third priorities. excellent us along quarter were joining progress you pleased very the made our strategic strong, Good financial review on we've to Thank morning I'm you, Quentin. thank to report for and results, with our which today
will results, my then Lyons take Shane McElroy, Q&A today's we'll Kevin and financial the more quarter and provide Hogan, Mark us portion on of join for call. David Following questions. detail third the remarks, will
with important organization. milestones point for quarter an represented AIG, the achieved third The inflection across
Our a again and its high even to against demonstrated insurance outcomes complicated of in execute and AIG strategic to ability future, for on apply strong execution once discipline markets. backdrop significant very position capital of initiatives, quality successful team to these achieve initiatives, that a the
we the market more mid-September, detail, I'd second Financial conditions. cover IPO, our quarter the and comment that we Corebridge, very in stakeholders. third interest successful best I explained of in not On on Before IPO the challenging elevated, our to volatility in to at that in been which capital call, equity complete or AIG, capital time, that markets the an like quarter completed despite earnings significantly was would attempting Corebridge have
an appropriate as of a worked available. and the diligently our well on prepare for was a as the completing that to knew As result, to defer there windows third in separation and soon transaction a summer, job operational the open successful we from as IPO opportunity remain AIG, Throughout remarkable as we a believe business committed Corebridge IPO. quarter. would team the the revisit timing decided limited to be did We and
targeted million $XXX at on we within call, program an $XXX As the million years. Corebridge we noted already million two our of increased range three last to had to initial from to $XXX savings
billion markets part and Using a net also window the to of secure over prior summer facility down and $X.X issued deliver to of original $X.X September were when capital in Corebridge the remaining In August, early became Corebridge the complete We our the short pre and available due the during securities, on prepared late to a debt bank restructure. to these Corebridge the billion debt proceeds IPO, conditions access rate end Throughout billion sentiment, equity, the expected accelerated run of also now more under in its and structure in by $X market. to of capital out time, close hybrid With IPO execute favorable. XXXX, AIG a complicated $XXX about additional time our of note. from million ability transactions, ahead drew business this certain continuous investor debt other of initial actions, their promissory is a the savings the we in engage discussions with IPO conditions, and market a to financial schedule. advisers
We up believe establish leading acceptable While it equity an confident IPO was uncertain, we as continue for complete range, company new third the very important remain a investment the not the future to AIG, for to Corebridge and Day. was Corebridge. AIG could model a were we markets public Throughout made we volatility in within to also significant of valuation management implementation extreme quarter, Labor the and and Corebridge as of in XXXX. progress
with partnership know, strategic Blackstone, of AUM Blackstone, years. a you As mid-XXXX, finalized in six that $XX over billion to grown the Corebridge number with we $XX.X to which billion of includes transfer
from a Keep understated. organization. in implementing businesses separate And we of XXXX, from announced aspects segments ago. billion this cannot until In addition, AIG, been until and our moving these management across business at will years over with $XX Corebridge assets unit was moving time with few investments $XX AIG of earlier a between Corebridge. to separating Corebridge. investment announced each from the over of servicing a a standalone in new $XXX transfer we late from liquid have with as operating complexity in from AIG, intention billion BlackRock, shifting $XXX be our just structure and well Corebridge AIG operationally we billion AIG, for combined decades, mind, which of businesses for To-date, model The two under both billion assets as to partnership up transferred we year, have all
as value over enable to too part investment us them our shareholders Corebridge respect financial they reiterate I'd accelerate to create With Our IPO, like to partnerships significant with of commitments reshaping made and time. the Blackstone portfolios. BlackRock the will of as the for
To pay to annual its quarter quarterly reduce of in financial expect already have IPO the of shares, XX equity to AIGs of return first a or with repurchase to achieve days as dividends, million million as and XXXX second the close continue dividend early the all over months. the proud stake the flexibility paid. next our on of major business. XX% a after our was at $XXX Corebridge ownership Corebridge accomplishment work $XXX to to declared Corebridge Completing outcome. the and and the of hard We This to and preparation, AIG the was XX% quality testament the and very a we are teams. XX window teams a IPO narrow And dedication for of within careful to very
