and thank you morning, us. joining for Good
also cover Kevin drive on to touch continue overview of on improvement. Hogan. Following detail will meaningful available and renewal First, briefly AIG's XXXX. with topics: McElroy performance, on reinsurance Fitzsimons, became remarks, financial results underwriting updates Mark will Today, we will close provide and where Shane General who more other I for out full will X, Q&A, my be I January an CFO X to the Insurance’s year and season. fourth along profitability prepared relevant David X/X our quarter
to to which and Life our be from business, results review results. will a contributor meaningful overall I continues our Second, Retirement
Retirement of separation current plans our an IPO update and from fourth, the regarding I will progress business our I Life provide an management. capital review And AIG. on operational will Third, of towards and
year to for few and noteworthy Before XXXX was want XXXX, take highlight pivotal significant were those several a AIG. which executed strategic our minutes turning topics, team I which a to on in one in some to achievements priorities.
adjusted release, We income share a $X.XX strong and $X.X more diluted As allowed per you XXX% flexibility year-over-year. through liquidity share, dividends. throughout XXXX to provided was billion after-tax to return in shareholders produced us earnings repurchases in saw representing XXXX, which and our than
repurchased with We XX.X%. debt by $XX.X which also reduced ended of to we billion XXX XXXX parent leverage in $X these debt, our billion points actions, Notwithstanding basis liquidity.
over our the with said make Insurance, I and significant calls, the we've in improve started As We in with path undertaking. quickly prior portfolio we portfolio we taken XXXX, needed General given overhauled Insurance, on General to particular, changes. a to in AIG In fundamental standards our gross by underwriting limits. of culture trillion magnitude limits you of do, our a what we developed Casualty to Property, for reduced reducing significantly gross excellence, underwriting Specialty and sense including the give needed To a we in businesses. and $X
we through approach conservative addition, and to reducing of volatility a by limits took strategic In implementation reinsurance. net exposure
additional all to portfolio $X written reduce believe balance is strategy, points. risk As sheet. the basis we stronger Simply X,XXX measures. and put, we since improved by over same ratio, different an excluding reinsurance in a by have which further we CATs, the profile, while At billion, net to and of the combined time, $X XXXX, different today, a Commercial grow over significantly with by volatility billion able this we've been a result premiums ceding through of premium XXXX protect markedly
made XXXX, product the adjusted throughout progress again Turning to diversity year. we and transferred solid the tremendous benefiting AIG. Life business, full on and to Life sale to and for streams the equity equity of on work from Return billion under separate Retirement, operationally of XXXX, separation on segment the had we $XX Retirement common stake executing assets multiple business. consistent within closed We're from Blackstone. the was and and Throughout we also of management results on XX.X% X.X%
savings significant against billion be spend I XXX end achieved rate $X we of of the milestones prouder has Additionally, at AIG billion. by the the track to of and $X.X on XXXX team accomplished. could run in remain not what deliver
the have of heading we of we to still While XXXX. these plenty it would remiss accomplishments have not ahead recognize of into work be us, me momentum and significant
driven Mark X% Now on General net Commercial, by Personal, North another XX% is somewhat reflects written year-over-year with more our Insurance but was in premium a reduction X% Property in and quarter written. contraction General offset X% terrific strong go basis, the International, FX-adjusted which into XX% a the the of premiums year. premiums quarter quarter our Insurance business net lines to in with slight of with by let in results America to in America, tempered overall detail, going by we close a less in growth Japan, the turn Commercial growth contracted quarter, me largely was reduction In The International. had an due in in for Personal which reinsurance. the fourth to XX% of a in North Personal to out in increased quarter fourth X% growth net in balanced XXXX. ceded portfolio Lines growth by XX% repositioning
