joining us Good morning, our results. first to today quarter thank financial XXXX you review and for
will provide of will the the us questions. we'll then take Sabra quarter Kevin remarks, portion the on detail call. and join more Hogan for my Following Q&A
net or billion basis was per income representing investment on common quarter. was pretax $X.XX from in income share, increased XX% Adjusted a highlights Consolidated on including and year-over-year $X.X some businesses year-over-year, was basis, a a after-tax a $XXX the are increase adjusted divested results, X% year-over-year. reflecting Insurance year you per an lower Here earnings income billion, comparable increase diluted General accident $X.X the share improved increase income XX% catastrophes year from quarter. exclude year-over-year. XX% underwriting prior million, if
significant XX The million controlling catastrophe-related property reflected a quarter the The prior combined X.X%, a quarter basis accident ratio. have we the was was year year-over-year. excluding in quarter sub-XX improvement and the improvement combined made volatility also or ratio, of were quarter the total in consecutive basis year catastrophes, XXX $XXX point from improvement a our portfolio XX.X%, representing in point losses tenth as
very business Life quarter, to reported strong result first and the year Turning of in The premiums achieved with the prior good their quarterly and XX% the quarter. last results and in billion over growth of APTI decade, deposits Retirement. $XX.X highest
to business definitive September, repurchases. sell approximately April Net were the share calls X. Last for will agreement used and proceeds into Insurance million Life plc, Aviva entered to a be Corebridge which Corebridge U.K. on $XXX
stock stock $XXX returned repurchases, of We million our through $X.X upon billion to for we outstanding debt redemption dividends $X.X million. over all total of to our and $X.X quarter, billion Series repaid billion. of $XXX maturity, the lowering During million shareholders common the $XXX preferred debt of A
stock common approximately in In addition, of $XXX we April. million repurchased
the of share. X. effective authorization also May The Board AIG Directors performance, approved strong billion, our $X.XX increased on share in increase XX% the of stock an dividend to Based Directors AIG's to common Board repurchase AIG quarterly $XX per
our first and management. $X.X of Lastly, of capital excellence, strong pleased the with disciplined strong with our and strategy quarter continued billion. deliver underwriting I'm first quarter profitability to we liquidity sustained results parent the very ended execution Overall,
future update more an to a I leaner I will and insight written; on our and topics: will for strategy, and structure AIG create detail will and in on talk provide our business, this and important value state Retirement; unified ROCE General financial second, remarks on including capital my management discuss first, path plans about our specifically results that and the During premiums X into highlights provide morning, Insurance I net third, XX%-plus finally, discuss Life I Next XXXX; the a in some XXXX I the provide will briefly our quarter focused our more some company. will through operating will
me a on update to sell-down moment you Corebridge. our Let take of
shares currently ownership holdings million common XX% Corebridge represents stake. outstanding, stand at a XXX which Our
We parent will in remaining continue Retirement's be ownership alternatives stake will dividends all reported to to deconsolidated our stake reduce included statements, net in in sheet and longer income Corebridge. reported statement no ownership investments Corebridge is Life and financial from in investment AIG's Once explore consolidated and our with income. balance AIG, be
through this went call. last our on Sabra in earnings detail
long-term and I continue opportunities to best our provide we We have Corebridge to fully stakeholders. remaining all future for committed position have multiple updates to will to strategic Corebridge will been maximize our value stake, believe We success. reducing of to and selling for ownership that considered AIG's and evaluating remain alternatives
use a proceeds, share which through management, excess the discuss our utilize to and repurchases capital expects returning outline I management of later to AIG on to of focus terms shareholders I will continue liquidity, liability In strategy. and capital when capital Corebridge-related with
the had the Services $X.X actions we've and well Crop as to a reinsurance. Overall, billion Risk Global turning reflected impact premiums specific taken Re treaty to restructure written Now Commercial quarter. as strong General Insurance. Validus were of dispositions of very Net and
year-over-year. net written our Excluding the of X% impact divestitures, Global Commercial growth was premiums
want I reconfirm to guidance year. the the First, for
expect full year net business. the written in We single-digit Commercial premiums our Insurance growth in high for Global
Western XX%, grew by was grew and Now Lexington the net led Commercial, America which X%. Casualty results. In North written premiums World.
