review I that Good us joining morning quarter to XXXX. an to report first thank pleased results. you and AIG start to very our financial excellent had for am
on successfully throughout momentum significant priorities financial our and which are operational and several has We many year. believe will team fronts, the we continue on strategic, executing
will Shane will four and join financial on more provide and then cover topics. the Q&A David results for us call. we Following detail I Kevin today’s remarks, take my Today, Lyons, will Mark will questions. our McElroy Hogan of portion
of the renamed I Life progress Corebridge First, towards have Retirement separation our tremendous business, will outline will Financial. the & made which be we
particularly underwriting commercial saw first of line continue quarter drive General global performance Insurance, I and growth, we Second, to in review profitability. the where top meaningful improvement excellent will in
particularly over near, overall the given provide performance. Life Retirement’s long-term. This AIG’s capital we future over to view meaningful remains our management as on medium our I an course the will to Third, stock strategy, of which fourth, accelerate positive plan contributor And buybacks, of business I to will results. a and update financial cover our XXXX,
resolution I It to and these I’d like Ukrainian is topics, peaceful and the our suffering. Ukraine. times. without to industry, have the set presents pain a of a goes situation we in seen that not experiencing respect With this heartbreaking. insurance it’s turn achieved. to like will And what coverage It any or discuss make that Russia circumstances hope unimaginable a are complex. analysis is Before be modern unique exposure saying people that situation in happening
were saw in few me first Let a start we under commenting claims policies. risk did we political received largely quarter were with what claims on submitted. that the at AIG or what The we by and political violence reported
in claims was While of we best the did of ultimate the reserve losses, information amount included our including limited, IBNR. estimate
emerge, we Russia-Ukraine discussion exposures and known And to programs material While the we to so believe of multiple has for the based not what the do far losses, means. take respect Russia-Ukraine in will did not the more know have the much broadly, it of this AIG. event the regarding to first full available. review reinsurance been the to claims, impact we be season on in quarter situation earnings industry the in there situation work will impact time analyze our we With
a it spend I few the So thought I’d on complexity that presents. minutes
policies and a policies relevant conflict exclusions, and credit, and political relate trade coverage instances most losses bear the to scope point, war suffered losses likely coverages of other hostile issued arising risk mind acts. where aviation In to such the been marine. for these property the fall a have losses to in provided has that that typically contain violence, As within broad to important affirmative standard insureds as would the to at most it’s political energy exclusions starting types typically and for due of
I’d over take fully the it’s it to most and resulting last topic to emerge. coverage has that the all XX aviation, XX Now, implications received time attention spend for facts the and because similarly on the will complex relevant a minutes days. like few Aviation is
We caused me companies Let with non-war that typically the on policies hand, and know such coverage confiscation losses and operators nationalization both separate perils, caused perils. the by provide issued start one war on to aviation be airline what hand, we know. airline leasing and as can and for, other losses by
on since that cancel and sanctions were gave have required airline leases Ukraine of first the to a by them in Russian These February and generally on brief sanctions invasion there do period so. airline February EU occurred We know with which been operators XX which updated. also XX, to UK the and issued the lessors
Additionally, to to losses on or leased an is the their efforts have from they and been of potential initial Western to lessors, aircraft know know return matter, we much and XX, As of uncertainties any as given do an the that condition the in location whether aircraft expansive? we what have What airline other the surrounding we when re-registration nor timing law extent aircraft by equipment mitigate if actual there occurred know operators more undertaken occurred aircraft well don’t Russian damages. or lessors as we March passed don’t was registry. know Russian permitted which to reregister Russia on lessors
