third results. thank to review and quarter us today morning, you joining Good financial for our
of Kevin more detail portion Following my and for call. questions. then McElroy the on we and Sabra the David will Q&A take us the will will join Hogan quarter remarks, provide
operational our and quarter, execution continued financial significant We across continued progress deliver organization. objectives, our strategic, results. to made In the exceptional entire reflecting AIG third in
our topics: remarks Retirement, an first, an this I and portfolio; my following and fourth, to broadly we lastly, and strategy I results, have Insurance I our in discuss XX%-plus approach provide And will will update our respect this path the sheet position financial capital update deconsolidation AIG's the will more reconfirm divestitures; provide provide casualty remarks. more management the balance on quarter. Corebridge. of made AIG's an with During on on post insurance to third, detail on capital recent her provide guidance update will business; to second, including AIG's provide AIG's morning, Life I results a casualty Sabra and the General will I market progress our of will and ROCE
or adjusted investment after-tax a per net income share, a quarter included: XX% adjusted income the diluted from billion, highlights increase was $X.X on $X.X million, year-over-year. General Financial increase. Consolidated a In representing common $XXX third pretax $X.XX investment billion basis year-over-year. income was income XX% Insurance, was XX% net an increase
General XXX million, quarter, result. combined year in year adjusted grew was excluding in quarter from over Insurance which the was which ratio, X%. underwriting Insurance $XXX outstanding catastrophes, The accident point prior the is written premiums from General XX.X%, Net quarter. year XXX% the improvement a prior improved income basis an
on $XXX development including $XXX loss underwriting continued from included catastrophe prior We CAT Re. of premiums, million our experience X.X% on million, Validus portfolio, losses, million reserve reinstatement $XX of total had year with our favorable reflecting was Our resulting ratio loss favorable which focus discipline. from
Premiums for was third Index $X which third strong and $XXX results deposits adjusted billion spread and expansion. XX% X% momentum Retirement's sales, Retirement also quarter Life business with income Life to Fixed year-over-year. exceeded strong $X.X and sales billion, by the delivered driven and grew quarter. in pretax consecutive Annuity The the million, year-over-year continued up
the payout has Corebridge is to to approximately and billion September marked shareholders offering. returned of X-year track initial the anniversary well public ratio. on $X.X And its IPO, Corebridge's since committed
to Corebridge, that continue as committed full the proud separation. ownership are our a the company, our stakeholders. has respect and operational and separation that towards and Corebridge we to interest remain aligned evaluate reducing to With options remaining with We're eventually of very ownership best other shareholders of its delivered of we a public our achievements
AIG's balance to Turning sheet.
and During repurchases million of AIG billion $XXX dividends. $XXX the quarter, returned over of to shareholders common through million stock $X
$XXX $XXX transaction in the the yesterday. $X.X common purchased we Re And with Validus retire addition, quarter million million stock debt of the of ended close parent we of deployed In to to October. liquidity. We billion prior
announced at of model, received During sale repositioning for portfolio, to RenaissanceRe we and quarters. our we've reduces our simplified the further approximately of we cash, closing the quarter, stock. billion significant continued make portfolio dividend we which on about our simplifies to including a our $XXX consideration progress Validus we of common and This total RenaissanceRe further million have strategic over the the pre-close streamlines successful divestiture $X.X a in several which as past Re volatility. our Yesterday, talked business
on gain exposure Re's the an with closing retains against Group included to provide cost agreement be Validus protection AIG the in quarter. portion we reserves XX% sale AIG to. the in loss Re development adverse The any into of will that to with the on entered transaction, fourth Prior Enstar Validus
reserves of Re development against downside accident year underwritten respect by cover XXth to percentile. confidence above $XXX provides limit will protection the Validus additional reserves excess the expected to excess to carried an XXXX This level a contracts ADC in provide and prior. Enstar million with for of reinsurance limit redundancy exposure modeled of loss on assumed adverse in
from believe of reserve any is benefit reserve ADC will Importantly, development. adverse this favorable we future the we to risk prudent future while mitigate any development,
Healthcare XXX was expenses, million, EUR for approximately proceeds adjustments of as million. to for special to sell on entered Corebridge $XXX which that into In a used will dividend October the August, announced price agreement shareholders be closed of net Corebridge, Proceeds Corebridge It will to a AXA definitive be XX. and November to Laya purchase XX. deal-related
agreement the million. a Corebridge In Insurance plc U.K. into September, XXX to business Life definitive GBP sell entered to Aviva for