Captive XX%. XX% Our line Solutions grew and our Excess Casualty grew
the and on Lexington. and commentary Lines Surplus fundamentals market, meaningful in been continue & Excess experience we to terrific There's results
Let me few provide a examples.
last Lexington results, And year-over-year. balanced XX%. remains was strong at year's Our up retention lines. outperforming quarter Lexington business, delivered new XX% strong all across for first submission over record volume
to declined the Financial again. provided Financial North for will growth point first North the on commentary we Lines, Property, prior commercial Lines quarter premiums compared quarters, within quarter, net driven $XXX written Retail North net and million impact I year-over-year. prior America In year. basis premiums America reinsurance the through were to on dynamics meaningful that over so America go by not negative XXX in purchased quarter Shifting had a first written X%
continued in a with Having said will It's that, strong, prepared market headwinds our on remain more environment detail is believe we rate. continue we give remarks. her Sabra challenging and disciplined. to been portfolio
Specialty net of decline offset XX% decline were International Global for Financial energy in International our the the line by quarter. grew due of some Commercial, Lines. premiums in slightly In This flat we was and reinsurance over Also, restructuring. a Property International to in and grew the written XX%, effects XX%. business Talbot X% had weakness top a
combined turning Now the ratio. to
improvement ratio, an catastrophe, a an the XXX first a business basis including XX.X% ratio, basis year-over-year. XX.X%, point Commercial point The catastrophe, year result with year-over-year. outstanding excluding year had accident in was Global improvement accident combined XXX combined quarter Our
year basis excluding XXX comparable ratio, an outstanding a which, combined also This year excellence. an excluding which year improvement including is ratio, catastrophe, year-over-year; accident basis, XX.X% an a basis XX.X% our basis result and improvement were improvement point catastrophe, which had a ratio, America XXX year-over-year; of combined a year-over-year. including is was year an are year-over-year.
North ratio, catastrophe, These results XX.X% a a had commitment XXX combined to catastrophe combined culture improvement led point which point with by XX.X% which and International accident Commercial testament an is outstanding on accident XXX accident and underwriting Commercial is basis simply point and
now in X Insurance. in Individual & by had China, driven Travel Personal focus and reductions of global Net Shifting part in Health premiums business. growth improvements our reinsurance Accident on year. by worth in largely driven Auto modest Health, were portfolio and net to high & written nonrenewals and flat our We Accident to prior largely as Personal
XX.X% year improvement year-over-year. point excluding a and improvement This North year-over-year XXX.X% catastrophe. XXX point XXX is a combined accident ratio, ratio, accident including America basis year an combined had catastrophe, a basis Personal is which
business. we As improvement by financial driven we expect year, manifest We a to earned and higher lower worth XXXX. improvement loss material this discussed a will that the last expect this in first quarter saw net in high be and ratio throughout continue from premium the XXXX
a financial quarter. a combined XX basis excellent XX.X% combined I'm XX.X% parcel ratio, excluding very ratio, performance catastrophe, catastrophe, which point of including with which had is year-over-year; a General the International year-over-year. which points another improvement delivered year year Insurance, pleased accident and Overall, insurance basis increased XX accident
Our first on reinsurance had impact decisions the net premiums in written. an quarter
As years, structures have we've reinsurance discussed been and partnerships global the past treaty our purposeful. over several
portfolio Our market objective diversified to the our cycle. be deliver underwriting business results and to has profitability consistent evolve to throughout appropriately been deliver improved
as has this also repositioned sustained especially We has we to provided prepare deconsolidate strategy risk-adjusted while returns. AIG, improved to Corebridge. believe significantly from delivering It value clients our
to and sheet where our reinsurance given with underwriting deliberate and position earnings optimize also has underwriting the volatility has management of exposure have of and the add preserve our returns in been our flexibility with through active strong moderating us very balance risk-adjusted Our reinsurance This purchasing very of goals volatility AIG enhance approach to quality are to capital the attractive while helped a results. results.
