quarter very earnings $XXX quarter per year and the respectively, XX.X% ratio share an XX.X%. billion, year. with million combined for Chris. and underlying of XX.X% million for of or earnings $XXX core you, Core a with were of strong earnings Thank ROE $X.X and and Commercial a the had XX-month core for diluted quarter $X.XX Lines the
to Commercial compared with XX.X% Small deliver continues premium X% XX.X% to year and fourth excellent growth prior ratio combined of results an the of quarter. in underlying
XX.X%. was For the XX% underlying and ratio the was year, combined growth
quarter Large Middle underlying an third with its over billion XX.X%. combined $X Commercial ratio straight of written of XX% & and growth delivered premium
for and fourth of year, For exceptional prior XXXX, XX.X% an combined year. to ratio an XX.X% was XX.X%. was to combined underlying points X% compared XX the improved in XX.X% Specialty's ratio growth underlying quarter Global with basis the
were of physical homeowners related underlying was once the than ratio quarter earnings from underlying fourth $XX strong the quarter result with improvement is of of fourth million combined of in of our lower ratio XX.X%. of to half This combined of core Lines, first The auto quarter Personal X.X development the the that underlying due an ratio for XXX.X% quarter expectations In for points an better a to auto XX.X%, adjusted XXXX quarter XXXX losses. the including fourth damage is adverse XXXX. combined recorded
loss no this out I fourth to quarter point Also, of will reserves prior that made the years. for during year, accident we adjustments
to continue to pursue we offset cost are the we rate trends Chris increases As experiencing. indicated, loss
earned year and we XX.X% pricing Written and actions. premium XX% over in of the XX.X%. pricing increases In by Personal successful steady achieved driven increases written rate Lines increased auto, of prior
rate approval XX.X% received In increase January. we was for addition, in that in an California effective
earned points were higher In impact XX% written driven by ratio premium, and The by an partially earned by quarter the offset higher total improved for XX expense increases of Personal basis. the direct basis costs. homeowners, Lines marketing XX.X% pricing primarily on
favorable million year With catastrophe earnings $XX increases core year quarter. reductions million in auto Lines in liability. respect partially million, net P&C bond commercial prior losses concentrated development Commercial of year to workers' catastrophes which current accident catastrophes in were Total reinsurance assumed the reserve CAT, reserve prior $XXX offset $XXX and accident were tax, within to and compares compensation, was as in primarily by before
for annual our of comprised asbestos in completed of million in asbestos million We an study $XX and resulting increase reserve million, in the reserves $XXX fourth $XXX and for environmental. environmental quarter,
$XXX development loss a adverse was was reserves company's $XXX few in the cover. specific the modest due The in of the due to December coverage The this increase have $XX we year's of of asbestos filings deferred ADC environmental A&E All million in study, increase higher million. to share on accounts. XX, asbestos million increase of of the estimated resolving costs, into primarily increase of site a for the taking in estimate to and PFAS the cost a was remediation gain mainly on increase an exposures.
After in ceded including reserves consideration an and as remaining individual
$XXX a of ADC, our expect is has a deferred ceded million $XXX which recoveries result, we recognized ADC, to first have expected within XXXX, gain amortization For Navigators' the deferred other to as begin limit previously liabilities. million, quarter. we on collecting full of In in start been of and gain as the the the
gain no patterns, Based of be payment impact expect amortization income deferred earnings. remaining million core net will in XXXX $XXX on impact will approximately and estimate total positively in have XXXX. we with the balance amortized This our to of pretax the
and Group to terms program. we conditions were pleased with the January to Benefits, turning Before renewals. Overall, placements X like for our the reinsurance very review would and I
occurrence X% the basis, business, strong which and of per overall publicly relationships cost at to protection a favorably quality of information, core available risk-adjusted on reinsurer expiring compares market on speaks was Our book our the and in based experience. approximate catastrophe an favorable decrease with renewed
the significantly. under change There did minor structure of treaty program coverage our loss changes but some certain provides property overall, for were $XXX million, in CAT that the events not
and securing protection a on we secured another a our of is of that on $XXX a of our of rated The million program bond. availability. CAT secured reinsurance top combination and affords strongly diversified, durability occurrence basis. protection goal cost layer furthers sponsorship both our majority of bond traditional through in protection catastrophe Additionally, of multiyear addition The
of X, a to have As event January of gross loss $X.X we billion. up protection
and structure perspective. We pricing also from a same risk-adjusted with renewed the favorable our aggregate treaty under term
level a You've in heard of changes our These strategic Chris property in protection writings. growth. that with consistent reference ensure keeping growth
renewed changes changes summarized limited in addition treaties property And in slide We in conditions several program, these deck. our that also have terms, successfully to catastrophe reinsurance the and other we rates. experienced
disability in year. We the $XXX ratio the results long-term for the reflects to million full X.X strong The of quarter strong achieved the XX.X% Moving improved Group premium growth, over earnings record disability of reflecting year points the improved year, Benefits. group core margin $XXX quarter quarter disability recoveries. continued continued for prior strong and for full of X.X% earnings loss performance. Core million claim and life and for X.X%
For disability loss improved the points year, the ratio XX.X%. group X.X to
XX% year, prior loss the for quarter improved mortality an trend. reflecting points The improving group ratio of life versus X.X
expense meet the X quarter the improved our and ratio somewhat year, for group top points the The to X.X offset year, ratio XX.X%. For the evolving continued needs. life by X.X loss customers' point expense line performance and points investments to efficiencies, improved reflecting strong for
and premium insured excellent quarter full of $XXX total quarter year persistency for sales a the This, in year. insured for above contributed resulted ongoing Fully X% to in of at XX%, X% the ongoing sales million with combined the $XX growth of million. fully
portfolio results. produced Our diversified strong investment
quarter, investment the $XXX For was income net million.
portfolio from third tax, point positive before and and quarter. continue higher annualized rate pleased our benefit X.X% basis with we partnerships yield between on The than rates, XX limited higher basis income interest total XXX points to excluding fixed portfolio the to continuing and was reinvestment be sales is the differential Our maturities. yield the
Looking of before combined investment increase, XXXX, growth, basis we million $XXX forward expected to portfolio points This net income with is expecting are approximately asset to XX LPs. yield excluding current reflected the of to XX tax contribute to environment. improvement
which X.X%, helped LP in of slightly annualized reflecting Full real negative portfolio. Our equity portfolio, private the X% estate returns quarter. the our returns equity were in year LP offset resiliency the the were returns XXXX
a the interest intent-to-sell result insignificant rates average credit maturity a Net including credit of Fixed remains remain tighter million for quality allowance credit of rating credit increased mortgage of portfolio. losses the $X impairments, of in and overall with with increase portfolio The quarter high an losses, A+. spreads. along the valuations as on lower loan in modest the
current our interest with continue All payments. be and to loans mortgage of respect principal to
Turning to capital.
As company December billion. holding XX, of totaled resources $X.X
dividends $X.X approximately For expect of billion. companies total XXXX, we operating from the
we During level first for the remain expect our and repurchases repurchased to the we program quarter. quarter, at in of share X.X million, shares million under repurchase that $XXX
authorization $X.XX billion through XXXX. had XX, on we year-end, of As repurchase December remaining our share
To XXXX returns all wrap up, positioned on and enhance was to value are for our targeted strong, our and continue well of performance we business stakeholders. to deliver
back now Chris. will I to call turn the