used allow and company United We proceeds to Retirement sometime in solutions to transactions subject largely We share in XXXX, anticipate transaction close focus regulatory will expect from and Corebridge Both the subject on its that States. second streamline the transaction to approvals. the quarter of market be the products conditions. repurchases, portfolio the and to for this Life the
an America of General premiums Turning quarter. from X% North from the year quarter. billion, $X.X quarter. grew the Commercial third prior X% X% to were X%, written in from increase prior XX% Insurance, year year written gross premiums grew and Personal prior increased were written of a Commercial premiums Global $X.X billion, Global quarter. net Net decrease the
grew in Glatfelter and quarter, which core There provide wholesale growth are that key to the property, businesses The grew XX%. grew casualty, XX%; detail. Lexington XX% by many want variables more and in grew Property I quarter, XX%. over programs, led Lexington's business, wholesale and this drove Retail grew XX%, excluding which were
underwriting in in programs believe action had of And took this renew XXXX, that CAT because exposure terms peak not to these the Lexington we We we made meaningful X headwinds, we In zones. in do decision programs. deployment growth risk-adjusted the were nonrenewals to the were overall not best Lexington. tempered Those believe loads appropriate achieve order programs targeted in pricing. capital not reflected returns. CAT These in large the of our
over believe, individual Lexington quarter. program's we this risk written replace on reduced stronger net by premiums We business in as risk-adjusted time, returns. XX% will basis the an
impact a is million net programs written these in was approximately it third the of premiums with X quarter. associated However, headwind the quarter. the in The $XXX
North accounting entrants a offsetting in XX% North Lines, as Also large competitive in America D&O which result capacity account approximately Financial XX%, written new In declined market. premiums of was Commercial excess the driven the America net public quarter. Financial growth by for Lines, remains to America Lines of North
but our retentions business in primary Our renewal were excess in more remains retention challenged. our business strong,
New book down environment. we business in the year-over-year very current was in as disciplined our excess were
towers higher slightly pricing. down. vertical primary, commoditized one our remain pressure on In of particularly flat reductions confident most excess more exists Rate and the to layer We on are the we the most in remained layers, where prevalent Lines. it's where rates Financial few excess remain to leaders, market approach
business quarter. global with the growth, focused a have top We which this over underwriting reflected profit is line results scale, in on
which X%, International up was which led up and net grew property, by and marine; X%. XX%; global written was was energy which premiums up primarily driven In Commercial, specialty, XX%, Talbot, by
and XX%, in-force its was to renewal basis points XX%. of America Global Commercial International XXX to basis in had strong up retention was very portfolio. points XXX North up XX%
to changes. we and the prior of impact calculate As a reminder, renewal rate retention exposure
growth new year-over-year see which was business growth by $XXX Lexington saw new exclude which strong XX%. World, And across This over Financial or grew business produced as business, as in North billion million, Lines. continue XX%, new was Global to Commercial, very increase driven you which Commercial XX% approximately an third over if excellent Casualty, XX% of well Western of the America quarter. of $X we
of by Retail was a business by casualty about new our where offset business contracted This and retail business new Financial Property discipline. as Lines grew XX%. underwriting by by result XX%, grew new XX%
or the million growth year-over-year. balanced new and new across International growth Specialty, almost Commercial and business, grew of it which new by $XXX led Global This Talbot XX% increased by year-over-year, XX% over produced XX%, business was was portfolio. which business
in X X% to pricing workers' workers' Commercial, excluding rate to bringing in America change, the total increased compensation. Exposure the rate. X.X% added or quarter the North Moving X%. third In comp, quarter points, excluding
by quarter up driven Financial rate was of rate and property, was X%. Lexington double-digit was Rate consecutive Property up XX%, down wholesale XX%. led Retail increases which casualty XXth Lexington excess marking by Lines was which up were was up the increases, admitted wholesale, XX% XX%,
by In International up X%, was was was increase energy, X%. XX%; X%. Talbot, Commercial, which was was rate increase rate which the driven property, and up which up increased exposure The XX%; and
driven Insurance, premiums by increased behalf Personal was net increased the XX% year-over-year, written to primarily Personal quarter, decreases last increase North of and on underwritten offset North driven by America. Travel business to XX%. by net America, PCS, in premiums Turning In Warranty. written Similar
from as by an from earned PCS premiums general in AIG's continued expected, quarter, in a and a increased in operating third to reduced share written leverage sessions. over the the ratio, operating written in increase quota benefiting XXX%, gross premium primarily reduction expense providing growth net expenses. premiums lag and dissipate, In And
