and provide and fourth performance. year start Ralitza off quarter drilling on morning, quarter, you, by year fourth good strong underwriting detail the produced then I'll performance. Thank on our capping all. great results in CNA of off a some down full the
the Core to $XXX income quarter million. fourth in million $X increased by
to with underlying prior income alternatives investment compared development. returns period even to favorable this were cat fourth to core last large that gain quarter compared income of able of year year, was losses our Our in due million to with as $XXX underwriting only produced P&C higher and and more offset largely slightly slightly the down on operations down portfolio. We nearly lower year twice last
the ratio $XX losses or Storm ratio. points combined were the the Approximately X.X several period the period. or of the was and our catastrophe only XX.X%, to rest the an Winter quarter, million year smaller points points combined to fourth of year all-in X.X compared overall million $XX X pretax the combined from In in X.X XX% development catastrophe prior losses with compared increase ratio of Elliott quarter events. was from in P&C points prior on favorable by for the Prior of quarter
X ratios P&C to XX.X%, and from compared last levels near-record ratio for fourth underlying The down up XX.X%, underlying quarter ratio a loss in ratio XX.X% of of was year. last with expense consistent consecutive year underlying of quarter of points continues XXXX. was XXXX The combined X.X quarters. combined slightly The string fourth was of the the
will on Scott provide As usual, expenses. more details
premium change achieve continued the X%, In in increase X%, production and Net and a with growth remained and strong currency captives rate written X% X.X the written we renewal X% excluding point at was fluctuation. down growth quarter, was performance ex premium Written quarter, X% gross to fluctuation. X%. excluding strong premium currency
inflation exposure work We sensitive general see comp, and increases strong in continue property to lines liability. like
conditions the at but the the opportunities quarter. down last hard underwriters and as in due remained the XX% reduced XX% very substantially benefits and locked mentioned quarter the business quarter up liability it pricing Commercial, terms across the that in New management in this portfolio. in of improved we in was to strong quarter Retention slightly market high increased remained
for a treaties. unit the season property on individual commenting Before renewal for the X/X obviously big the quarter, results march business reinsurance the to focus was
some the X not treaties renewal did minor There the third-party come up quarter do treaties our and was Now until in some for went our property but June renew of well. renewals exchange in a few we little movement. got and capacity commission of cases, movement all in but of a that on in extra we some capacity the wanted for treaties the ceding
favorable And coverage economics on lines these very so ceding of and of the commission business. remain our reinsurance
XX.X%, points reflecting business was quarter points XX.X% and was loss The Specialty compared lower XX%. of The ratio X.X Turning improved The improvement X the than all-in now XX.X% combined year. below to is XXth expense ratio units. points to last X.X of which X.X ratio underlying quarter our was for fourth consecutive combined the XX.X% underlying ratio year. the last in to
minus for down compared Gross written last business was period premium IPOs to lower growth. captives growth significantly in our net down from this to the program X%. impacted ex And quarter. this opportunities year quarter which quarter new fewer written D&O was and Growth premium line growth due the same Specialty X% M&A was and minus less
the were increases X%, portfolio Rate liability rates the public rates still the management was digit. hard market points more were down by at mid-single where X market. D&O high negative quarter. achieved were double cumulative of hard what having to rates liability, were over rate after they digit and are than flat Private positive cyber financial and single and triple-digit the D&O the driven the increases management levels Within were start in rate
Specialty lines long-run the these above particularly of strong all was cost in We're quarter. achieving our retention the Because with increases XX% X% levels. straight over loss areas in the second the rate Specialty Retention trends. hard about our high quarter of earned large in at well still increases market, for
XX.X% only ratio to down same the loss ratio about a while for profit was year-over-year, X.X the an was compared catastrophes, expense the was year. Turning the to underlying full quarter XX.X%, The underlying with the stable ratio to combined ratio in underwriting the to last The up small in in with X.X combined quarter X.X quarter points XX.X% of even all-in to XX%, ratio Commercial. XX.X% combined points point year. X.X producing adding points but
and change X%, the renewal X up X%, lines X written quarter up XX% the grew work were from and and quarter. were quarterly business renewal written points premium strongest year. point all Rate the this rate X% change with growth digit third in for almost both all the Commercial In was was by XX%. net Gross products was premium quarters. comp premium quarter low change higher was captives than single of quarter, other exposure stable where relatively and quarter the in decreases and the Commercial X Rates ex last
