full year you and thank results. for joining quarter us XXXX morning and our Good review to fourth
Q&A topics. questions. I the Sabra and of results Today, and XX% will McElroy ROCE, remarks, Kevin my more or on a and take for call. cover join Retirement us David we Following provide to Life Hogan will four the will then detail path portion topics, certain will our including greater
of our First, I results. quarter fourth provide an financial will overview
including our the equity conditions very I XXXX of will accomplishments, the industry. faced remarkable were the we insurance highlights the markets some major and challenging which given full year, throughout review from Second, in
say, impact conditions market perhaps X Suffice in we XXXX I shifts renewals, some where significant our it including that capital renewal Third, and leading outline in myself, industry detail fourth, saw will XXXX reinsurance will was most challenged to the January and regarding up our priorities unpack will this the careers. have I believe throughout to management. outlook many, X/X And we seen longer. season that
results, to to turning Before to call. our I'd the Sabra like welcome
to her role, have fortunate while medical the a are CFO on We Shane interim in leave. is
Regarding is for the our him who number Shane, you. I We to Shane incredibly from his recovery The family. and tremendous to back people am many particularly look to forward a of of speedy me meaningful wishes and welcoming to appreciative good sent personally of team and deeply outreach AIG. have management
begin stock $X.X the was with Adjusted its billion of billion AIG common totaling million dividends, quarter redeemed and fourth paid million $XXX IPO approximately diluted two million and in fourth $X.XX quarter of paid XXXX. a dividends AIG per share. common overview quarter the $XXX and brief following income September fourth in me in Corebridge of let results. of Now in repurchased after-tax AIG's We $X XXX approximately debt.
year-over-year the underwriting the representing improvement. to year XXth margin improved fourth accident XX% consecutive year-over-year of fourth Turning $XXX Insurance. In XXX to to in million. basis General ratio, quarter, Notably, points XX.X%, combined increased quarter the quarter ex-CATs, the income
continued ratio, a an to portfolio. increase achieving ex-CATs, point Global XXX.X%, accident and XX.X%, this a combined as XXX Global Personal basis ratio, underwriting accident year in reposition basis year ex-CATs, year XXX of reported point combined quarter, increase Commercial the of an improvement drove the from year-over-year a increase, prior XX% income. we
business in basis, FX-adjusted continued its X%. to strong X% net Global and strong. Commercial written international increased and Commercial, on America retention had new premiums Global commercial an be to renewal Moving North in-force increased portfolio
X% Turning in also you exclude quarter of excess X%, lines America exposure to overall X%, increases XX%, was XX% at exclude and the with commercial America workers' retail by X%. property at at were in financial portfolio X% if the REIT, you momentum These increases and Lexington increase if rate and casualty driven continued North North the rate compensation. in
North rate international. driven plus was increases and International around in commercial includes rate Pricing, X% in by were exposure Asia international exposure, at at up Pacific X% EMEA portfolio X%. increase the which X%, America X%, both and and was the
quarter. towards experienced the in fourth we in rate saw on of end pressure quarter, downward the the increases certain early While lines reacceleration price of we a
For improvement the particularly with strongest Lexington property earn the contributed cost increases the positive December a rate when increased with continue fourth portfolio example, saw be trends, catastrophes in We similar Overall, felt. upward and market December the from impacts in quarter. in at was to up retail fourth rate rate quarter loss which movement margin expansion. within XX% property seeing of XX% to started above we to
or with starting America, and net net rebound will an Personal, portfolio, Global part of relating Point net discuss announcement a our premiums businesses my by ongoing growth due the X%, written in create Monday worth are In that increased PCG. and I reflecting FX-adjusted General remarks, travel of A&H. slightly partnership premiums and declined in on Stone on basis in high in MGA. X% our this reshaping ultra-high to to our In to International North a PCG particularly Later new written Capital with Agency, Managing Personal,
to multiple progress once. team's the across number AIG to objectives execute tremendous at year. with throughout be a strategic I made turning key XXXX Now of on priorities. We complex our not pleased on could full ability more
