you and Good financial full quarter us results. and morning, review fourth thank for our year to XXXX joining today
take of Following my will remarks, additional join your Don results, perspectives Keith and Hancock us Bailey the our we'll call. and portion on Q&A the provide financial will John then questions. for
behalf to the at all on I and impact California I on in communities businesses us begin, of AIG, devastating families, want of affected. of recent Before acknowledge the the wildfires
critical serves remain risks, stark businesses. landscape resilience and purpose the customers teams the escalating and in and a also communities that our partners. support restoring catastrophe complicated elevated This rebuilding to with in. challenges and as California, expertise in customers environment and on the AIG's underscores to our tragic local ground navigate event evolving of reminder Our providing these we clients It operate help
I what through remarks cover morning. will this to during moment a walk take me Let you my
highlights from quarter will our I share fourth First, briefly performance. strong
Second, and XXXX I our operational will discuss strategic accomplishments.
some XX% on I'll ROE to how plus on wildfires. achieving update California recent made a the and strategy management Fourth, January X financial an impact provide the And we AIG of an and including observations the comment provide year our will of the market, the our I the we core have reinsurance results are Insurance General full on the for overview and I on capital XXXX. positioning company lastly, our business. renewals, Third, path provide for will progress
commercial, international, results. Insurance Let's segments: personnel. begin business into X realignment North and with quarter recently our of General We the America fourth global a announced commercial
be to will comments aligned segments. our these of All
an During lines. exceptional increase we global of written continued X% led reported deliver $X.X discipline. generated new of portfolio. strong net the billion, expense maintain Global along premiums of Commercial XX% billion, General business strong the of $X.X in Insurance X% a year-over-year. with results quarter, commercial XX% growth we and continued across increase underwriting rigorous to year-over-year, by retention
was successfully The the during result. focus billion premiums initiatives. combined of was portfolio, with accomplishments which per was X% combined on expertise. AIG, year-over-year. Net strategic accident a growth number XXXX year to And XX.X%, operational terrific earned returns per $X year-over-year reshaped including underwriting of ratio ratio, adjusted executed noncore catastrophes, grew after-tax was by $X.XX XX.X%. income disciplined We only in X% delivered for not share and we our a the grew supported financial an divesting risk-adjusted year which outstanding year share. excluding businesses. also We of significant but businesses primary performance, strong deliver our calendar a
of Following of personal the global the to of the individual on position sale Re December XXXX, in business travel November further us sale for closed Validus insurance future. the XXXX we in of
divestitures a was While which deconsolidation the journey accomplishment AIG. Corebridge biggest X-year these the help of the during new capital structure Financial. for strategically position while we further a its AIG, Bridge of The year for creating Core simplify to future separation was
billion Life, completing the company. which secondary were the offerings, to in in sale X XXXX, foreign noncore a executing through AIG very in journey IPO initial of the divesting partnership sale in another quarter with a the and XXXX Nippon Corebridge BlackRock, for for U.S. up an stake securing partnership partner strategic milestones important Some fourth XXXX, of major with Blackstone, successful included culminating asset XX% with setting of strategic management in businesses, largest X a of establishing Corebridge the X.X% $X.X
is business. the accounting now Corebridge, a streamlined of AIG complex and deconsolidation With global less more
of the part the first as which realized $XXX to AIG we expenses. make exited program, weave Next of We together half was in organization and our another the and to the million the XXXX. journey operational benefits rate company XXXX, accomplishment in further be the expect year, run leaner, supported reduce in achieving savings remaining
billion to XXXX. outstanding in in increased billion the AIG continue a in execute per with our XX% subsidiaries dividend $X the in to dividends shares received from and of over improved capital ratio capital billion shareholders. with $X.X ended also management to manner nearly by billion of return parent further $X.X liquidity. resulting We of of debt our the share on our to we XX%, We reduced reduced the disciplined actions strategy due total year successfully We operations. very quarterly $XX capital by profitability XX% of and our to
have tremendous to with Our date financial actions capital provided us management flexibility.