provide increases was in a The January reinsurance anticipation has Accounts accelerated of Property points And quarter to quarter. were most in achieved significant increase magnitude. in an fourth more rate the on X/X Property little in our XX% X property. the portfolio, let greater rate in third detail and National was rate Accounts the me quarter compared by than fourth the In National renewals, higher it even
to get are market this everything are to So you not have is tend conditions only to certainly mini push as we past, in rate another correction and continue indicating we that the to which, leveraging are seeing offer to terms for named to persist indicated hard entering severe but and we period more I our significant to much a better higher on This clients. cycle. positive deductibles have longer lower capacity limits earthquake than the to controlling storm, substantially hard on included sustainable significant impact while our us perils continue and which storm sub has catastrophe exposure allowing convective market and broadly
to accurate we continue continued top secure increased we single-digit renewal of January. to an high have to in of saw in exposures. in hard property push On valuation and valuations TIV ensure the has fourth reflection increases quarter at that, We that
property opportunities to leverage have capabilities strong in expertise and We market. the
PML However, we order conservatively. to cat to in our intend growth to underwrite manage cautiously continue
currently we expect driven portfolio throughout rate. year, course the we of from the will expect be while grow So the this to growth more
other it X quarter. also as point Because nature muted quarter, Accounts, higher rate comp throughout the market. market, and general middle where true hard the lines work liability, profitable middle property like where of was is National this acceleration up was of was third than Outside in the together the of sold portfolio, more in market packaged rate was the with
renewal plus and been work strong middle change comp Commercial quite alone, premium both trends. And was In all cost the strong loss was quarter, work for the pace change year. up excluding digit, with retention at market XX% X%, keeping has renewal mid-single premium comp. remained
but the to a improvement X-point over underlying down full of year. was points of ratio loss International, is ratio XX.X% underlying points X.X year's XX%, and ratio the quarter, all-in The compared was fourth ratio XX.X% stable year. XX.X% combined year. X.X is by X.X point The combined to last quarter lower for this XX.X% last For last expense up the with
was benefits are very grew X%, well since the start as between actions in have currency and of here, all XX%, the of the previously International as strong in or of grew increase rate currency very as locking XX% International evenly International, gross on fluctuation. and premiums terms quarter, X% or plus excluding written cumulative hard the XX% the exposure. X% we too, and written the underwriting rate market. we and Retention Net fluctuation. split premiums conditions commented in Renewal conducted change premium XX%, was for strong excluding
provide some let year. Now me on perspectives the full
offset underwriting investment billion $X.XX and full limited increase from to was and per year, gain driven core billion decline The partially in $X.XXX per $X.XXX share the our in by income returns compared income securities. partnership common or For in XXXX. increase fixed a was share in an in income decrease or core income an $X.XX stock by
$XXX produced million offset in income a to million and operations $XXX by record prior This increase P&C LP for returns. $XX was of the million year. lower billion year, core stock partially over net investment increased due common Our income the by an the of income year. Underwriting to for million $X.XXX $XXX decrease
points in low catastrophe This combined $XXX loss XXXX. and versus million of XXXX. of a lower XX.X% was all-in ratio million X The than included $XXX record
had of development. X also period prior We point favorable
million underwriting a points for Our sixth for improved was ratio combined XXXX. The ratio. improvement $XX in P&C year, million since The underlying $XXX loss ratio underlying XX%, to consecutive year the by X.X the and of XX.X%, ratio XX.X% the year The with the combined increase. XXXX. gain expense of XX% improved low a lowest consistent underlying the marks was underlying to by record
segments underlying X in very produced and operating All strong combined XXXX. all-in ratios
was XX.X%, the our with Specialty, ratio a ratio. sub-XX consecutive underlying combined For year second underlying combined
the for to business the last and we portfolio since single XX.X%, effectively years combined over re-underwriting ratio We turnaround with the The X revamped and our due on high the trends continue all-in this extensive care XXXX. achieved loss was rate cover focus have digits. Specialty cost to health a in in lowest
the produced Commercial on combined The was ratio combined ratio record. of also on of the record. underlying XX.X% lowest lowest XX.X%, an all-in
combined record ratio which of each XX.X% underlying XX.X%, was a combined For International, the is was ratio the and all-in low.
excluding XX% second Turning to year. growth. fluctuation premium growth with the written and premiums excluding currency year Gross X% captives and the was for written double-digit fluctuation. XX% XX% Net were year currency ex up production and this consecutive
to over X% New and business grew premium year compared was and XX% up at by X with points for up increasing strong $XXX XX% Renewal higher Retention X% very XXXX. rates last year. and X%. than was was exposures the was change million
it with And to Scott. turn that, I'll over
