results. joining second thank review XXXX and financial our for you to today morning, Good us quarter
I'm you it work the for today. AIG transformed the excited next done have We and through chapter, have take to foundational and
join second our will for International detail us call. on America quarter. will the and Bailey my remarks, and provide Jon portion Q&A the more Hancock, Following of Then Sabra leaders, Don North the
of to have ample remarks Q&A. a lot We intend to detail, provide of time deconsolidation related Corebridge. for prepared particularly Our our
with highlights start quarter to want outstanding second performance. of I our
will Quentin our a otherwise all of basis, Re clear the the performance. today excluding to noted the on underlying be unless mentioned reference Risk Validus order will of in at comparable a call, provide Services, Crop of view As beginning and figures I impact
Adjusted $XXX share, diluted outstanding. underwriting expense strong per in representing $X.XX year-over-year, after-tax XX% very ongoing strong a and million in our or driven income shares volatility was per continuation discipline, a decrease earnings a by containment organic growth, share of performance, increase
excluding by which a underlying General XX.X%, over Insurance The net led or premiums prior combined year $XXX year the XX% development, $XXX X%. year. improved million. prior X%, underwriting from grew catastrophes income, grew Global XX of was Commercial, basis The points income ratio and was written Underwriting increase calendar year-over-year. slight million
from ratio year a Consolidated investment year. loss the cat X.X% improvement accident excluding of a The income XX.X%, or was pretax XXX-basis-point was adjusted combined catastrophes, increase year-over-year. million, basis catastrophe-related XX% was $XXX losses. net income $XXX on million The ratio, prior total
We dividends. stock we of XX%, ratio quarter, and billion. multiple strategic $X.X we ability debt-to-total capital on the deliver and shareholders ended $XXX making very pleased through parent our During to nearly I'm we're of I'm have progress the continue financial to with quarter and Overall, the liquidity returned pleased total billion outstanding strong to with billion performance, initiatives. $X.X equally AOCI, of repurchases a second with $X including million of
got now, cover how give this we where want There are here we are a the to several you things future holds. sense what and I of on to call
our update, the and Next. In renewals discuss [indiscernible] our update AIG announced a Select, of recently plan personal strategy and on an capital addition today's and to reinsurance on I through business for walking travel provide execution an quick provide management update our results call, on Client market outline Private financial a our transactions disciplined to
note should quarter on treatment our of complex by were remarks, capital complicated as financial deconsolidation. as the shareholders' accounting in In GAAP impact explain equity, well structure, to the financial strong she including the accounting our details I to will implications results the statements. that Sabra's prepared our
of and Before to important further, AIG marked X-year pivotal on to journey, for behind to decision want the of shareholders, on major I in for reflect the milestone to AIG's maximize the we XXXX, our a a Corebridge. options eventually In XXXX, Corebridge, the to to evaluating October accomplishments to strategic moment and height business, we pandemic this the which announced take the the significant I It's AIG. Life separate. become deconsolidation our go along At would whether a separate including both explore comment which for AIG. Corebridge, way value intention undertook rationale detailed Retirement and analysis from
its XXXX, an noteworthy become will new There that many In in AIG were of and like Group accomplishments to way, anchor with few. Blackstone along July I'd highlight assets stand-alone the company acquisition manage announced over of with a the strategic investor Corebridge X years. subsequent the up under management to a management into relationship asset $XX.X entered to long-term Corebridge. of X.X% Blackstone also billion of
certain with of would where $XX $XXX particularly from flowed assets, placed largest of At during manage of a significant income the mid-September of the announced XX.X% billion of billion privately of March partnership they volatility. a XXXX, market AIG a end XXXX, fixed and which BlackRock come of strategic year, in time IPO AIG U.S. a of Corebridge noteworthy portfolio. In achievement the the would Corebridge
of year-end. considerable to and Laya Healthcare with from support sales AIG, reducing deals, divested, billion transactional executed strategic These and our U.K. Life. generated proceeds over In $X.X XXXX, ownership During X by overall Corebridge investors. XX% Corebridge XXXX, for marketed
Corebridge, subject Nippon in AIG regulatory Company, to would XXX to XX% representing world, the XXXX, company, of approvals May of of respected and In Insurance an announced most conditions. it insurance approximately life companies customary sell in stake the million the Life shares one that closing
the AIG deconsolidation met Corebridge had year, accounting the of mid-June announced requirements it of purposes. for for Lastly, in this
