for financial you thank to and first us quarter morning, Good our results. review joining
portion financial the Following Hogan will Q&A quarter, take available call. my and be detail questions. David provide remarks, of Sabra and will the more for Kevin the in then we McElroy will
the start you release, As excellent reported to year. press saw in our an we
uncertainty. complexity even market the volatile to the continue insurance We meaningful ongoing economic AIG and important progress make in general conditions in achieve across face of and milestones, industry,
the for quarter strong and creation. operational long-term financial and our are to continue results which priorities, strategic AIG We drove execute value positioning on very first in diligently
highlights from first Here are quarter. some the
XXXX, our saw quarter of increase return Sabra construction reduce these her was income In investment investment volatility. We continue income the Net characteristics investment was as began X% expect detail provide steps will to credit a first year-over-year. share, throughout net Adjusted quality, year. well to on and and per the a to improve of $X.X proactive to benefits or remarks. consolidated common billion. basis in we the take $X.X in on income $X.XX that portfolio representing additional as diluted after-tax actions billion the
AIG's Net discussed $XXX for underwriting Underwriting a approximately XX% a business. result. on premiums growth XX% General in quarter written that was on elimination which dollar our by Insurance we was call. constant first last and million, International is grew increase strongest our basis lag the adjusted driven This Commercial income year-over-year,
XX.X%, results, fixed combined accident ratio, point premiums year-over-year, catastrophes, by Retirement the The first reported and from excluding year. with products. very was and fixed in index sales record year improvement annuity XX% $XX.X of good annuity billion supported in deposits an prior quarter, a and XX increase basis Life
an annuity time, support Net began were partnership access no on of beneficial progress products. Corebridge limited had has the been in $X.X an the Since to billion. gross and where which approximately classes XXXX. and has particularly A. very of average and growth, credit flows asset that Blackstone late which into in to we partnership, in This business rating with invested certain in to helping substantial yield General Account Corebridge the behalf is X.X% past, made average expand allowed their for approximately strategic from advancing Blackstone billion Individual Corebridge, $XX have has Retirement of fixed
had very parent of through Overall, $XXX first in strong repurchases shareholders momentum billion. common we $XXX The We liquidity quarter in what the I'm and coming And we stock million the we $X.X the quarter. returned million $XXX first quarter into dividends. approximately with strong XXXX continues. accomplished first of million ended to pleased of with
of the approved dividend Board AIG stock the night, be the will last quarter, dividend increase in an strategy increase the $X.XX many AIG. XX.X%. disciplined, milestone first to AIG meaningful our future confidence earnings and significant second a Starting quarterly another is power this capital share, years. common AIG's announced in our for balanced This management per commitment and to in of we As reflects
Corebridge Since the achieving $XXX dividends $X last Corebridge billion totaling milestones. a has authorized public important Board shareholders, year, to And paid share September program. in its repurchase is yesterday, Corebridge also IPO approximately of X million.
Corebridge the launch markets a financial During equity stock, the proceed quarter, to we not issues volatile were first in sector. of chose but common secondary to when prepared offering became to due
a and the disciplined be regulatory to best for case and in ownership of other aligned and to executing conditions our approvals. We interest our market down that which are We remains to committed in of subject offering, interest in ownership Corebridge with terms prepared secondary reducing remain continue options explore will selling our base shareholders. Corebridge,
provide largest the are actions; of model her following work X and review quarter few update our Life topics: lastly, doing information on first remarks; initiatives, second, on to the the I this path high-level of MGA on of Stone partnership General the including Point relating strategic on second and on will for Capital, will information management capital I more to I to sale will in of a Retirement, provider; progress will including more business of on which ROCE, AIG. Ireland's my During part last announcement provide Private remainder Sabra give results results fourth, I a the state and our our of first, with intent detail Crop XX%-plus Services, announcement Laya an Healthcare, Services health the third, a more Client sell update insurance Risk the and the future week will provide morning, remarks Insurance; I on provide Corebridge will we review a Tuesday an I'll our for overview is
Turning to General Insurance.