loss business admitted market. and ultra our The also transitioning accident net high improvement year business had ratio, pricing the the benefiting high in in more improved non-admitted business worth significant and to from
operating more provide expect in quarter We and leverage to continue financial PCS improve its XXXX. into the to fourth performance and
International ex The Japan in Personal, year by with Overall, premiums year-over-year, and net increased by X% personal that reflects driven the CAT, accident post-pandemic pleased loss written ratio, Personal property. In growth travel, auto, personal year-over-year. XXX we're improved International improvement basis points. the and rebound
a combined improvement from quarter. the was Shifting quarter third ratios. year point The year ratio ex Accident prior ratio, Insurance XX.X%, was a from prior to XXX year quarter. combined CAT, the General XX.X%, basis point improvement combined XXX basis
Global Commercial ex the XX.X%, outstanding year performance year improvement a XXX prior CAT, accident improvement point accident including ratio, third had quarter. XX.X%, year of point quarter was CAT, an combined from year-over-year. ratio, XXX basis a The combined basis with
Commercial CAT, ratio, International was The both CAT, year accident of outcomes. XX%. combined accident were And ratio, exceptional North America ex which the Commercial XX.X%, ex combined was year
like We Risk without and with Validus Crop and provide both to a Services. perspective would Re
Global ratio, the year the calendar combined As accident combined I ratio Commercial and ex CAT, said, XX.X%, quarter was was XX.X%. year third
Global over would slightly Excluding improved year the quarter the results, have XXX to points Validus ratio essentially ratio Re have the from third year combined from flat, basis been calendar the third combined quarter and Commercial would accident XX.X%. by
accident combined the And XX.X%. months, Global X XX.X%, and ratio year the for calendar combined ratio, was Commercial year first was the ex CAT,
basis calendar have would ratio Re basis combined the X-month year period results, from by to year Validus XX to Global combined and accident have XX.X%, points XX.X%. and points increased ratio, Crop ex Excluding the increased would CAT, by the XX Commercial
to ratio, combined point Personal XX%, year quarter North in XXX PCS a part year from the prior due CAT, the basis business. Global reported America quarter of a third accident improvement ex
over by excess casualty part liability particular the driven the the has Related multiple in severity to tort in well in increased social funding, of average lull jury increases and market, trend an precipitous several awards and States, during mass economic casualty has rising inflation. years, United as pandemic. and fueled a latter level last The in events following narrative been the as the rise exponential by third-party litigation increase the in
our strategy, by I've including of reduced extensively the has where portfolio about Over couple AIG $X.X XXXX limits spoken years, trillion. past since gross remediation
strong established partnerships and manage have with We strong severity. underwriting frequency both to guidelines reinsurers and
We filed our in in we When appetite gross a in have severity. on with that write much a with strategy business, we underwriting with portfolio what more casualty turnaround focus the prior AIG was net property large casualty in to similar similar limits risk strategy XXXX, that began was a of greater found we offer the today. to and than the which
in an outlined uncommon to before, individual occurrence it I've As million limits any of put not significant basis. on risk on was net out excess $XXX
a change our we an As framework strategy. entirely approach and required new it to underwriting underwriting, developed to
XX% of and represents has gross written. segment North represents discussion, will represents segment premiums topic have International done been the focus of total net portfolio. the number. The America casualty And that since portfolio that and our Today, in on we our written our of XX% of what XX%, XX% North premiums America global I
for since XXXX. decreased gross over umbrella, limit excess portfolio, lead by has In casualty, casualty our North America XX% our including
average points, have losses, size since lead also has XX%. than by severity attachment more XXXX. limit reduced doubled and protect frequency over from us Our Average lower which
of cost primary excess XXX% general terms primary rates In casualty since XXXX, gross remaining above auto well by rates increased loss XXX%, and have have liability, approximately over trends. increased pricing, and
net exposure one and and North claim on built and executed talent, significant $XXX the was net volatility. further program reinsurance in million for addition a we excellence there's AIG, of to to a maximum our strategic million in $XX What on $XX.X underwriting million exposure and investment net once America. mitigate in any In now International
AIG modeling loss at in significant vertical available there treaties, exhaust [ excess are have the event the And done ] This protects in from limits of extensive return exposure reinstatement periods. with based X,XXX that our we on adequately losses. multiple limit
$XX $X.X XXXX, prior recoverable XX% written The January cover of development the Notably, on on X, We exceeded billion for business prior at XXXX. billion long-tail the the adverse of total unused have payments limit for was an retention is a XXXX purchased currently -- billion left or the to of quarter XXXX. to $X or $XX billion by We fourth excess during lines. $XX after level. made U.S. of period XX% billion covered commercial
