discuss segment our good operating updated our performance consolidated will for results, and John, our outlook with and you, I Thank XXXX. review morning. finish
annualized income of quarter, per the share diluted of we share. generated $X.XX ROE non-GAAP earnings For X.X% a and of reported We X.X%. an operating net of $X.XX and per ROE non-GAAP operating
operating For the generated of non-GAAP we of the X.X%. first ROE half a year,
in is generate which for our perform about volatility includes some related injury impact We of volumes continues our well business and our business. a accounted X% of overall catastrophe return written ROE $XX.X commercial our auto below despite in of to steady of offset physical These year, strength for good increases well, had were premiums reduction helped so this from quarter auto our and XX% the reducing investments. it’s growth. While premium alternative and quarter. target quarter about COVID-XX with the credits net premium to personal in credits believe solid averaging X.X% for business, we credits the renewal feel flat owned Strong written losses the operating damage fully were rate COVID-XX and retention, far net growth short-term by net lines Consolidated strong losses. and the price in growth bodily balance the profitability premium The XXXX. of and the was well-positioned order, million new premiums X% as and year. a by written the reduction are renewal our drive premiums we are pure Year-to-date, points were
the million written premiums by premium net and related collectively points. the credits premium $XX.X COVID-XX line accrual X% items, million second including year-to-date first quarter the that on Our audit significantly quarter reduced audit $XX was impacted top by
X.X casualty basis, casualty to so brought quarter, accrual well evaluate an Catastrophe quarter the and estimated premium complete, of reserve against second we continue period. prior around level combined combined excellent lower related development workers’ premium the to about to full XXXX help until XXXX, be will in the significant general of reported prior of million million a to and into of added $XX part losses liability latter the the net ratio to points It development, we result the order that As the combined improvement catastrophe to good John at combined by excluding quarterly. million the impact significant ongoing XX.X%, feel light impact accrual We of in the $XX With year reserve the the prior losses COVID-XX. $XX was and on exposure points. the but quarter be XX.X% premium the On down totaled ratio, of year XX.X% of premiums. mentioned, XX.X% will exposures audit an we endorsed we favorable of and audit it from accrual the a for compensation the the orderable extent our during compared catastrophes know million down ratio GC $XX and in X% to year of reduced ratio underlying end.
by underwriting the basis pre-tax and combined expenses accruals to $X.X underlying reduced that impact For million quarter of points. operating lower net the points income underwriting ratio income earned specific combined of reduced first of combined include underwriting XX.X% quarter than underlying specific increased accrual. second million and the benefited months improvement. ratio of by X.X% property reduced Included have XXXX, $X.X expenses. Underlying margin of the losses of underlying These reduced from $XX premium six audit and due margins million reflects in non-catastrophe first the XXX the expected our items of losses ratio underwriting the COVID-XX in
We X.X% related by COVID the also These by ratio in totaled $X pre-tax doubtful increased have year-to-date our points. specific to reduced $X.XX million accounts our $XX for EPS combined X.X% the our ROE points. receivable by $X.XX and the Year-to-date, quarter and points. COVID-XX by our items have premiums These billing items million reduced EPS allowance our by leniencies. second increased quarter X.X% due charges underwriting our related and ROE by
the expenses, premiums ratio our reduced The expense to This earned the earned COVID-XX by for of quarter. was in year-to-date XX.X% for expense coupled and was in reflects X.X% ratio with premium second related of items, better expected initiatives. quarter. $XX quarter elevated points our a XX.X% the million $X Moving million items to the bad our COVID-XX-related increase for Absent allowance and than debt, the to expense added management the these expense ratio. XX.X% impact
employee so initiatives, temporary entertainment short-term and relates expenses, new of lower and travel Some and of and the to some compensation. however, deferrals can as seen lower buyers be these projects
premium premium stock driven of customers’ come us the having out drive and debt. compensation period, which economic compared face from are a seek expense slowdown, Corporate volumes smaller totaled leverage increase operational in holding In our ratio to will compensation our operating upward for expense. pressure will continue being our and comprised year-ago efficiency, bad impacted, we said, the while expense further lower costs further long-term company continuing also to costs our pressure to addition, in improve stock-based in which the $X.X ratio ratio spread if to in some our due ways infrastructure under The finances expense could over That down by result expenses, to allowance base. and quarter, principally to a time, million face pressure $X.X continue our our are with invest business. million over
The Turning the second based premiums their Standard growth in and inclusive in the rate points. partner deep to increase and relationships. April Standard premium growth Lines field challenging solid strength that our and auto model, segments, million quarter, result X% light impact the of long-term distribution a in and Commercial the our May is our $XX.X of reduced written, commercial of Commercial reported X% backdrop of by a quarterly Lines the credits reflects our
