Thank everyone. you, good Peter. And morning,
X-K posted quarter and February quarter business information financials changes Retirement, the the three in recasted principally go historical and The Insurance. and elimination filed and the into results, we and X resegmented and have on of General to within Retirement the Other highlight fourth its into small legacy were I as well of this Insurance, realignment the Operations. now book I Before our Life description that and want our and Other were Operations, segments, on and shifts some General Life as of website segment the
And and were, a is quarter Turning quarter pre-tax to compared share, APTI ratio year drivers million, of ex-CATs of diluted income XX.X%, the to after-tax adjusted fourth XXXX. XXXX. per a the $X.XX AIG billion basis which key million, insurance at of quarter. the $XXX income adjusted first, XXX reported $X.X this general of accident combined per $XXX XXXX or the fourth of in share, improvement or $X.XX or quarter point over
group of individual APTI markets institutional Life Second, activity billion, and well as and strong Retirement investment retirement, driven income. net as strong and by $X
higher primarily income investment private of billion reflecting basis, and hedge an net income. on APTI $X.X consolidated funds equity Thirdly,
comprised of Hurricane Sally, Hurricane X Hurricane in Troublesome quarter. quarter $XX the compared million $XXX to which loss $XXX Delta The where occurred to with year in estimates $XXX and related fourth Moving events the and alternatives, million year-over-year, fires, pre-tax, points impact prior primarily increased net CATs, the CAT loss this totaled ratio were and Delta, higher along up Hurricane of Silverado Zeta, a had has natural late revised East of income million, losses adjusted similar million the from quarter which quarter, the losses, path. income quarter, Laura to investment for was points General catastrophe or ratio pre-tax offset X.X Fourth Insurance.
and slightly $XX $XXX million, there re. year unfavorable were million losses, Prior this year development travel, or at prior and million Validus Additionally, $XXX of related favorable development contingency, quarter. PYD quarter compared primarily was COVID-related in to $XXX million of the to
E&O, million America mostly America $XX short-tail million and insurance, development XXXX, accident financial by net This acquisition lines. primarily favorable and primarily to not Agrium unfavorable net quarter ADC, North unfavorable by internationally. some of and in favorable and included covered North driven from with indications PYD lines, in development of The was [ph] $X compensation workers' XXXX years the mergers and GL, thus EPLI, units,
split year by lines, lens, $X commercial the lines in an million attritional unfavorable and prior development adverse primarily $XX of As personal as was unfavorable million million opposed in as in unfavorable also development driven global additional global $XX to losses. CATs
net from favorable General premium amortization ADC, book toward XXXX and usual, America. skewed the international platform $XX As our Insurance international volatility that has global to profile with an our Furthermore, by quarter. there results had a less our better book operations, balanced of this evenly point million between is the truly which is net than is led premium. out that XX% nearly I'll commercial amounted the net North demonstrates personal now business, And international of lines. global this totaling
less our growth of lines. Insurance ex-CAT in stay commercial ratio toward America international, but the is America accident commercial combined skewed General improvement a as the of international We expect approximately the strengthens. to bit for and turnaround the this business same year key North in the North indicator XXXX performance A results
commercial North by Peter basis better ratio points And international accident improved XXX year's As than accident year ratio has ex-CAT quarter their noted, that last had points to to lines was quarter an ex-CAT commercial America XXX XX.X%. combined combined basis XX.X%.
margin prudently favorable margin anticipate also the into transformation year continued undergone expansion conditions. the massive from a safety, an accident as has resulting current market appropriate the view book with of a toward XXXX, view to global continue We and
versus America pandemic. by and the our be combined personal discussed, impacted lines personal of most, ratio repositioning the XXX.X%, Peter As worth net accident global to of In year-over-year second comparisons North XXXX the year begin unfavorable high the premium was quarter formed prior-year and impacted and first just with will the quarter, insurance net our quarter was to an written. business continue still XX.X% will in in ex-CAT underwriting travel, in our impact XX% premiums beginning although improve, a since drop of Syndicate XXXX, XXXX. and COVID to was be results the
the other business XX.X% XX.X% business international personal with from On a which the mix, reflecting point Insurance ratio, travel basis favorable Expense in management XXX a hand, improvement the trends prior ratio, a year reduction offset XXX the book. our by to with continues point insurance acquisition perform compared to XXXX, slightly driven in Japanese ex-CAT auto lower quarter. the year combined accident well basis improvement, expense is and improving a also contributed ratio General to by
there we'd more General years, reunderwriting for as XXXX, combined as the XXXX market. come accident but is achieve general current the significant with AIG's that in end will We're significant in achieved like of commercial year confident reiterate very XXXX ratio leave the of XXXX. a we to the few highly by our we book insurance. we accomplishment, well and more lines in ex-CAT a to before as leadership over Lastly, progress XX.X% outlook the is reestablish that past Insurance, firm sub-XX The we
