John J. Marchioni
delivering XXXX. ratio, the ratio, We after-tax operating property And operating and a approximately $XXX net X X premiums significant by above XX% offset non-GAAP initial reserve in by year excellent was development. net of ended a and milestones grew for investment and points year better-than-expected Catastrophe year ROE million, billion written double-digit XX.X% premiums the We XXth in Thanks, income achieved produced equity. XXXX year net prior ratio, Brad, time casualty good XX.X%. consecutive losses an improved Selective. another written non-GAAP loss morning. by our exceeding and our on of produced expense increased XX%, combined to $X expectations, favorable for return first
more Over decade, value tripled aspirational. an premiums ROE doubled not exceeded net the last ROE income. we of per we have When and past our XX.X% than the Average and it's book over written operating operating almost target. share decade target, set
achieve it expect We consistently. to
profitable have and consistent enterprise well. Our disciplined served management growth approach and our shareholders risk to
XX dividends per compound this tangible XX%. past value believe is value creation. plus of years, industry's the share of accumulated long-term book Over a best annual grew our indicator We at rate
total return the per X.X the per XXX X.X was and Over points Index same by shareholder annualized year the XX.X%, Casualty points by Property year. S&P period, exceeding S&P
We growth, excellent of returns of our track shareholder are match. proud this that and record strong industry operating in performance, can few
favorable development net was net have general follow approach of suit, we the earnings this our We our has us in planning social year the previous severities the this prudent offset of Included in quarter. $XX Although seen frequencies. million well. attributable XXth of fourth favorable million casualty to the liability. loss and an impacting reserve Over casualty reported in development recorded development, we that believe have also prior-year increased in and rest is years, adverse increase recent is $XX consecutive believe We reserving assumptions of calls industry. discussed trend we partially inflation by served our
adverse years. development with favorable While general In point years loss of mostly for impact the was than workers' XXXX compensation development liability development. ratio million general emerged favorable was trends to $XX higher frequency XXXX accident have through largely quarter, offset X of liability by general continue, somewhat liability average these The an severities about the on fourth expected.
by due loss XXXX, extent, For and casualty million, commercial $XX year auto primarily increased a to auto. elevated severities we to accident lesser costs in frequencies personal and
Our XXXX general unchanged. loss ratios liability for year remained accident
about With confident these our adjustments, overall remain booked we reserves.
to However, we these trends will and continue monitor impact. their
Our and makes clearly critical it that proposition value competitive we market to investors. partners, employees, demonstrate customers, distribution crowded our and
advantages. combination is a success unique on Our based competitive of
defined business omnichannel distribution of group superior them customer to frontline employees, Taken empowered digital aligned They talented by Selective. formula field in underwriting together, and model placing distribution these staff for pricing, value and to competitive customers; franchise enhanced advantages our in and ability model, workflows close of risk of a proximity extremely and selection, to our independent the claims and a commitment highly agents brokers, a experience delivering top-notch tools platforms employees. by develop meaningful and services a create value-added and our team unique engaged a relationships embed a partners with a are and close sophisticated winning management
interest align our to employees of continue our the and shareholders. We
ratio combined higher profitable, XX% performance target. than our While our it was was
Our variable reflects employees, which all compensation incentive includes this. plan,
underwriting on focused operating though ROE delivering improved our exceeded results, XXXX are even We our target.
than top in be Lines constructive. target. discipline Lines, of underwriting the Standard and these in and approximately XX% surplus excess segments line our represent continues business. priority. price that combined underwriting in They Commercial a ratio with remains or delivering In XX% line adequacy Commercial Standard is our marketplace profitability Maintaining segments better are Our to
cohort. tools remain to Our focus where performance to segment's profitability high. pricing the in areas pushing and retention of pricing property, increasing allow actions are metrics us portions the growth most catastrophe-prone includes holding our granular strong hail on is in of damage allow us portfolio. and we the as inventory This underperforming cosmetic more underwriting such significant our and and historically wind-inhail by up nonpricing sophisticated renewal actions deductibles with data use exclusions. the This manage retention our
also are other all We increasing deductibles. peril
business resonates operating our model providing opportunities unique organically. Our grow distribution partners, with our to
helps business pipeline the we trust opportunities. supports renewal quality and build market feed with goals partner new stable distribution a are our our with We and our
and has Net premiums from not the away appetite, business and coming opportunities Within activity Lines has as with elevated premium. XX.X% exposure pure the on and marketplace resulting year, business, with terms disciplined counts been increases do auto, our disruptions, with for submission plans we regional build pure focus of exposure recognizing Standard conditions. and increase from in of up While a and the pricing, given that policy producing teams walking premium our remain been X% continue our have renewal portfolio or renewal the written total of exposure At renewal X.X% excellent, we line rate our refining quality year, flagship XX.X% we detailed segment's a Commercial commercial achieved was total rate increase. in and property, on in year. to increased X.X%, of growth levels, business mainly strategic rate renewal XX.X% align for unit, In success. X.X% for
premiums the dynamics. E&S benefiting in of X also distribution attractive segment measure, XX% surplus years new XXXX. lines performed excess for seeing high partners written a states our By are repositioning Net Lines both We every excitement Standard prepare in portfolio important to market levels had from launch Commercial combined record ratio. grew as and we past XX% we our from results are and an with year.
end doing our and binding Our similar is investments. lines performance. from benefited line increases to increased contract We delivered strong XXXX. ease akin business Brokerage along see significant of improved business. operations XXXX $X,XXX of growth to binding middle top small has with is our from and approximately rate business appetite, the opportunities year-end is and Growth our brokerage the market and in which Contract standard technology exposure account current from E&S standard brokerage, our bottom-line within size approximately mainly at at to unchanged. $X,XXX average
business. lines, well approximately underwriting and Its target. our discipline, standard liability comfortable mix, we general lines business very and of our Personal terms combined with ratio is XX% represent and are above As pricing, conditions. with our
However, increased to XX% accelerate to a subject and X.X% the quarter, XXXX to into range in renewal XX%, approvals. expect regulatory pure of we further price rate during
personal continue lines We to target market. transitioning affluent the mass our book
and covered over in have homeowners new the excess values of XX% For $XXX,XXX. quarter, business of
While XX% increase. exposure increases sizes premium the both production. rate by average policy new from driven deliberate quarter, declined curtailed in business drove the new and X% premiums increased Higher counts premium
our meet to similar needed flexibility our streams older we us are that revenue strive actual value throughout segments to homeowners' target the Roots market to and while Diversification improved through across performance goals most cycles. succeed I'll results, partners, transition and to Tony? we deductibles our storms. turn provide all last to schedules insurance continuing depreciation to profitability convective stated actions, to states these rate distribution market in Tony our the fourth-quarter in within X on improve full-year guidance. income cash color market. and quarter and enhancing addition call XXXX the position severe with and mandatory be today's exposed providing back segments We to I'll have introducing the maximum wind-inhailed operational seek to terms value and to In on now implementing and over We our conditions. the discuss to
