our to morning, quarter Good for review results. second you us joining and financial thank
call. the Q&A take Following join for McElroy Kevin of David on quarter, the Hogan will remarks, the and then my will questions. we will provide Sabra detail more us portion and
delivered performance. strong I am AIG another quarter exceptional with pleased financial very report to that
while strengthening the on conditions. made multiple priorities initiatives outcomes that we very We demonstrated to during complex quality deliver AIG our strategic again addition, market significant on ability our difficult In executing for high future. progress are
common AIG XXXX. share, with the adjusted $X.X start year-over-year increase or representing from diluted and to result the was a income best financial billion, since quarter. for $X.XX Adjusted like after-tax per XX% highlights would quarterly I second EPS
Net business, ex-CATs Underwriting premiums basis improvement million. in best approximately grew XX%, accident General year-over-year ratio combined led a XX%, XX%. was the grew $XXX XX result our quarter AIG Commercial in point year income was Insurance The and since written by for the adjusted which XXXX.
was result loss of against terrific $XXX a CAT for Our challenging quarter catastrophe a ratio CAT X.X%, losses, the of backdrop or industry. very the million
very over premiums income year-over-year, million, good The Adjusted Life $XX the were pre-tax record $XXX results second reported a and was increase. was Consolidated XX% deposits XX% second of year-over-year. In billion, and sales And year-over-year. a XX% income Retirement quarter. billion income by increase business an in up quarter, fixed was General annuity investment the $XXX index APTI on million, a basis XX% $X.X investment supported net products. increase net Insurance, in
AIG million of that common $XXX and through second reflects repurchases a which increase quarterly returned $XXX to our a we million quarter last stock call. million on common shareholders dividends, $XXX the our announced dividend XX.X% of in in stock
the to outlined. release, the with shareholders, approved to buyback management of which share press our $X.X we capital AIG an in As have strategy authorization to consistent you commitment Board our our saw capital returning reflects previously Directors to billion, increase
Lastly, our liquidity. parent balance and billion sheet with remains in the $X.X very we ended strong quarter
topics. will the more provide following During on remarks of my I five information remainder the this morning,
in reposition second First, we the quarter AIG. strategic took significant actions the to
we and Services, Re Client to as I with During the of worth will the took an the net Crop and ultra-high respect serving of Select Private that launch divestitures Risk on Corebridge. MGA and details review, the additional markets provide actions Validus high
results General financial discuss for will I Second, Insurance.
I lastly, an of give overview update I ROCE and provide guidance plus will path Retirement. deconsolidation will XX% for Third, our Life Fourth, of respect to management. Corebridge. the post results will an on reconfirm a to our And I with capital
we executed $X.XX $XXX Re in start Re. common RenaissanceRe the will AlphaCat we million strategic for Turning on. with and to and I billion announced actions to in cash divestiture the approximately Validus In RenRe stock. of Validus May,
expect Kevin management in fourth to important with approval. pleased believe We is quarter, regulatory will the relationship the we have have We're subject a transaction strong RenRe a owner to value to be very team. and an a close this We company reputation and very to RenRe his Re. as we terrific Validus RenRe with partner of the acquirer. excellent us,
Talbot to significant premium and for growth with divestiture. businesses, business we but specialty XXXX, part Since Validus including Validus some RenRe time remain our not not diversification at the highlights and AIG. provide on the to me in limited the We also attractive which which acquired leading re-underwriting let of sale with just reinsurance, transformed rationale AIG by Western Now were will World, provided improved the to Re XXXX, portfolio, profitability. and
changed to business dramatically of the achieve we addition, exposures. diversity decreased businesses, and a the and zone property, peak improved portfolio among balance attractive geographic In more specialty mix casualty
our is mix our nature the For in this overall portfolio streamlines substantially AIG's additional capital and business of further of and volatility, will I Re, PMLs. disproportionately accelerates and global Due divestiture management the capital simplifies our moment, assumed as a to AIG, reinsurance which represents contributes strategy. model, capital-intensive business volatility Validus to this the a and reduces structure our and liquidity explain portfolio, key journey milestone on of it generate efficiencies
quality a massive improve exposures and were discussed results, few past the to we written, manage better the reduce casualty zone reduction and peak in across our balance use business. volatility overall As over have and the strategically core of global years, through underwriting objectives limits the growth portfolio overall geographic property reinsurance of AIG's substantially and turnaround
business, this A its by is very reinsurance of made has treaty have you when a turnaround volatility. magnitude nature harder which,
into significantly Validus Re's for PMLs all and post-closing combined account to companies both will aggregate the a We rigorous basis. of approximate February and took using exposure, occurrence exercise as version the and AIG have categories RMS completed AIG's on analysis exposure for X, an XXXX This enterprise-wide modeling output XX reduce.
