full financial joining for our to review morning, fourth results. quarter thank year and Good today and us XXXX you
the we'll provide call. will for questions. quarter detail will take portion year, Sabra Kevin then and and of some remarks, join the and us Hogan perspective Q&A McElroy the on the David my on Following more
achievements growth several made at Corebridge, secondary year AIG. which on management strong our the excellence; through of continue businesses towards We very outstanding continue I'm for sell-downs; and scale the to proud and capital delivered build progress on balanced stakeholders highlighted to underwriting Throughout year. our of delivered fourth our where of we in divestitures; strategy. very a execute we meaningful combined quarter, all the X portfolio colleagues throughout disciplined premium had XXXX, have of including significant deconsolidation our a the entire ratios; repositioned work
XX% diluted was X% strong In a an the continued fourth per of quarter, net that strategy driven investment our income excellent increase and by income underwriting after-tax growth results, $X.XX, common common diluted in share shares capital outstanding. XX% resulted in year-over-year adjusted of in management balanced reduction execution
full of XXXX. year the from year, was overall return an adjusted over XXXX. XXXX, common adjusted on per common produced For XX% an up diluted X% share after-tax the increase of $X.XX, income equity AIG X% for in
I today, AIG. with As for year an extraordinary was share XXXX will you
During discuss topics. my remarks following morning, this the I'll
results. quarter an provide I First, of will fourth financial overview our
financial our accomplishments Second, including her the Retirement in our comment Life I in business AIG's and remarks. repositioning Sabra highlights. will XXXX, significant review will strategic on prepared
building on I growth finally, positioning focused Third, also And thoughts I'll renewals. and strategy specifics our share capital I January the on including AIG's specifically XXXX, some discuss as on Next, future. creating and of the X how enter will AIG AIG we our reinsurance on initiative company cover reinsurance expectations. management the market will and insights we're some our the on momentum
to were the income of by was Commercial fourth year $X.X increased prior the Personal written year quarter premiums $XXX grew from for quarter. results and premiums strategy. for X% X%, increase strong X% the prior our Net billion. Insurance, fourth AIG's aspects billion, the year quarter quarter Gross written an Global continued execution Within the $X.X quarter. General quarter grew across our prior demonstrated all of from Global million. from underwriting X%
If XX%. you Global would exclude Commercial have Lines, grown Financial
Lines, Commercial, over America Retail Financial premiums the XX%. year net quarter Commercial, International quarter as by fourth Talbot XX%; North led were which These by grew offset written year lower grew X% over net written International prior XX%. which and XX%. premiums International X% grew In Lexington, X%. quarter by lower was These grew offset by North Property, quarter In which XX% fourth Lines, grew America grew which Property the Financial by were was prior
XX% representing had Commercial portfolio Specialty by and quarter, quarter, the year-over-year. XX% Commercial Retail Casualty, Global Talbot. $XXX its and performance. led International of of Global produced XX% business Property. of North million new increase of The Lexington an in $XXX business new in was retention Retail an as led quarter, In Commercial business was very new the very strong year-over-year. strong This in-force produced growth by increase the renewal fourth well million as for growth of America
in have And would workers' overall Moving loss up with increased the exposure overall points, pricing Commercial, would the Financial XX%, In Lines overall North you XX% pricing X%. above and quarter. in adding to America have compensation, exclude increased X% In exposure been the North with adding was trend. quarter rate. overall X fourth rate meaningfully rate cost the Commercial, America X if points, and
X%. Commercial fourth was was Retail rate which up International Casualty, wholesale, which in Commercial, were Excess overall driven up up overall the cost by up Property, Property, XX%. increased Lexington America by was which In rate and The and driven slightly loss was North XX%; and the up XX%; points, increase quarter X%, XX% increases which which was marine, X% which up X was adding pricing rate trend. is below was exposure with
quarter driven Personal, quarter. prior the Turning the In North primarily increased X% quarter, premiums written XX% net increased net written America. Insurance. North to Fourth in Personal year by from America premiums
net the as expense expect And in premium ratio, will and America North we to continued XXXX, in XXXX. significant to by was in expense growth quarters worth for our business. Personal prior discussed the America improve in growth we prior generate continue seen lower ratio we've premium a in North As high the earned quarters, driven
Now year full disposition to in repositioning and was of ways, proceeds, best dividend. Validus the Re year strategic financial Crop of repositioning a me Services, meaningful was, $X.X XXXX year results. many turn including the combined our pre-close another of Risk a let The included billion and which generated yet.