throughout our PMLs which by our gross expected returns. key each for platform in we considerable with result appropriately future average, while period our PMLs combined divestiture by our property return of on capacity managing created meaningful and growth decreased XX% region, writings to going of we're our quarter first through have over Validus peril aggregate through they increase global the and have Re, in underwriting meet property provides the to a the assuming. exposures zone of XXXX, As should strategy, reduction Without our limits our reduced compared
at is January X. purchasing reinsurance Our deliberately concentrated
most Re. pronounced any written. allocation tend net on to noting, catastrophe believe lowest point result, our January worth we of shared the of reallocated catastrophe changes attractive group. to where be we In market to are subject peer conditions. believe existed balance appetite and businesses, costs more opportunities perhaps we also accurately our and more in net risk that our in deconsolidation Validus growth some made catastrophe property take related the to We of for reporting when have have PMLs catastrophe the sheet attachment to the our we and Over considering catastrophe some in post first a the the time, have the program portfolio.
It's costs XXXX, costs placement, premiums of these As Historically, changes been with in among quarter so pricing. purchasing the we more costs reflected
if our and our point attachment our North we in would the worldwide, raise America to a attachment lowest on point in with group wind reference, X XX million North catastrophe America in attachment $XXX As today's exposure. likely in to of among earthquake remain attachment chose point point XX peer X based
in premiums our written if in have greater global portfolio. $XXX across point elected quarter the first had net we would Importantly, commercial have million a attachment been to our XX%
is Our our purchasing provide strategic evaluate as continuously will XXXX. of flexibility And it the we enter with earnings us with our strength sheet, the reinsurance combined significant. refine potential and to when balance
Retirement. and Life to Turning
results the earlier, In or of vast million business end Corebridge strong has $XXX at first the restructuring. actioned $XXX to of they in forward of by noted savings I XXXX majority contracted, expect achieve of Corebridge continued their April, been the realize a to produce the to the completed million. cost savings As quarter. and
conditions. a Directors stated ratio billion. Corebridge subject XX% ended $XXX This million shares of the repurchased and $X.X $X sheet shareholders, common with repurchased strong XX% parent billion, quarter $XXX their payout have during to commitment of balance shares week, reflects delivering to first a share Corebridge with of million the a of the approved to to Corebridge Board approximately which they market liquidity of buyback authorization quarter, common year-to-date.
to Turning other operations.
actions. Life significant and income We and primarily Adjusted other expense to at due year-over-year. model. to made have interest million, investment reduction was towards was short-term operations The general expense, our lower pretax operating loss quarter, $XXX including attributable a AIG future lower higher in XX% progress improvement operating Retirement, state from the debt improvement
a in million net We we expect as our future state be $XXX $XXX parent XXXX. the in X.X% of After earned expenses to to million the parent intend total of use expenses X% by benchmark of year-end future. premiums to to deconsolidation, range
quarter, on Turning strategy. management. balanced In continue management execute capital capital we the to first to our
have we by strategy to of has always the term, our couple decisions long of past Over for have that allowed planning making significantly our which key value the balance financial meaningful while increased our sheet the flexibility and shareholders. strengthened for unlock us execution accelerate AIG years,
capital debt capital completed appropriate and diligently executing capital we of establishing with have market for structures management and Along XXXX. since AIG on priorities, billion over $XX transactions also AIG's Corebridge
have in disciplined execution our the that outlined been the very of of management in components XXXX. first strategy We we capital
excess well-laddered to particularly As our dividends; improve were: to form steady share support and over to a to parent next portfolio repurchases to strong needs; our a strong insurance dividend X levels increase service return source total objectives to amounts organic parent outsized outstanding our very to and operating year, company the debt a of financial earnings flexibility due in ratios, shareholders no maintain leverage given the years; well-structured liquidity growth and as a our subsidiary in and reduce reminder, maintain improved; and providing capital position. debt any with company to capital and of dividends our
to the billion we our capacity. at without profitability subsidiaries are company's ranges Insurance had growth capacity capital billion capital insurance levels, above current $X have or target Insurance At $X dividend from dividend meaningful contributions. approximately their approximately subsidiaries General General Tier company U.S. global to of of All additional rate support our run with attributable and the X ability
