the share performance market observations Insurance. overview and major part accomplishments on AIG General and outline conditions update notable Insurance regarding renewal morning, Brian everyone. I business for an of good reinsurance you, January and will season will General also current provide XXXX completed you as financial XXX. of review Thank Today I unit basements
meaningfully actions reinsurance comprehensive for appetite our a strategy. work mentioned and for XXXX while through that in significant we work clearly team and reflects very the insurance a our establish Brian was defined and portfolio was to are distribution foundational and improve XXXX outlined leadership a new partners done insurance for risk general achieved to a important our general milestone costs. in team As XXXX and volatility strategy pleased underwriting underwriting an comprehensive that clients This underwriting reducing complete and world-class build critical
Our accepted results clear provide being improved in marketplace. the financial
we reestablishing happened and have we not and with relationships support are without strong with the which relationships distribution great as our We AIG have partners distribution a our clients. leader have could market partners
basis North the Turning improvement including the point results; profitable XXX improvement in our year-over-year In America to execution of portfolio quality for Validus year XX% loss improvement from strategy accident and a point point in adjusted combined basis Glatfelter. benefited XXX of improvement year XXX XXXX basis XX.X% a our financial in a the ratio loss full resulted ratio was The point and North America the disciplined ratio year more XXX and ratio. basis adjusted expense a accident the better year-over-year. also of
As call from increased third In XXXX estimates we loss conditions. yield is from the challenging quarter resulting the third wet a due crop year to due the quarter reserves as shortfalls preventive did increased poor weather the for industry-wide. claims noted and growing conditions quarter the in to of crop we impact planting fourth on
ratio adjusted loss basis North result year As a XXX year points. crop full XXXX America's negatively impacted a by accident
in North improved the and across mix that with adjusted basis loss XX an improvement Private year in to as point team portfolio. year I'm continued insurance progress accident the is group expected business personal attritional full the with perform business. experienced walkability as new management making the ratio America severe client for the lower pleased
results the adjusted and point XXX taking driven point basis to personal for year-over-year. year by personal significant insurance XX.X%, International property accident This a of was driven lower hold loss and line accident loss efforts adjusted year a in which expectations ratio was year in full basis by the particularly was to all the loss. Specialty international; in for improvement with ratio improvement Talbot remediation year strong full XX with severe Japan. contributed performance in in improvement auto the Moving
year-over-year earned full premiums X% net X% exchange. premiums our top disciplined one Total foreign were foreign a premiums $XX.X net to and premiums reinsurance full reduction a Net continued perspective From the and a year line exchange. for decisions. excluding for excluding net reflect year-over-year reduction underwriting $XX. billion written year written earned the were billion
ratio across general over operating and The $XXX expense total we Lastly year management expense discipline million. by was XX.X%. XXXX during full instilled focus on insurance expenses reducing
Turning to which with Typhoon prior responded aggregate activity. line million losses CAT of quarter. Re were million Fourth to was year $XXX at in Validus was the largest net CAT the quarter compared Hagibis attributable losses program of $XXX million driver the net of in expectations. million retrocessional $XXX which $XXX to single
most were commercial CAT CAT activity quarter reinstatement unrest in average limited fourth reinsurance impacted net the Remaining largest the from approximately losses program the XXXX in in America in as $XX expected and and events North million of insurance which losses AIG tornados the and before Hagibis region's million share premium. in of to Japan responded from $XXX Chile. is personal international market X% Texas net our by included where events In
losses reinsurance in billion of net compares year full XXXX in reinsurance the CAT XXXX. This and losses of two XXXX recoveries CAT reinsurance net of $X.X For recoveries. total of billion to recoveries billion $X.X net $X. were
reinsurance to our our enhance strategy refine hold. actions purchasing continue as take and We underwriting
renewals. outcome of we Overall pleased with are one January the the
the treats in relationships firming expectations. While of our over in market favorable renewals there X.X established of our reinsurance line us enabled to signs years achieve and last we the are with significant major
and geographies and events where CAT We tail of we current against aggregate protection severity enhance to our the continue property global to provides both significant extreme frequency events structures market. in providing lower which both against protection for addition have in program
reducing and improved secondary deductibles each and protection and program deductibles and combining particularly expiring with the geography aggregate relevance by aggregate these a model we worldwide XXXX perils. American CAT of by international tailored the North more the to and lesser deductible respect event into be every enhancements the For to single protection the increase
We the two core America property towers. tower also other including purchased Japan. covers and One international covers all property occurrence commercial North
