pleased to of three I'm results. fourth call quarter for earnings of all. our to share Arch the quarter Thank Happy produced Towanda. underwriting the and Group. Valentine's morning, exceptional each you, Day welcome Good that XXXX, Capital segments fourth to for
mortgage profitable growth. premiums a loss lower a higher from our level Our significant of buoyed than earned quarter's by a were favorable in development and cat experience, reserves recent average results
portfolio power This a management strategy, with the of prudent specialty diversified of the quarter our and reserving underwriting stance. cycle across underwriting demonstrates namely the our
of hard team which our delivered again a lean and record teams result insurance market to direct is established leader the into P&C market Our income, underwriting underwriting there. conditions years continued as our mortgage
of term. sustained operating equity XXXX growth, premium the XXXX, For earnings of year stable an on Reinsurance of The unit was more full with insurance robust XX.X%. segment NPW consecutive income over $X.X for from and our year XXXX grew power the third growth our the a our and year. revenue operating billion stronger supporting on return Arch while near P&C premium on generated of was net market written XX% segment for as the team seized exceptional. dislocations, grew XX%
a where conditions growth to to important continue significantly industry where we to allow and We see market current rates attractive above have recorded term Taking that returns. note capital broad in for of array growth average. we it's and terms and long cycle, of allocate opportunities the the are premium stock
to casualty property XXXX, XX%. rates while years, over less $XX the we've billion four and grown Over premium last overall $X.X increased by than from nearly written threefold net billion in cumulatively
that rising, As have volume we've stated strategy management are premium cycle precisely when rates done. previously, what we dictates which we maximize is our
income redeploy uses, for segments that capital MI to to into continue at Underwriting is more cycle how the on cycle about segment to the since the growth MI our of substantial years, management $X think to premium. profitable return brief worth allocate underwriting Arch. While of ability capital P&C culture, take us and growth. our we to share P&C to been next attractive the wish the vital our tune shareholders in remind of profits XXXX I to billion including we core propel here underwriting P&C and in billion a our repurchases the want has expect opportunities our to accretive to detour XXXX. capitalize $X.X into several to I These allowed underwriting we since more
within clock of falling insurance simplification into Here stages. four split grade
which of of replenishing one, focus the result Stage Underwriting especially during Stage two. the next years activity. This often some rate round conditions Much results capacity this on That soft rates see withdrawn. growth, for by adjusts the filling for as indicated along Stage second of beginning decrease the underwriting also showing the period and the and and And and only while dramatically rapid underwriters. rates a show results. soft reserve market shortfalls stage the is it and and to we Stage guests for gradually This as be disciplined in onset sometimes lengthy from X. is period is can years the geared overreaction in improvements. hard phase, Results where improvements up allows the claims terms appetite gradually market, market profitable restoration up its the previous still in finally, third profits with of the from Stage X. industry in X. insurers increases increase in the policies. usually of hard begin is at the to show
Right growth culture on is for discipline two decreases Famous in where return overly apparent as most and is even of we discipline foresakes Stage cut underwriting underwriting Stage at X the accelerate. is exposure the most This we rate topline as Stage and now, prepare industry lines. of focuses where are X. Arch's
the and allocation where to you the quarter. Understanding greatest back areas point at of Stage within one to the every for of nuances timely are is property, the stage instance of each opportunity. the each product critical fourth for to capital cycle Some, are since line
One lines, of discipline and tenant our Arch's its capabilities. strategic that advantages adjusted risk management many sustainable returns. of core A is drive underwriting superior is insurance cycle the acumen greatly Arch the of through breadth cycle key capabilities across enhancing specialty
share off from to highlights underwriting units. some I'd Now it kick like reinsurance. We'll our with
net X fourth we the opportunities positioned was were year renewals, dislocations that's $X.X the quarter. reflected Francois market segment property several of the property ago. same does and the is the to will the much as billion, in this capitalize growth fourth because be market is double quarter in broad details. which fourth For quarter's than quarter, emerging from noting will well growth opportunities not well It reinsurance results. written next cat January more quarter the in premium worth our resulting that one one cover But include as off on
As in for the the strong pricing range. renewal these for continue Arch. were anticipate January plus you've and to and pricing XX% terms the XX% heard, X should property rate leading renewals in translate improved, to will XXXX property premium growth cat We both trends as midyear cat strong. changes to Cat effective plus
the reap our specialty enhancing to in made of the Insurance the Moving in where the investments segment. our we've continue now we and in businesses UK to benefits US.
commodity in we On the a 'XX, of over billion NPW, with to of wrote business. with performance The exceptions continues above few with increases Underwriting and year remain year, compared growth for an diverse disciplined. ratio insurance rational momentum loss trend and of written, market Rate strong accident to from we excellent coming a XX.X%. $X expect mix this $X.X premium remains XXXX. be continue ex-cat billion cost net to
Stage the years expect that of this P&C remain continued for uncertainties last the through will and ongoing three as persist saw behavior we cycles. move global We to the two industry we opportunities in disciplined optimistic the that also due
again, year. Next, our quarter, capping team, mortgage acceptable off an had an excellent
The slowed development our exceeded rates for higher from a quarter where favorable excellent $XXX interest million segment expectations. income book mortgage billion underwriting as cures in the contribution $X.X as earnings as new from As we embedded and year, year delinquencies an on our from reserve delivered mortgage of benefited the in originations. well
at Our end insurance the increased year force, billion mortgage due 'XX of $XXX as persistency in to mortgage earnings higher grew the to rates. foundation segment,
As highest in years. expected, mortgage as [NRW] mortgage touched reduced X%, higher to rates the XX led rates rates
levels. increasing One uncertainties, healthy the we is homes thing near of economic of outstanding MI In borrowers' MI the at industry and health, mention remains very are acting broadly face quality housing disciplined responsible industry's rates have these the rate excess is premium strong. above is lows unemployment credit that a supply, equity historic quality in their the at is the borrower remain Looking demand underwriting manner. while US which and in worthy and
Finally, income fuel net the XX in interest plus our rate months XXXX. last investment we've seen the increases through should help
benefit to track. began Today, they early we're cylinders mistakes avoided in have There got as our to improve soft or of well winning auto their than growth take raise I might on can't burned The then the right even able we're on on all and substantially in lately, we market on crew but track help and and lead 'XX, as invested racing down were my our and to a clear recognizing faster. the advantage and when driver the the much a tires By conditions drivers. that car. made is monitoring took fastest us, pricing analysis that I've the take preparation, looking great ahead more engine stuff the bring industry, we home. firing saw one track the accelerate in overheated competition mind We by conditions able the track know got problems, to comes increasing of coupled think with assets. other reinvestment to to once of the 'XX some the we've when more others poised at I we is and basket the or in And on Arch higher are XXXX, We writings. opportunity some the of of race rates I to we the engines. cars look from at our best know in having the
and the hand to Francois? Let's answer over coming questions. wheel before back your Francois to