XXXX was U.S. completing Corebridge XXXX. had financial and very since we IPO IPO Our despite the market significant equity Corebridge services in largest largest the conditions of was challenging in accomplishment IPO the the navigate. impactful year's September to Notably, and most of last
in with in $X grow We increased to approximately over row General second of year-over-year, $X underwriting a growth income also the continue in which income. Insurance, billion billion year underwriting
on $X billion, we milestones six have our significant call, run that while infrastructure of modernized on of savings executing As exit AIG reached an operational also months technology and ahead on rate schedule. last capabilities XXX I noted quarter's
We with are strategy benefits and management the we these seeing and and across successful structure Corebridge. also of changed partnerships Blackstone AIG through investment partnerships BlackRock, AIG's and
while of results to common outstanding, Adjusted XXXX year Turning financial $X.X in after-tax by share. consolidated roughly We Consolidated Corebridge for XXXX number $X.X with and income executed billion We at XX% billion through year-end per outstanding to stock XXX common at $X AIG. financial decrease $X.XX billion million since diluted was $XX AIG full we And reached of approximately Corebridge. management establish with of capital actions reducing XXXX. debt a at debt billion. finished structure AIG end was a billion billion the returned to on $X.X $X.X capital and repurchases billion and the shares billion of $XX dividends. $XX.X AIG shareholders standalone
cover me XXXX General full let Now year Insurance. for results
by insured in an And As we turnaround is over our the instituting exceeded XXXX, rigor clearly aspect industry been over our underwriting in financial a our ratio achieving years underwriting accident of billion quarters. ex-CATs, commitment $X a our of all ratio, this billion you $XXX experiencing in know, combined important catastrophe area few Insurance And sub-XX excellence. year natural four General of despite of losses. culture the again combined income last achieved has now results. benefiting
improve. this calls, we prior it gross overhauled standards a since on limits adapt Overall, noted I've and overlaid underwriting our to completely and comprehensive program it's standards with and period. worth to our that change during XXXX, by market conditions over continues as trillion repeating, were reinsurance reduced into these can $X.X deployed As portfolio
We also shifted meaningfully global our and the to portfolio for reposition mix in deliberately order AIG future.
in Lexington America written, now business, of is Global XX% represents now And our commercial our For XX% from from XXXX. net up example, in Commercial North premiums XX% XX% XXXX. of up
now exclude America Validus of you XX% is Re, If North Lexington commercial.
well market and for of as I this work, how for XXXX. renewals, have is current AIG dynamics shifted later, January detail portfolio how to risk-adjusted review result better should As our X look capitalize very more reinsurance on opportunities in attractive we discuss when returns. I will a benefit positioned
Now achieving profitability, by continued year us of Glatfelter and programs it growth XX% sub-XX% CATs, acquisition accident had its terrific accident a ex-CATs. underwriting XX% XXXX, we highlight business in lines business written also key since focus that in and business. few premiums The our XXXX. this of combined performance XX% Insurance written excluding businesses and in allowed increased year of let surplus over net a elevate to an for XX%, transitioned our ex-CATs, Lexington, premiums the market. on net business, to the quality excess increasing significantly achieved Glatfelter contributed market-leading income This to up me the General combined our underwriting wholesale XXXX. growing by XX%, ratio, performance, ratio,
driven last businesses, accident written clients year Global going on with generate FX-adjusted new in opportunities we will just are ability strong anchors which examples Global market growth XX%. to and expect we of AIG strong prioritized and some rate CATs, by over marine, businesses business are Specialty, generated and that portfolio. and This position, profitable These XX%, global based premiums Specialty of energy ratio, an our in our the aviation great was proposition businesses impressive strong client for year growth XXXX net for strong value see by results. XX% combined to We to retention underwriting across differentiated they our XXXX. includes of forward, increases on an excluding their these that contribute grew earnings basis.