provides global As the program expiring single significant XXXX arising aggregate a losses occurrence. CAT protection limit with from our with global also with additional large us
gross of it occurrence on substantial to the property With have respect reduced we was to per purchasing enhanced is property for purchased entered retention reinsurance our addition deployed establish In over worth a our high last initiative focused to X. January with dramatically significant only limits years we This new part loans. the combination a business. tower two our commercial net in through which into risk program to net North reduction one for tower XXXX of on a private Lloyd's we the our any U.S. bifurcating and separate as dedicated client U.S. America Syndicate group
cost the layers our higher improve gross $XX conditions purchases our reduce risk to the a we improve from were XXXX program as strategy our million X% result including limits and overall we while able overall approximately by reduced continues In to dramatically point aggregate that reducing $XX we with terms the year-over-year. our profile. As to cat to our reinsurance and million maximum enhancements reduced attaching renewed cover for
as and progresses to year half first We our of will syndicate finalize and continue the reinsurance to the program year. refine the enhance XXXX expect in
during fourth general double for environment. more quarter I'll rate improvement within quarter the the the that we Turning last acceleration to and high digits the continued a was of over year. decade. the for conditions; quarter color Glatfelter rate overall to excluding low see rate and and rate market in fourth single we've improvement on strongest increases seen Overall in insurance give meaningful the rate examples environment Validus the digits that few provide the and
North America to low the the full and fourth average in geographies. increased rate D& digits digits and in for marine commercial quarter America XX%. all year fourth double increased rates digits the year. International were mid- low approached increased and in digits where XX% the increased range. double single rate North rates in double high increased casualty the the O trend mid-XX% single the increases rates approximately quarter commercial in the across to and low by International fourth the admitted the on excess in mid-teens high rate quarter quarter and K. energy range mid-XX% full improvements in U. for energy rates fourth led
disciplined it's represented accomplishments. the great executing in be of will of XXXX Now into on start decision disciplined underwriting first I'd excess we're insight execution year I spoken and before a certain I've and like surplus our progress full the to the in provide study which strategy. and bonds. making case highlight additional with to on lines noteworthy our business about of
the We to has E&S than channel business response volume reposition. partners Casualty to XXXX and portfolio. better shifted our wholesale increased Lexington quarter and emphasized balance the XX% our supportive our submission from remarkable new The year been and more market property the true wholesale with and full In bring and XX% business an distribution selection Casualty to risk of have focus improve in and effort been respectively. this fourth XXXX. partners very began doubled
accounts full by while and fourth property fourth full in limits rates full and in fourth the the the fourth quarter rates year quarter fourth XX% and XX% and on our year and force year. XXXX the quarter the increased for We submission full reduced XX% year. for by the limits XX% XX% for and in respectively. In volatile most XX% while volume increased increased licensing reduced year in XX% XX% quarter for in the We XX% total XX% the full quarter
XX% in average increased also over deductible We by XXXX.
XX% property of discipline We in to E&S expect future. reposition of long-term has portfolio underwriting retail the greater in a because more example environment great actions the is executing to This foreseeable were policies the improving rate and see number taken bold we're America market of XXXX XX% XX% on. time North the In over in that XX% reduced force limits billion or quarter fourth force. and by the year. year. increased the average $XXX in the full in full over billion $XX total gross for fourth by or we and and by in for We quarter deductibles
for Rate increases were the the excluding and in long-term excess agreements. of of XX% in the total impact fourth both quarter when portfolio
year full excluding of long-term were impact XX% rate the the For XX%. agreements increases were total and increases
expect dramatically As as derisking XXXX portfolio. see to can you see roll have changed in in off. this improvement And we agreements long-term we further
led year of XX%. public the rate rates increases XX% by XX% the D&O In quarter the in a North were was nearly On achieved America financial XX%. marking the fourth XX% where improvement commercial full lines that and year. full consecutive fourth second quarter improved quarter for exceeded increases in This basis exceeding rate increases we D&O
manage We quarter the exposure D&O and our primary reduce and year. the full continue XX% XX% aggregate commercial for limits trends D&O to in over by fourth to
the actions year. Additionally performance pleased we a adjusted for The deductibles by combined accident quarter lead improvement full our and and changes limits XX% $XX led Specialty exits. was as in greater a with very underwriting significant portfolio. class guidelines of the ratio business of over year to international than reductions in limit year million and with policies improvement in to result selective XX% energy rate full we're respect reduced fourth the With our layers and by
in focus strong to growth underwriting with while plan in profit investment this Finally great selection XXXX and XXXX. We A&H entered risk global business maintaining accelerate on optimization. Insurance a our business produced portfolio General momentum.