numbers and for both premiums and refer When elimination. lag have quarter the gross gross on strong me and provide Let we all more net adjusted exchange first written. detail to impact our starting of been written, premiums foreign with in results, the growth net
XX% Gross $X XX%. premiums by of driven Net primarily growth written Global billion, billion, grew Commercial, X%. Commercial Global decreasing This Global was of were and growing Personal an which with increase X%. an Global grew while Personal written were $XX increase premiums XX%, X%,
our America year-over-year X Commercial, a treaty Glatfelter. Solutions we Property last in growth exceptional I our and we in In very which strong and due North to saw detail over Lexington, Casualty, in with achieved written over Re, January led of call. by Captive on XX%, growth which grew which XX% double-digit results growth placements, discussed the Wholesale Validus to XX% premiums net had due
moment, increasing Lexington key and compounded of quarters, business double-digit share, drivers increasing its improved a highlight business XXX% financial from the growth in over now achieved has achievements for relevance through over first rate portfolio a marketplace after of quarter on would retention, first since Strong excellent Lexington's of the market totaled I increases limits new have growth been performance. Lexington's cumulative has its consistently has the been continues Focusing quarter rate drive deployed. to like the last and couple for from consecutive XXXX. and quarter not its increases impressive seen Lexington to the tremendous performance, few The quarter. years. and rate XX
This $XXX last volatility portfolio. went to average limits Lexington $X million over Lexington's million. substantially Additionally, few in deployed has the years, size a in of Property the reduced from primary policy
and in together wholesale us prudent particularly to Our market. to in focus with distribution, thoughtful strategy, serve E&S growth our well, continues the shift
and on items renewal premiums significant U.S. were a meaningfully I season and first on International We've few written Specialty particularly of to quarter. strong Re. in our last improve Re, in it's more think the on Property, Property, were quality Marine portfolio. Rate I the from provided to provide very also the Casualty Net detail balanced worth Validus want color and continue strong Energy, we X/X Validus call, and and improvements Lines. the on expanding
April up With cat respect across the and property International were X reduced portfolio, within And were to slightly, written gross rates Japan net risk-adjusted and premiums limits XX%. deployed approximately increased. Property, renewals
rate returns. of The risk-adjusted and Re U.S. do additional conditions. cycle, beyond current our Validus terms has we for the will exposure, General focus a approach quarter Florida, expect improved terrific which the had As a focuses growth deployed. rest and portfolio significant deploy Insurance, a deployment on on aggregate not maintain Like we with June business the first limits profitable increases although been to X prudent the strategy our limits do on we to at year. well allocated We anticipate through renewal completely to wind consider positioned is re-underwritten continue and
to due slowdown net net pricing competition Lines, to and impressive despite to see in as Shifting in premiums was this first written result M&A transactional Financial as the growth back continued continue headwinds overall pressure where putting we business. contracted well other the written quarter, X% in our XX% on premiums increased
a To Financial very business, the X% of represents greater than markets book excess this company North this prudently. little lead manage We continue in contrast, very D&O account flat Lines in are D&O will few high overall of large over remained primary perspective, we rate America have In saw where rates public year-over-year. XX%. our put relatively declines and one public to this
data, have ourselves experience, underwriting D&O us marketplace. leading in domain capabilities to allow expertise claims the that differentiate We and best-in-class knowledge deep and
pricing public remain line the with During of is what we this in price see the excess placement. traditionally most new portion past taking long-term are down competitors year, we on a D&O commoditized This into continued of disciplined market. business. dynamics, driving these to Despite limited a of and is view experience the high
and the down. balance on have We our we geographic portfolio, follow scale and will significant not market
written America was Commercial. retention up which to XXX had and Global up due was Specialty, Global XXX Commercial XX%; primarily up XX%; of up XX%. XX%. points to Turning basis over to over XX% Casualty, points strong Property, was basis was and XX%, to which X%, up International grew in in-force very International portfolio, was North renewal its premiums over which Net
And As continue a to see Commercial, strong calculate first exposure to impact the business, Global billion was in $X reminder, the and we rate changes. across over retention prior of quarter. which new we renewal
North Validus International million, in driven business and of or quarter rates exposure X% led over was rate business over business increased which Commercial, $XXX respect you business by America saw new was over X% new by million, excluding new driven by With the increased workers' XX%, Commercial, $XXX the achieved growth Re, Lexington, X%. Specialty, and over excellent new North Commercial to first by exclude in Energy America Re, which if increase Validus Marine. excluding XX%. compensation, of its
Commercial, which was Wholesale Property North driven was with America XX%. rate up Lexington XX% up In by wholesale,
Property International strongest exposure plus Specialty The International up X%. exposure significantly and X%, was increases above at also was Retail exclude portfolio its at by in Lexington rate Talbot XX%; workers' Wholesale, North loss For XX% remains were Property XX% at Rate rate you and Property cost Rate was XX%, in quarterly in this increase. the Commercial at X% X%. International increase XX% compensation International. if America, at driven in trend
Turning to Personal Insurance.
