results. us you for today XXXX third review Good quarter to morning, and our joining thank financial
the Bailey will provide of Jon quarter, detail the and international Following Hancock, Don leaders, then our my Q&A the join portion will North call. for America and us remarks, on Sabra more
to events. the had the which on begin, we events and weather patterns impact weather At quickly. and recent these underscores we and is I difficult commitment respond have teams when This our grateful changing purpose, needed our Before devastating our reality to been and frequency our working hard most. for of AIG, claims communities, company to want of ensure of their is our our the to it's clients distribution colleagues that acknowledge partners. severity I'm
Now let quarter performance. highlights third our move me to the outstanding of
We deliver execute excellent expense continue make underwriting on results, maintain our strategic exceptional our management plan, on to rigorous discipline, priorities. and capital progress
increase year-over-year, catastrophe-related income capital growth year was quarter execution Adjusted the million XX% XX.X%. was combined driven per The per million, charges which earnings $X.XX for $XXX a of included strong $XXX total after-tax core by share income strategy. share, Underwriting million. of ratio in or $XXX earnings management calendar representing our diluted was disciplined and
XX, XXXX. basis pretax equity Consolidated XX% operating X.X% pretax was a income of net an income nearly million, on Core was $XXX or billion investment increase operations adjusted September adjusted with as XX% was $XX.X $XXX improvement loss an $XXX year-over-year. of ROE core million of operating year-over-year. million, Other
$X.X stock quarter, $X.X approximately of $XXX the through repurchases third In to we dividends. shareholders of returned billion million and billion
In October. addition, in $XXX stock million common we repurchased of
and a quarter debt parent total We of capital to including XX.X% of with third ratio ended the AOCI, billion. $X.X liquidity
General review the this provide our First, following Insurance remarks business. X on information will I for the financial will results my During topics: morning, I
observations and the year-to-date. I catastrophe will specifically on provide AIG Second, market
on forward. give other I And the to core update and management ROE. on detail you XX% finally, our more Third, operations. and related with our progress significant an impact path I objectives provide achieving plan Next on I'll will our will AI its Fourth, progress update capital on and AIG in moving
billion, growth across of Gross X% and had We Net were written $X.X Insurance. premiums quarter premiums a quarter X% $X.X billion a strong an for the Net Global billion, increase. the increase, written Commercial. premiums coming another earned prior quarter quarter our Turning the for were increase General from X% year. with businesses. $X.X to from were excellent profitability for $X.X billion, with the
The accident ratio will ratio. in favorable combined points had adjusted development was reserve XX.X%. her year We more a X.X of of benefit detail remarks. loss prior $XXX million, prepared as Sabra year of provide
and by net over Retention remained business while we grew calendar absorbing shifted premiums operations. XX.X%. the ratio of which ratio an was In was $XX over GOE new as combined outstanding quarter, adjusted the year year XX%, Commercial, was million ratio written outcome. had year growth from at which other X% The X% combined accident $X.X of that XX.X% Global year-over-year over The flat year-over-year. prior billion expenses driven is
adjusted combined continue had year financial premiums Global In combined net new XX.X%, performance X% to both we was the growth and improve Personal, in business prior segment were global and we growth by portfolio. over its the led ratio as year improvements X% this The to written calendar accident XX.X% year our quarter, year-over-year, was ratio expect across XXXX.
impacted in net North ratio. transaction, closeout this single our growth written written had accident by America year-over-year. XX% transaction We in the net portfolio year our benefited the digits. been loss growth have but in high a overall premiums Commercial premiums that the casualty Absent would negatively quarter grew
Lexington. business. drove X% and in surplus in Lexington, lines that for North America were transaction, Glatfelter XX% admitted is casualty in X% businesses was which in at excess X%, an outcome excluding XX% the and growth Retention lines closeout and in exceptional The an the
quarter Casualty New a led XX%; And over Lexington keeps by business had had XX%. western business, up the up up were story for simply we new We just in property was quarter, Lexington ongoing. was with the XX% year-over-year basis, growth in in new business over World growth. XX,XXX over up was XX%; XX% over submissions and XX% submissions year-over-year. outstanding. On the growth
business slow new financial lines a following for in double quarter period last in due a same the new business financial our was rebound was exclusively lines This M&A digits. year. to up Also, almost
the adjusted XX.X%, accident North year Commercial in combined quarter. ratio an activity America significant calendar combined and the exceptional year ratio was given XX.X%, cat the outcome was as
The variables. was X an for reflected accident year points was basis main the quarter, year-over-year which and of increase XX.X% loss ratio XXX
the First, transaction ] mentioned in [ AIGRM closeout that I earlier.
the While resulted ratio, it basis profitable beneficial point ratio, and a incrementally headwind. carried overall which to XX higher combined a loss in
favorable point combined versus ratio the over lower as And close and The wholesale year ratio, property also of in expected second, in the rate GOE year result part XX% last earned XXX our from experiencing quarter reflecting a admitted a was increases of comparison XXXX, benefited early XXXX the that basis in actual very portfolios expense the creating improvement and a headwind. prior ratio. to
In grew year-over-year. driven by property energy. International XX%, X% add written premiums Commercial, X%, global to Commercial grew specialty grew specialty international net where
XX% at X%, driven by lines, in political also Lloyd's and Talbot specialty Our grew specifically business energy growth risk, the marine.