to that losses war be loss of but if a there type caused must Even As as determined the determine whole policy, is the will question be determined of that if this first given confiscation included policy answers whole by is the to coverage. government questions which confiscation. apply is need consideration so, impact also might will these in an war where a it given be of response. of outcome critical war a there actual question confiscation, place whether is amount With The government would and available. notices have be a to policy perils respect maybe it structures likely reinsurance, covered and versus a timing scope the whether non-war be this coverage loss answered war war in to typically that respect the took to and as such of to will implicated political geographic a contracts that to perils, recoveries. perils, an With could and could to be a war, be covered but to other due it peril policy. in marine a If for possible reinsurance alleged also violence, it’s energy peril, non-war loss available be all-risk is of scenario and will types include
matter, be initial a to that an need has, that would however, fact then it peril. loss if due in determination made As and a has is occurred a to non-war
peril The consider available typically is scenario or than would would available. different you all be if scenario. structures reinsurance in reinsurance to that perils, war with other as Additionally, in risk confiscation in have government war maybe
potentially covered are all to potential many perils, requiring sanctions. including issues the analysis, applicability of As there any
through from that consider grapple Assuming highlight claim recovery they get and have the This of the industry also but thought rights I available insurers salvage payments some a situation. subrogation high it’s contribution to their with, is of will you the issues idea and are insurance. just to a other made, complex were will level summary important
to public Life Now, turning prepare separation of a company. Retirement, to standalone business made this be progress significant we to the
and We regulatory market continue quarter subject to conditions the to approvals. target an required in second IPO
this expect interest post business also continue retain a to We IPO. will greater we that than in XX%
which Corebridge strengthen and the IPO. who serve the Corebridge milestones: At for the billion board say more important Financial much where In based on join you process, there S-X; given same we me what can was we we detail can announced let the I on we upsized $X.X maturities filing of significant Corebridge notes I as Life to and but senior a some coupons. independent & Life March, in who directors are is are on $X As name the as the of several give our limitations will on and of highlights how have will call. demand. and the new time, mentioned, Board which, accomplished about Directors billion you the since of provide appreciate, launched those Retirement, Shane last Retirement, currently the public the offering,
We asset management also $XXX in this offer hybrid on business, as classes in million that million the equity. capabilities our capabilities identifying cost our flight allow XXX Life commercial savings complement of that estate to the of made from including investment benefit establishing own private the strategic origination million excellent substantial partnerships $XXX separation $XXX model already progress part in operational inclusive transformation that we a and as execute program. global of mortgage real from AIG for AIG, such on continue will investment firms to Corebridge world class and savings Retirement and business of to loans, with And
an with to billion partnership March in Blackstone, this XXXX. we moving arrangement whereby of this to we will first year, $XX BlackRock Corebridge was step model with announced up hybrid manage strategic our announced assets. BlackRock, liquid in In which of The
well In modernize the we & Life to plan investment’s technology book of risk as infrastructure, end-of-life as establishes performed provides reporting, testing functionalities entire developed Aladdin portfolio. business and and to across addition, and back Aladdin enables services systems currently accounting a record a and office multiple respect record stress transition to AIG. mid the other aging platform the book us and technology Retirement’s of with of to single BlackRock’s at analytics, investment single a replace
in cat, quarter from ended repurchases quarter combined basis $X.X was a pleased stock point combined year-over-year. in parent ratio, with headwinds liquidity and $X.X first capital General In Blackstone capital Insurance, especially press result XX%, Insurance, an of to despite billion management operate which and $XXX model, considering in share, prior saw of where taking will by expense this release, management an year-over-year. handled our environment, be adjusted same per the we the representing first commercial, diversity excluding in model approximately cat XXX billion results and of savings We was common of improvement. consecutive AIG management returning operating account General with that $X.XX excluding through from XX%. XXX quarter basis the improvement billion quarter million adjusted to In Corebridge first continued our was improvement shareholders This as accident current segment equity driven We Retirement accident investment discipline, profitability as AIG BlackRock costs significant Shifting Return was good financial year-over-year in the expect strategy. increase and execution XX% and of were our points an of XX.X%, year XXX of largely year results fully in after-tax Retirement, you in-house. into strong both benefited the dividends. to on reported the results, cost the hybrid ratio, after income of improvement product the our loaded $X.X Life was Life for common markets. diluted asset XXth