profitability and ratio despite in ratio improvement ex-CATs over highlights of impressive which ratio a Adjusted The per by year year commercial, combined tax XXX significant was combined This calendar General year year, combined XX.X%, accident year. XX.X%, accident points break ratio. million, an quarter improvement quarter. quarter of XX.X% Insurance CATs to over other was basis year third in for strong or the primarily of was The action and driven net improvement basis over $X.XX. ratio share to had XXth quarter. which his global was Turning point the XX%, was in in XX.X% will were remarks. third XXX ex-CATs. a basis performance very year this income The after result diluted continued Shane international a year X.X year improvement. CAT down an the had ratio natural accident year an point common combined the ex-CATs combined commercial, year with XXX XXX point consecutive quarter, point year combined the basis losses improvement due a delivered $XXX year. you improvement number excellent over
million the third In up another third $X.X Management at of from points quarter Retirement, came deposits $XX release since have validate coming With ratio. quarter, of of million. and reflects the domestic Effective ability our where XX% the In has exposure Our This minimal year Life and billion had repurchased billion from of the premiums each strong Considering growth business, in done priority paid sales, terrific prior CAT quality in CAT $X.X calendar year, total positive our million Re, in zone in the reduce and of reinsurance in was related to with the approximately we combined in the $XXX losses strategy XX to of at work in our segments. approximately PYD, AIG the result its in common business business a includes we've basis successfully AIG. the reduced $XXX respect there dividends. limits CATs particularly for and Hurricane by Florida, deployed quarter, and to our to Hurricane Ian, peak losses XXXX, volatility. reinsurance a favorable assumed stock of exposure to which quarter billion manage $X Ian or remains our with other year-over-year third four underwriting, Florida insurers. team Capital
We also strengthening commence of the and And quarter with third announced the week debt balance $X.X repayments, which billion AIG further $X.X parent billion third our lastly, in ended last close quarter sheet. of we liquidity.
portfolio to also growth approximately premiums Commercial, strong premiums marine up business billion. net excluding our detail additional X% in Net we on led XXX basis we to by by was net and Global property. America Personal in and The decreasing decreasing Gross retention General and Lexington Commercial, to X%, Commercial $X.X a related Specialty, an Global In Insurance our and impact of numbers and premiums With International When FX performance in X% we Commercial written that saw and energy written with North X% to saw written, growing International as written at provide also growth led continued X%. premiums and increased XX%. points which well grew non-renewal as in commercial Specialty, very in improvement very with increased XX% net premiums me wholesale of and Russia referring X%, property, sustained known basis. property America year-over-year billion. underwriting. net retail written $X.X very international X% X% North America absolute on net strong let Now, gross Global and North renewal Global Glatfelter. Personal International our Global premiums are X%. strong increased in-force XX% in the increased the had Global good growth In Commercial exposure. In written note written to or adjusted in premiums cancellations all commercial
a we business by rate new prior North As $XXX And global renewal impact changes. was led led and the commercial, exposure new strong. International was million calculate Lexington. retention business across business new of continues by specialty. $XXX million be to our reminder, to America
America Areas quarter, excluding achieved with America third X% the Momentum rate which increased X% Asia commercial which rate. increases. These compensation. increased in cyber, Turning XX%, rate driven of overall Commercial Talbot, commercial to workers' increased by in International North continued XX% North and of increases increases rate within included were XX%. each excess which which double-digit increased Lexington, casualty, XX%. EMEA, Pacific,
loss trend loss trends on our cost America margin we increase indicated related had lines a analyzes loss in cost trends, resulted in every to are that basis. rate factors expansion migrated North above North continue and for Our costs, quarter. other to in to X.X%, Due to Overall, team contributes to our the loss an cost receive commercial we increasing cost property we last On international. aggregate inflationary second upwards written have quarter X%. both which and our trend America loss view in that call,
Insurance. Global Moving Personal to
in across work capabilities with ongoing XX% America the our to growth worth that of reposition as our Starting North premiums discussed prior on by personal A&H, transform business well our as continue calls. reshaping driven North net worth high Japan portfolio and in portfolio. to written our to prioritize declined net warranty personal we've high net We our America,
aggregation, We to net to in quality portfolio, value lines our clients. of worth overall a transitioning exits zone by we portion progress business to reducing the make portfolio, of and in offer the surplus continue the peak appropriate, high where the improving enhancing
