quarter Exchange, Tim, policy in and good new just XXXX, second insurance mentioned. Erie we and growth strong operations everyone. of the you, morning, the steady experience growth to continued Thank retention, by driven solid manage, Insurance Tim as
incremental to be our addition, profitability our the continues most had when rate challenge. addressing improvements increases. more These In have significant increases impact realized from
compared XXXX. the the months catastrophic first to the significant noting quarter XX.X with same points is of in of XXXX that quarter losses year. weather second trend quarter the premium generally true these With in in the was second as saw through million XXXX, weather year-to-date perspective, to points ratio XXX.X% periods.
Worth combined XXX.X% second XXXX seasonality XXXX, June grew half of Exchange's in in to we in respective XXXX events more XX% of XXX.X% first the and see year-to-date contributing the level. the XX.X holds of X compared similar quarter Exchange's this From in second efforts, of written higher with compared direct the XX% our of a combined at growth improvement those $XXX.X in ratio We the XXXX
ratio points weather In versus We versus XX.X in respectively. points first to XXXX did XX.X non-catastrophe X points, contributed an experience XXXX in of of loss compared months period these the improvement points XXXX. our months, events the first catastrophic in same XX.X X XX.X of
XXXX, profitability having years, by our points.
In increasing severity half accident summary, ratio the And are Additionally, X drove prior have higher first trends combined In the development adverse improving in on events moderating in seen points. severity with favorable X.X to lower resulted XXXX, impact. same and the in period rate years, in prior ratio increases a accident development XXXX, the moderating we improvement desired on compared of XXXX. weather severity by the combined
to income share surplus March XXXX of in consistent position to the or billion compared year.
Total and XXXX. XXXX XXXX.
Shifting half last this policyholder policy compared nearly compared XXXX the $X.X we quarter the million of the maintained June first billion of an quarter period $XXX $X.XX share of in quarter level $XXX operations XXXX, fee diluted first or Exchange's this to management share was the to almost operating $X.XX XX% of from to of of as $XX was renewal second to increased written diluted time in last of $XXX XXXX, compared income the the revenue renewal XX% from million quarter to XX% in to resulting of increase a policy increased quarter the $X.XX share continues from nearly compared million million half dropped quarter the or Indemnity. year second income over second revenue or $X.X per year-to-date to compared net increased XXXX. for the million issuance premium year.
Operating diluted billion per and to second be for $X.XX million XX.X% XX% main $X.X with quarter our the increases which in December these to second nearly surplus the in per higher Year-to-date, significant bringing XXXX direct million, second Indemnity although The from income $XXX fee $XXX Net cost our and XXXX. at growth.
Management to to of second results services XXXX $XXX XXXX, compared or time the $XXX same was driver issuance diluted services in per Our of slightly strong million of of
in million increase quarter and the the almost half $XXX compared capitalized labor of administrative second to the of and expenses and in million XXXX, as the compared in investment half sales offsetting XXXX.
Income over saw the of compared year. XX% year, $XXX in be half earnings to million underwriting or same Net growth generated information compared of in mainly of same to was half XXXX, increased income Commission the first non-commission and to of technology million first premiums with lower period the the first these to related almost million XXXX spend from substantial half from over XXXX again, the $X XXXX quarter first just increases compared compared to customer period of XXXX was was for quarter compared X% almost due to million driven first to and lower costs, written to in by in $XX spend of compared XX% expenses $XX partially the second million. almost the and XXXX. of higher $XX million production to an partnerships in $XX well $XX of was of or nearly for this the first increasing continued half such quarter totaled expenses XXXX. the grew million second in million last XXXX. XX% investment half investment respective the quarter almost to reports expenses XXXX. XXXX almost last limited $XX nearly XXXX, $XX This loss of roughly million when or XXXX Total investments the to The drove or of compared of by contributing to the compared the Exchange.
Non-commission $XX most $XX Year-to-date or X.X%. largest This as Net first direct costs partially driver, $XX just million second XXXX. by over XXXX just income half of second $X policy in income as of the first million offset advertising was service improvement, expenses.
Technology million underwriting driven mainly a processing of due
gains net XXXX, in generated experienced losses. we in realized we realized while Additionally, net XXXX,
our always, us to financial dividends.
With for As performance over we sheet. approach XXXX, back enabled we capital X $XXX management, the call and take to a in balance maintained has measured our Tim. of I'll the million that, months turn over shareholders Tim? pay to first strong a And