us loan a we to volatility believe reduced and we we where $X focus on businesses settled our to billion million stock. changes risk-adjusted allowed better approximately Additionally, further for have stronger The $XXX Validus AIG from common received of portfolio RenaissanceRe Re opportunities intercompany returns. to and
formed our We reshaped our journey to MGA company. becoming structure and the complex of made Corebridge's called reinsurance net Private We progress launched Select. Client less separation, another milestone towards a a worth newly significant business major on high strategic
$XXX We Corebridge completed through of Laya of $X.X dividends $XXX billion of cash, XXXX, secondary AIG repurchases. million capital was the X the special share $XXX from and In stake our sale and generated end Corebridge of million million in of the approximately announced regular received in ownership business. XX%. XXXX At of the Life that approximately offerings divestiture U.K. $X.X in of billion Corebridge dividends, with Healthcare we on worked XXXX,
a and execute on balanced In XXXX, management strategy. we thoughtful capital to continue
billion billion returned share We outstanding through our $X AIG the billion and XX.X%. of of repurchases and of common by capital reduced quarterly dividends $X During to shares by X% $X shareholders dividends. year, increased
We after billion. which of X, strong Directors billion gives our in continue liquidity a We $X.X AIG finished At executing the AIG us November. $X.X authorization reduced by share buyback our management billion, senior XXXX in increased successfully Board that offer debt ample On we notes authorization. had capacity $X.X conducting $X.X on with of on capital XXXX net of the very year-end priorities. parent tender XXXX, to August billion remaining
Turning full increase the terrific year billion, XX% for income we was delivered General to financial $X.X Insurance year a Insurance. year-over-year. Throughout General XXXX, underwriting full performance. results
XXX catastrophes, points an year, accident combined basis For the excluding year-over-year. the Insurance full ratio, XX.X%, improvement General was of year
an loss XX.X%, calendar year achieved improvement year-over-year. XXX a point improvement. was year full XX.X% accident improvement the basis of combined XXX of ratio, catastrophes, ratio year, an combined ratio basis points The by driven Commercial Global excluding for year-over-year
Services would slightly have Excluding catastrophes, the ratio, full and to increased basis results, for Validus basis year ratio to Crop Risk by XX.X%, XX.X%. combined the points excluding by calendar points year have combined year Re XX over XX increased the accident Global Commercial and would
year Global year. prior in Personal, accident catastrophes, line with the XX.X%, was full combined ratio, year In the excluding
year-over-year. X% year, X% America full growth in in Personal written the and X% driven X% net by North by premiums grew XX% Commercial grew Commercial and Commercial Global International year-over-year, grew Insurance. Insurance For General
focused highlights. of and underwriting Specialty and remain had on Global profitability. businesses years. strong and couple deliver growth made to We investments accelerate A these continue outstanding Lexington to very
its grew of premiums Lexington XX%. Growth rate which historically $X was business year-over-year. driven by of net billion XX% high new increases retention, approximately XX%, was by and written
rate the includes XX% net driven increases million for trade energy, and X% by year. XX% aviation, which in of Specialty, premiums businesses of business written marine, and Global its credit new grew retention, year-over-year $XXX almost
that perspective. I Also, which of in like there some are impacted X to business growth offer our parts Commercial, would Global
have been net growth you Lines, would Financial if First, our exclude premiums written XX%.
delivered decision specifically Commercial impacted basis Lexington significant we and decided property renew XXXX. these that X for a exposure on to throughout risk-adjusted premium that met X gross outlined well underwriting The as no the increases that we've calls, return. Second, to the written acceptable the nonrenew our catastrophe do as net guidelines. programs Global had on for longer premiums business not as not an believe We prior programs
that Lines in I a would written gives we core X mentioned, If and confidence for which significant growth we saw have year-over-year these meaningful you have premiums sense been exclude the where growth XX%, as net to programs overall why year. you our portfolio Financial our just
prudent portfolio and very little excess a underwriting to providing there wins. being of Financial best are large public layers and primary where on exposure bit the typically price continue we maintaining where Lines, position worth these book exercise Lines. detail account loss, to our highly in In is to on officers in business, our by significant directors vertical It's more layers, our commoditized particularly discipline Financial
I XXXX but was more about bit XXXX before, spoken growth want Lines XX%. achieved Financial The rate to cumulative in change Lines detail. little a Financial rate provide for compound We've through annual the from
market It's compound on and XXXX, XX%. If monitor you a are underwriters rate annual very focused to carefully exclude underwrite conditions business we're continuing was our growth the conservatively. and
and reinsurance renewals. X like with into an I'd reinsurance overview provide of market generally current insight some Now you the our January to
reinsurance our calls, weighted reinsurance across is cost with previous us enables strategically reinsurance our placements AIG's which provides on mentioned us purchasing and the the on X, I optimize year. the of beginning deliberately As clarity January to at to outcome of
how Before the and portfolio's go and outcomes, into to and property about increasingly reinsurance significant detail seen I market want We've profile become year's on the we purchased. our evaluate changes quantifying I complex. over in this years, has the global changes risk X last analyzing speak
change to risk-adjusted property an the frequency phrases Currently, in outline most or is AIG which changes, pricing is year Calculating determines the rate been last interpretations, one multiple risk-adjusted more overused believe with has used risk-adjusted when I practice. often can to pricing treaty reinsurance. we have want and be of it inconsistent. which that comes rate risk-adjusted industry-best the particularly complicated changes, is how
begin, have decreased and To structure. the vendor set To determine year analysis to structure risk-adjusted do and the of loss capital with must changes and at conditions all limits pricing determine analysis the that, assess structure change. attachment the costs and base the required model terms the The the quantify year-over-year coverage be output or as model RMS you if and point the to prior at from identical of the needs the the vertical exact such cost baseline compare any to deployed. increased and should variables
Also, for any needed in treaty provided placement. the the analysis to an changes coverage is
risk-adjusted the and from significant limits, perils the be price on standalone viable consideration few with include be assessing of basis.
