about excited optimistic long-term extremely the of remain very opportunities And new to remaining is we business and diversification. in and our current market I to continue conditions, those focused, shareholder us profitable strongest disciplined, So generating positive continue and we're expand ahead we value. on for shifting anticipating further what's in underwriting, we where can with summary,
for I'm here over to and questions. pause So turn it we'll going
we're to please. ready the Operator, take question, first
