morning good and Dino Thanks everyone.
$XX operations million. third Our was underwriting quarter. $XXX the income produce million Pre-tax profit in core and casualty property $XX profit underlying million of was and underwriting
third Specialty’s to P&C ratio of as of first well its the units. XX.X% ratio business both and half as loss XX.X% underlying the our year. with consistent was third XXXX, Moving quarter, quarter underlying quarter of this was the each combined in
prior prior, healthcare development This liability was and being points accident Specialty’s overall management ratio period adverse. favorable driven surety and by combined year’s favorable offset primarily an included and XX.X% development. X.X by partially was of XXXX
a with With we're underwriting efforts. considerable rate, along in significant healthcare achieving now
in highlighted, book improvement themselves as regarding our Dino We the are rate we will confident under manifest that benefits cautious actuarial the be of we're control. getting of analysis. see this back just until we recognition Nonetheless, margin
captives written premium grew quarter. healthy in X% a third-party gross ex the Specialties
underlying first commercial ratio combined underlying higher last point year, the is of in half this improvement and with XX.X% third compared of quarter which the was the a than slight ratio XX.X% Our quarter, its year. loss a segments was but
of period prior development. overall adverse The -- three ratio third was points in catastrophe points including losses combined XXX.X% of X.X commercial was commercial quarter and
came from of commercial, mentioned, block accounts infact in revival to Dino million prior, As and are the statute of majority legislation. million legacy charge a XXXX the years reserved and York period the $XX accident $XX New of from unrelated the prior
addition by accounts. was reinsurance a expected a This those adverse in handful change on recoveries reserves an increased driven to case of of reserves primarily on re-evaluation
I highlight discussion the revival a lot statute been about there of has because it.
process are position early us, we for may because potential areas the the it However, in we where an in in excess exposure. is primarily have
We we this as information. to get continue evaluate will more
prior Aside adverse development, premium third-party of the from quarter. grew XX% the legacy gross ex written Commercial’s by development, captives commercial driven umbrella. had in million X period
XX.X%. the The pointed an underlying picture XXXX underlying of the of combined out, third our in combined ratio quarters XXX.X% international was improving Dino three as with quarter, for an but show first ratio segment
XX.X%, third half in and quarter than quarter, and the point by third points higher of our the large Lloyd's first several higher syndicate driven ratio the was property XXXX, in In Europe. losses year, loss than underlying last a the
international the X.X not As we've re-underwriting efforts. in the the improvement due ratio expense deteriorated reduction results of premium itself in year-over-year from overnight. in noted to will earned manifest The previous calls, our points
and points losses The all-in prior developments. period minimal including was X.X ratio combined XXX.X% of catastrophe
P&C the slightly of XX.X% current ratio rate, favorable included and expense some our quarter's expense. Our items as results below was run acquisition
unlocking the core term This a reserve $XXX an of Our from care million $XXX partially result our tax related care in after the our loss of million claim quarter. by includes Group after resulting offset Life a review. segment of million & reserves, long active tax annual long life gain $XX produced to charge term
claims review, than by reserve the is of driven expected our claim claim population favorable, review The which lower was severity. current
mentioned, results claim As was this the review favorable. row, a fourth in Dino year the of the is
of results significant On you The slide valuation presentation, our the our change the of analysis XX premium analysis. in see earnings the was can discount gross most rates.