comments views strategic the emerged that gross with Conflicting simply the support We viable comfortable if is in combination gross the the required reinsurance. you're for AIG. have market reinsurance of have use of strategy don't use on portfolio recently that underwriting disagree been portfolio. a and the of There as particularly not with
evolving fundamentals the focused in and changes using and strategically underwriting approach have outcomes. We strong on prefer reinsurance the executing developed and our a years, we unpredictable mitigate to market preempting balance being the improved culture, dramatically over have which very underwriting, to on of X last consistent disciplined the
relationships economic all our reinsurance has cannot been repositioning Building needs for of our long-term reverse Insurers with inflation. social AIG. partners to reinsurance key and strategic
control and impact coverage we to of points our how deployed, we and to the how provided, However, of these forward-looking landscape, predict we the pricing. through attachment are changes manage respond underwriting in limits including
that early, it action. with and well pleased consequence opportunities the we're marketplace. not portfolio, able immune advantage prudently we that existing current be The in we're is very positioned take from we is social but exist to to anticipated business and inflation, Our took of our
ample in on business, dividend to our insurance support end with lower capital balanced debt capital remains repurchases, of the continuing targets to line company our reduction in in and growth increases. Turning use a management. organic that we share having the subsidiaries framework focused We provided
meet we they our will compelling emerge. objectives consider Lastly, inorganic to opportunities growth should strategic
special Re We they dividend billion or billion liquidity finished another Validus $X.X to available the third contribute the sale sale of Laya Together, with proceeds of should of $X.X of the fourth the the quarter. Healthcare. approximately quarter from in the prior receiving
plan our use debt proceeds the to and to activity sheet. share accelerate on as strengthen XXXX, expect will this primary and outstanding repurchase reduce We balance of enter we repurchases. we to be Our quarter further
We a leverage our consideration of remain accelerated repurchases. mindful our as share with key
share authorization We on close to expect $X.X will conditions. outstanding XXX execute which market shares to shares reduce the million repurchase of current billion, to subject to
of on to return we remain very XX%-plus our Related focused deconsolidation common prior ROCE delivering on post have equity, as we outlined calls, on Corebridge. a
AIG quarter, positioning commitment make we this to third continue the of the During we how future. significant components all path on are for at and to progress deliver our X
last to recent Insurance, to effectively made underwriting year changes want improve process the have the layer the and we provide a a accident eliminated XXXX. on throughout We continued I this our continue basis. an and In in we've results year organization days, few General in which management observations. XX from calendar leadership business, will
We the enable final subsidiaries into separation Corebridge. the We've continued of profitable insurance moved for have the to of stages capital growth. strengthened position company operational
We have strategy the repositioned support announced future. and and closed the our portfolio have several to for divestitures
the have strong our have We a progress accelerated and liquidity making created management we're on strategy position. capital
a will duplication corporate our the to by targets business achieving General simplify and for Corebridge. Insurance deconsolidation the future. business, eliminate to combining catalyst The of leaner This allow remains its operating functions, AIG and our model create our
add to announced January Re it of Before I'd on it a like growth improvement. position more profitability AIG over XXXX, future to for few sale and acquiring of closing to the RenaissanceRe. the I Validus Validus Holdings In to was details Sabra, turn of it
diversifying in balanced exposure portfolio last property develop in certain reducing business to portfolio reshaped several profitability. improve both we peak years, catastrophe reinsurance casualty in U.S. the order Re's to more while and zones significantly Over by the the a Validus
accident its in we look improve quality the as combined posted determination for the we of perseverance are the hard in to of team back, below ratio today. performance year-to-date particularly Re in its first Validus evident and XXXX. dramatically XXX% it's work, grateful XXXX, portfolio, year And and the
the pleased of work, the We one O'Donnell RenaissanceRe. reinsurers. very results are proud terrific well-respected of Kevin that company his has are most become RenaissanceRe team's and and Re Validus Re's leadership is world's Validus acquiring Through
their us forward vehicles, with further are we continuing as partnership capital investor to benefit will performance. to our from enhanced be strong RenRe's allowing We RenaissanceRe, become an looking in which partner future
that, to Sabra. call I'll over the With turn
