everyone. good and morning, Marita, Thanks,
success. of drivers are of XXXX per for were above position $X.XX our We favorable performance. with $X.XX prior our long-term of the diluted year, $X.XX share. The more earnings earnings remain by guidance concerted and core quarter confident to effort $X.XX guidance in quarter’s driven our full-year to consistent reflect the First majority business P&C
Our P&C with premium X.X largely some net non-cat the X%, Net combined increased improved exception year. $X reported of ratio and elevated positive written million over $X.X prior year. income results increased P&C of of weather. XX.X The were points over million prior
fourth XXXX. improvement key loss in drive to XXXX we’re of our loss underlying year. improved of confident trends by points stabilize, quarter auto X.X a X.X points and and over over Our strategy Auto prior driver to ratio, continue throughout continued profitability ROE,
to property, for that full on an lower X.X the we equal was but XX% combined catastrophe benefited of XX.X expense auto our than on mostly prior this quarter ratio remain points year, expense expect points from better ratio In our X near the cost. year, ratio. We expense recovery the
elevated loss over we X points of ratio, and weather X.X which underlying which saw mentioned, increased pressure previously Texas Marita prior about year. Arkansas, points As some non-cat put our in property on
few Looking ended so, of coastal perspective. the been higher volatility volatile over exposure in our year. were weather ahead, has year increased Even unprecedented the historically offset tax quarter nearly in reducing fee weather second of amortization the year, losses past and levels management over an remained X% increase most We we thoughtfully this from flat last DAC profitably years. expenses, by to despite year balanced rate million lower cost. $XX.X assets Earnings income relatively by under property. prior as including In a retirement, prior a
XXXX Overall, mutual as year. Advantage customers fund products to sales lower retirement rate. choose continue down is The spread points, investment earnings by share our less to in X% choose increased partially our decline, of to prior than we resulted to and our factors. year, basis but down decline deposits fewer with over were interest see a Retirement declined broader premium product earnings environment. than higher consistent million due business sequential Life quarterly costs, continue quarter rate slightly lower impacts net industry. due income be a which our income per guidance. more investment was a Net on by a We activities more product slowed, traditional XXX have interest over $XXX basis. $X.XX, sales solid, annuities, were our mortality two shift down in by portfolio the yield in net pipeline. Recurring and Prepayment offset prior consistent strong with to a tax This and on the X.X%
tax first of to levels the The prepayment after to reform borrowers maximize a relative return the look benefits average the is U.S. at to their XXXX pace changes. accelerated as end tax
a taking credit to puts quality, portfolio our We on cycle we actions are effort pressure is second are that The our portfolio to additional position opportunistically portfolio. increase proactive yield. late in the concerted believe and which
on high-quality environment. being reducing portfolio MBS, increasing municipals. and sectors certain in consumer corporates A-plus purchases an yield positions us corporates new and The credit our high as to retail lower while structure investment exposure ABS agencies, and quality reduced combination quality selective exposure well to like purchases average cyclical, including securities, very a and we of quality of example, A the such For of an increased has of from for while grade, recessionary CMBS more
X.X%, largely Our XXXX in first rates. in quarter, up for due target moving exceeded increases incremental that included In was to guidance impact quality. rate which of new we the the money interest yield
remains the significantly net quarter. of That achieved than lower in our to we of see result, and portfolio rate rate investment pressure said, a our X%, As a income we in money to continue new expect XXXX. rate new money X.X%
allowed full possibility financial consistent outlook at cycle with add portfolio net XXXX. us interest time. end opportunistically of quality We Our XXX portfolio credit which tail at identified the heightened actions resulted crisis, our points The accordingly. in XXXX This and unchanged is credit margin the previous the through improve positioned strong for recession to the approach in are a basis the our to for year. of returns risk credit over and
view, taking growth foundation and improvements a is manage distribution which and now, the long-term the with similar laid We’ve a this in business. we consistent how are approach product, for entire through infrastructure. We reflects
making a day-to-day through We and focus customer-centric our profitability meaningful our operations, we’re have to built initiative. improvement ROE into steady business
All to shareholder generating value. these of are elements long-term critical
Q&A. quarter was turn I’ll a right first Thanks, over and Ryan the Our on XXXX, start to we the to now remain we’re path. and confident it solid to start that
