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loss in We year-over-year, Notably, profitability. are and losses, observing well maintaining activity, growth trends discipline significant liability X ex-CAT demonstrating We're pleased improvement. our stable over our all strong property business to segments improvements report achieved of for and improved ratio positions us while margin underlying projections. loss performance continued enterprise-wide surpassing which catastrophe of light
of was points activity Our lines. the in the which XX.X%, second catastrophe personal combined convective included XX.X storm for of largely losses, ratio quarter result severe
months quarter, in broad-based points noting $XX.X development of development, points events Core was relating included least favorable year the Specialty, it X.X prior lines by XX favorability favorable year worth and catastrophe Lines are property that Ex-CAT old. Commercial. in to that much by of paced Personal It's million XX.X at prior commercial
favorability business. Core most as lines the In opportunity defensively the headlines in in property coverages, as well our in we favorably. all and reserves more our position pockets experienced took of our developed to certain business response Core Commercial We lines, experience Commercial, industry of own major to healthy in liability
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portfolio. previous and our other mentioned, Jack choices As significantly geographic, the to limit industry, actions advantaged underwriting have relating
have very assumptions severity been to benefited from in reductions significant and liability be years continue while Our frequency trends. to recent we relative prudent, pre-pandemic
points, executive Auto, prior reserve prior the in favorability unfavorability In losses lower-than-expected by favorable primarily million professional million, year and was umbrella made Lines, claims in or Specialty, $X lines business. line property reported favorable X.X In primarily Other. overall by was development year Personal in development our driven with in and $XX.X offsetting Home
bodily virtually to We pressure we related all personal losses umbrella auto year by personal which injury coverage, addressing continue higher and are rates experience umbrella achieving current in year elevated our prior loss expectations, picks to states. stemming increasing from
primarily The compensation. to points the with of reflected on achieve We expectations. our as investments totaled in in manage The variable to and expenses. Specialty year. our remain as expense ratio for full year-over-year technology team line the XX.X% continues segment XX.X% prudently expense track ratio talent increase guidance XX increased well of for quarter basis our Our
underlying trends, prior Margin of period. XX.X an our underwriting loss to and from and Home business both and recapture in combined the ex-CAT improvement This XX.X% generated segment for second turn ex-CAT point the by excluding points. quarter, drove year Personal initiatives elevated XX.X%. improvement Auto favorably I'll a catastrophes, ratio starting the X.X the ratios improved Other Lines. Now year year, loss The ratio, with ratio. to accident excellent X in a somewhat comparison second year point points subsequently developed accident quarter by was loss which last in loss X.X current impacted The current picks Auto
severity parts result the to vast double-digit vehicles and is has loss stabilized Collision cost increases costs price loss auto lesser has lower-than-expected frequency. earning for extent, and, leveled used have The majority as improvement, in of inflation reduced. labor and the however, a of
remains to frequency and well severity and continues injury a due levels, to claims, including Although high-speed proportion bodily below elevated higher large of also pedestrian, pre-COVID catastrophic motorcycle be crashes. bicycle hits
earned to in basis quarter above we loss large reflecting to large the as Auto. in as quarter current loss the Personal achieved increases trends quarter, compared an accident well level as on ratio the contemporary higher-than-usual returns second meaningfully have a of XX.X%, second target As well Homeowners XXXX. earned improved rate losses of of and year losses in of normalization Other
pockets other also initiatives, in frequent inspections specific more home book our helping to of including improve are Our our underwriting restrictions of home business ex-CAT and results.
see substantially in the We building the portfolio. of continue earned to pricing benefit homeowners
pressures on that help substantial an in with expect loss half profitability us normalizing XXXX. return of positioning improvement through trend together in this should We margin the to year drive basis earned Lines Personal back to target
second modestly X.X% On Lines sequentially increase the improved Personal expect the the line, of in and to the throughout net remainder top premiums to growth written quarter, we year.
XX.X% the this from in Lines Personal for expected, quarter XX.X% moderated year. first price As sequentially to of the increases quarter renewal in
wind I the and to remain ahead ticking normalized in the and as renewals. hail insurance-to-value call, trends. robust loss majority we peril exposure of rates quarter our deductibles increases QX are in we lines on believe to strong to and as both apply we down achieving As all adjustments inflation We expected will Nevertheless, home business. noted second rate our of begin of began increases and
Lines with lagging other about as a a points by was over expected, count indicator XX%. in Midwest of XX% and down Personal to the reduction X% retention areas. in year-over-year improved PIF X
loss improvement effective better ratio XX.X%, a the particularly XX.X% and period. Turning strong excluding execution supported margin year middle our underlying delivered successful including Commercial of pricing ratio, X.X underwriting, to We Core The plan, points the catastrophes to improved lines. prior combined of by in than property market.