underlying driven and at in commercial liability, renewal quarter to offset The relative partially $XX stable price by a ago, New very of workers’ unfavorable commercial expected was while development three The losses pressure of in year reserve years, ratio Net year was million by cash to XX.X%. combined points prior year million the compensation reserve in as as Catastrophe than was prior and year on auto. for in and increase XXXX. frequencies accident releases development XXXX million was $XX the ratio $XX general was by the higher prior the included in ratio. combined auto severities, the accident XX.X% reserves and at business year reserve retention XXXX X.X%. accounted higher well and combined on increases was points strong for favorable combined ratio XX% pure XX.X flat reduced putting
we frequencies XXXX while loss except uncertainty tail for and our related line these ratios for As year credit, in John down not commercial inherent during is this the believe plan. on Commercial the the presented were do reducing the the the remain risks mentioned, temporary of by claim reduction volatile appropriate to to current the frequencies same the COVID-XX nature reported accident at and quarter, environment, casualty Due the premium it in long economic losses auto to time. Lines reflect
rate pure segment Our prior an April the casualty by underlying Personal There points. credits combined X.X%, auto net of May, increases elevated remained of ratio reported premium impacted business of personal produced combined ratio which new at solid driven XX.X% averaged growth of Lines by offered accident which XX% segment was catastrophe and premiums a lower year up retention million decline reserve X X% The renewal in price benefiting XXX.X%, was written, in and $X.X XX%. losses The a level XX.X included non-catastrophe development. was no from property losses. points,
Our in casualty E&S underlying a increases ratio the this the was solid ratio losses pure up a renewal for X.X% to the no accident XX.X%. resulted points combined ratio points and was combined year XXX.X% prior and development quarter. and was written a combined There level business price growth, X% high XX%, added premiums in segment new catastrophe of quarter net XX.X generated averaged reserve
price Over have to of this changes improved business exiting in combined contributed and parts increases, the the ratio past mix performance business few specific years, underperforming the segment. targeted
portfolio Our conservatively remains positioned. investment
the quarter income from invested assets core degree As of of approximately short-term We XXth, minus, credit offering we X.X with and of the modestly attractive. over AA X% and of our June was securities XX% an liquidity. overall during found an high just risk as in a effective portfolio years average of X% increased to duration valuations of investments rating fixed portfolio
to portfolio in guidance, we disclosed on evaluate $XX was rebound will which alternative net The assets increase spreads. invested valuation the fixed tax comparative end of the estimated our we return report during investment reflected a on when yield Total an yield year-to-date. and the The this losses, losses pre-tax of We more heavily quarter purchases include high than the last million X.X% conditions. was came principally $XXX the and very assets, was investment range We lower fixed wider. The were do, the new I on the spreads a quarter quarter, quarter. one loss $XX the with of XX% at a in the quarter, of on gains million also After-tax down driven a pre-tax will approximately quarter income X.X%, in investment after-tax portfolio, to in primarily and income The on X.X% investment narrowing million in net money of expect income the in unrealized these depending income yield lag. continue to a investments in alternative purchases earlier credit strong portfolio including total of X.X% discuss the which for by $XX that million was is weighted $XX.X updated minute. average fixed quarter. increases for overall to income the quarter further however, in million market driven risk economic by for
with million the increased which Book position capital X% $X.X per equity, Our of value is in up year-end. quarter. from remains X.X% share GAAP strong,
net X.X Cash operations flow million surplus was XX% from with $XXX written of Our last from premiums XX% premiums net up written. flow of year-to-date, cash ratio times. was and year strong, represented
company. million have of We at investments the and holding $XXX cash
provide to grow and resources borrowings invest to $XX by million the quarter. strong year-end. abundance repay and continue operations. During out our in the cash of insurance short-term line our the of flexibility the remaining with caution second drew we our in an of that repaid and holding business on credit we We our quarter, financial the liquidity and Overall, company balance us to currently sheet first expect
losses prior a development. X follows, increase than reserve XX% to excluding year is higher losses XX% laid no from As assumes from between combined an GAAP revised of year X.X our prior catastrophe losses and This year, ratio. event, prior from we $XXX a represents PCS additional million our point half guidance, range has such as $XX.X diluted have our expected from a of designated weighted and as improvement after-tax million the the up the of improvement included XX%. net earnings million combined effective million overall cat guidance includes This a XXXX Catastrophe $XX in prerelease, out on full tax million, we income XX.X% prior shares are in COVID-XX $XXX a gains first an also of guidance this have ratio, guidance our of and which accident not rate to After-tax points on our of investments, XX%. investment been through of not a of reflecting alternative losses $X in of basis. our ratio, average
full Our impact estimated underwriting year COVID-XX XXXX on our reflects the of guidance results.
that, Our year the uncertainty guidance due pandemic of to and operations. a fluid business has than With John years will on this COVID-XX prior impact U.S. of turn our the dynamic closing high nature call over back our for the I in our of and the degree to economy, the comments.
