Thank Ralitza, you good morning and all.
the to organization. acknowledge contributions Motamed the my our Before to on of remarks quarter, I I like would begin Tom
and in at ranks capabilities His years for helped XXXX. Chairman man distinction XX incredible legacy the myriad CEO an truly and April and on he years. As an Tom then climbing in behind served passed define was XX you and which CNA’s all away contributions Tom joining through leaving know, reputation. our for industry, leadership CNA as effective through, over with and XX, insurance Chubb
by our saddened be commitment is will to Our Tom’s his entire passing industry. not grateful entire always organization for but we to CNA and only
increased In and in Net income increased from growth million CNA last first in to up Core retention, $XXX significant quarter our continued very fourth by million $XX rebound the income change rate results pre-tax quarter strong line of success, record new top a high investment P&C XX% gain million underwriting of excellent year-over-year, million quarter. business profitability the million. first year. underlying in $XX from and pre-tax to $XXX was the the produced $XXX and quarter, with a double-digit
a of combined first with actions of in strong strongly average reflective adverse several points losses elevated catastrophe segment pre-tax overall our P&C management our which was XX.X% points X.X ratio, well very catastrophe our the from slightly quarter our of on is which liability losses the XX-year of combined ratio X.X industry Against first part period or below years of backdrop $XX points, re-underwriting for by we portfolio. of we in as the is quarter, ratio of combined prudent all-in development professional on ago believe exited exposures. unfavorable a catastrophe London development million, X.X at the was Prior
than year ratio expense in the the The was ratio quarter points loss year-over-year, P&C year. the and and ratio of X.X of also XX.X% X.X was this points. points combined XX.X X.X underlying XX.X%, is last underlying down was lower quarter The first down first of
XX% both with In strong very production we in written the premium. ex-captives growth and gross premium written a quarter, net performance achieved
strong our international in currency segments. and Excluding was both for and fluctuations, XX% metrics the particularly growth commercial was
were will points a levels written year. impact in quarter where with up commercial rate were fourth acceleration X in up a higher X% Written the X rates full increase compared last quarter, of rates of to compared the quarter favorably commercial, third X%, year. the rate was point These the earned up rate to points and to throughout
Pricing overall premium at than strong remains where the most, renewal rational, need more slightly and it change increasing remains X%. we
and acts portion change of the up exposure close trends, rate of cost run our like Importantly, long X.X%. cover continues this which quarter rate that at change to are few tenths a loss point to a
capitalized of XX% elevated target classes. on in New to quarter each in opportunities across business of where particularly business a was new the was for commercial, the The number $XXX board million. our up we
strong accounts several market, national programs. to Over years, affinity had areas as construction verticals we time, on property, the verticals surety, last healthcare marine, commented such we’ve built middle long and addition have national for verticals. casualty, accounts in like and We’ve industry a our strengthening in
We are and we is built well and chain industry those us, in since the and underwriting, just calls behind segments in the value marketplace. areas top control. as so claim risk not business clearly expertise but such the extensively re-underwriting I’ve in have discussed prior in engaged in across Moreover,
are will the XX% growing to and been to of that have than of XX% to that our we we our saw as the remained at compared seek strength strong retain Retention vary possible, renewal specialty, years. much two we our more new level of business consistent, stronger quarters as terms during the course this in focused and high straight saw at combined business four quarters. the across generated the for last profit for In remains and the across first We has around quarter, and dollars new as ratios quarter this in has international underlying segments track and we years. pricing commercial and single-mindedly the of hard opportunities as market closely conditions grow on has achieved business that
XX.X%. were to underlying points our Turning ratio to in by expense ratios quarter. X.X very units, ratio combined to improved underlying and three the points XX.X%, the business and at up strong first XX% The all-in loss for each was the X.X specialty
community, exposure large of to limited have part regional D&O as banks portfolio. and We our
management than to aggregate continue our less loss exposures liability of ratio X% we and prudent portfolio, banking PICs. maintain accident year current Our represent
net flat plus-X%. ex-captives Gross premium premium opportunities fewer in for transaction significantly was M&A Growth business in written less written growth and from to was growth specialty quarter. up the due quarter, program new our liability lower this was
was amounts of in business this gross and business other or the program, quarter in slightly of wrote specialty production XXXX. similar X% growth lines the was new Excluding first in the higher the than specialty quarter we