It's We conditions a market and selling stake amount. time, ownership other subject a to tremendous accomplished down fully to and remain our been have considerations. in journey, committed quite we over remaining Corebridge
turn business. the travel let's to Now
quarter, is travel Health insurance Accident its future business. India the as coverage assistance announced travel also insurance of provide with continue business and and will important further global simplify excludes our strategic step well corporate travel portfolio. to in another Group. arrangement the Tata transaction which the Guard business, sale positioning and as group joint businesses for Travel to in personal our we companies venture The global AIG individual our AIG and During in insurance our includes Japan the service infrastructure & through our the AIG
of XXXX, million, customary $XXX Personal approvals The annual for and written end subject North Insurance. premiums regulatory closing is expected sale the America which are under reported travel conditions. to by are net of to The approximately most close
transaction And business. we another announced high-net-worth last week, involving significant our
several Private insurance about ultra-high-net-worth general we've As Select the this positioned relationship of transforming Surplus line's high- discussed to in a prior the for announcement be & series been high-net-worth our through a years, including over the markets to entering we've business strategic better partner and strategic Specialty services. underwriter, recent of distribution for Client quarters, our with future. Excess actions, Ryan our course most into through deliberately We've done become managing
we're million over future. infrastructure business years, and the to We like for digital positioned our invested and believe in past and the committed over business is capabilities business, it. several well we $XXX the high-net-worth We've the for
admitted to We're capabilities. and solutions delivering our also growing committed
foundational progress plan our communicated, grow created to for drive the E&S previously clients reflects broader value capabilities and expanded of core has paper high-net-worth to for with distribution we we will all As the MGU establish our points continuing exceptional Company, been at the MGU, while attract AIG and states capital enable approvals. exclusive Insurance eventually capabilities, through the multiple as momentum we've an appropriate regulatory all more and subject infrastructure Marbleshore business. with portfolio partnerships. to for XX Specialty resources provide This
from to X% from increase and for prior from growth Personal. of X% X% year, General with for a billion, year. billion, Commercial premiums prior Now $X.X results. turning an growth were the Insurance quarter Net quarter written Global were increase the written the Gross Global premiums the X% $X.X from
growth year combined accident had with quarter, net Commercial excellent by continued strong improvement. an driven X% significant and written of premiums Global ratio impressive retention business, new
business. XX%. North driven business, and written had Casualty. grew Captive Retail casualty, with In World, grew premiums wholesale grew casualty grew Solutions wholesale Risk XX% in led XX%, we Commercial, America net XX%, growth grew by our by And in Excess XX%, Western grew growth Lexington Management XX% which which new XX%; Property, and XX%; XX%, which grew
XX% by written In X%. International XX%. net Property Talbot Retail growth Energy. XX%, premiums grew led and grew grew grew Specialty in Global X%, Commercial,
quarter, quarter. increase from second produced Commercial XX% of XX% an Global over of increase nearly the the quarter. Commercial the year record business XX% North America quarter, of in an $XXX prior $X.X an In business produced which new million of increase year-over-year new and is the billion, from prior
repositioned highest-gross-premiums-written increase a since is quarter, significant was quarter the the written of quarter. also gross the XX% prior new XX% business the Lexington, new The growth by milestone, highest this business business with of led in growth Lexington year from which new XXXX. Lexington first billion year-over-year had achieved any the business tenure. in a volume over we my quarter, quarter $X from growth and premiums This for XX%
our growth. casualty growth marine; had retail X% $XXX XX% International led This business XX%, Commercial and grew Excess XX% energy business was XX% increase and the new over produced year-over-year. by growth; over businesses, an new Risk of over had new which quarter, Specialty, business led which of Casualty. and growth which business by Property, Global led million for other by Casualty, In Management had
was Global very America was retention North addition, XX%, XX%. retention. International In and strong had Commercial retention renewal
the global and X% America written X% written Auto & business. increased Health increased quarter, Moving to primarily International net by North Personal year-over-year. the Personal in written new by Personal premiums business. personal year by premiums premiums from Accident prior X% growth Insurance. grew driven net driven Net high-net-worth year-over-year, on
Shifting combined to the ratio.