announcement reflect remarks. our First managing of this Stone business, our quarter partnership of of on Capital. continued agency MGA given provide the my especially in information with creation results more Point in I PCG, repositioning general the will later a
impact policy North transition XX%, of business net PCG half the and the and pricing our migrating to will positive The of loss increased by driven on very recognition through along X, we writing business written as an XXXX with quota MGA, improved of more non-admitting and combination America business the in the cessions in PCG's at accident January as lower XXXX. into an second to portfolio. has or market ratios. admitted share This Personal premiums earn improved in a
less premiums in and PCG's in wildfire selection a periods specifically, on on due to first These to peak X we reduced net dynamics end and in all required X,XXX XX%, return ongoing reinsurance reductions aggregate XXXX, with from improvements impacted XX%. reduction of loss while PMLs the on of at return XX reinsurance realized result periods in same peril by in further average of Entering return quarter. in zones. reduced our by More all excess written in program upper all to as periods the respect those X average risk
enable year. XXXX third-party to Syndicate ultra-high XXXX continues support the to providers to PCG's high worth for a act mechanism net capital accident business and as
loss for expectations full the be written in year, than meaningfully higher expect improve saw premiums ratio first general also ratio growth to acquisition the PCG terms the or In and we the at quarter, to net we operating to expense of for improve. and
by grew issues the to International cost premiums Accident all making in and premiums Turning that impacted & largely a cat net quarter, Property reinsurance had allocation were Health driven comparisons quarter. Warranty difficult. declined, Travel Net some year-over-year first flat timing refinement written methodology, further Personal. while our written in the Personal first of
Personal XXXX We through we remainder for see will expect as to strengthen results of in the to International growth and the continue move believe year.
ratios. combined to Shifting
was As was year-over-year. earlier, first improvement quarter catastrophes, XX.X%, I a catastrophes, accident quarter XX the In income. underwriting Global ratio, combined XX.X%, the in Commercial, year-over-year reported improvement excluding basis XXX year an increase point noted XX% combined basis ratio, point a excluding and first we year accident
improvement from North point basis ratio, to Personal PCG in accident which ratio, gross Commercial premium essentially The first flat increase at the quarter of a deliberate America combined International excluding XX.X%, year reduction a basis an in year The catastrophes, a Commercial reported from due decrease was XX.X%, year-over-year. year North largely prior outstanding accident XXX point a year combined earned Global was result. ratio, accident excluding our America. catastrophes, is combined in in XXX exposure quarter, excluding XX.X%, catastrophes,
me cat let comment Now the quarter catastrophe in or on $XXX was of million catastrophes. loss losses. ratio X.X% The
Our in Zealand, storms $XXX New X the period losses. million was for catastrophe from accounted of largest loss in which
the total loss million, of we International, North have aggregate year. the net from In America, Japan, approximately million in our activities includes Re. aggregate for and cat remaining, million $XX deductible first each $XXX were the Validus annual Looking of catastrophe-related the losses have at eroded retention $XX plus approximately for quarter rest excluding which
call, we severity. structured provides program X the renewal with manage this to last described ability reinsurance at the in January our we year's volatility As us and
the strong rest to ahead Insurance. to see top expect Looking of we General XXXX, very growth line in
on strong for The first $XXX pretax the and return first Life XX.X%. was to million segment and performance adjusted quarter, the equity Retirement. delivered Turning income Adjusted business in quarter. was
products related results income. benefited from spread quarter in spread-based First continued and growth
retirement earlier, increasing sheet by $X.X with interest strong despite liquidity. driven As of Account. The premiums Corebridge new billion position General grew business, in significantly balance I mentioned in to growth surrenders related strong of to deposits remains capital contributed individual and quarter, first the which, rates, parent the and
documentation market. Turning executed definitive launch Client with week, strategic Private Last that to the we Point the MGA net initiatives. of a our Services, will serve high Stone for an worth Capital ultra-high and
clients, this will and management to structure excited of are forward the stakeholders. of about the journey are brokers support We Stone the PCS other and prospects We continuing this look confident operating team ongoing for with Point value new deliver for Capital. PCS and the
MGA the the through approvals, expected capital to additional XXXX. regulatory half of and launch the of second to formally we expect on to bring Subject quarter is third in year, providers this
composition of review value stakeholders. the part is long-term our our other businesses assess shareholders our ongoing of it to As portfolio and with best our create we strategy aligned process, regularly to positioned and ensure of for
to $XXX or to of of sell CRS, CRS to acquired will spring in AIG write As definitive documentation Financial ends season, we XX. for you for Tuesday, a the of XXXX million. Risk our crop part Holdings part as Crop We Group acquisition on review, American this our XXXX. broader announcement June saw as business executed which Validus in continue Services,
will Group act We quarter, in the fronting million as approximately during million of American premiums transitional Starting which the of written quarter. partner expect AIG period. for $XXX XXXX, in for first $XXX booked third net XX% a Financial to a
and million a XXXX, the earn the which part combined $XXX and for high-quality Financial attractive found CRS to have about team. business we'll a For management remainder million the believe $XXX in retain over of of we business, year. we well-run partner larger Group, from employees and earned premiums, million is a full CRS year expect $XXX In to benefit high-quality will of led a being its American by platform. of
stand-alone review as continually for product position a footprint Corebridge future also of geographic company. business We fully and the portfolio we as this the
to the decided strategic and believe of the and and Healthcare, sale Life private a potential review focus After medical products we business portfolio a product Retirement will and insurance solutions. Corebridge We to the in help it on Laya to comprehensive streamline allow offering, this of health Ireland. alternatives evaluate
to capital Turning management.