business, Now, let Gross increased that I’d me obvious. a first continued of XX% an provide commercial was FX-adjusted more XX%, our key be written General very financial drive results Insurance, both core with which core Growth in we North North fundamentals commercial commercial performance where immediately to quarter then contracting contributors. written X% was detail on improved America being business premiums in had premiums by commercial like strong written and our certain FX-adjusted in to on may X%. growing premiums X% basis billion written unpack XX% with personal an was to with growth $X.X as X% growing growth growth billion. led and to X%. on This international on Net $XX.X premiums an premiums components net basis. basis FX-adjusted America our we increased not net grew personal net written
there to quarter I were positive there first to negative, that items our quarter both These that X assumed the each like and items in provide aspects portfolio, of are movements more always on. insight and While I’d timing various impacted relate spending have worth reinsurance something America impact net focused they given had a few is which previously premiums the think ceded minutes but and purchases, commercial North on the not which written. on of on is we
the in AIG XX% reinsurance financial our for Re North net included quarter, first commercial of for item AIG relates Re, Financial rent. assumed in results premiums business. The the first America are total represented the segment’s results and, to
the was the could in a market and returns conclude up leading of in disciplined underwriting led with AIG property that the in XX% over to is as of Re, year-over-year. This AIG XXXX, X/X. quarter Re with program premiums the to For In first us largest place. the of quarter a appropriate X/X were AIG cat, persisted flat its quarter result annual Re’s of business levels deliberate we comprehensive first year at written to approach retrocessional applied achieve environment particular, net written that not even risk-adjusted
As was a AIG result, flat. being the main property reason the we written which retrocessional Re’s reduce that recall net AIG year, the respect purchases With reduced to throughout U.S. gross $XXX the retro in limits this primarily cat purchases may premiums for in frequency by were item, rebounded. deployed as in second year you retrocessional market the made volatility, and into discrete consolidated the XXXX, Re whereas to X/X/XXXX further million, renewals
As were premiums in which decision, higher of a the quarter Re commercial’s written result North XXXX. this reduced XXXX, ceded when first quarter the net to also of compared premiums AIG America first
placement consolidate with AIG consolidated Third, a AIG. reduced XXXX cat. exposures. core X/X. property premiums net reinsurance actions these core in property we To our particularly net purchases our In largely volatility, purchased occurred will our improved at were the the purchases because retentions throughout to portfolio reinsurance we reinsurance North last the and quarter. America In of the however, America cat second this significantly in to with year reduce North for the quarter commercial however, XXXX, in took in some headwinds were dynamic is reverse property to of much able these first also Like with year similar first respect summarize, to quarter. those into XXXX, written program We cat lower respect reduced from Re,
both XX%; wholesale, back which than more than In particularly in which grew by we XX% more turning commercial, a in including in Global XX%. International, and we retention international and America portfolio marine; improving for commercial, XX%; Now holding of a and in strong our strong, our commercial North renewal with XXX also And net In quarter. grew very had more which which North premiums strong in grew XX%; across by constant and grew business business, to basis more XX%; Risk North Crop in-force than Commercial, fourth property, and global retention very XX% basis, grew our which consecutive grew than driven coming year-over-year. Retail we retention north in calculate very XX%. Canadian and In which was to XX% financial renewal We lines, impact also Services, than Lexington specialty, on America led grew grew very exposure of of by new billion Property, international commercial energy the retention the saw growth changes. saw America property, which growth, rate points prior $X more which also strong growth. written,
North North led in XX%. in both new and growth International was was business Financial America and New International, growth Lines were global new by business Lexington led growth up Property. and specialty. commercial by business America Retail