$X Adjusted billion year the income Life to quarter, prior compared XX% the pre-tax was and Retirement. up turning for quarter. to Now,
year the prior two issuances. large to Our deposits total by premium compared driven Life by quarter, and X% Retirement GIC and increased
pricing Life partners a continues sequentially in risk see sales sales rate sequentially. maintain retail as challenging new rebound transfer environment. sales, and variable this higher Fixed Retirement In were Retirement and both as more in activity accustomed Life lower annuities. became grew to for index addition, and sequential annuity annuity to the with distribution environment, discipline pension
the the Although fixed to net still modernize impact outflows On a the the fixed contributing announced the prior AIG strong year significant variable for that continued flows sale Base annuities, strong reflecting indexed flows, to Mutual overall investment Group declines of virtually metrics nearly group will retirement variable experienced platform. over group and annuity X, in positive annuities, sales made sale indexed helping net Retail results, on flows. This but prior annuity given years. has flat offset Fund lower improved sequentially. immaterial from and due our than year, flow and retention acquisition its has generally to February net planned benefit APTI and spreads the net investments few retirement last quarter were grow business. platform sequentially,
in noted As spread and cash quarters, by on short Life reported XXXX. through Retirements previous substantially lower impacted compression base investments investment term returns was and
Excluding $XX markets rates minus in the the portfolio basis million spread [Technical XX-year to by minus approximately sensitivity are or or compression points decrease to or we especially and this environment uncertainty decrease Difficulty] million million base times points We equity higher U.S. $XX returns annually. equity see or $XX earnings million limits approximately by to sensitivities, would continue and of a today, plus expect on of this adjusted the impact, the annually. based and pre-tax change follows. we Recognizing market annually, in in macroeconomic across increase to range market X XX basis plus of would volatility, our estimates movement a respectively the X% expect XX income $XX as rates increase reinvestment on to for
always, As of by earnings impacted are sensitivity well our to that and timing are other these linear also it exact nor the ranges market note as important movements, as is factors. since not degree
of gains million, Insurance inclusive recorded to which of NII losses exposures, General loss in AATI. recorded of and pre-tax the prior adjusted this and Operations from APTI legacy $XXX $XXX subsidiaries are on as portions Operations, private reflects consolidation segment from as not which capital in now quarter gains but Moving has of the income, net Other Other principally million includes eliminations, in equities, real-life realized eliminated capital which
were higher on interest last $X.X from comparable the XXXX, expenses For quarter issued down the $XX notes of billion quarter, year. than slightly operations' million the senior GOE reflecting year, the corporate May the interest other prior was in and
repayments debt and lower corporate due For and XXXX, expenses. expense interest both we GOE expect to to decrease corporate
reflected in expect credit was an the due billion, million in of quarter. rates of investment well we income and was to than XXXX $XXX prior hedge on in bond consolidation the $XXX call spread XXXX was whose elimination to APTI net or investment sale for asset investments. basis premiums. and this year's and volatility investment noting equity, on or tender as the worth year, quarterly in basis, Fortitude, the included as private funds fourth XXXX, lines APTI APTI and management an than basis, the returns strong on lower fourth It's net volatility. higher, Adjusting Fortitude, accordingly, interest prior quarter's income and quarter on billion. Shifting an year was excluding However, continued a full to having million, the the income income and $X.X basis principally quarter investment X% Net June $XX.X strongest due also that returns XXXX
slightly Turning value book adjusted $XX.XX, $XX.XX, XX. to from XX, the sheet. was common balance and up value XXXX, XXXX, up for XX, from book September share December September At share per was X.X%
when notes and to which XX.X%, our December had the billion. And second end Peter XXXX we at cash XXXX basis liquidity debt short-term year debt senior debt. quarter year quarter, Parent $XXX pre-finance As mentioned, repaid than assets billion during XXXX XXX our of raised and end, million, maturity bringing maturing of $X.X AIG XXXX $XX.X leverage of is lower points of the for we to
subsidiaries operating and profitable capitalized. remain primary well Our
the by that our with reflecting leverage to notes billion credit good to capital impacts and both in February to navigate to a a estimated U.S. downgrades for than X.X XXX%, approximately to capital positioned management XXXX Life Both we our and target were uncertain X, $X.X reduces fleet senior is as our buffer. forma providing is portfolio which above For risk-based XX% investment about and be quality high on well General RBC basis, investment year-end less toward ratio on and ratios a our Retirement pro ranges XXX%. ratio XXXX, absorbency losses leverage points approximately maturing The we target. And anticipated, environment. be respect from estimate repaid of Insurance, intended, the pool approaching
the million expiration $XX And offset additional dilution. were now AIG facilitate the addition, Retirement manage to Peter liability actions prior in XXXX. to XXXX January Life with on management back as XXXX we to in common approximately the over Brian. mentioned, repurchased first we first of of to in with And shares associated and shares we to repurchase of some dilution warrants addition, that to intend XX, that, separation. to it half I'll expect And exercised In half execute turn