few a me Let an output Re model sale of post-closing for AIG the Validus occurrence examples the basis. on provide of
all reduce were PMLs For PMLs period. Worldwide XX% at XX% hurricane at the and reduced by at will return one perils, in XX% return XXX by net by the PMLs the America in worldwide in period at by the one America one in return hurricane will the reduce period. North XX% at one will North period. in XXX period. XXX return by reduce XX% one earthquake XXX PMLs XXX return
period XX% one XX% period. in in at decrease one PMLs in XX% by EMEA, And all by the XXX period. XX% reduce one and PMLs reduce at Japan by XXX XXX for in Japan earthquake the will XXX return typhoon at the PMLs one return return at will will the return period.
for that In additional is is if of Re closing, remained appealing addition strategic our to substantially tangible will below Validus Validus what at the The the equity repositioning components Re made there AIG upon $X.X that billion business were RenRe AIG. the sale required required to of which several would AIG. portfolio, deliver have
in improved since value the AIG's million which purchase the XXXX. $XXX business of the reflects above Re, receive of portfolio quality Validus book the will of We
being in which also the will entities We to a RenRe, transferred excess receive, $XXX expect dividend, estimate be capital to legal we million. through pre-closing approximately
benefit through from Re dividends following internal million reduction a to based loan risk intercompany to capital requirements closing. billion settled $X will expect be a the Validus AIG AIG and we $XXX from in addition, In
the closing. transaction, reserve part of changes of XX% portfolio delivered As retain AIG at will future in the
the the portfolio releases receive as the reserve adverse of to closing an future purchase likely matures prior potential future to benefit reserve will cover minimize We will we and exposure. development
second cash. Financial for of Crop quarter, we Risk the Risk the million in acquisition XXXX. announced and sale closed Crop In Services was of to also Validus $XXX in Services American Group the part
for start the AIG's Over earned crop to the longer season, crop booked the this on the have enter will from we remainder results. year. of XXXX, AIG impact benefit will financial continue business as no of But since an business XXXX premium
for that's and referred as the structure and MGA primary complex. in agents environment significant more as on on and focused officially which is want loss Next, is peril challenges to The PCS and as secondary in been to and to deficient. provide of markets for We ideal Select believe through The zones worth brokers PCS. coming formation values I cost it and exposure alternatives becoming detail peak in we have flexibility Private increased include PCS an modeling MGA, total net providers capital has CAT high clients, more new more is concentration quarters. an Client insured add creates MGA now inflation, and foundational the has ultra-high expect the pressure, increased launched
its pleased balance Stone our the and plan we've with progress continue we to made this will we're on we is through MGA enter accelerate to XXXX. the we financial AIG XXXX which the Overall, assuming remainder to with positioned as on designed we've and Point the structure. the business framework, MGA's MGA well And performance year. of because Capital are be the will improve in risk established support risk sheet,
Moving to paid million $XXX and stock billion. well-diversified were million $XXX received a secondary was its to with approximately Corebridge. holders, special of Blackstone. ordinary of $XXX The dividend believe included offering Corebridge stable shareholder common a gross In in net June, proceeds a offering new these repurchase and completed from mix a we and we owners from base and for June, results Corebridge. AIG Corebridge completed strong the by to long-term the dividend market. well Also of million more addition $X.X And in which the in AIG of million. proceeds AIG's of announced common stock actions $XXX quarterly
demonstrate our deconsolidation XX%. end our to of the separation. quarter, These At actions Corebridge second full was in stake approximately commitment ownership eventually and the
on with that aligned our shareholders. Corebridge with explore of of our we call, best are all noted we last remaining options continue respect interest to ownership the As to
is Laya we to previously in announced taking business process The proceeding Corebridge is Corebridge. strategic for very are of well. Turning Healthcare, that in actions other private the Ireland medical insurance part sale
and be from the from to the for used We positive shareholders. a Corebridge will proceeds to announce expect a expect special divestiture outcome near largely this process that dividend this in term
the management core retained for Corebridge. The that Additionally, the dispositions of Laya its of U.K. products streamline team United and portfolio U.K. business is will Retirement Life and to focus advisers alternatives allow we recently Life part in analyze States. Life the solutions on the to and strategic and Corebridge of disposition
billion, of which Commercial, Global XX%. grew grew premiums Personal XX%, Net $X.X Global an quarter written Global written. $XX.X had Turning premiums Global to General Commercial, represents of of increase of Insurance. both XX%. which gross XX% and in were strong grew another net premiums driven X%. This decreased Gross written X%. by written an while was premiums XX% growth Personal and increase were We gross growth billion,