This when increased General U.S. We XXXX, over dividend billion. Insurance a X company increase approximately $X.X from when capacity was in and $XXX years. XXX% it the by last was reflects the significant have it million; XXXX,
expect they inorganic AIG should with continue strategic and considering our exist. maximum opportunities we time growth, and forward, reinsurance to reviewing Looking flexibility capital over positioning for compelling growth including
strong reduction provided now targeting in result remarkable total approximately to upon $X.X capitalization, has we've had $XX previously insurance to reduce a which debt. overall a continued XX% a guidance and been that of significantly company expect addition end to In deconsolidation. billion, for ratio, our to XXXX, over we debt-to-capital billion the since debt be is Outstanding XX% the range We AIG. XX% XX% to we're of
increased share approximately We completed billion may do $X XXXX. we priority we expect on Since in XXXX, additional our repurchase would on focus repurchases While work take repurchases. maturities, billion share $X over of not that and in activities. we've to XXXX over
$X Looking of and ahead, timing in expect we in XXXX, billion billion the up to market repurchases in on $X Corebridge sell-downs XXXX and future conditions. up to depending
of activity yesterday. billion the covered All authorization XXXX share expected be we the $XX in announced by and will that XXXX
future parent and of be proceeds, billion For including the to we depending expect to of levels, liquidity common XXXX, able a stock conditions. balance about $X.X on excess repurchase dividends Insurance Corebridge quarter General sale market
range target towards of end market lower by based the of the end would we this us quarter stock share stock end And million XXX the common the our between higher conditions, XXXX. count of to be to shares XXX get end of the million current would shares outlook price range based by expect second Furthermore, XXXX. the the to XXX of and and this by price, depending XXX on closer we on expect to the million and and million outstanding year-end on
$X.XX remain to be our with dividend. common increased with per the could in progress. our stock positive The I Directors increase our deliver our continuing dividend recently XX%, year financial in to while share Turning the second XX%. of the up more confident ability AIG AIG than consecutive of We pleased performance. momentum more cash Board not an of on
adjusted to post remain ROCE We deconsolidation delivering of XX%-plus Corebridge. committed an
Next which while our and achieved the For will XX.X% a how in ROCE simplifying for and Contributing additional the functions achieving our ROCE Next, aligning operate. underwriting will X.X% will of company be our parent quarter, operating ROCE we first defining with clarity a our will our operations focus claims structure, base expense organizations reducing future. and to adjusted an while organization complexity AIG General Insurance. including that savings throughout create on we adjusted generate AIG and in AIG
together. will transformations less key and with to a the by the post appropriate and design as me. team defined objective deconsolidation. AIG experienced, be for the and AIG complex, is business To be leaner more has governed reporting clearly This significant in company infrastructure we directly capabilities streams experience effective company weave we a very with Next work centralized
I actioned we cost calls, on in $XXX savings, expect the the we the past, million. is As which stated million Of $XXX run XXXX. run previous to an annual have be savings with and of rate achieve XXXX in end AIG a Next $XXX expect million will the provided balance approximately generate of by be XXXX, guidance to rate we the within in increase million $XXX of actioned to in
we've program AIG the April, date, participants eligibility made the progress States work colleagues available enhanced a In we retirement To United voluntary from Next streams. will to retirement to meet opportunity Eligible announced AIG across early multiple meaningful criteria. on the have their accelerate with in benefits. retirement who
About in New XX% of the The area. represents York eligible U.S. metropolitan of are located the high-cost population participants our workforce. half approximately participants of eligible
million benefit need the of for after for in included have I rate, are a the are We The Next. for run provided I anticipating approximately which we total would cost program future. for numbers net AIG $XXX the XX% of retirement and provided reinvestment and our million in $XXX a skills numbers take-up result onetime approximately capabilities early rate
we start as with XXXX. I'm very our summary, performance overall In pleased
recent execute best to shareholders, As the continues ability attributes. one be of I company's to said to in our letter my
years will and XXXX and and benefiting streamline to to future, a confident the Sabra. call first our to to underwriting high-quality accomplished of past us as continue position have our to which order simplify uphold the achieve tomorrow.
With for quarter, business achieving significant to AIG we have long stakeholders the turn we the enable over several that the our in we amount excellence our to term, all beyond.
I and deliver of that, in earnings am I'll over commitment the We in and in create objectives continued AIG will continue