quarter execution The strategy. continued and of first of quarter marked our progress another balanced
end repurchases we mentioned In that backdrop share dividends quarter environment, addition against unstable thought of the it of I viewed at to pay repurchases debt raise the prudent and complete first prices. macroeconomic at what attractive to earlier, provided an of was $XXX a financial the additional March. million and with us This near-term debt share we to as maturity share flexibility down
Through continued on deliver equity. a the our on return remain on on ROCE. path the meaningful X laser-focused highly delivering committed commitment. we progress make to of first common Turning this XX%-plus We quarter, components to and to
a Corebridge; leaner AIG; a simpler, components and capital As reminder, operational these underwriting and and improved management. executing balanced on business profitability; model sustained separation across include of deconsolidation continued
executing Given component We in we throughout the first initiatives we long-term progress XX-day once, the measuring this number taking are while each expect of during to view XXXX. and a quarter advanced strategic increments. continue at are
earlier, were General continued quarter improvement I excellent, with in line financial growth Insurance. first discussed in results our underwriting profitability As top and
as the AIG. AIG of restructuring group. years business of we management Over been Insurance the months, a our accomplished to been and our that's focused separation future the journey establish simplified more General has to over last us AIG's investment very on has positioned the forward This turnaround, the and few model. work state on our and important XXX, Sequencing and IPO work Corebridge last accelerated few move
state us from structure for model result conglomerate the away moving operated future in our decades. Evolving in will AIG business
will which we model, expect AIG approximately company, to leaner the million $XXX X.X% operations. lead In across to X% redefined infrastructure decentralized reduce of significantly structure today expense a in $XXX our premiums, be and which to state, parent is roughly particularly overlap million. to eliminate business future will a We
primary will and performance as oversight and key and agencies, stakeholders, finance, parent as AIG AIG execution compliance colleagues; human key policymakers including design and X management, risk objectives: and initiatives. well corporate including regulatory of have including and matters, company culture, business rating management; investment development, legal, community, M&A communications regulators, with the and roles public capital governance; strategy,
As cost earn-in we reductions in a substantially and that $XXX model, we of business XXX. savings achieving progress we $XXX quicker our cost approximately million future at with million achieved parent AIG achieve AIG anticipate of to with around state
the other operations, begin largely currently savings where is are reductions in which earn operating be expense for. As to seen accounted will through, general expenses
to With on respect current of timing separation the you thinking our Corebridge, I took through secondary and offerings.
on Lastly, management. capital
deconsolidation growth. We million profitable debt-to-capital to continue common of of XXX track stock capital shares of million to and subsidiaries lower on XX% and maintain in reduce achieve to at the a leverage our to support We Corebridge. appropriate be XXX range to remain between post levels AIG our XX% outstanding end
increased repurchases $XXX As And second the noted second in we I stock quarter, quarter. yields. we're expect progress we Apart earlier, in the the our making higher path starting stock XX%-plus XX.X%, components ROCE, to stock from also quarter we dividend the first in of from million to in by of AIG a repurchased to tailwinds addition our common of reinvestment our common these on have year. date, this
long-term achieve We strategy that us benefits are deliver our and our will targets continued of and our initiatives our on profitable growth stakeholders. confident to that allow all capital strategic progress ROCE management
to call the over will I turn Sabra. now
