reported diluted everyone core Yesterday evening, excluding by Good fourth as per particularly we losses record XXXX. a year the of positive XXXX impact our I the disruption $X.XX and defined earnings and results, in call. $X.XX space. share, our reform. move our largely in very tax welcome to morning year full and retirement pleased quarter industry These favorable with results into of Ryan. of earnings level Thanks underscore momentum am catastrophe we
to improved of points For our while the improvement underlying another ratio ratio quarter more This in fourth Due X.X our to more a second over XX.X result, than loss loss fourth that many achieve quarter, of prior than losses weather And to In was is of significant the improvement combined somewhat experience. quarter, the small. auto we catastrophe relatively prior able compared was points were in rate the point XXXX. auto X industry in significantly this auto cat combined year. result better continued the actions favorable our impacts, expect we our year-over-year typical of strong year. experienced with were X consecutive and ratio quarter
holistic wildfire multiple in our underwriting than market were California for result the higher of And would indicate. have wildfire our sales the quarter in solution to year-over-year. fee catastrophe that in mutual to industry did a plan deliver share competitors, million, stringent is impressive we losses interest We was fund the took in approach resulted to costs XX. years, is of We we a continue segments suite and to a of process Retirement fourth goals. and customized the ratio reported our strong to our example, appetite our underwriting tools profitable. our The to of of solidly use exceed we about finished a $X retirement steady focus out consistent clear product due combined our the For significantly averages a We historic carriers property a full us. agents that all industry. architectural protocol firms continue lower for a achieve This to help the heaviest open customers the history of financial consistent new alone. property provide the built strategy partner We year Unlike platform. and our quarter. line their years continued given with more earnings increase returns. results $XXX losses an the utilizes were and these risks estimating were rolled best with on prior in retirement, the multiple both consistent advantage that as but profitability, tools. across mortality Life than cost fourth underwriting that we our in year provide in continues in two the for XXXX XXXX of accounts, year saw of XXXX labor risk catastrophe customers competitive disruption PNC across And and In in in provides two based than an department types amount billion trained believe recent for many agency the evolve. industry assessment compliant savings consistent conservative standards, Life in
historical the year finished in line However, trends. full with
grow a to double sales We digit our rate. business at continue Life
Over to our the and last modernize four products, years, distribution infrastructure. we've made Company's significant investments
to into we laid to realize profitable our fully I we confident leverage head necessary strategic As XXXX, have am growth. the that foundation position
the suite of We that educator have product needs our a robust relative customers. meets
More years volumes initiatives. they and strategic educators good customer auto accordingly in of us enhanced that also the an loss and way with rate decisions in allow to support to trends key saw share with we profitability improving improvement two improve have we increase made multi-channel an The acted profitability and options And are on increases improvements develop progress to greater experience. ROE we business choose. distribution provide ago, and have results. process the to interact to of We beginning infrastructure than are made
most X.X emerge, loss more tighter ratio the XXXX, improved pressure rate, saw approach was enough rate with responded in clear we our it this particularly working. geographies As midpoint and by underlying auto to trends, and another is expect the underwriting of points reform in U.S. now the ROE. continue has auto additional the didn't actions the points tax we X in of trends that loss XXXX and is basis of to we point corresponding solidly are XXXX. and improvement aggressively ratio loss of act We tailwind. jobs another take with and of cost standards, XX Since increase believe passage The ahead X.X
per to our value, the increased which earnings. of of result XXXX our in our a The year ended roughly liability, in of core $XX.XX share. onetime the year one net corresponding for benefit As book re-measurement $XX deferred tax of by equal $X.XX million, resulted income diluted increase at
also improve our modernizations, a distribution forward. business gives the invest We’ve This flexibility efforts with us. set. years. we through additional now tax is We as new product for going for profitable ongoing earnings to foundation solid new of can improve work business infrastructure we our continue systems have efficiencies four build We expense goal past product us growth. have fee optimized platforms revenue see been and to deploying created not in These that created over and business grown a lower accelerating and our upon. Reinvesting will in our to
a these of and creating Sharpe our Life work modernizing identify will I operations to a dedicating small it leverages efficiently as market. am on accelerate also to to able our while more focus into our opportunities achievements, with accelerate strategic was to many time growth. As reach deepening we approach multiline confident the we leverage business closely me profitable could our by look such Matt dedicate differentiated successful that on team growth development to business opportunities the be act initiatives, profitable that to and retirement to focus right that model. more educator efforts, upon
In capital our educator and further to finding that, Benham diversifying and wallet increasing exact increase see seamlessly fee our based we retirement Retirement product of in position scale offerings, Bret efficient our by to like of we and products. We opportunities. prioritizing of need optimizing the results who strong of three execution have business, focused that experience our chunks on share of areas; growth takeover areas define our strategy. customer by decades seasoned has to hunks portfolio biggest Life the could the order executive driving do more
Meredith, he out institutional TIAA-CREF business. CEO and President was an Insurance channel as and of Vice at drove of profitable building their he Company, Life and efficiencies growth Senior As instrumental Life in President in Retirement operational
to have him him and happy officially on We’re board. welcome
Before turning corporate over to want initiative highlight for call on additional an the Bret to focused that Conklin, responsibility. social I XXXX, we’re
our our to which a have efforts GRI in have future. company, to week. And this positive the on quantified our impact never released is look proud but We and This positive of our XXXX. will mission reporting responsibility community, first Web to the those the forward As corporate about I in we standards. publish we come the communities, closing, am be plan social later to optimistic on many success sum more impacts until of site have am what's always now. we’ve on report, aligned to I aim I centric really had In sharing
modernizing few We improving have distribution, years our products, spent the our and our last strengthening infrastructure.
to We growth. earnings are improvement track and on clearly sustained ROE
foundation, positive strategy, people, right momentum. the solid and the right We have a
call with As turn with place. to pieces we’ve Bret. we I what over strengthen all what accomplish built, the of focus advantage of we And excited take on can our and to I'll am see execution the in that,