loss of We in quarter million XXXX. third you, of the Thank a Prem. net $XX had
offset of bonds comprehensive that catastrophe losses, dividend increasing income, income in $XXX As investment of IFRS million. by income and share affected remember and accounting, Prem are million, of associates $XXX and unrealized our like interest under stocks of not million negatively net highlighted, of $XXX reflected of million, by other and losses gains partially Please U.S. profit losses $XXX GAAP.
Our the catastrophe was above combined included average XXX.X% the and quarter ratio in third losses.
favorable quarter increase quarter from the XX of million of and XX% profit insurance property our reinsurance the ratio year, and and of $XXX share dividend premiums $XXX the in in we For major operations in to lines operating driven business. of the condition in or Gross million. on million and many market later. third continue our was the combined The generated an income XX% results higher profit of More in by underwriting were casualty see year-to-date, as our up income, of XXXX, underwriting our third interest quarter, increased to XXXX, $XXX of associates. and up
in in and million unrealized which equities, on exchange companies billion, of billion by income our with in of of associates mark-to-market interest short-term end net foreign increasing our and held return the our reinsurance of securities. The investments $XXX share At result of fluctuations. investment portfolio was and dividend our insurance cash bond of on $X.X the rates. was and quarter quarter the third flat the Our and was essentially generally portfolio loss September, at was interest third bonds offset X.X%, profits losses and $XX approximately
into that interest deploy income. three-year U.S. up to pick and primarily continue additional cash, We Treasuries
were equity equity-related the net drop in driven Our our holdings losses by million the on and in $XXX equity overall quarter, markets.
not the value the gains per value accounted end $XX in is previous $XXX in mark-to-market. on consolidated are for excess securities fair by quarters, include a mentioned and carrying unrealized As value which our loss not of $XXX of these investments, of unrealized pre-tax quarter, our At share share and per basis. investments position losses in million the equity does our of and book
billion our mentioned, underwriting XXXX rapidly XXX.X, premium all wrote combined and third a was the third over which businesses gross of continue previously We world. insurance quarter As of of small in quarter ratio the $XX loss produced $X.X to reinsurance the million. and grow
markets, high million a $XXX the Insurance with the in single-digit growth coming in so lines it’s increased almost division. total quarter Our Odyssey U.S. their from quarter billion growth Odyssey the was third driven of in driven of particularly XX%, consolidated of quarter gross casualty prevail XX% and know, America. to or and premium gross the percentage & quarter the volumes from in growing business within for growth gross in were you XX% driven Ki, control division continued Group’s growth. and up our Brit’s the market among added was the premiums previous the and million expand, an $XXX versus slower that growth quarter, strong Crum year. third $X property is continue quarter. in the Brit of Crum growth billion syndicate, by many by by numbers. but This approximately the as commercial of in in Brit’s up at XX% and Forster third had third follow-on North Reinsurance were XXXX. Crum’s Ki, the of business XXXX Brit companies, approaching surplus A&H with with majority innovative all grew specialty premiums written the in its gross increase Group’s conditions rate third of quarter margins favorable $X has its both segment year-over-year. our their largest premium segments.
premium Brit and on and lower Ki, as operation reinsurance low its well X% its book. at offset of levels property continues X%, Allied single-digit increase. growth to our reductions all X% business, by by Excluding Northbridge treaty driven Zenith respectively. premium their The grew, direct World, increasing by had international
America, gross insurance not companies almost the the terms led Fairfax local a up hard our by are market somewhat strong in registered quarter and of dollar we market strengthening third XX%. Asia international X% Europe in economies. of in and of charge significant were strong underpenetrated will Over with experience America, U.S. in believe growth currencies. premiums the North XXXX over time, Central dollar the South the although from local increases they muted the against growth rate driven most in Although, operations source Eastern currencies, of the up year. our Most conditions previous U.S. were by be seeing premiums
Our grow conditions. to continued into market favorable companies
rate leading overall could While may attractive to some absolute by expected be increases rate reduce remain extended line, renewals. in a into hard X-X very level reinsurance is the and market
three Australian XX nine points of for driven XX.X and million, a hailstorms, were losses our losses Ian, drought, growing in years smaller weather quarter number taken $XXX months the catastrophe of the total points. including XXXX Our over XX companies losses million, hurricane in ratio years. underwriting XX% million have added pricing XXXX, the combined result XXXX. and versus combined our combined past to by of combined over million catastrophe months Hurricane XXXX of of $XXX losses. Not combined ratio unlike $XXX advantage premium the was the XXX.X XXX.X ratio the of of first added Hurricane but Fiona. floods South third losses in high strong Through French frequency over ratio, and XX.X and the nine last is serious included in a Catastrophe The $XX about of of African catastrophe and quarter was catastrophe all ratio Ian versus other XXXX. events XXXX, while Brazilian
ratio, premium our profit. posting the losses compounding and XX.X. increases the and outstanding been absorb to catastrophe combined a benefiting new underwriting with of produced ratio Allied business. able XX.X in $XXX expanded have of the quarter from most had profit of at another World within an base underwriting benefits and significant year-over-year has we As underlying Group outstanding million and diversification, Northbridge the generated increase combined price
and ratio of losses. While XXX.X quarter XX.X losses and with points XXX.X another of at a improvement catastrophe Crum Zenith XX losses its good ratio catastrophe XX and a catastrophe the a Group Brit most the with had posting continued combined with of Brit ratio points affected Odyssey by & in were XX.X. Forster quarter, Odyssey combined combined with steady
aggregate. international had from XX.X. strong a XX.X, development Asia quarter of the operations Fairfax combined a of very years and Our a ratio in had with in quarter catastrophe ratio with favorable prior losses moderate combined
many continued companies Fairfax of in countries, headwinds navigate to especially inflationary the international Latam. pressures in Our their of
This $XX companies third favorable development the XXXX combined reinsurance of For on of quarter or reserve the and quarter, compared for points our X.X our recorded benefit ratio. X.X insurance the of million of million $XX to points.
the their quarter. are in Our full companies in reinsurance are process insurance which fourth annually reviews, and of done the actuarial
ratio volume Our with to expenses. earned benefit outpacing expense our premium continues
for at year-over-year, X.X lower with expense Our in XXXX expense all essentially have full the insurance Notwithstanding is third underwriting of year expect of to and overall our underwriting we ratio points year another operations. the decreasing catastrophes the reinsurance the profit. ratio quarter, strong underwriting
opportunities well our reinsurance Chief to and in to respective and insurance Financial Officer, now are transactions. Our positioned companies, on position I their will on comment the operations the markets. very capitalize performance, overall pass call financial non-insurance our Jen to recent Allen,