Personal XXXX, with Commercial pleased on which particularly an written in quarter in and the was strong since combined ratio improvement very Looking ratio basis, FX-adjusted CATs, points by year XX%. Commercial, accident growth basis America of year improving XX.X%, North XX%. and XX% both very we the and at International to financial the the Global crisis. year. year grew improvement basis combined at Growth full quality of ex XXX underwriting accident Net portfolio of We by had ratio consecutive below growth which and point new XX% growth XX.X%. ex by basis quarterly I'm the Commercial over to Pivoting the fourth strong CATs improved to in throughout year-over-year quarter improvement driving CATs driven with the combined year progress XXX International the XX% in XX% enormous was in result premiums driven by first a XXX retention the XXX in to year-over-year This of XX%. reported XX% XX.X%, a basis made North America and America. $X an profitability, in ex business basis Gross improving our grew points for points in-force the achieved year. sub-XX% accident with billion, Global at points full in third Commercial portfolio improving International North year-over-year XXX
net of and up continued in some overall, results X% premiums we momentum performed Global on this some In rate. Personal, many Accident worth also in basis. Turning less Health strong & Warranty. cessions reinsurance to had net XX%, saw we These Overall, Global solid had lines. FX-adjusted well, challenges increases in growth and but very Commercial with an growth and high a business in reflect written year our segment,
points and ex XXX CATs point year split the accident mix, positive of cost AIG full driven notable XXX expense year and expense accident year improved respectively. International driven across ratio the in points by which of improvement ratio Commercial improvement the ratio the our in ratio. improvements Global premium ex points of Commercial improvement accident XX% In basis our Global The the higher-quality GOE loss expense points, Turning results which from Commercial XXX ratio by ratio of by in an year-over-year, impressive improvements XXX points basis combined in XXXX. ratio. strong Personal, achieved enabled XX%, profitability the North basis ratio ratio and reflected excess Insurance's accident ratio, basis General strategic was focus CATs to and where XXX. These actions XXX of America the These market reflected have CAT to of XXX improvement an are accident attractive and execution, an improved continued point was portfolio us year ex ex the see XX.X%, improvement ex acquisition evenly Insurance were profitable between for portfolio XXX of underwriting shift full combined accelerating benefits discipline, the loss trends, growth The basis CATs year receiving year-over-year. saw improvement year underwriting combined an earned we XX.X%, towards year areas driven rate growth, were CATs net and and basis for combined opportunities. basis year-over-year. we Global General in combined XX.X%, achieving
successful with improved are which underwriting strategy these evidence We very made. we significant our of the have and progress pleased provide tangible results, materially
X were reinsurance, ceded our of with placements. with pleased Turning January reinsurance to the respect very to outcome renewals our we
mind improved to our other with industry, reinsurance in structures, the strength translated improvements exposure, our retrocessional our markets of significant the across aggregation portfolio along While the partners keep of placed better with over which with of presented capacity XX issues, along and the $XX reduced recognize challenges limited reinsurance premium and terms in over many underwriting and XX treaties billion that layers in over market. to at cede X/X, conditions. we discrete with $X limit billion we and It's over important placed
and portfolio, imagine, of with an size we're can complexity of not of placements. you improvement because in the significant our As along the the index pricing market
with in We marketplace And receive of the maintain the we reinsurance evident relationships continue our quality very support partners. program. is reinsurance the in to strong the overall
to on our every and to January improvements treaty a in as continue our meaningful make reduce volatility to in continue We core portfolio. placements result, X, major
to While on much provide want few on this I key a detail our highlights there's placements. too cover call, to
improved structure Property our Global and per the our improved our For for CAT treaty, occurrence structure Commercial businesses. aggregate we
we million to maintained program million are lowered International, points, is apparel, and perils, million. per For on our had from that to we Japan the depending $XXX attachment attachment attachment staggered $XXX a America range reduction world. $XXX occurrence in for million all from which XXXX core point for the points rest And our the North million of per for $XXX that occurrence $XXX which our
able the For $XXX limit attachment point we shared reduce cover, were Global notably, million our in in most reduction every world, attachment region North our in to the point across aggregate America.
