everyone. morning, good and Jack, you, Thank
let through XXXX of for our historical information in select discuss we information that reporting supplemental our on definitions. in Investors XX, our and reporting performance the I the a on our website, me presentation new published March on with announced along section segments segment remind the changes financial additional quarter, financial XXXX Before historical Select available descriptions and call. is XXXX our you year-end in reflecting earnings financial
Turning a first XX.X%. reported for share to net operating operating income per the strong results our and very and consolidated we quarter, ROE strong delivered of
losses in losses year. which of quarter, catastrophe ratio year QX QX we compared benefit representing the lower of prior Our and our in the with the XX.X% quarter first Catastrophe combined last ratio reported this premium first the XX.X%, XX.X% expected was compares year. with load reflecting CAT in in net with favorably X.X%, quarter X.X% earned of catastrophe the XXXX, loss of of
expense first quarter quarter first XXXX line the Our in target XX.X% full and ratio the of in XX.X% with XX.X%. our with for XXXX of was compared year XXXX of
leverage, continue enhance fund business I will which efficiencies partially offset our Commercial. the to We focused unfavorable year $X by while benefit and The remaining in across Core shortly. and prior quarter favorability to from year fixed from the Specialty lines further by cost driving favorable performance. homeowners, reserve development was was discuss Commercial in operational investments million, development stemming Prior on
with Commercial. by segment, results Turning a to underwriting of discussion starting our Core
to quarter in X.X XXXX. XX% XX.X% combined points from of excluding Our catastrophes, first ratio, the improved
Commercial the event line We prior tornado trends. Core of catastrophes meet losses loss quarter. were of year did a current a catastrophe. increases benefit commercial that was higher not in loss XX.X%, accident last experienced large the with ratio, multi-peril, definition earning taken particular in excluding offset Our from above year the partly This in-rate year in by improvement that was
large While in working market to losses, mix a of push needed increases there certainly property, supports. the our property level rate which is are continued to randomness and we for on constantly
multiple development. X.X inflation Specialty, catastrophes during the years. excluding deferred most to social not prior pandemic. to expectation At across our continue to from quarter ratio, time, Development XX%, Turning the reserves by that rather sub-segments the we ran and year prior accident same abated, the the but favorable our set with favorably combined year driven decreased points was temporarily has
the remain vigilantly of certainly prudent and of We was philosophy returning rate processes. and claims signs we of in Specialty slightly court such we XX.X%, underwriting year our and are in to actions Core benefit thoughtful In the first compared response, in reopenings. the as in XXXX. of current accident Similar elevated litigation from activity, litigated loss reserving excluding number Commercial, ratio, to pricing watching our to the catastrophes continue earning increases quarter Specialty.
Property larger in Lines. was this by However, offset two improvement losses
Lines increased Turning loss homeowners combined to reflected period, auto Personal severity Lines, from increase a the the to on Personal accident impact year Personal XX.X% ratio in by primarily in excluding to an and levels very frequency from in current ratio severity quarter increased claims. driven our catastrophes XX.X the of the increase in points lower XX% earlier year an suppressed and first increase extent, in XXXX. Auto
below ratio through expect Auto levels quarter which being from severity we to expect of claims Auto a likely will elevated is loss the ratio XXXX quarter our to year expected, believe we As and at points fourth slightly the lower than of Personal to We year. year the in similar loss the than That second property experience. remainder frequency, still would very was the of lower cause levels inflationary our said, the the to expectation benefit level, Auto XXXX, of Personal despite XXXX. the from full pre-pandemic which continued continuation keeping be of deviate pressures pre-pandemic the us ratio first would industry of the holding to the compare loss half favorably underlying higher temporarily couple we pre-pandemic in
planned even of and increases additional third effect seeking more increases taken XXXX. end have the our personal third by trends Rate through in the filings quarter states of states auto. have evolving these to of approved and reacting line a deftly we are of We robust another personal second rate in
by business. and sustained in We increases past rate higher much the higher are achieve renewal we increases to expect in change new renewal X% year-end rates are healthy for and seeking We the premium or reasonable.
As any we pushback regulatory such, meaningful do perspective. a not from anticipate
Auto We as are actively increasing new in business rates well.