beyond. normalized to we expectation of money new yields, XXXX yields, investment expectation current reduced Given yields new for near-term our for and in money lowering our addition
analysis a that year's on XX to rate basis. money new the to XX-year X.XX%. of tax a in yield X.XX%. points on expectations basis and X.XX% yield the reduced basis assumed year expectation nominal Last reduced normalized treasury drop This level This discount equivalent would we to a all-in X.XX% get
driver This review, the in morbidity was million GAAP Consistent of favorable due reduction of margin margin. the results $XXX to with rate. Claim GAAP change $XX the reserve to provided million a discount the
dynamics are to Moving note. to persistency, two there
First, other earnings, course of $XXX at a words, in over response million contribution, the last current the the our lapses rate a resulted is. what in margin driven improvement was year's which is action, by earnings which policyholder reduced portion future by past margin has and margin. reductions over benefit In year, expected year, to earning reduced of
the reduces the Ofcourse, a term. risk policies over reduction also long of active
for slightly claim policyholders than expected, on mortality we reacted In not lower this rates addition analysis. which this to been to have dynamic, in
mortality was in from the margin forward $XX primary the reduction the driver million to Lowering going expected GAAP persistency. remaining
future of rate increases a approved, we current we've as we to or program. regarding previously Finally, that increase discussed, part not file plan include and that rate been rate only yet filed as have premium increases
which outperformed past to the and additional million GAAP for rate to increases, continuing are XX margin. Over we've assumption file our to previous our add increase rate year, combined
million if are best rate to over we rate increases limit And we continue they unapproved $XXX justified. of rate Our reserve, will in while our assumptions the seek future currently when of anticipated estimate time reflect increases and amount unapproved increases.
causing -- of premium every the of in charge margin. analysis, the In annual variables each this there valuation low drove summarizing below a the GAAP active year's year premium zero driving our reserves analysis, life an movement to environment earnings. gross is So rate these unlocking and interest margin a
process. important been credibility moving statistics four lend like nearly to to There's since unlocked. were I think a on, setting our you assumptions few years I'd Before give that function last
time, X% than that be. of course active it our we is policy count the would Over expected lower now
paid count claim lower open the claims is Our total is lower and of amount expected than slightly X% expected. dollar than
So metric; in paid many better number four three all years and the the the claims policies of important total last set over remain, broad and open how were XXXX. amount the than assumption
XX% both call. individual of presentation, the active slide provided to XX last lives The XX% that during XXXX. data decline, since group continue updated quarter and we On respectively our earnings first we've third in earnings year's the blocks and down
slide years. XX, have essentially counts believe fairly block. of of of note you'll claim left maturity bottom block this our indication individual in the plateaued, the On We claim open individual been block steady were another recent on in the open
long-term on block. characteristics slide key care conclude XX our shows of care, To the long-term
claimant our average is indicating old You'll of XX mature. XX% for years and age note the of our that very accounts average new again block a reserves block that individual age the XX, which this is of is
level of group a lower XX mature, of has the average While benefits. age is block attained but less it the
benefit example lifetime inflation have protection. and XX% only For there few are policies very
we well-managed confidence have block long-term continue is our care Overall, to matured, in reserves. and our
the corporate produced quarter. million segment the in core third $XX of Our loss
prior the Pretax as investment amount income quarter. same net was year million, $XXX the
limited partnership equity income million, return average. and Our our half pretax is result produce quarterly common a roughly of portfolios in $XX the of X.X%
prior the on portfolio X.X% effective income higher quarter. Pretax year period. line million, income fixed slightly in was fixed than yield prior the A was portfolio from pretax $XXX our income with
income quarter quarter liabilities asset the support effective our end. with nine years assets income liabilities life in of Fixed had that and P&C effective X.X-year group an duration targets. with at of portfolio The that duration our support end line at fixed
was decline $X.X continues unrealized increase or share interest $XX.X per to billion be quarter end position the balance gain strong. due At shareholders our to $XX.XX billion and Our equity extremely sheet rates. in
an accumulated first was of three from dividend equity $XX.X share, for the $X.XX of XXXX year comprehensive or other quarters Shareholders income during year. when billion excluding per share per X% adjusted paid $XX.XX this increase end the of
operating quarter cash third $XXX was the million. In flow
a current capital and are targets well to conservative above metrics capital our maintain well structure internal ratings. as all continue very adequacy metrics, and credit their We as of
announce dividend we're Finally, to per pleased of share. $X.XX our quarterly
back that, I'll turn Dino. With it to