a and impact half in business. Our Taiwan mentioned This International Also, XXX product held Personal from headwinds considering post-pandemic last point $XXX year in call, combined Personal impact the ratio. to the a first extent XXXX, our was having of over deemed XXXX. and XXXX discontinued as Global million in accident in in repositioning the Japan of contributed losses accident well the strategic we basis our lesser some on hospitalizations I the business on performed saw of
improving North to Global Insurance rate X% We year with International the impact driven America X%. X% International in Turning reminder, to General XXX renewal portfolio a And grew by to basis, in renewal basis full retention our prior for the premiums exposure changes. and an as of X% America Commercial growth grew year. and XX% we written. North points retention achieving strong XX% full in-force on grew net by and had Commercial. calculate FX-adjusted
progress. basis year. combined was year full the XX full for XXX in points ratio. XXXX XX.X%, an year year a basis Insurance profitability basis loss improvement of the underwriting year-over-year. ratio, ex-CATs, expense in strong ex-CATs, another the with was General year saw and The improvement improvement ratio, a to point Turning The accident point accident XXX
combined ratio, impressive the loss XXX XX.X%, improvement of XXX The with PYD and achieved year-over-year. before. represented accident a Commercial point CATs points to basis improvement, in XXX and XX.X%, Personal point Global including accident ex-CATs, an ex-CATs, year the XXX a ratio of The year combined contributor improvement I've combined of Global was outlined an biggest the points XX.X% ratio, for ratio, basis year-over-year. deteriorated reasons basis basis
Now let X to January of turn reinsurance renewals at this year. me
and in We on as had of be fluctuation. inflation As added will side the our additional fundamental lead we already rates, would knew I consequence were on market short-term very We a had call, stress. with frequency had X/X last of continued. in quarter, combination creating dynamics natural sheet season balance interest market top macroeconomic late currency had challenging asset that to perils this the trends. faced that rising geopolitical and secondary We fourth the stated We global was impact and factors renewals. further of severity and renewal catastrophe pressure earnings uncertainty. that changes the a considerable The of increasing losses to pressure
average catalyst changes particular, even to ultimately in that expected the shifts in the insured XXXX and And rethink year significantly billion. Hurricane to more reinsurance to natural catastrophe of that for the and losses, market XXXX than with last dynamics $XXX making required the a six having be ended on exceeded fifth out Ian, proved with of led insurers, the commensurate years record industry incurred market over placements market. natural market impacted a primary five billion catastrophes the $XXX XX% costliest changed elevated the XXXX natural property trended when incurred XXXX that levels activity loss on XX%, through XXXX unprecedented take to a average ratios in through XXXX resulted exceeding below reinsurance needed a to loss CAT has ratios massively in with of from dramatic deterioration. ways. CAT ratios loss global scale of The place compared Increased couple in ceded
the Available industry, capital experience. of cost all the decreased of last reinsurance estimated loss also this, entered which These retrocessional five and and loss to And lines of very impacted approximately new all supply more when perils of years, is capacity On territories, of than secondary the over top to market. the compared year-over-year. XX% primary ultimate contributed little and of the almost have market for business impacted XX% capital dynamics perils. regardless to capital increase
billion, diversified January X. retro capacity manage larger on incept X. outline billion were me global protection pressure happened quarter. what of which due face estimated markets $XX of to in be further property retro constraints. global fourth CAT which able more the renewed January in at peak events result, XX% losses particular, retro whereas XX% CAT to XXXX, limits, let limits by in the property of $XXX Now the we CAT high peril retro and as Approximately were to reliant greater Reinsurers in estimate better a level at heavily reinsurers exacerbated at
of programs saw on January a X increase companies As retentions. a insurance placed to result, majority forced
challenges, navigated gross complex in our renewal strong X, coupled were into Despite extremely global peak this of efforts the our our improved with portfolio and to We reduce intense exposures. well. given and knew AIG portfolio, market the quality position considerable these January we heading a season repositioning