To peril economically calculate peak and years, basis priced last perils There named wildfire, longer to impact separately needs an into or difficult that when have This associated particularly the need to many For a to a the to given covered reduced no programs would factored the with the could change. change. be should instance, to or terrorism. coverage loss calculating rate be risk-adjusted place of rate the not over all-risk expected basis volatility in can which analyzed gone flood coverage be any assessment change, the correctly
consistency methodologies just Given XXXX. the done the tremendous our building January When a outcome a renewal X applied very calculations, and challenging strong with AIG partners should very of with in complexity I discipline. the be achieved at had season, applying these methodology described, the the reinsurance in upon market result
Now currently $X year. with insured the renewals billion. the These let past AIG's remained X marking activity XX estimated $XXX reinsurance forefront me of loss a record-setting a to loss insured billion total loss X the catastrophes loss. at years natural January exceeded to time that has the catastrophe this billion, sixth over in in that XXXX from at at of turn set, contributed $XXX annual events level insured the natural market To of events exceed insured
years, with X there's perils. by driven last XX% secondary $X nearly aggregate been trillion over of losses the Over
is were have purchased review Re, Re, cat and headline million Validus provided. including improve Validus lower When structure treaties, our year, spend approximately year-over-year. significantly slightly property premium we that to $XXX what ceded reinsurance core able and property we reduced excluding for coverage has our the last The by overall you
catastrophe property our with start placements. Let's
core the is occurrence ] Lexington North at unchanged America model the commercial million. million was for dedicated detachment point exhaust is tower $XXX of retention limit cases, unchanged [ $XXX the on and attachment straight The higher. year. Our remained lower, both In our second
renewed $XX cat improvement to in rest unchanged reduced remains from of prior the with Property million retention Japan a the structures Our at million, The International $XXX world attachment year. $XXX per current million. a
respect in pleased in XXXX. the unchanged, probability core our following of territory attaching very were major the points with across in reinsurance across nominal the cat We broader achieved our to attachment and perils have decreasing, coverage of achieved key the towers. portfolio case improved all or occurrence of growth Japan With to every model property
cover improved standalone aggregate was supplement a Our The from property to reducing aggregate in America further renewed volatility our cat perils. North arising secondary coverage, includes loss. from with also frequency of dedicated successfully now losses
also net Importantly, losses covers portfolio. our contributing worth it from high now
is million. America million. $XXX The deductible every Our the million These other million, and $XXX is respectively. And million, North of aggregate deductibles a annual which subject for are America world for each are loss is deductible. Japan deductible and North new rest perils the $XX $XX North deductibles than which $XXX and of million to wind and earthquake, $XXX are other America at
point Our year-over-year. is return period lower attachment
range or all treaties levels, of a classes, ceding market-leading we in our For our our proportional position expertise and improved the maintained across underwriting market. major commission of reflecting
reinsurers a The of economic Turning for and and the about funding spoken litigation to point focal regarding casualty. the impact social we've both previously U.S. were challenges in at X/X. inflation,
the on For casualty portfolio. remain positioning of our the at AIG, focused we standards very underwriting and
that it was to where Our of work is considering job particularly amount has to the team needed today. business, a it done entire of terrific the reunderwriting reposition
today ranging loss the years, from past were to These trends assumptions X digits over the high pricing increased have single XX%. over inflationary given our Additionally, dynamics.
