Evan G. Greenberg
Good morning.
you As numbers, outstanding another had we quarter. from saw the
was operating Consumer in again, premium earnings record operations. was an well our Our International including excellent in our per growth, P&C North income, with spread both our revenue share. premium broad-based world-class double-digit businesses life investment growth leading P&C and and global results operating and all to by record strong combined underwriting Once income ratio, XX.X% marked results net Commercial American performance and
favorable or quarter, X In share, and was average underwriting return XX% months, was XX.X%, an first per by record current was income agriculture, of compared year a ROE up XX.X%. almost on a cat overseas or equity general to And share in operating with our our operating America accident ratio up the ex-cat $X.X included $X.X underwriting income core underwriting of produced year. have premium which relatively for performance expected XX%, over combination XX%. million. up annualized of excluding billion income period both excellent was North prior reserve and billion operating of P&C tangible Our XX.X% $XX.XX $X.XX we driven combined growth, margins, development strong-earned per prior the of $XX.X losses Core of
speaks Our reasonably reserves conservative to our and to development strength are reserving. reserve approach cautious the of or positive
As We're and strive I've in we slower said for generally recognize business. to news years, sheet balance good recognize bad news. a early to are
balance Our reserves our most important of side loss part the sheet. the are liability of
prior net $XXX income On the was asset billion year. record $X.X side, of XX% or investment adjusted over up million
end versus yield portfolio ago. of the quarter X.X% year the X.X% was third at Our a
While our reinvest reinvestment grow rate is we higher run rates. currently cash will to rate flow we and have very investment income liquidity, our at continue averaging X.X%, strong our as
our XX.X%, We quarter, In increased we're EPS accretive to to and to asset ROE. are now a risk profile. we our in growing Group results, the consolidating and Huatai income invested without change ownership were which
Huatai is Earlier and additional reach you and I financial release summary and impact supplement. to XX%. earnings the provided this XX%. stands the over and for month, A of ownership of we on further increase now at this between shares, our expect the XX% in financial closed
Peter book will income, Huatai. value, investment ROE about financial to cat, prior reserve period, items, have more including say and development,
and growth the Life our business rate Now premiums environment. company quarter, in globally pricing in over to increased P&C the about growth, X% up the our in made XX% turning and Consolidated net X.X% for of division.
fact, we about premiums and recognize premiums growth, the commercial in was them. agriculture, were, excludes premium lines timing almost with up than lower year due Crop up of In Year-to-date up P&C XX.X%. consumer last lines agriculture, which to Global modestly. were XX.X%, XX.X% when
the we think year the simply based a last development for recognized higher we quarter pricing. about and we year, the ratio earlier quarter, than what this crop to combined on know what today As likely agriculture conditions in is
casualty property International continued. of in divisions, In in aggregate rate financial price lines staying while North loss lines decreases and in top in remain our Commercial the in rates diligent increases environment, P&C terms remains We vigilant in America North and of quarter and strong cost both inflation. on and America the about
with Beginning were excluding premiums, North Commercial X.X%. excluding lines, agriculture, was up were growth financial which X%. America. XX.X%, P&C up
division up premium very year and growth market quarter large middle its the lines with middle market of X.X%. best Our XX.X% of had financial
exposure division like Our and grew up for lines Overall major X.X%. rate Commercial flat. that of X.X%, X.X% North including with specialty X.X% of pricing acts rate and increased P&C accounts total change and X.X% financial America
rates North Let essentially X%. up primary XX%, pricing. up both an flat up XX% me Casualty in and XX.X%, includes Workers was XX.X%. and America Property exposure was rates with with provide up pricing up Commercial with for Casualty comp exposure a bit X.X%, X.X% rates and up X.X%. Pricing and pricing up of account up which Property change more & rates exposure color was comp risk management, was X%. pricing large around
at X.X%. are as loss that And compares again, costs in last North to quarter. same We X.X%, trending America pricing of
dollar trending general, short-tail trending long at X.X%. workers' classes comp tail, we're costs at And are loss at and comp, excluding in X.X%, In our X.X%. book trending costs workers' loss first is
America down the D&O, quarter, lines, and to decline. In rates underwriting rates respectively. in aggressive, and Lines the X.X% environment North for pricing in aggregate X.X%, financial have Financial particularly remains For continued were
Lines was our loss America trending commercial Renewal in new X.X%. XX%. businesses at Financial business retention North costs and for our grew XX.X%, are We
homeowners with XX%, while trend was and another premiums business On achieved X.X% net over growth. the new cost In last lines of to at pricing our business, high selected our quarter with excellent retention business our we strong our loss consumer side, similar XX.X%. up had worth quarter, personal
were growth to a includes to consolidation. the General up Turning contribution operations. premiums about Huatai and International XX.X%, Net our X.X% Insurance from this
while was Our business International Commercial Consumer grew XX.X%. XX.X%, up
producing XX%, up premiums Commercial of regions with In double-digit of growth major than XX%. Consumer Lines business, growth more up growth. America this XX% with way Retail all the Latin our made up International and led broad-based quarter was
respectively. XX.X% Europe quarters and strong growth XX.X%, Asia had with Pac and of
International improved exposure exposure to pricing rates exposure Commercial with of achieve rates our and XX.X%, up across X.X%, rate X.X%, to up was pricing lines, X.X% Casualty change up X.X%. up continued We & X.X%. with and Property up portfolio
Financial X.X%. pricing Lines from was up While steady portfolio X.X%, inflation cost International loss Commercial at our quarter, remained trending across last
taking respectively. orders premiums Latin premiums our environment. growth loss Within had our Lines up International America the Lines over Mexican the with reflect XX% in of we're Personal rate in actions to portfolio, auto rebounded Personal both cost sharply, Consumer, our back XX.X% on divisions A&H and growth, up XX%, and strong significant with where
income up In our which XX%, nearly impact Asia, entirely $XXX million. nearly International consolidation. is XX%, was including Life the Huatai business, almost up premiums the Life segment of were
we simply a summary, contributing In quarter, to outstanding outstanding had results. year-to-date
of underwriting We business. way, of conditions, in favorable which environment, are growing our and and exposure are many in mindful risk balanced a thoughtful areas
forward, in operating Looking our engines in and earnings the of growing which drive are we through income, P&C confident EPS X continue underwriting globally, ability turn life income. to investment revenue income,
questions. and to this then back turn I'm call going come to going to Peter, the over take and I'm