performance the as slowdown satisfied to with strength proactively move of which continued in in selections think were earned Workers' the rate We with of compensation current continue with reported quarter caution about are claims loss selections. Core We offset above a multi-peril NCCI emergence, partially we indemnity. liability. benefit solid in trend our was Consistent a in to as property current year capture trends the loss increase in trends, we the increased commercial slight in loss liability albeit remain year Commercial. merits stable, by observing
QX. our excluding driven catastrophes, compared low delivered activity higher combined a within basis Commercial by levels. double as Commercial. growth Specialty X.X% segment's segment's of the and Core line, expenses, quarter, Small to ratio before. top price by our in of the XX.X% ratio, the year digits, to The net period, anticipated XXs loss noted the remained prior consistent loss property underlying premium written On in Renewal expectations paced points with XX.X% of aligned loss large XX target with remained The change ratio, increased
up business driven renewal with in increase again standing monitoring XX.X% are accident several quarter. maintaining Retention lines. written ticked at inflationary XX% approach lines across while current strong the second Specialty renewal metrics selections. loss We select and for grew a remains net indicators X.X%, premiums pricing in prudent robust our at performance by average
per market expectations, and $XXX Pricing We program the reinsurance July work, better experienced market renewal property which the million especially The We and very of complementary expiring follows: CAT well maintaining our reinsurance. underwriting very highlights to of in and $XXX on by retention, specialty. CAT key current in catastrophe secured full speak additional of underwriting commercial our traditional treaties. The our helped property particular, and at in our structure was significantly responses, favorable have X. of strength with elements existing a occurrence a reinsurance work purchased we regard are properties market quality. pricing, property our an successful done data million We treaties, treaties middle program, to than both Turning renewed occurrence tower. our was maintaining on as consistent the we risk of from across the property continued CAT completed top market our the exposures. and to we work capacity as occurrence our as
$X.X Taken to Overall, occurrence provides compared previous our and these for renewals changes our exhaust concentration CAT of reinsurance our mitigation catastrophe actions. billion highest at of $X.XX underwriting the program these the limits resulted third-party that success increased together, have states. in validation in billion
driven income fund private this asset to approximately to million from million investment the in $X.X Income investment compared handful in strong income. is to partnership in fixed class. in Net a quarter, second fully the in interest offset inherent prior in performance. or was underperformance This subdued increased quarter of quarterly duration $XX.X expected Moving valuations drove decrease short-term partially by quarter higher as and Variability a partnerships funds. maturity long X% in and the year was by results income. limited rates
the lower remain of benefit Adjusting X for only X results nonrecurring second months first than our of with partnership We months the first XXXX, comfortable XXXX quarter partnership the for $X.X are million investments. XXXX. of in million $X the
as Excluding XX% partnerships, second was in quarter the year of income compared XXXX the up approximately quarter. ago to net investment
we During investment-grade an our portfolio completed announced transfer the to manager. quarter, fixed of the maturity external previously
expect and reduced into other million move From fixed investment-grade RMBS gains results. product, CLOs. including exposure pretax exposures expiring contribution broaden securitized year, of of with our realized an asset perspective, CMBS in investment subsectors overall reinvestment and approximately this exposure transfer investments and asset and sector within $XX high-quality with we income In losses. to repositioned further we will We this class to tax allocation proceeds optimize considering conjunction this and
corporate out extend and levels. favored move spread at attractive slightly duration repositioned bonds also to of credits We less within
to we fund cognizant returns million a $X current million expectation XXXX subsequent to the environment tendency partnership should continue follow $X believe though ahead, provide The benefit we pattern. to of in an rate approximately quarter, accumulating private Looking lumpy NII to remain a years. and normalized more for income is per
NII overall at to expect We in least compared growth XXXX in 'XX. of XX%
book value on dividends. offset share to shareholder XX.XX% GAAP per and share, by net reflecting per book position. capital value partially Moving to income sequentially X.X% increased
ratings strong strategy share when reinvestment to management and the maintaining continues to through financial and balance shareholders buybacks capital business, warranted. dividends Our quarterly returns in consistent providing
original the load our XXXX planned half third X.X%. of is for expectations, our consistent remains outlook CAT quarter with Our second and
margin our summary, yielding In excellent results. initiatives recapture are
are business. disciplined our most growth of strategies While targeting profitable effectively our lines
months, as we expect XX the environment execute increases couldn't should trajectory sustainable, interest to ahead and accumulating to initiatives. our to prospects be XX rate Underwriting delivering and benefit and performance. current more profitable past Looking we should continue to improve rate earn positive an our in next the are confident higher our will our continue margins exposure to provide catastrophe and against continue. we through excited investment yields. current growth to about remain committed of We stakeholders top-tier value Furthermore,
we'll that, happy be questions. take With Operator? your to