cases the rate XX%; North a XX% upper cost XX%; rate that in trend cyber; achieving in where commercial the rate International X% and many workers’ XXth X% by by by increases in momentum continued increases led were than achieving view which increased in which also lines. Property, commercial we’re with that strong cyber; increases commercial of in on rate more or increased representing Lines, from we which XX%. property, expansion overall the and and compensation of the quarter, to increases rate XX%, driven migrating more Canada, America excluding Lexington, XX%; is towards indicated Pac, of for double-digit be in upper X% X% moving exceed compensation. Asia And in successfully rate, which where XX%; XX% to including driving Financial which trends. achieved consecutive rate were if above continued now range. Turning increases loss including EMEA, increased North rate commercial region. rate cost XX%, overall to Lines, increased increased in some margin overall, mostly increased global We quarter XX%, you XX% increases increases exclude than America which driven rate which Financial range double-digit and XX% that this areas we year workers’ our Last consecutive aggregate shorter severity X.X% increased XX% towards increased Retail the are the end This aggregate, continues end believe which with rate we market loss to fourth in trends. tail
Our government-published exceed equal property in increases, rate changes, in mid-teen cost to data inflationary achieve indices. our or continue trends we where and loss own
Our liability X% trend international in assumptions continue the to range indications those be be America. to continuing with to X% North than in less
off premiums Private reinsurance was increased America, North warranty nearly Turning to and Personal an are reduction we Personal A&H, a Japan by there basis, supporting by and smaller to grew travel. written Personal sessions reduction a a XX%, net area net base A&H reduction in International X% by attractive personal in is driven due written Lines, personal Client saw a Overall, and Lines which to for on in where albeit a an in invest in rebound in profitable and offset auto growth. rebound warranty FX-adjusted premiums Group. a travel in offset continue opportunities where
which both within review Retirement Now of first partnership premiums capabilities million capital income good created strong and in call lower income quarter let quarter days of XX%. Adjusted by market dividend markets. in quarters to continue expect the These year-over-year of that results. partnership first which ended in to billion, achieve $X.X we that our decade which slightly. strongest quarter and equity its in parent Post in established to early deposits previously the Overall, Life Blackstone’s the quarter, with momentum our mortality, surrenders first separation, XX% benefits due and XXX% Blackstone Retirement, Retirement the return Life elevated in and COVID-XX success on premiums we still our will results. a million. one equity evident income that attributed an $X.X in had with resulted in tender annual nearly will pay very return seeing segment to continued fixed guidance. and pretax liquidity. with $XXX income considering Life period in and had $X.X to I’m growth and to decreased is while with business of and in and, headwinds was Retirement’s meaning with pretax active alternative by Adjusted strong early Corebridge, With investment management, a the the it XX% continued death annuity deposits, improved Life billion. pleased a over of of increased particular, dynamics a XX%, the respect year-over-year on capital sales up was $XXX and the were me billion This offset
result Corebridge, of the AIG funds I by and in promissory resulting used from a issued expense remarks, outstanding were AIG repay in the received debt, my to actions year-over-year. of outlined to billion AIG $X.X $X.X AIG’s being billion earlier As note XX% reduced interest those
the $X.X the receive quarter. In under billion promissory remaining addition, note will AIG during second the Corebridge
us $X additional we an $X of to $X.X This buybacks, opportunities, first General our share I of in quarter. for respect authorization. be in least where earlier, mentioned continue we track returning across through With investment in billion dividends as strategy in continue focused release, continue our to growth repurchased profitable in stock remaining the allocating Directors as our more improvement and billion levels billion our to quarter further will for you growth capital management are buybacks shareholders be the with also leave capital on balanced in sell opportunities while under we press as of appropriate capital share down growth to in to priorities Life global both This on repurchases. time debt and will organic prior and and allowing also will approximately Board and the Our at disciplined our stake in respect over stock back billion Board our And AIG while we maintain true as $X.X be saw common portfolio. buy to returns. see to risk-adjusted With opportunities authorized recently Insurance, Retirement. second
Life management through we we strategy. move further will provide separation regarding Retirement, As with updates of our along capital are the XXXX and
AIG Shane, emphasize am strategic results year I with execute multiple with are how turn we want continuing that over high-quality to we to the pleased I on Before are the started AIG company. I complex as a how call positioning to how across top-performing and priorities
have the skill provide and continues the to overperformed to I’ll us organization. teams the Shane. our talent with leverage Our bench across across and further opportunities over call develop board, turn sets With deep that, to