language first business support intelligence, delivery solution large the to generative Another artificial model, strategic powered accomplishment in AIG's XXXX was growth. of
advance in AIG data which to sources underlying submissions, review extraction Palantir, our we model internal including of support [ automates architecture and of Specifically, implemented assist underwriter gen support data technology in To external allows qualitative AI aspirations, that research AIG and operating ] support partners, cultivated underwriter minutes and submissions. unstructured from an flexibility. AWS for we've ecosystem of Anthropic an top-tier agentic maximum
underwriting the AIG's X, over serves reinsurance go relationship syndicate will also part We program. reinsurance as at XXXX later. and January reinsurance through syndicate outwards more in strategic launched component a began now The Lloyd's a AIG's of as with detail key which on of Blackstone strategy, XXXX, I multiyear
underlying billion results XX% AIG increase investment by of was an XXXX. underwriting per balanced the results, year-over-year. General delivered net increase for financial capital in benefits full income performance expense reduction execution strategy. the or from an driven diluted $X.XX the stronger primarily of financial adjusted was year to Turning improvement The Insurance $X.X our and for management share, Next, income terrific XXXX after-tax
ratio consecutive [ a $X.X ratio. full the year XX% sub General $XX.X year was billion, largely year of the Net $XXX points prior The a despite accident For losses. consecutive year-over-year. X.X general year the premiums benefit sixth which billion, marked million, were ratio. XX.X%. was full was roughly insurance and This underwriting billion, by reinsurance the with increase a a adjusted third as year written premium net X% line ] Insurance year ratio X% of reserve premiums were prior of XX.X%, year full improvement was loss year, income ratio. the The development, was of in catastrophe year $XX.X earned GOE to higher the combined combined driven net increase year-over-year. combined Prior
X% grew net International business. at Lexington across Commercial, energy $X.X written billion increase strong have by $XX.X by Talbot written America grew Retail Global XX%, premiums net year-over-year. our X%. and lines. net retail all the premiums from written fueled was we transaction robots of closeout year-over-year, X% submissions portfolio select XX%, balanced at written XX%, of existing environment, benefit increased the North Commercial to XX%, year-over-year. excluding at driven by grew at Casualty billion mentioned In premiums rate X% that net and third XX% by continues by by in we business grew new quarter, premiums net a and and a XX% in property year-over-year, higher opportunities retention new of our portfolio written in Commercial premiums
very reset but strategy, our on X% high placement execution some season. of higher renewal Global turn worth XXXX, market's personal positioned auto more X/X had us and by X% very reinsurers and deploy the an and to strong renewals and X at and AIG to in driven a remote year. property more observations with reinsurance focused premiums AIG's by favorably. to Benefiting pricing sought market net increases, upper now periods. I on written we're from return predominantly reinsurance X%. reinsurance year-over-year, on update international major commensurate has layers Since net of environment Personal provide at retentions this grew our at the Overall, business January consistency X, would capital, an on like January
that X% interesting to AON is led in the statistic the It's over XXXX. receiving I layers that context average in the the expectations, a some the retentions, increasing reinsurance as companies on activity, world, to reductions renewing I've of upper and by with with market observations dynamic around mentioned retentions significantly rate flat XX%. market bottom have want to risen study and U.S. over an of to catastrophe insightful Depending XXX%. points in were an XX We One previous on on XXX for changes increase XX% risk-adjusted calls. attachment years additional the past of on provide which creating limited the down reductions from loss consistent with catastrophe result the demand layers
of in approximately compares and reminder, insured last X to years a for was on costliest As average $XXX the from the natural sixth loss billion, XXXX, the billion. record $XXX this catastrophes
a XXXX, increased XX% industry this retain with catastrophes share natural With of reinsurers XXXX, are reinsurance increased the by to more estimated carriers Contrast the XX%. primary the the often companies. to and In insurance retention would the catastrophe retained being significantly type coverage risk from lower approximately are attachment insurance loss of higher period that to is our now much with reinsurers XXXX points, proportion insured of loss activity, and prior on with including meaningful loss losses absorbing aggregate on tailored approximately and the distribution between we to Meanwhile, AIG of and is average. of insurers at to geographic exposure the maintaining the insured loss perils exposed. of XX-XX frequency manage focused excess
coalescing losses narrowed to States. that the billion Taking Insured XXXX a $X.X to California XXXX look $XXX loss $X estimates $X billion, for period of market's is around from last annual loss estimated reaching estimates billion, $XX closer some are annual wildfires of $XX which and as average around in billion, to experts, The billion. credible from from be XX excess globally, currently high changed, the how and in catastrophe economic producing loss. the $X.X wildfires with as doubled as the to record of the roughly Contrast the United cat largest the wildfires gap a economic top majority on billion of at to where was of insurance typically U.S. occurred protection the XX% have covered average has much billion, to at events is XX the has approximately which that XX%. years insured insured XX% loss as
this insurance approximately covered of loss the from natural century. economic of the event As Katrina, a reference, Hurricane largest XX% catastrophe point
the billion loss, loss events from the secondary catastrophes XX year. wildfires in quarter of one the benchmark not most last are that for for inflation, would The second years of California demonstrate first In a model lowest with the California an perils the well with on billion, the alone thinking more XXXX, wildfires tail modeling. month $XXX $XXX ago, the of outsized years record. magnitude of make averaging this for first quarter probabilities natural than adjusting was increased considered and the cat is outdated. clearly captured X But costly
