results because thank fourth our Good of to net despite represent us more XXXX and for a the for you joining finish today hear Operating quarter reporting strong of loss about morning results. quarter fourth for operating a and million full was of quarter of accounting on for improved year Non-GAAP XXXX. income equity value XX% changes in securities. the basis, $XXX a the than the higher requirement it fair
to confident encouraged We policies, strategy again XXXX and financial provide the manage XXXX are execute by price our outstanding the and quarter support efforts year well. and in for ability agencies. in be underwriting results and Improved operating to full continue carefully our claims it performance service, to fourth steady reflected our our investments
underwriting Our various XX.X%, improved fourth X.X full reflected XX.X% while catastrophe than one-tenth weather XXXX. effects lower of more contributed underlying a to ratio XXXX point combined measures. year Slightly favorable better XXXX helped points in in quarter, was
We on improve believe results. and GAAP to catastrophe for continue XXXX policy-by-policy models to further ratio effects we risk segment improvement and below a renewal selection prudent new a decisions That can vital further on data ratio using and balance business XXXX precision combine a the underwriter to expertise underwriting our pricing is underwriting We successfully and business growth XX%. that work combined of before basis. opportunities combined
insurance lines ago retention of high rates healthy range. a for policy in to segments. affect recognize levels some business mid-XX% end will that our the are similar manage of that continuing growth price We casualty property our percentage our ultimately and to property average that industry report. influence rate We of also point conditions premium property policy casualty XXXX XXXX. and believe to results continued with market trends weather were retention for year pricing each we renewal the commercial increases XXXX, In be X casualty can changes we within the significant of variables near Policy
For underwriting XXXX near personal reflecting and declined of recent from the during was year second increased levels our range. lines, the discipline mid-XX% policy the high half retention end of
with where in the strategy franchise we independent in only XXX XXXX, years underrepresented of are established agencies. growth appointing net with agencies casualty that areas a offer they that approximately appointed focus. and our worth appoint primarily we or plan preserve personal In XX agencies products to taking long-term relationships XXX Our lines to Similar all new to another market like care value. most we insurance property will and includes products additional agencies our benefit XXXX, ones recent high
our for clients through new superior of business those agencies. of service combination to and continue expansion We of agencies from a products earn insurance
new year casualty full of XXXX, segments reported X%. levels written property and premiums business record casualty overall each For of net premiums written property grew our
renewal a catastrophe for by eight fourth underwriters segment our the increases point tens lines price for for XX.X% for in lines commercial increasing ratio of quarter. quarter, ratio the For to business were to increases. improved by continued overall to full similar price year the our losses third the XXXX the average estimated Combined generate point. Commercial percentage quarter despite fourth a
fourth was a performance prove improvement. the it we personal similar continued XXXX, with average as quarter XXXX rate experience of continued fourth for the work end segment it rise combined compared profitable, the as quarter. year above ratio lines was third changes XXX% while in year Personal to to quarter was Our to XXXX lines for
was and wildfires. losses with with Our XXXX in a double results the with losses twice our net catastrophe ratio weather another grow excess consistent premiums XX%. year insured to catastrophe written surplus global average. combined is historical had from roughly affected which expectations digit Cincinnati It and and for of planned, Re including continued a with ratio XXX.X% year year a growth below combined long-term segment by excellent finished lines the but adversely as severe
our year XXXX subsidiary steady provides supports for with renewed growth full agents primary our again less and life has our fourth earnings to to and at Xst premiums, that to year, business property-casualty insurance property-casualty retention its our correlation our treaties quarter product business. of X%. of of Our life as growth January This largest premium than On and term each risk weather it XX% transfer we reinsurers. insurance earned part grew of this account contributions again line,
and catastrophe per For treaties and treaty, risk our conditions terms are both property XXXX. our for to XXXX similar
treaties target did written the operating rate amount reductions, market we decline of direct VCR because ratio, While some subject for we The our The value. positive are value-creation a in similar premiums receive due financial to seasoned our growing. performance, negative income modest expect both to full long-term our of in year be measure range years X.X%. XXXX premiums to those was securities contribution was X.X%. below from long-term The primary was total the
good performance with decision past our in in the the within conclusion, of X.X% the was this the key the range. However, year five of market, regular the the years cash finishing factor the fourth well reflects increase recent earlier stock was to areas declared a quarter insurance reward VCR dividend Despite In improvement. for in business target shareholders the Board a operational by Directors our downturn of average month. ongoing
Officer, points about Mike Next, important Sewell financial several highlight performance. our our will Chief Financial