reduction volatility. reinsurance This to Taiwan. declines accident loss the partially primarily increase North America's Personal to premium and continued Japanese it offset to gross net the quarter were declining Third the to impacted momentum resulting continue quarters, with as America mitigate written minimis quarter book. These we we Insurance's travel policy Personal North reduce to profitable this personal the in is that well hospitalizations exposures million ratio claims policy growth quarter, were A&H, a a international portfolio. result, One In was due to this losses to of partially starting approximately deemed most which offset is lesser revised the reflect have expect by premiums of as in in sessions individual repositioning to from and and results as to in warranty a with International by extent, was personnel, written due travel a which that our personal Insurance A&H. future net reflects premiums in X% largest impact and third note as year item a international declined a rebound A&H individual issue de and relating third in losses $XXX government government Japan quarter in COVID, year. and, COVID our related instituting fourth in
some to Additionally, no of longer cleanup losses businesses, offered AIG to these related benefits expense provides. which small
current conditions. We applied we assumptions annual of XX% review economic it to appropriate our Turning in given this third conducted as believe pre-ADC quarter. be review We approximately PYD. the reserves of is prudent loss to conservative in
of development $XX the ratio. third $XX of This favorable amortization from As of a million basis recorded or with million quarter $XX combined million we points XX favorable development. net of the reflects the ADC our of result for review, other loss
business Our by $XXX XXXX. favorable, region million. lesser financial which every to North line virtually Furthermore, favorable net were whereas of in unfavorable by of in predominantly except every was America, and, and years the international unfavorable U.S. million a extent, totaling accident for America operations XXXX XXXX North was $XXX was lines, ADC, in million, $XXX
strategy. on all where to year large Let prior excess and this continues me area because U.S. driven losses. exposures of D&O in lines unpack of it's business. be been the given high history and unfavorable earlier policies primary AIG's for focus experienced written from the by stacking us also in years development of actions a mid-excess driver. and years were significant for financial accident security Many both more same U.S. out emergence class to primarily too book was first started several excess movement primary limit had we on there And exposed issue business. much line account bit drivers vertical we an our is was driven The of This insured. on D&O development while saw basis. across our similar remediation the when portfolio some what the Bermuda by side, excess per most a the unfavorable the the was company The
prevent any prior calls, overhauled standards and stacking years, As lines insured. strategy overexposure underwriting completely we've and on discussed our including few the over to ventilation last were one U.S. financial to policies and limits remarks. attachment we've And reduced Shane tighter higher more will primary provide obtained limits. conditions dramatically deployed on points individual on in terms detail achieved and on PYD his
expected losses. number a a total individuals, be range support human Now minutes to which of second billion loss the I'd There natural few businesses CAT industry be tragic rebuild. $XX very a are to to physical on projected significant talking is like the also contributing history. was billion. $XX largest the about losses Hurricane to to Ian affected know deployed ultimate help a providing in remain considerable spend rapidly insured U.S. and today, to AIG that resources we on Ian, to insurable But damage. areas, variables immediate and of devastating level what event based communities Hurricane left infrastructure in
and inflation-adjusted CAT of context, last Irma, an and at respectively, first third U.S. natural the insured For losses in years are and $XX XXX basis. billions on Hurricane the billion largest $XX Katrina losses, estimated
levels markets, retro XXXX. is and we impact reinsurers strong similar for major did positioned. While with confident our we to reinsurance importantly, on XXXX relationships are well capacity as we Very have insurance, ability and believe Hurricane broader an of and in we in Ian have our the will AIG obtain strategic
to industry understand we XXXX. respect need as market portfolio, the to are and to will reflect returns Re. call, you to significant reinsurance our property, will our few improved and improve to addition, capital quarter about risk-adjusted at we've may flexibility term future. deployed in Ian the near have In to With there to require attractive Ian things in And we broadly, we believe growth significant the noted continued therefore, specifically, across market us as second a the the financial during Talbot, the for opportunities our impact wholesale see retail global order specialties AIG prior and and nimble be this the especially we in on markets and property allow more property, and
the If even going approximately contract prior already to you was and believe, retro been have which as market contracting already capacity, and we to do, challenged already market capital market from Ian. The retro XX%. from would that the was anticipated year's for last available XXXX prior was reduced property cat year the further itself the