of years strengthening in significant the comments calendar X make in including recent the do including results the been of XX meaningful about for the The XX same of a in as XX X the industry casualty calendar to last I want industry. years, have calendar reported a in the there years, At X releases past years. few calendar whole XXXX. last most has reserve of time, year industry reported years all
AIG, averaged excluding XXXX Casualty compensation, workers' initial for XX%. our picks years accident our XXXX, loss on lines, Focusing through in
were initial unallocated loss loss picks years Looking both These in exclude XX% adjustment approximately picks years. accident XXXX specifically 'XX, loss and expense. the at
results loss by measures. and We years significantly casualty compared in strengthened on further in using XXXX, reserves an of loss industry billion well to the auto data, To XXXX over XX% other both years industry analyze XX% P XXXX for at above most which they over recent results through Schedule picks ultimate XXXX the the XXXX. through accident revised $X for average our commercial accident XX% to XXXX year-end liability are our and average picks
roughly points year-end XX Our for ultimates to overall are higher and XX industry than initial average. both the lines
have we and our reinsurance XXXX for to in gross place addition, mitigate In XXXX results.
a outlined reinsurance last amount that put As protection. substantial quarter, XXXX with treaty we comprehensive we place in starting provides of us vertical
reinsurance protections lines which underwriting ceding portfolio an retained renewal Our impact our significant reinsurance a capacity no on of improved the and and commissions, X, reinsurance with us maintained support of net demonstrate the of the maintain teams. same consistent to is quality clear recognition of outcome. outstanding our partners At terms their January AIG casualty allowed that with our
turn to state now of AIG for our I'll Corebridge. deconsolidation structure post business discuss to create a future efforts
to of with less will this a and we've that's post program, effort, deconsolidation. new business size As we capabilities leaner, part more the create be infrastructure of for launched Next, appropriate AIG the complex company and effective a
will Next relevancy to AIG better principles: the and organization to a responsibilities and digital for to increasing processes efficiency and colleagues, create our our capabilities, and and across driving key of ecosystem focus operational clarifying data our on and speed technology an end-to-end growth, clients effectiveness, agile reducing analytics, following to differentiated consistency organizational our local our support and improve global optimizing modernize business while creating execution. experience scalable eliminating roles' complexity duplication
and and $XXX created savings. of run onetime stated savings to past, of spend in this efficiencies annual these to through program we we've rate approximately achieve the million million the expect sustained simplification incur As to $XXX generate
target creating earned. premiums X% with are to of X.X% leaner we cost Next, a parent As net structure part a AIG of of company
to moved the be million will is the eliminated other $XXX savings, current utilized. operations where and will contributing service into costs and of others the be business the Some
In for this more increased General into year-over-year, that Even XX basis year million aligned this shift, improved Insurance points approximately the full full are we've points to expenses ratio and year XXXX, with the operations we offsetting of basis only XXX began services moved business of XX.X% Insurance. closely GOE ratio our within due other work, $XXX operations. as General from to combined savings
million have allowed our the progress Throughout focus these the savings We've built have discipline. with to insurers already drive target into govern make we've and AIG program Next our absorb costs. and which meaningful to begun team business, to $XXX and year, efficiencies general established a against
will the I regarding XXXX detail and on and timeline achieve Sabra quarter's provide by category call expected more the and XXXX. next cost specific realized benefits the to for in
steps with As the we our and our respect aligned what's conditions ownership final we best of always Corebridge focusing Corebridge, remaining all agile on to on remain based explore of are market approaching deconsolidation, interest with the options continue stakeholders. of the to
a forma we based through XXXX, capital Sabra structure capital management to assumptions pro we've expect to will strategy about before. outlined you take the Throughout continue deconsolidation. the on execute
company AIG's of growth to XXXX through capital to debt We maturities. have is of which would and and XXXX, in billion reduced reduction. the have debt subsidiaries over to we debt of progress continue outstanding, over year-end seen XX% structure see enormous made excess our expect support Since type insurance Our $XX we've organic on the future.
XXXX, an repurchased focus and of $XXX dividends. capital primary common to in XXXX of on through start repurchases we will shareholders the additional The Since have share shares. be returning million
first the for subject target pace range. half count of this XXXX, our near at bring the to us end continue should of conditions, share to which high market expect We
reflecting evaluate Board approximately power we low the earnings AIG common million in which achieve in our should dividend is future XXXX. Post range, the Corebridge will of deconsolidation, the end to we our confidence and continue policy of our increased dividend AIG, in XXXX, XXX The shares. of
We terrific for working Global has in portfolios year lastly, have is Commercial, I've for And opportunities business. momentum the reposition, never a we've now of the to been respected on the which seventh as growth industry. AIG now my most at more been I enter AIG, entering about optimistic that and years one XXXX. our
ratios do to We're retention, on behind now excellent positioned grow us. that business, to in to strong business, clients has any there's a our While always been new the remediation company distinguish able partners. combined pruning is well and itself and opportunities AIG's strong distribution amongst based for
particularly we In and high to business in we global and Japan anticipate importantly, A&H business Personal our Insurance, will business, where continue net our improvement. profitability investments, worth our more continued make growth
turn the will Sabra. call that, With to over I