believe across to expected, this AIG's purchasing to weighted advantage attractive successful noting market. all many to the full incredibly our reinsurance clear reinsurance which to be opportunities, season. by the our our exceptionally and to allows line that of worth And proved particularly AIG January maximize is, wider be of we January valuable also an of this challenging. purchasing It's benefits which X in a this placements. on had capitalize reinsurance outcome than cost heavily we allowed a design, year, bulk competitive renewal As X have the will more The of are we sight on we for Concentrating twofold. us the continue is as at market,
catastrophe protection of than measurement placements a our peer series of limits one each catastrophe with the should last we provide we in of placements, the a return highlights volatility, amongst America event periods more group, placements on we compared the for and windstorm January earthquake period property Some significant balance exhaust obtained attachment lowest placements. higher return our following. and and the limit With North purchased believe include XXXX, have respect to we our points at something focused occur. to reduce year our which are remain further very us on we modeled events is they These significant sheet in and or for of
to appropriate attachment an in Rest North we of it is that attaching, $XXX million. The which and the made retentions XXXX. could improvement from property placed treaties has our property our cover to separately portfolio with and we our changes our for Specifically, North million and programs America having at point in CAT $XXX four of before America, Japan, Lexington portfolio CAT CAT of business an aggregate World, attaching second retention improving attach reflect commercial event, now the
we staying Rest per they with CAT at attaching million. current million Japan's the $XXX flat of market-leading structures largely and are same for International, and stayed retention World believe the property at Our $XXX
overall our Many reinsurance loss overall factors less with and occurrence being: attain a placement; absolute model maintained basis; billion versus limit, on a program, our points placement; basis including received able for CAT increasing highlights on and an $X we spend improved to million aggregate $XXX of low were our XX% than increased AIG of approximately XXXX. we excess support we per attachment for risk-adjusted property
allowed portfolio to changes and accelerated kept limit costs, Hurricane further PCG-specific respect pricing purchase modelling necessary where CAT-exposed CAT exposure which the have to program, the driving offset inflation states gross for not us to With key reduce partially total pace. due we loss Ian. which remediation, in This is PCG, pressure reductions increased
and our risk-adjusted impact renewed Overall, on casualty share a close to renewals, both with expiring excess loss on of commissions. terms placements, ceding basis quota no
and, deployment also clear made portfolio. in have and AIG and for investments X achieved quality consistent We confidence in testament partners. have our and our the marketplace of strategy reinsurance are maintain the reinsurance AIG received value reinsurance its with management our from recognition with the ongoing reflect we terms appreciate our of the at The has of credibility outcomes partners, reinsurance a the we support their partners team. we support to with coupled capacity the and relationships reinsurance Our reinsurance January
global we times, important. As ahead XXXX, insurance even faces more And to the look uncertainties. as a is many market-leading world uncertain role our in company
the and and our our partners market risk built by have for on advice clients, we other stakeholders. momentum now grow and providing well strategically of portfolio, the the solutions extremely to thoughtful AIG positioned strength lead With distribution expert is
have XXXX. ambitious strategic we out for XXXX set priorities and Like operational
in will opportunities and Lexington and and Global to early continue it We continue Lexington profitability to indications lines us. see potential, the General will continue. of improve XXXX Specialty. rate growth saw XXXX end Insurance, at will and I we where highlight and business for that present significant And the notably this tremendous of growth early invest because presented business we into is in and momentum are
expect terms growth increased we by profitability, last Lexington driving tightened this conditions years, meaningful improved the year, growth. have few line where, top in We while led and over and prudently limits, Property
in in plan assumed investment business reinsurance to Re. through also our Validus XXXX, increase We particularly
protections our retrocessional cycle in to the and Validus Property all line volatility, acute a calls, of market, reduced purchasing strategy. and while reduce driving approach, with value year-over-year, the over few Over focused portfolio As steadfast prudent sound across through to management. the management we excellence capital commitment we've particularly in been the assessments, highly prudently we risk strong construction, was have the period participations Re disciplined prior time, a discussed involving underwriting CAT sound on past years, on derisking where within concurrently portfolio Global portfolio this manage