conditions, When loss were are losses, estimated the modeled insured commercial few commercial natural loss. which and Ian, to of limit by generally deficient reinsurance. complexity prior in will factors prevalence XX% reinsurance X.X billion the the times average related more was billion regarding inflation mind, placements X.X XXXX, Prior and losses. ultimate a the just were insurers considering billion including an the require portion natural apparels. the last Florida losses in a values years. additional were prior as over also example, exacerbates proportional a currency and losses losses Available market Ian with cat retentions, commercial of than demand losses to decreasing year the Furthermore, natural and due the cats their likely had to there led capacity these to of complexity the and secondary increased When capacity the The economy, inflation by potentially XXXX X strengthening reinsurance name considering load from coverage way times In be losses this post apparels. for in Keeping and to valuations, basis, increased XX there compared as and market occur devaluation, forecasted finds to from The decade, an of last cat another than the in the resulting conditions Ian, Florida, few. impacting apparel making commercial cat modeling of capacity Furthermore, X/X residential had over amount XX% of cat to be factors. by total to last of In attaching $XXX completed to well capital domestic global to it Florida, years, over prior the of the specific $XXX years. exceed ultimate than asset of impact catastrophes, of and XXXX already to will several rate when Ian increased likely personal to have the consider. global reinsurance several $XXX by of the of XX% Ian the that the challenging. over reduced losses more issues XXXX, severity industry as frequency greater surge only losses of by lowest other dollar, and even there euro-denominated primary challenging X pricing. years appropriate in XXXX, with increases adds the pandemic the aggregate a addition cats deficiencies disproportionate where XXXX, were Since adjusting other context losses greater coming cat in of of for low more have losses resulting and capacity excess X from market inflation-adjusted its in predominant were output for is to expectation loss significant after structures years, because both the over aggregate for on natural available of in cat major significance property factors
Adjusted third due no income and Retirement. actuarial in reserve income the Life assumption $XXX pretax decreasing year from mainly tender adjustments investment the of significant alternative million to were million, turning arising income. call and lower review. to period, lower was $XXX prior Now There out quarter
with annuities in of credit sales premiums billion, relationship of up private over our $X lending benefited with Retirement $X course earlier, ABS, approximately As the and deposits with and excellent assets XXXX XX% year-over-year. Blackstone of assets. Life direct I mentioned have billion of on and year-to-date structured Sales originated from had
in accelerated relative Blackstone strategic a days, and Sequential early the fixed the While improvement in of the improved Year-over-year year-over-year management. also loan the our business to partnership point time and are has have points, very base portfolio remarks. its and could Shifting information Life improvement Retirement his with segment the loan still with what recent XX on income Shane performance for memory. fixed investment quality done encouraging. income in is in basis Corebridge in on yields X provide business yields. own portfolio confirming the the capital portfolio more surpassed and to basis compression will yield the yield first
We of as in capital growth shareholders continue to our capital disciplined well portfolio opportunities as of dividends. to reduced global for subsidiaries be through and levels our returning debt levels maintain balanced profitable as and buybacks across we appropriate while share
over Looking have many ahead, our with has share financial $X end remaining $X.X years. billion sheet had repurchases expect put share not of flexibility taken of that in with a repurchase buybacks, full with strength us authorization And the XXXX and we billion AIG current on year. balance we've position significant actions in for to share to respect
means will of IPO our stock of be Corebridge common course the our to XXXX, agreement likely this respect for as as the offering of March Subject the stock underwriters first to June. mid-May to in ordinary XXXX blackout half with expires to a look periods, with mid-to lockup we common Corebridge secondary late windows well As March. in late that in
current repurchases. net deployed expectation to the that proceeds largely is will share Our be
opportunities growth returning dislocations we market AIG to general committed there compelling. current for consistently remain Re be believe we through future, given attractive may that capital will and share in prove insurance the While repurchases organic foreseeable
provide to of his that equity quarter Lastly, return will common on we Corebridge, deconsolidation second achieve expect post Shane a details call, will as more XX%. AIG we discussed at remarks. or on continue in our above
Corebridge to clear with that, the position strengthened General the its plan I'll underway leader, and and is over a you. forward and As firmly significantly global sheet. XXXX, as separation full call Insurance our Shane, balance path a eventual we year-end of With deconsolidation solidifying market approach for turn