which upper is temperatures could average a the active the on pick, assuming we insured recalibrate are assume could end loss experience of California and you $XXX taking losses. but This past ocean X have wildfires $XX a XXXX of given the of annual the the insured If abnormal loss season, years for range season wind in be the XXXX for more the warmest hurricane adding billion realistic not billion catastrophe industry. entire year than the record. an
AIG approximately decision coupled beginning additional developments. $XXX reinstatement XXXX. has in This the with barring expected premiums reduced to that the reduced XXXX our overall recent our exposure exposure structure, California AIG reinsurance any such wildfires before and million. is our unforeseen effectively loss from
of the our outcomes at purchasing the to objective of specifically catastrophe successfully preserve through with optimize active our our our and quality results. of management underwriting and volatility enhance prior as property strategy reinsurance reinsurance placements. to we Starting Turning AIG's X/X earnings maintained capital
North Our the nominal consecutive in $XXX million the America retention portfolio. in terms despite of growth third core unchanged remains for underlying commercial year
We cycle. expanded annual our section following impact is aggregate our high aggregate for also the by business, and $XXX international attaches worth depending materially high deductible net of including first distribution, occurrence renewal attachments on worth expanding modeled for the million. $XXX specific America, at a its improved our reinstatement which the maintained third is exposure loss We Overall, America, tower to of lower renewed portfolio. the for million for and nonpeak net North dedicated and AIG's comparable and second North loss occurrence reducing net coverage a core XXXX protection creating coverage exposure, our and event premiums
For and a commission across to all our major ceding X support our proportional multiple capacity able establish establish able of remains reinsurers quota been insurance auto highly and many Casualty XX% addition portfolio. leader levels, beyond support of through high new strong reinsurance. the companies They growth an leading were validated to with homeowners net generally portfolios recognition Client of world as sheet platform, to a of MGU platform the treaties, appetite strategy market share introduce to expertise position our companies the the of classes. selective the are in our area we has or the to select We with our as Private caution underwriting to AIG's treaties were of improve and a balance X of in diminished. for support. they the underwriting maintain proportional our taking worth also stand-alone
was the strong casualty continues external with the on have by orderly a on new companies supported ahead portfolios. by to leader more were at dedicated optimistic at core pleased terms. funds And X/X We cycle overall, renewal renewals casualty that opportunities focused reinsurance AIG Also in portfolio launch for favorable our remain outlook again the of AIG the the our significance treaties very syndicate industry renewal managed at successful This and high were see Lloyd's and being that for our signals market. Blackstone. strong maintaining be considerable casualty underwriting the standards. cautious our We underwriting for while casualty of a of recognition
and This terms. innovative pioneering underwriting an parties. global provides in attractive at how ability to partner investors structure. to fee We're meaningful connected manager returns a an on sizable in taking with treaties of high-quality, is majority a generate a has outward the leading Blackstone long-term access risk AIG reinsurance the structure additional asset well-diversified for this XXXX reinsurance participation AIG's pleased example to partner by attractive portfolio a returns be can generate with market syndicate insurance of both to December announced with sophisticated source of The income. to directly
as played Our partnership industry's to We're we in reinsurance us and helped strategy journey underwriter. role has has establish pivotal the grateful our for industry-leading a AIG an of today. support reinsurers, which where leading P&C global position are the long-term
management. Turning to capital
and balanced ways, in major on and very well many execute continue to in exceeded expectations. strategy. We We made our XXXX disciplined progress
current we million shares. expected XXXX is guidance our bring our XXXX. in count was XXX to range billion of guidance The us and repurchase to As $XX shares in last XXX year, million target to outlined of share within
remaining We guidance provided that have $X.X I billion of the for billion $XX XXXX.
likely repurchase remaining $X.X our share this over have will we billion on We exceed authorization. and current guidance
levels We as expect repurchases to no return we have sources to more share enter of Corebridge normalized or liquidity. assuming XXXX, we other sell-downs of additional further of
of billion. ended $X.X We with the liquidity parent very a strong year
affect actions would Additionally, in we any do significantly XXXX. taking that not anticipate leverage
We reviewing are the subject approval. will dividend share to we over in our Board past committed in dividend XXXX, in to the our annually increase AIG count with and our line decrease that year, anticipate
key capital Going on risk-adjusted is for to the attractive our allocating focus the and profitable opportunities most forward, growth returns. best
and very Our any global indicates growth benefits achieve a and early to unforeseen developments, of reinsurance for commercial business we're XXXX we our restructured organic to program. off strong start forecast our expect barring the by meaningful driven
and management, well sustained As for XXXX. full expense XX%-plus on of ROE a year operating continued our focus disciplined core deliver We're a combined with our underwriting to capital the on excellence management. result track
our XXXX is and We which balanced we're focus personal, results commitment. momentum. AIG and improving have several deliver forward simpler, AIG leaner In for chapter XXXX across management. model on quarter our improving a business this with new ways year strong continued outstanding maintaining moving in underwriting are summary, investment and a on our global executing with full strong yields, income a These capital very I'm with on fourth can we pleased performance.
our clients, expertise differentiate exceptional disciplined deep on outstanding partners which claims and and and excellence industry for to with operations continue focus ourselves stakeholders. underwriting We value and drive capabilities
turn With to over the Keith. that, will call I
