morning, everyone, for today. Good joining Abbe. you thank us and you, Thank
acknowledge tragic across begin, we I Los have Angeles. to wildfires to moment communities a that want the Before take devastated
their not businesses their and affected. times everyone words course, loved ones. who've At these, lost out go like enough. hearts their Those of Our tragically homes, lost to are, alone
in rooted live to will company payments. them made and for with claims, claim We've imagery aerial majority we of and with a communities substantial neighbors through recover as the and rebuild. our us areas they contact the assessed serve, support enabling we to impacted our there As customers be customers expedite
In addition, grateful for is we're the expert our claim team their ground, efforts. on
policymakers make mobile And claim person in area in advanced resilient have also sure where can an forward or claim going We customers we state offices payment. positioned file has market the to a in receive California, working with a look the to claim forward. insurance
engine XX.X%. combination of backs We're underwriting income results core higher powerful turn that than Now earned is billion a by and pleased full was for we a fourth XXXX earnings report These results. for let That growth income. makes generating diluted per XXXX. core momentum driven level excellent premiums, return as $XX.XX or me share, to the profitability net quarter were investment on equity to strong $X up of very year full and XX% our in our to more enter at fundamentals, that and year,
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premiums continue offerings, attractive. commercial we segments in We are margins grew our where net generated XXXX. terrific by have very pleased E&S across written XX% to be That includes results production to our where
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reflect wrap we XXXX our the results to up I'd put an minutes a take to into few context. year, them As overtime and like on
on priorities. strategic investments focusing have been our innovation shared, we X we've As are and
expertise. First, extending in risk advantage our
important and efficiency. returns. These and execution time that productivity Second, providing designed third, of investments and great in optimizing over distribution successful strategy with a are to us which enable contributor in resources us to position part industry. experiences scale, The to us cycle. believe partners a at for our large It's has an at strong to employees; this results that will our differentiator customers, providing grow the we increasingly continue financial investing virtuous been leading be
come combined our billion. the of we same the growth premiums data Slide the since more has is been with presentation High-quality with a price returns, acceleration past this written time, growth profitability We've returns significant noteworthy points. over in meet $XX growth on to time underlying lines of by growth X a nearly our X improved we've net In strong performance achievement and than years increases XX industry. in has The At this of emphasis on premium underwriting illustrates the In webcast launched grown over by strategy. improving generally of over by pricing. our that ratio higher customers. has been lines the combination from business XX% driven our where objectives,
with the have we leverage and been which to low-risk In strategic and addition, distribution that Through have largely partners relationships, geographies regulatory on benefit some we other from deep focus have over a words, time. understanding we our growth investments where growth long-standing has relatively a of in our products priorities. thorough in market of and expertise whom environment also in allocated productivity we've dynamics. this In to efficiency, our meaningfully strategy. other We've operating improved organic
same about a our X/X ratio carefully see our than benefit spend simultaneously we spend we've and strategic strategic advantage. valuable in approached initiatives. technology allocate our nearly efforts strategic an $X.X At about gives expense to and spend. growth and enabled mix managed of leverage leverage other more us to operating can Over event. tech of meaningfully operating period, more but represented competitive our opportunities technology the Since also half investment investment you XXXX, the period, billion. than than In routine lower bottom XXXX, words, improve our the increased points overall technology the that tech us As The time, over our flexibility doubled or XX%. on is line tech Slide to strategic by improve the that we've between X-year X expenditures. of necessary same our XXXX, more In XX. our In investments investments in of
The underwriting. line. bottom and our strength relative to our contributed increasingly to has predictability tremendous Turning income of underlying underwriting
income income underlying tax tripled the after Our has underwriting natural over X XXXX. in even underlying of strong outsized catastrophes returns the years, underwriting more and with the of in and billion [ us XXXX. last experienced deliver we industry than reaching to level ] income positions level This $X.X
$X $X.X our billion from billion X to income increase the highest years in ever Our than and level nearly underwriting which growth was in operations it contributed XXXX, ago. in was just our cash more flow also
It strategic return important. to strong investment us Our investments is operating to portfolio. grow and excess capital gives our shareholders the flow ability in business, cash our make
Our income. generating which billion year-end, almost of net to investment higher grew investment portfolio, continue at a we us and positions predictable $XXX reliable level
on and execution the capitalizing we're summary, successful strategy. In effective
momentum outlook continue other built enable results right Los while The partners, our for remain very great words, there customers for friends us Angeles In gives us we serving our in and be we customers to ability strong do our neighbors Our the to shareholders. in confidence in distribution delivering and significant travelers. position confident and us our need now. most, financial our when have as
I'm Dan. with that, call to turn pleased to And over the
