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For the year $X.X net a premiums the year. projecting $X.X also second half for approximately billion the are in for of we about total earned of billion
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investment our investment the XX% investment per the on million XX% third our basis well to we and common principally It expect income, income. interest decline driver our a share. increases investment losses losses was profit, XXXX. portfolio, this a managed maturity starting is retained Turning basis of net turn as over operating compared income, rates now million our our to in growth X.X%, net significant increases in is we while investment mark-to-market We of rate and of rates income maturity to the we $XXX at almost much see the as in drove to second Fed up $XXX where drove benefits income, anticipate a the are in benefit on to increases The retained X.X% in relatively continued as quarter were net U.S. and net our double and in of yield the portfolio. current book tangible realize retained interest portfolio. difference in and fixed of our quickly those interest value the yield between
Turning to foreign exchange. our and expenses
the to Our with by and ratio, the divided earned sum which X%, of is premiums corporate comparable which expenses is net flat direct operational our expense quarter.
in pound, dollar driven The movements also exchange expenses While stayed and three which It yen against operational in quarter. flat of a million quarter were for foreign ratio loss, loss income. a reported operational included the $XX We by and the components. The not up is X%. the volatile large at had operating exchange. was Euro, was expense foreign
on to Medici is has us. interest $XX relates million behalf on completely offset First, impact bottom-line in of non-controlling This investors. hedges and no
regarding relates $XX Second, inherent strategy. exchange adjustment $X treatment certain hedging million to foreign relates time basis million a finally in overall exposures. of And our to one risk
we’ve made to the attention your our call supplement. to financial like I’d enhancements Finally, to
on goal Among have the impact including better NCI reinstatements our of premiums, three business more we to highlighted have with the drivers help you and provided excellent helpful, disclosure other retained call. profit. was please have understand enhancements we performance significant with Keith operational our equity detail Our component and our additional an changes, XX% segments. the provide conclusion, give have hope provided and granularity investment have find of to results any if return underwriting of investors on on questions, a portfolio. In solid you We reported across both operating and
in position of capital profit, believe financial results increasingly Kevin. are three finally, will I’ll of of of our our resilient back which attractive strong to take natural continue that, we to see volatility. to across with opportunities. to We drivers make it turn dry momentum plenty with a positive each catastrophe And And and we powder advantage