business to approach strategy, expect take near be we the for these year current to prior the prior of with Other, the to accident continue In loss more business double-digits quarter measured X was remainder fully. profitable year. new our up We ratio, from quarter. keeping In and XX.X%, pricing the protecting Home a increases excluding renewals, and the second in point while catastrophes year
less driven increased mainly closed on supplemental QX non-CAT losses repair the and higher quarter by and elevated XXXX delays in in severity to was and may of severity fire inflation The of leading increase XXXX. anticipated versus weather be Some QX supply loss impact labor noticeable claims. continuing year prior large and in cost because chain increases due repair loss the QX disruption, material higher price payments costs, to ratio
after completed. claim refer been supplemental you to and repair charges a additional has identified been payments work know, As settled may has after
We supplemental stemming causing claims. the beginning of to XXXX, of most development, through this quarter XXXX of $XX.X payments trend million fourth increase have unfavorable in and XXXX acceleration from seen an mostly a gradual take of into us
We increases business, now of including of increases in sustained XXXX QX filing have X.X% more price states of book In in XX% inflationary QX QX view and have in accelerated been in a environment, achieving actions, our rate XXXX. X.X% a very robust in nine homeowners’ of change rate rate renewal and our premium. homeowners representing QX, our we
part and higher performance increases response increasing renewal values help also and would our materials should to contribute to which premium are We higher of inflation labor in further the in costs the insured year. latter loss
to we the our house precisely. XXXX of addition, identify including current year, advanced we loss able better programs, and the full using additional hazards estimates our with the leveraging of we more are values tools XXXX relatively year notwithstanding perils will help in line severity and replacement year that the hit technology an part into XXXX property Home to In and non-rate estimate actions built assumptions in aerial implementing accident results full Other, pricing robust array imagery and benefit achieve year. of be ratio environment, uncertain will Home believe our in to latter With
account-focused analytics, provide trends, full leveraging and nimbly assessment detailed our exceptionally of ability confidence to allowing and our be quickly expectations, data the the values. Moreover, latest pricing gives it insight align our pricing This continues increasing that underscoring We which to sophisticated and the retention in are exceed us provides. of in to market. changes our strong effectiveness us and with insured to flexibility account strategy into the react
have in renewal to homeowners or XX% at to increases the upper-single-digit for to we expect Though a the bring return to takes to two our effect, expectation we target, top Lines time change levels XXXX. in Personal desired XX% rate ratio the are Looking the slightly quarters in an believe achieve year quartile we in XXXX from we recognize exit loss to ahead, price with in back better. next elevated it profitability trajectory in
confident well our are environmental in ability the in headwinds to We and over are believe positioned our of to time. face profitably we near-term execute grow business
multiples, interest in a both one results similar the quarter lag, that partnership investment second we our benefited levels was the partnership on mind market results investment report of be influenced to declining from Keep from periods volatility. Moving partnership performance; might have that income. prior public variability spread period-to-period. with equity for and income and in year million as we $XX.X strong well performance by in net as anticipate line rate can as some quarter the quarter, We
positive environment net the long-term, substantial Over investment is net rate overall. interest income the for a
of off. purchases also net impactful and unrealized a rates after fixed due was well XXXX at lift maturities from portfolio sizable We in March. in particularly of what sharp meaningful tax of portfolio depreciation of been million the in of XXXX rates. investment after money this resulted a income see a in new increase above April, and and is have tax This above increase in $XXX fixed net expect In month year-end on From the perspective, to yields, meaningful fixed million appreciation million unrealized the income of unfavorable even our total to tax unrealized more beyond. moved an end maturity about rolling position. to $XXX change a valuation quarter at after The $XXX
hold with and overly very portfolio portfolio. to rate-based Given income securities that remains well fixed we not the Fixed interest positioned. of are we income said that typically cash our securities billion maturity, these investment total represent temporary With valuation XX% $X concerned adjustments.
the years of Our diversified with duration and and fixed XX% us overall ability confidence in high-quality, A XX.X% well-laddered utmost our XX, or XXXX. portfolio were of share, values the average XX.XX over This reflected which maturity investment has from investment-grade. rating a the long-term. value December a perform decreased portfolio is to weighted book X.X to the portfolio in plus, of gives per Investment
increased income, Excluding book share fixed unrealized on X% to value losses XX.XX. per
continue capital of our remains and strong we capital. prudent on position Our to being focus shareholders' stewards
were repurchases, share quarter, in shares. repurchasing In the terms market we in first XXX,XXX of the
organic to the continue effective as well capital the environment, advantageous most evaluate and as in current We actively growth, substantial opportunities. uses including management capital
ever noted, the Jack we more well-diversified to than this are pleased by book with it and in line a segments. we operating the with market generated deliberately important business environment, ROE have As quarter. of risks product geography, spread market XX.X% very is In
consolidated us see to As for and considering carefully business particularly, update lines outlook, to signals XXXX. do to need combined range the not our original, the ratio today, we outlook, available guidance our personal our market after
expect I'll pleased quarter. we with our very by be my impressive X.X%. a We conclude dynamic our CAT second to in saying comments quarter are performance load
will we the line creating resilience to open continue demonstrate business expansion our long-term. ahead, the advantage formidable Operator? are segments, confident opportunities over value and we financial for supported With that, despite the and will ability our And questions. based take now our built. of the in foundation We have macro broad our each profitability by across to of challenges, drive strength we
