everyone. Good morning,
by and was of income reserve recent operation Pretax XX% driven quarters $XX underlying steady prior profit combined quarter. million Casualty & from a consistent Property up Our ratio of favorable of underwriting core with the loss year $XXX $XXX million million, produced development.
our and to improved current ratio in with run expense Our rate. line XX.X% is
and as institutions. segments, each to ratio X.X as Specialty's financial liability development P&C surety for XX% quarter management including favorable Moving points was combined by the our of of driven well
surety than once of frequently You we reviewing in per recall that first our the during more year the quarter. quarter beginning began third reserves this year,
As quarter. than generated development the Year-to-date, third in XX.X. Specialty's X Specialty concentrated third quarter prior X of little points. in has Specialty's was reserve XX.X. overall ratio points underlying in more a result, our the favorable development of XXXX spread ratio combined throughout Specialty rather year-to-date Year-to-date, being is period is XXXX versus than combined a
cat Commercial in in good is XX.X%. had Year-to-date, X Commercial third included XX.X%. the XX%. that catastrophe losses, combined historically a Our quarter segment's ratio result a ratio underlying quarter This points combined combined significant was third ratio result of activity. was all-in Commercial's quarter
by in Harvey. is generated segment International's losses XXX.X% of a in combined quarter ratio International year-to-date ratio combined Our driven XXX.X%. the third property
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of quarter the impact annual review. third include results reserve also The our claim
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Our which discuss billion have slightly GAAP a reserves moment. million $XX.X a of down embedded of level last from in $XXX year I'll margin,
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results reserving there valuation as protection. example, reserving year, are very with have analysis, now X% position. you only as inflation premium GPV On of assuming lifetime better gross until well we the a XX, and future XX% For see our in and our Beginning you key XXXX. Prior of have the to morbidity had give policies, embedded which estimate can no assumptions. assumptions, we improvement, our morbidity XX improvement few slide best annually sense improvement been should benefit this
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paying policyholders reduce rate of Both to XX% given a convert reduce past their a in benefit, have meaningfully exposure. addition option, benefits which that to of the have of options of in them given we do increases, these when to rate chosen limited or policyholders lieu to premium even modest In have to in the to increase, allows benefit and many amount keep stop recent years. policy which our Group elected an a elections policyholders' option policyholders
our higher revising morbidity well-managed, reserves. overall, to GAAP rate mature, on have care and conclude So, gaining achieving $XXX margin our after increases million. is and assumptions from To block the decreased continue we confidence than $XXX in long-term our mortality anticipated, to long-term benefit and from million care,
portfolio of pretax Pretax the flat liabilities $XX in investment $XXX income in prior million which the quarter. Fixed were this core in assets X.X of income, years $XXX return, million X.X assets quarter, portfolio compared an $XX Our of the targets. year million net our income support quarter. third with consistent loss Corporate Life essentially X.X% quarter, duration The limited long-duration quarter the the a with line income was quarter effective support quarter, of fixed million with was million fixed had the last income The with compared produced changes in The quarter. was prior year $XX by from segment periods. & third was prior a the driven yield X.X% partnership our million our effective Group at on $XXX end. was income duration at portfolio produced which year. liabilities effective Pretax portfolio security P&C that in fixed income with end, pretax years that
$XX.X for equity $XX.X $X.XX extremely paid At XXXX other far income per year-end or $XX.XX shareholders' comprehensive Our billion and from September was balance continues of to sheet strong. increase year. $XX.XX was be adjusted share, accumulated so X% dividends or shareholders' per an share, excluding this share of XX, XXXX, per equity when billion
was was net third flow $XXX In portfolio's investment quarter, unrealized end. operating billion quarter $X.X the Our gain million. cash at
capital conservative continue We to maintain very a structure.
back of and capital adequacy Dino. current metrics With to their internal ratings. All targets turn our above well credit and are I'll it that,