America major grew North we as and premiums follows: premiums In strong written in were and Property, Retail North America by which in XX%; XX%, net which wholesale of Lexington, drivers casualty. over and property very excluding a XX% XX%. Commercial, growth Re, saw Commercial Validus net which grew growth Re, grew led written Validus XX%; The was
new retention a increases. I well Casualty over in rate in would XX% growth, activity an year-over-year Submission like XX%. was supported important to strong of new strong grew by Property up up to count business, continues it and strong retention given business, XX% grew details XX%, its strategy. was submission over driven as as be year-over-year. provide about few additional AIG's Lexington's part very by
the was America was to net which portfolio. reflected up its points in-force was digits, XX% In which Global of XX% in renewal premiums written up points of which driven up International basis International property, North which Global to the X%, XX%; XX%; was quarter. retention Specialty, second Talbot, purchasing had reinsurance additional very was up Commercial, primarily basis XXX by mid-single impact strong up in grew and Commercial XXX XX%. and
impact retention exposure renewal the of rate and calculate we changes. reminder, a As to prior
growth Commercial, $X.X million, new And increase $XXX across new Property by business an Financial strong over we had was new quarter. This of the America growth, produced approximately over property, to second offset business driven saw business Global billion excluding XX% of business, Validus Lines, of North over Re, approximately Lexington by XX% XX%. business year-over-year. XX%. in which new where growth continue contracted new see which by was Retail Commercial, excellent
new new business by and Financial which new which was property, growth by Talbot over Commercial where over XX%, year-over-year business increased This $XXX business by offset which new International led grew was grew X%. XXX% contracted by Lines business, million, XX%.
selection, dynamics, last these on a this noted on market down. continuing price terms in I business putting our we and Financial line we while not to the to of by pricing. Despite view continue call, of increased due see following pressure certain conditions on As taking disciplined headwinds remain risk aspects competition long-term on Lines and
above cost was which XX% increase driven rate North America, Rate was was North to X%. compensation the you increased loss and driven property, second XX% In were was exposure the Re, Talbot, rate Validus Global XX%; America was rate. in wholesale was Specialty, Lexington X% you up which by increase which in increases which was up up in The property which International, was if X% and Commercial, if and exclude plus workers' energy, global Rate In XX% XX% quarter each compensation Moving with rate remains XX% excluding by which up trend. exclude XX%. Commercial, increased X%. up International wholesale, which up driven exposure Property, the by was Retail or increase and and XX%. up over in exposure was XX% X%, workers' case XX%;
with growth net are and over Insurance. fact in increased sessions Turning MGA, AIG's of net reflected in in for of PCG decreases officially and now transitioning that will Client become PCG quarter Overall, XXXX. primarily in premiums was markets balance we there had financial in several high quota ultra-high offset strong business driven of to With XX% Select. XX%, the AIG lower result premiums net PCS improved components second growing Personal as results Private the launched by PCG, written warranty. Personal to over Personal that America an performance travel worth in Note North premiums by North written share XX%. that written America net the
the fourth outlined we quarters. and in written last significantly written that premiums grow First, high net increasing as of few in the expectations evolved the over the ultra-high XX% worth business we current our prior expect over our calls, with net years, and such remainder model the net to over we for year showing premiums third
earned in that growth Second, that the and quarter growth lag premium first a earned saw second And the quarter. the of third continue third XX% operating and will additional premium expect in XXXX the dissipated the premium our to leverage, we we will and ratio earned reduce which saw quarter. we in premium fourth in The and provide will earned growth fourth GOE accelerate quarter. in
expect growing expect more year our which and months. XX our pricing PCG to ultra-high these net positive was Third, growth non-admitted The to to worth through in prior migrating personal an ratios improve high key AIG be our of for a Japan. impact written And loss & has will very net earn the Personal, International to the our in our Accident transition driven stranded and year policy costs Overall, and had in accident with combination market, year-over-year. premiums accident continues the loss the In for by and MGA. business of improved business costs half into Japan. worth focus over This XXXX of on quarters. ultra-high increased from in and eliminate admitted high second XXXX. business and in next already business we ratio business the property Fourth, net modest X% should the travel and we PCG's Health
Shifting to combined ratios.