in each remain $XX Global or Our limit, most reduction million deductible same reduced North storms. and region, shared in Global notably every every America-named the
underwriting an our reinsurance Our OEP reinsurance region while improvements world instance basis. modestly and we when compared improved our proportional we period commission on the represents excess spend. periods by an the are core or reduced every our are America our XXX the higher XX aggregate every treaty, same our our XXX amount session CAT attachment our And market. net America North improving program, loss the recognition ceding return point placement, while On reducing XXXX same of significant on across last achieved International. North lower basis On which the months, the over these AEP the reflecting core point we Casualty and and from across significantly points, both to maintained core reinsurance total and in returns in limits our exhaustion basis treaty world in improvement
structure at and we loss our versus from ratio. X/X, Lastly, with a the at share renewed additional XX% cyber attaching aggregate XX% placement to cede XX% XX% quota increasing
tight discipline great terms more and with quota to achieved flight portfolio, rate we secure during to significant reinsurance quality. the is and a the the able Given share conditions we increase our example in of were market's along year, which authorization,
record the this analyzing in about billion of we warmest loss global largest few and the record call, we've change winter natural record. was the insured of losses at $XX through Underwriting of A severity NOAA hurricane continent. In observations was European on America, costliest and And on $XX considerable was and on climate office the disaster sixth flooding frequency third As on impact of XXXX. for Hurricane on weather the time our peril. Ida of temperatures year the It largest billion the insured last for began earnings discussed tracking for AIG spent catastrophes. loss since Chief $XX XXXX. billion research record estimated North was increased
and are process, primary volatility, density be have risk-adjusted become up While that to have a weather increased [hampered] and all over appropriate years to of returns the costs, underwriters zones the working make net of segment. zones in addressed. significant business. When portfolio the with severity. business the limit Insurance increased that on the the modeling, we've in to analyzing our the as stress costs in us lines property effects ability of patterns nature and that reposition years capital of look few have of have the the XX of is reality, risk risk frequency factors, caused the has level issue $XX deployed. over our modeling, seen X of under business, several example exposure to in Personal loss modeling changing been excess dampen aggregation These high inability deeper peak catastrophe losses our changes past and and on underwriting from have well needs The susceptible for years, the portfolio million. worth exposed cats portfolio of emerging as last peak pressure. caused profitability exposures needs increased Property a levels business strategic together to the portfolio is XXx dealt to are perils repositioning within secondary that into we attention it's to creating By perils loss changes with the driven to This the An and we've further underwriting and put in in prior perils secondary reflect to
net offer realities, this address product to the consider offer model availability example, that conclusion our consistent excess with as costs, multiple in in exposure needs review, comprehensive heightened insured issues, continue more the allow than we all risk through property to chain the post-CATs, being demand over which this these in Recognizing us you reinsurance United meaningful on to solutions surge our increased increased increased take worth with a greater and business in supply the issue change. States few tested, after surplus to to total and when simply clients high in careful steps business, not and are us addition, some will decided significantly to have sustainable. lines values, an XXX%, complexity states. reinsurance most led we homeowners more and of profitability pandemic the caused, with non-admitted the basis the to density, zones last peak Aggregation challenges and In cases, along impact has to the years, that
profitability we able We in the have state that nor we our December, in be California. state personal admitted would in longer announced example, aggregation offer wordings achieve and any of return, from For clients of steward volatility enable been offering no service. the achieve maintain of a the current of actions line these level segment an homeowners to policies property will policy we more capital, cannot us acceptable prudent this reduce to and business. Being portfolio, comprehensive
Individual premiums and $XXX sales Full million our alternative deposits partially The year-over-year for grew to investment strong and billion. equity income, Full XX% strong tender across year to in were rates, results by year higher fourth markets, within investment income, higher and strong base XX% compression with year full billion, driven interest pretax and offset was Life was by XX% turning fee mortality alternative $X.X Retirement. lines driven year $XX.X and and respectively. product and improved income Sales segment by were increasing income. our Now Retirement of X and quarter higher income spread full elevated year. call the fee products. Adjusted growth the across