driven General in As I improvement the ratio. accident second quarter improvement year the XXX-basis-point a catastrophes, combined XXX-basis-point Insurance a expense earlier, by noted excluding was year-over-year, XX.X%, ratio,
North XXX-basis-point excluding excluding combined America XXX-basis-point combined International excluding Commercial, accident or The a a In quarter Commercial was was Commercial the year year catastrophes, improvement. ratio, XXX-basis-point ratio, XX.X% And XX.X%, ratio, the XX.X%, accident catastrophes, improvement. Global catastrophes, improvement. a was combined second year accident
improvements combined a excluding basis to year accident ratio. its Personal XXX-basis-point in its ratio, ratio, Global improvement. year catastrophes was excluding combined XX to by accident combined a expense North by year America year accident the The ratio, prior the XXX-basis-point improved XXX.X%, quarter. Personal XX.X%, XX.X% improvement from catastrophes, Personal International excluding improved driven points catastrophes,
I conditions some Now to reinsurance provide around shift and context midyear to reinsurance market. renewals want the recent in
treaty previously have we X. January majority the of we discussed, our reinsurance purchased As at vast
XX% approximately maintaining of of in overall achieving across reinsurance to decreases purchasing second occurs risk-adjusted the our our this our or and quarter. lowering major of all purchases. We goals strategic rate reinsurance on core were execute quarter, However, all able retentions
The natural for outlook respect catastrophes, XXXX, season. are The is activity uncertain. second hurricane predicting to with the for half forecasters of particularly the XXXX leading above-average X
simply learned was the positive natural declaring cat a the before quarter, be the in until natural I've how unpredictable. loss It's industry my following over lot by and wait career year over impacted typhoon are seasons there disasters. will to wind the While modest across sentiment too of first activity
attachment When important higher what the On reinsurers they We're to in coverage periods, alternative the in rated it's to perils. named and XXXX. from restricted average, capital market, higher-return well and reviewing with all the points market capacity market. of capacity happened to moved rated aware analyze mostly significantly they available the
estimated complementary in it XX the and, to If has ways, available capital stated prior many you of $XXX capital billion in any more individual at were capital years. look alternative the over approximately year deployed market,
risk. alternative capital in and you to bond make true ILW time XX% review history, market However, nominal approximately cat billion for risk market those what with some cases, need availability basis products market, basis the and any of and, of the reinsurance. accompanied $XXX amount highest in The to up appreciate meaningful makes that are the up
Additionally, collateralized reinsurance deploying occurrence of market capital. for XXXX to of which the as somewhere collateralized limit is less of available collateralized between is to retro, leaving billion aggregate than occurrence billion levels, is market remaining $XX XX% the XX% or The back the covers. $XX reinsurance
aggregate attachment of outline approximately cat this prudently once level ILS from cat XX% our get based the and attachment simply do Why my capacity. volatility. remain give or potential the aggregate aggregate Because on very allows them again, lower utilizes you AIG detail? of I to And us and occurrence frequency up back. at cover point, insurers This and experience, protects the available of maintain not us we reinsurance globally same disciplined purchase manage do points,
Further, over XXX period. points attachment published inflation-adjusted average analyzing XXXX, world, Aon that in on cases, industry data companies an and nominal some basis XXXX from everywhere during went by between the significantly up in
example, U.K., and XXX%; points the increased have the XXX%; For structured over EMEA in lower treaties in average Asia, XXX%. points its has and U.S., attachment volatility. attachment to over AIG with less over
lowest attachment our occurrence maintained to amongst has its or the reduced measurement, AIG XXXX is points, XXXX, peer from across world another examining group. very it points the When making attachment which good
including and million we well on Reinsurance North both our is cover, are original aggregate $XXX events. on our For in appetite and frequency of well. quake. we within remain performing and exceptionally Property excluding protected severity against the and pricing, portfolio and of have believe risk for is balance well our remaining $XX million established aggregate our Japan, cat embedded cover, premiums the wind This America well International XXXX, approximately our
high-level on value and strategy our a capital Now positioning for executing milestones the disciplined we've the focus with management for I'll progress our capital goals provide AIG enormous accomplished. a We've summary driving manner, a future management of against shareholders. and in made our
with We last have over flexibility. which strategy billion $XX AIG over provided management years, that towards in maximum cash the has deployed X capital
what or past the are over we $XX.X Using AIG repurchased In current million on XXX shares accomplished, greater years, liquidity XXXX, shares by of shares, count reducing outstanding some earnings, the and million magnitude overall billion over and and proceeds there $XX preferred stock. XX%. generated XXX over and of we than share context from approximately highlights. divestitures debt provide our key To outstanding had X approximately billion of
have As of XXX million than June outstanding. less shares we XX, XXXX,
further the Nippon half the Life of to our as depending to future second well as approvals, subject subject and XXXX expect regulatory in sell-downs XXXX, remaining the We market reduce of of of Corebridge timing this shares, on additional the conditions. transaction, in closing to