ex-CATs combined improvement ratio noted accident the year-over-year. XX.X%, accident ex-CATs I a year-over-year. the point was XX.X%, second XX Personal basis ratio profitability. North XX.X%, year point accident an prior XXX Commercial, year basis decrease increase a reported year second ratio continues year And ex-CATs year be Global a largely As XXX quarter was premium. year quarter the the to America Global which ex-CATs was ratio Commercial earlier, from XX%, accident of year-over-year. improvement Commercial XX level a due basis In basis quarter point quarter combined combined a earned was ex-CATs outstanding XX.X%, combined improvement ratio of combined accident to in point International second a The
conditions reinsurance treaties to purchased and before our major in and at Now renewals We around I'd mid-year context Retirement. some to recent reinsurance market X. January the like Life provide reinsurance moving
as approximately a the placed. of all renewals, core overall have specialty purchasing predominantly were classes, XX% in and reinsurance successfully core quarter However, number of second they we in occurs our mid-year
for the a decided ahead for and wind trading In exhibited Client purchase X. renewals to more orderly to Re the Private loss protection low we season. Validus market reinsurance excess during stable mid-year addition, placement Group additional of more of retrocessional Overall, conditions compared behavior amidst January
row coverage number with buyers for in calls, up January Overall, secondary increases Reinsure activity increases. has to perils, first insured shortfalls at the industry due driven Florida. of Zealand fourth loss XX% basis. perils. In appetite a second region. majority X. rate XX% year-over-year year of adjusted of price substantial in already XX% on increases making in and in in already from touched billion inflation experienced of resulting losses, purchases for I a the by to enabling catastrophe increased highest previous by This the saw higher mid-year cat half to International driven increased $XX from increase the make XXXX, Through more secondary property somewhat, XXXX the were pricing an which experienced discrete over was of the of losses New U.S. on the year the XX% renewals, to Australia
difficulty have we challenging of insured losses spend. the maintained in our environment, A managing the the peril net risk and reinsurance continue to market peak world. the largest Against positions one strengthened conservative appetite United market highlighting our a the overall managing while and continue majority of occur volatility to States, backdrop this the lowest in in of insurance in reinsurance rating
reinsurance of all our principal maintain our of each our we relationships key through Additionally, partners. renewals, with
invest business as Re, will that part coupled in ownership our continue RenRe to price purchase our reinsurer less Validus are consideration to us assumed of $XXX reinsurance allow with of vehicles risk we exiting sale ability RenRe's through partnering from receive we a with up to capital the participate partner million of world-class to requirements. the benefit common and While stock with the capital will and
Life and Turning to Retirement.
a results basis As of a XX% parent year-over-year sales. by very good year-over-year. the ended billion, a sheet ratio I segment $XX the Index XX.X%, billion improvement $X.X leverage driven business million and the income grew produced quarter. adjusted Corebridge equity Annuity pre-tax on Premiums of balance and in noted XX%. liquidity and XXX earlier, to record $XXX quarter representing was return second with deposits strong was Fixed with point Adjusted financial
second we good the time make continue the so complete will Over separation already XX% been that quarter, the focus a in believe be agreements year. by approximately exited. to we of date, it this executing can at A eventually place substantially operational which standalone fully key transition of put against the against IT separation, progress To Corebridge has company. the the IPO service end been of have be
turning management. capital Now to
second in amount noted brings of to second in we and additional shareholders And the the of As dividends. approximately since repurchased I shareholders $XXX common July earlier, over the returned million quarter the through million $X.X capital we total stock billion. returned repurchases common quarter, of beginning stock to to $XXX the we've
across subsidiaries million post to we our on In deconsolidation committed to to XXs XXX count having addition, XXX and a maintaining Corebridge. profitable in share we portfolio. low continue global the focus to ratio remain of between million And leverage well-capitalized a growth enable
enter the expect as Validus of closing The Re largely share the beginning we be of and quarter repurchases, we fourth have which will accelerate in we following the XXXX. will sale used to liquidity for additional
sale from debt. We use Validus outstanding reduce the some Re also of proceeds to plan to the of
delivering Lastly, a respect deconsolidation post we of plus to XX% highly Corebridge. remain ROCE, ROCE to with committed
components to all continued make we to on progress path commitment. this on quarter, second the meaningful During deliver of our four
across a continued important. The these of Corebridge; separation on a operational balanced improve are reminder, sustained management. underwriting expenses As of business and sequencing simpler, across and and very capital has leaner model profitability; deconsolidation with organization; executing lower been each component AIG the
of restructuring now are and the the to divestitures, behind accelerate already underwriting us further with along and to largely We addition XXX the Corebridge GI investment I've work in able which group AIG this outlined. separation operational turnaround,
I insurance we're with structure moving and leading As a call, global to company. our defined stated a on from last company better being historical away parent conglomerate AIG's leaner
million not than details cost more a a million $XXX our continue in our provide remarks. We faster be on could XX% Sabra we've year. saw accomplished cost what of the will AIG with of expect $XXX reductions with plus in with savings ROCE half pleased of to her AIG to first in substantially with approximately earn-in progress across we XXX. achieve the and path to Overall, more approximately I
on continues solid momentum strong for very to foundation Our a future. the build and have we
Sabra. Now the over call to I'll turn
