good and morning, you, Thank everyone. Tim,
the As Tim to similar third was mentioned, year. the first X quarters quarter this of
agency combined quarter, to am ratio our said, inflationary once an Superior share third rating pleased Best during our strength. and elevated footprint, again We financial experience continue are affirmed being that I to rating pressures. weather-related for the by across impacted to still due A+ events we the That A.M.
details me the get the at quarter. let into for hand Now
in quarter, increased storm associated the a moderate loss Non-catastrophe the earlier weather both commercial experienced albeit As year, in unexpectedly. quarter two occurring due the somewhat noted, to third claim part this events prior the Typically, continued our in with losses storms the adverse personal year. and activity early XXXX. significant diminishes second challenges wind also than quarter. rate lines to more but continued of in property I severity development footprint at third grow Catastrophe half in of the
Personal increases half about the we mind and underwriting the business rate Keep new see the retention, severity are remain in auto policies and to increases guidelines XXXX XXXX, is span in these continue XX%. implement realized. level will commercial complementing our benefit strategic increase To were severity from combat agency months, ratio, take XX of maintaining increases about and which auto Even that homeowner while increase more of much significant management we X% they high growth. are next practices. tightened as in in levels still our increases, are with a we those they rate year combined
increased business premium XX%. than For we've more than year, premium new more the total XX% and
in billion the the $X.X operations billion, to grew almost we the the quarter new over business December prior XXX%, a net manage, of direct respect third surplus quarter Exchange's the the With written from XX.X%, for $X XX. by was ratio growth driven decreased for Exchange, XX% policyholder premium, combined substantial nearly down insurance With premium year. growth which to
third share of the quarter, diluted In XXXX. third in of or Indemnity. $XXX million compared to share or shifting income Indemnity million the per to $XX per $X.XX net quarter generated Now $X.XX diluted
For or million in to or was diluted the for compared or million million share $X.XX XXXX, $XXX the XXXX. $XXX same income $X.XX share, of diluted increased income period per in net XX% to to operating first the per for compared the saw year, months third Operating X months also or of in months XXXX. increase third X X XXXX. of the first of the quarter XX% XXXX, $XX quarter compared this of of an income Indemnity $XX million first
policy of and $XX fee third the services of issuance XX.X% renewal XXXX, the million for third to quarter XXXX. increased compared in Indemnity's revenue management or quarter
of of million XXXX. X Indemnity services the saw same the or XXXX, in Management months the million first compared For to in XXXX. XXXX, $XXX period increased third XX.X% administrative quarter and The to first the an $X.X $X.X increase to allocated compared the fee months in of revenue same million X of period
increased of costs. $XX fees. professional increased offset written million compensation Indemnity's in expenses period professional increased driven cost X quarter driven Also, administrative to and in to third the costs incentive XXXX. and the the quarter XXXX, and were personnel Information policy Turning a both The technology underwriting million underwriting $XX costs the for million and months in the renewal and expenses XXXX, in and premium, in million, to same in in first third growth of $XXX by Non-commission services, almost XXXX, quarter increased to agent XXXX, $X compared fees. by the nearly related same under decrease other XXXX to almost $XX million, report periods of partially by in periods of million in increased processing driven direct increased policy compensation. expenses agent compared issuance just increased third primarily operations affiliated by commissions $X and by in increases increases assumed in compared
personnel were Administrative non-commission of of expenses other and of professional reporting, personnel driven costs. costs. first X Underwriting in nearly and Indemnity months personnel Expenses by in an over postage to technology and software increased $XX million, fees, saw in and increase due the primarily costs million. including XXXX, hardware, almost to just costs. $XX For $XX expenses increases due over increased processing policy million $X increase million an increased investments
a XXXX. growth investments higher force driven were just costs incentive costs compared at for offset of price from plan $XX the rate. was September increases compared higher by million lower improved, stock personnel were XXXX, discount Investment to $X increase premiums increased taxes a estimated of incentive quarter same in income compared to This partially compensation, awards. XX, The Overall, impacted to the and XXXX. loss in direct in to due taxes plan written and in by costs policies costs before XX, the before by an including September million in period totaled third pension over company nearly XXXX,
investment X months first first the XXXX, taxes before months of to the X of recorded of we income XXXX. $XX.X For in million $XXX,XXX compared
As strong a always, to take a we balance sheet. our maintain approach measured and very capital we management,
million again performance shareholders in dividends. For us the you time today. of for first $XXX over XXXX, our X Thank pay months to financial enabled your our
to Now Tim? turn Tim. call the back I'll over