the pricing from rate Within the down by experienced quarter. quarter, the rate towards specialty, of points Management rates double-digit D&O the business is during of X pricing. quarter plus-X from to largely cumulative quarter which softening quarter minus-X% X this point were impacted end flat decreases minus-XX%. the D&O, fourth down first fourth quarter, market this In the This from line where was throughout fourth cycle, liability continued XXXX. of of peaked this the quarter, rate down hard which environment had high
fewer continue near point, line quickly creating claims opportunities term. new new has it history on depends activity, that How market taught the long Since financial as which entrants is softening in will this of into us. in can with pretty combined business, the the this price change
record of with exist, Retention coverage. third we XX% the strong needed as all will continue underwrite very track high at associated as stable secure clearly they with remains at straight and longstanding, the expert accounts levels. right in retention proven products terms and which for achieving conditions many quarter, We their conservatively clients towers the specialty insurers value the to and construct
was lowest XX.X%, Turning in stable improved quarter, XX%, representing last combined the ratio to year. by years. quarter. point XX.X% first The was all-in in to year-over-year. X.X ratio ratio lower loss underlying expense was the of XX.X% the quarterly The of ratio commercial, a ratio cat XX X.X underlying full points combined almost points than and lowest on The loss includes which the in expense record the
stable slight by units quarter. by ex-captives portfolio written our points premiums premium the the pricing, within benefited commercial, high of higher quarter, property grew rates, strong business. national and Rates was were up in this quarter business improved levels than property wherein each net written from commercial Gross in renewal plus-X% In X%. retentions, XX% rate XX%. change driven and commercial accounts acceleration new up X above from to fourth was All
January climb the fourth Price call. I increases quarter through continued levels commented that our during quarter on in the from to
rate nature of middle multi-line in given the property a middle business, single increases market high property accounts had different mono-line digits, the market than just great result larger Our package dynamic a which is competitive business.
some XXs level Looking of see beyond property, we forward, any in the rates of change do in areas are fact, accounts national we in experiencing accelerating high we today. the signs see marketplace; significant not
have impact of to on conditions, a and you on positive our we catastrophe controlling exposure. which quarter significant capitalize continue terms Outside to improved as described we rate, last
were national first insurance appropriate securing valuation on focused in high single these extremely the digits times, in value remain property and increases inflationary also We to during accounts quarter.
reinsurance June treaties on As X. you know, renew major our property
Although early, this our have line still reinsurers, help to reveals our that expect - good fourth the sentiment all at quarter had in our we in the little a us also of year property and benefited what quarter in with which we prudent results we and remains our cat, has business, first of renewal. said management again of
nonetheless line anticipate strong last We and the strong expect program our at we’ve securing years, expect expertise. we performance to reflect with to maintain the and in what we while prices, program a over underwriting several had pricing higher
renewal light is long auto in commercial the improved impact of as that pace also X%, mid in on than in X% rates and throughout moved even in trends verdicts month casualty for quarter rates with loss first the the line. by in it line. which keeping property, have more digits higher were nuclear the and encouraging this continued needed higher and point to was April, is quarter, Outside quarter the Excess were of Rates run above industry over cost trend slightly of this a single change premium March.
and rates past, to run above and mid have renewal last our up we this slightly digit was overall portfolio in the As moved down to highlighted comp premium and social benefited in change and performance liability continues loss the brought work limits the negative, we April. X% premium was of comp, change long as has several over also continued higher trend. in pressure, in also the quarter our quarter have up single were which be well. in Work renewal well years to inflationary be response cost pricing, general profile XX%, commercial excluding that pricing the Primarily, the
was Commercial strong and strong business XX% retention units. remains in at all
up New XX% across business was business and earlier. areas, mentioned all as I strong also
business firming and persist. lines specialized new verticals, and commercial anticipate quality business rates in the well we to Given opportunities our established
excluding international or XX%, fluctuation. ratio all-in this fluctuation. was premium XX% currency combined X%. up at international, in International quarter XX.X%, both the premiums above change a X% and increase XX% strong rate or straight top four been quarter For XX% X%, gross Net currency for Renewal at with strong or underlying was record excluding for this line in XX.X% grew the written has and the Retention and low. written was combined with exposure ratio was level up had quarters. quarter the premiums
X% business fluctuations. the XX% quarter currency up New was in and excluding
is and Our international growing consistently now overall. meaningful producing CNA operation profitability for
turn to I it will that, With Scott. over