benefiting economic $XXX assets from increased and and activities conditions. under were billion, strong management favorable to under sales $XX both administration Assets billion,
We in liability our completing billion the also Blackstone initial the initial offerings and management investment guidelines on made finalizing them asset $XX origination the progress transfer, with fourth quarter, developing into process, incorporating product asset based Blackstone's platform. excellent
the expect based having current rate to Retirement's interest AOCI. in exposure Mark target on analyzed and his topic macro LDTI provide is on detail environment, improvements, Life of our transition long or accounting, within LDTI the of remarks. this will we well current more Lastly, duration balance impact
Retirement. separation and IPO the Life to Turning of
both IPO also addition longer and from we done operationally Life make separating service term transition AIG, can continue closing to agreements. the Blackstone be with respect on In by what through Retirement to to progress transactions, significant
applying We our speed have our streams the on and with as program, work rigor to transformation a but XXX discipline are we separation same to focus with AIG execution. clear
work this to approvals an subject second of market continue quarter the regulatory We in towards IPO year, conditions. to and
sale in of can of sell we in the call, last conditions. fourth Life constrained we to due execution of much dependent Having the IPO in how affordable mentioned terms the market strategies, will size be portfolio on of of are certain said and tax an housing Retirement quarter, our that, I the As the our IPO. on not
expect until to continue and to at time consolidate to immediately as we to Life statements the retain greater-than-XX% continue IPO XX% such Retirement's financial We a interest the below following least threshold. fall ownership
With Retirement Finally, turning we a sheet to as remains We've its been history a peers. operations liabilities, with generation. to the Retirement is to and achieve of legacy has capital have business business separation. and stand-alone path exposure and a flow as capital industry IPO management. cash structure to and giving to thought balance a successful that our Retirement, AIG a to insurance with significant consistent strong both limited Life Life respect Life strong continue its goal and of a
expect a sustain basis. XX% on dividends between full to shareholders will and year business repurchases XX% We a that over time, calendar to payout of share this ratio
IPO, the We which pay Life to yield roughly expect in million, of X% that to X% $XXX and Retirement equates annual a million to will on post value. book dividend also an $XXX range
and dividend and process, and of Additionally, quarter the by of which $X.X separation the billion, the as in Life IPO. declared XXXX, in amount will funded to the paid be part Life of payable prior Retirement Retirement a debt AIG to issuances fourth
vast be company of of overall relatively consolidated debt expectation will across AIG this reduce majority Our our the in low deconsolidation, the is IPO. that Life therefore, high to expect dividend amount leverage the maintaining used with remain at in the Life to Retirement maintain at will a XXs. payment and Post debt ratio leverage XXs, a ratio of we the time a constant Retirement AIG
provides a for $XX.X significant plan flexibility. us liquidity management with XXXX amount capital in billion AIG, ending current of our parent with Regarding
be IPO philosophy in to to management in Insurance, stake to current return share and this grow allocate opportunities share. towards buybacks, we continue weighted per respect appropriate capital $X.XX the time true buybacks see be growth to dividend opportunities current his to We in Retirement. of growth Global across Life in sell more post-IPO dividends, General Retirement have share also complete more AIG's will at debt to billion for to while for to our and continue capital allowing levels opportunities, and dividend not in shareholders Commercial believe With This portfolio. half in further we will our of annual to to XXXX, do amount risk-adjusted Our to will where remaining through and investment Life down will returns. there first in With maintain continued respect maintain expect authorization as impact level also Global are capital balanced our and and $X.X our over under this we the our opportunities year. to be expect priorities Mark improve remarks. excellent which Lines, growth detail cover We expect our
through the management. capital with continue Retirement, are to further updates move and regarding we of provide XXXX IPO along separation and Life will we As
amount an the demonstrate Mark. As call as year. and see, I'll we turn multiple colleagues momentum, transformational we to to and you significant execute XXXX busy our our We on XXXX AIG. for can terrific over be made to with fronts significant With a a be had a journey that, company. to top-performing continue continue ability of another in started and will XXXX year progress