on our We strategies and profitability. will to to execute further continue underwriting reinsurance improve
of long-term AIG to AIG strategic global Next in which on multiyear the positioning to top on XXXX. is time I'd like priority spend for XXX a focus our and us effort
as through on this focus for Brian we we we diligent across change transformational work developing focuses simplification. differentiate and and company we new colleagues XXXX architecture marketplace; value our stakeholders. as we value how a delivering how insight AIG infrastructure our a noted exercise clients for into in robust In insurance are that data As well underwriting engaged perspective to ourselves define create and a distribution other partners on the scale global important we as provided and as who operations how policyholders colleagues
careful four analysis execute for enhancing customer a more unified XXXX. to of our AIG experiences programs evaluation infrastructure excellence modernizing becoming on will user company. output begin the analysis phase operational the XXX of identified by on a from We this objectives operating and we that guided conducted achieving core work its core we XX and Based and in underwriting initial
We expect and years of deliver these $X.X over rate benefits require of XXXX. investment will three the programs $X of end run by billion billion the next
a carefully for planning these maps operational of each and programs well focus with resource as road execution. been disciplined prioritization investment as on execution We've
Let provide the our in workflow digital private Three standard business operational group. within sit enhancing Insurance; and building XX of out General Japanese improving commercial a client me capabilities overview underwriting in platform brief programs. a
company to experience decisions Japan anytime we and customers a portfolio user transform agents device experience. while digital anywhere and our into This and simplifying management better create allow The by analysis and processes us platform underwriting improved underwriting global underwriting data will tools standard risk next-generation to platform expect. any business drive streamlining commercial architecture. respect with our capabilities will a ability to insurance offer that improving will to and pricing modernize this enable With contemporary the
technology we In improve private through our To decision-making our technology primarily legacy workloads. group this moving client business to on will infrastructure. modernizing deliver digitized our modernize and will underlying digital-first approach
work of to and clients agents will this improved user an well be PCG result a offer positioned experience. As brokers
programs shared With digitally shared to other capabilities AIG on estate IT we operational multifunctional AIG. fully end-to-end operations and a transform operating integrated services enabled services will real respect The a increased will procurement model scale. create and basis across to our global existing global and finance process expand scope
AIG that continuous and operational best-in-class strong culture also Our of the unifies goal operations improvement for capabilities. delivers and company excellence global a
and to components we technology technology application we model on where itself function streams a focused simplifying eliminating and The cloud business services. of have the operational improve faster two to stability program IT to operating technology moving scalable business strategically deployment. foundation key work this will and materially build In modern transform our debt secure enable portfolio and legacy
In capabilities. finance materially function will the where while technology transform solutions infrastructure two operating we work sustained improving we sourcing procurement itself organization our In highly for of simplified the procurement power also and financing a our modernize our have global to model processes are streams we and through risk and profitable leverage minimize analytics value efficient and AIG. support purchasing continuous growth and maximize creating
estate Lastly require we're these do top-performing and and global optimizing company. and reflective it and the business footprint. to effective complex improve is materially is will In resilient programs AIG consolidating disciplined strategically AIG's our end of execution. Each a to become work of portfolio ensure we cost position will real how this
updates our XXX transparent progress. and of We about the will be AIG fully on provide will execution quarterly
I'll Kevin. the over Now call turn to