As The a a in of structures were to capitalize strong result, terms risk-adjusted X. attractive and beneficial as on very repositioned became terms January property with conditions. market, at we and position compelling in enhanced along particular, in well opportunities as rates
margin Property XXX% as as year-over-year and portfolio. XX% improvement International International U.S. and entire approximately and in similarly, Property Property average range U.S. business greater ROEs between and approximately in CAT across were XX% within U.S. outside than U.S. changes well in by CAT increased XX% the in Property the XX% was Rate for increases rate both the the the year-over-year. zones XXX% Risk-adjusted peak
and points in movement Additionally, lines. Property we obtained all favorable in including attachment terms conditions, improved
driven For with net Casualty moving by of terms U.S., International lines, significant a with and writings. from Marine limit casualty the January including along from quota roughly X property terms remaining one million Property, shares remained for Specialty, XX% majority reinsurers property with new commissions Energy. conditions result sound XX% included or points, from written at of premiums This clients line was level over U.S. being XX% of our XX% was improved. deployed existing on actions year-over-year. these to ceding increased was achieved and XX% to The favorably property from or and The placements two increase in remaining $XXX private
measured ahead, we will continue Looking renewals. for other our approach
we continue, at our very For changes to example, be April positions Japan June Florida. renewals, in and at capital we the with consider market X deployed will cautious meaningful X if carefully continue will
Turning in XXXX. this remains a to Client Group priority us Private strategic or for business PCG,
transitioned states significant certain reinsurers partnerships have two years, the As we effort volatility. and aggregate reduced reduce over to exposure, market re-underwriting Lloyd's last undertaken and developed to non-admitted with the this in you a portfolio, know, strong
Capital, which will other underwrite and solutions it eventually in Select, underwriting with PCG. at to comprehensive we in of next worth transfer high- AIG single providers by be offer On for MGA PCS, the will MGA new end-to-end newly Kathleen and Private the and a the PCG will and structure create our to of portal, led behalf step significant our evolution intention in AIG. Point MGA, and believe capital value clients, and that other announced partnership PCG the a will as of Monday, will or on ultra-high core The be a as offerings, broker warehouse set a and client net team markets. rebranded Stone product formed Zortman launch, this stakeholders. data simplified current a logical We will brokers and Client of see AIG capabilities
will discipline continue to a Additionally, expense for AIG. be priority
is earn align corporate million XXXX, further expenses to in XXX and from we upon move In target one company. GOE to Separately, to of secondary also Parent we first operational and General This the during across and absolute in conditions fact working our remain of Corebridge approvals. regulatory year, a to completing savings $XXX AIG market plan operating the we addition AIG the end AIG currently AIG, Corebridge expenses that reduce will to stock we reflect the we towards Insurance will sitting are from expect of focused deconsolidation. becoming that of to to quarter, AIG common subject separation and Corebridge model continue on by offering
is of majority used repurchases. be of Our common the net that offering current stock proceeds for the AIG expectation secondary will
call, last AIG's years. our on changed stated many I in as which dividend, not has we are And revisiting
We about on first call expect in May. more say to our quarter this
With respect AIG materially to significant capital we improve both management amount to Corebridge. of structures XXXX, did of capital work in the and a priorities,
be line in debt we With leverage best-in-class our post-deconsolidation in achieved, peers. with will the reduction AIG
buybacks, our share existing to have share we respect with remaining And repurchase $X.X on billion authorization.
to dividends. philosophy capital of management investment will capital for buybacks continue levels through balanced in while to appropriate opportunities, Our shareholders returning and growth allow share
opportunities, We open arise. they should to remain growth inorganic compelling also
over turning important and incredibly like was AIG. Before year the to call that for I XXXX would say Sabra, to pause another
Our and through job, and Corebridge results. continued colleagues the exceptional on IPO operational did our clearly the are underwriting an improvements in financial that showing particularly
continues, another momentum company across organization. the with fully and significant progress top-performing expect to XXXX and I year be to journey Our be a
turn Sabra. I'll to that, With over the call