of XXXX, $XX in representing dividends. XXXX, end XX% last course We to target we By the the share over XXXX, be XXX repurchases of our subject X and that million share consecutive approximately by last quarter, the more a XXX paid expect million total of $X XXXX provided to the consistent range, with to dividend increased of shareholder billion guidance billion Since count in market the of conditions. we the than each years. of I
Additionally, our ago. have reduced $X.X range of of XX% with the ratio years debt-to-capital $XX billion XX% X billion to versus from outstanding AIG's XX%, achieved quarter second to leverage debt target and we leverage XX%
ended Our strategic continue to with capital $X.X we capital. compelling billion us insurance liquidity, to We will target that company are with of additional without second in the a having subsidiaries enable strong current to parent explore capital ranges, opportunities which and are very to and inorganic to position, complementary our grow profitably business. ratios continue contribute above quarter
and several capabilities the areas As the claims the to a part to of simplify over company organization journey in as cohesive AIG. with future. skills together future, for of We're to years, weaving all the operate functional underwriting, been across we've positioning one seamlessly our the and AIG compete past on
the multiple our investing transformation These a future. base programs. resulted while $X.X approximately XXX, a in since company, XXXX As of completed we've billion AIG reduction including expense efforts, have of for
to in X and For workflow, million years, digital talent invested data, progress. approximately our accelerate last AI example, we've over the $XXX
and has end-to-end AIG our process were workflow of X If past you XXX, $X that billion. years, over data over investments part investment it been includes look foundational technology, the
efficiencies. Also to at the accelerate formally beginning further Next of the XXXX, realization operational we AIG launched additional of
As related part audit. such public we're redefining as being reflect costs our existing only related parent costs governance, company, of risk and the expenses Next regulated AIG enterprise to corporate retained management to global a to program,
X% company defined to not [ Our Expenses Insurance to cost decrease of retained be $XXX they'll premiums General embedded going parent million forward. within where as redundant. results, to net objective fully earned is ] to million the $XXX will parent costs X.X% be or
factors the being combined calendar ratio at taken it combined lower ratio as the and part year rate to year the our the XXXX of metric provided originally AIG XXXX, believe exit All be Next. or XXXX year equal, would the XXXX we basis the can of of end achieve guidance full the same of calendar were we we run expect we comparable a would that result in year. full now reach than We a on the actions as at
I've while strategy ingestion the and efficiency the intelligence, data want blueprint execution data not is provide creating where we each substantial language advancing a past, and AI one using AIG we've workflow connected, together, XX past the overview. applications, we XX I digital and detail augmenting spoken progress, its components and months, use the Additionally, processes. artificial considerable about in future underwriting models high-level increasing refine end-to-end over capabilities. objective the for is integral and of these time to making and spent We've in underwriting a each that been redesign to large of with and
faster, processes. issuance validated and more leveraging is sources to and quoting, third-party additional underwriting Our thorough, and productivity more binding will better data. portfolio improve and data with This broker underwriting optimization service submissions that increased accurate, such drive of supplemented by through of decisions automation agent sources foundational manual informed the as enabling construct primary objective AI-powered deeper an capability by policy provides in customer analysis through
rapidly and Underpinning designed combine work keep We this governance will to the landscape. compute a is global robust AI advanced framework capabilities. this pace with regulatory with then evolving enhanced modeling amplified capability
of X appetite. management. objectives we're developing allowing more models efficiency, underwriting areas submissions language underwriters mechanism capacity automatically using through by meet underwriting filtered real-time a and efficiency underwriting defined to ability focus: criteria, assess our discuss risk will that more With guidelines, underwriting submissions which large and many the I underwriting are and
and we're to management, more guidelines pricing with objectives, underwriting leadership limit market underwriting and of conditions dynamically dynamic managing In application allowing the enabling analyze data of adjustments review and deeply guidelines, portfolio to underwriting submission underwriting disciplined and the deployment. accurately
evolve that partners with As we multi-vendor build a technology authentic ecosystem, to using our we're time. multiple designed is strategy over
Our flexibility, This current ability technology. AI includes the adaptability platform and platform underwriter future configurability been support scalability to of has to while for decision-making. generative expansion the across keeping the center accommodate capabilities and for our built the of globally at
been and This we've use We'll a enter digital of and remainder to data is glimpse and into efforts continue over these significant as AI the generative our language of models advance work overall doing just this as the to part large XXXX. we year strategy.
performance our In the I'm we've bright years pleased only future. with to the summary, in AIG the but quarter quarter prepare a during for second what very accomplished, over and several not past
the that, to turn over call I'll With Sabra.