International new XX% in very growth million, balanced retention led new $XXX at and property, was and and strong the year-over-year. business energy Specialty at new remained led business had casualty XX%, both across XX%, of XX%. XX% marine business in Talbot with which at Global by growth very good over by also portfolio, International
calendar as XX.X%, result. accident excellent ratio The adjusted international another combined ratio The year was combined was year Commercial XX.X%.
provide the year-to-date the over I historical significantly want activity. light of usually third active Given reinsurance performance and thoughts that strategy natural AIG's of has our how quarter and some catastrophes, most enhanced increased even for in to the the is on activity underwriting evolution time this quarter
a appears industry, the estimates XXXX the of that preliminary X estimated industry recently of the first industry year, total of remainder excess of be to in the will normal. natural are exceed fourth impact Milton on catastrophes quarter, insured $XXX insured billion, losses new the which months When Hurricane the the that Aon from and $XXX the For catastrophes the natural billion. from likely report losses considering of published for
When single there important estimates the is post into produce and to the large the of initial Modeling are ultimate firms factors that note industry losses. complicated. ultimate X event many analyzing estimating no complexity are is loss It and same. loss that determining the catastrophes, catastrophes go
independent they rather loss States. Services, Claims and of time widely-used from the claims the activity property PCS, estimates a the ultimate Property of judgment loss. that derived at than source The a of loss for are United factors loss or provide size figures other is in the
the result, actual to subject total scale a of loss As is often the misinterpretation.
original Historically, of catastrophe higher losses. Katrina, final if you including Superstorm the best than were illustrating major uncertainty for substantially events, estimates, Sandy look estimates at ultimates around for the back their PCS Ian, and figures determining report
has reflected At business impact AIG, in we've mitigated our on world seen events even cat weather our have as activity. had that as improved more financial performance the the
the we've both to dramatically, of of dropped a the overall in X This losses. the the years, terms share strategy, market earnings. increase have and undertaken and losses our our and underwriting Over nominal to testament of quality also the our reduce work volatility terms evolve last is change in
X and Since activity, annual If the we the catastrophe losses years, a annual losses to industry catastrophes as increased have a average XXXX, has to from of had XXXX That average billion catastrophe reference benchmark. to approximately total XXXX, industry over serves $XX point, average industry. XX% compared grown including meaningful the of were useful XXXX through the basis XXXX XXXX use The the equivalent have which $XXX losses. a with is for XXXX X insured from annual loss as year XXXX. insured XX-year was on last billion a natural the substantially. when nominal expectations Since roughly forecast, for from
this to market losses, the level of estimate the natural reports, important catastrophe XX% from heightened It's reinsurance against on were of catastrophe in we absorbed losses note, approximately published to XXXX insured XXXX. natural based
the the companies. retained market a is losses following primary were XX% approximately the major However, significant in of by And change. insurance XXXX, this reset
performance times, done several work underwriting we've discussed change resulted dramatic and the have has in I in improvements and financial to sheet. As approach reinsurance AIG's our balance to
of X% Let the posted specific of in Based $X Sandy, of billion some the to of me of estimated the single loss X% and give impact. market AIG's $X.X an pretax which event. AIG approximately losses. represented billion initial choices that underwriting XXXX, And for magnitude billion or $XX losses market for recognized year AIG Superstorm approximately strategy reinsurance almost full the contextualize loss legacy points on from this you XXXX,
catastrophe $XXX or, total of AIG our forecasted of be forecasted over year industry within market X% Today, more is loss the XXXX loss than expectations importantly, for for less billion. to the share full
XXXX Additionally, that it's were portfolio in are written the in approximately our amount they same as XXXX. property worth noting premiums net
property to compared XXXX. a have XXs, However, and combined XXXX lower today, importantly, commercial of volatility. combined the XXX% year-to-date ratio XX% our low ratio in in losses cat And we nearly was
for has insured the maintain is modeling actions net this completely AIG. our to approach global with We've positions benefits the and the for significantly activity our lowest uncertainty. well our competitors, new over business X delivered retention and us transformed to gross the past through company the and future underwriting volatility AIG's decision elevated our in amongst an to our environment including strategy and years, manage significant loss reinsurance,
expectation take the therefore, X a on their loss renewal have remain levels me this in reinsurance provide profit XXXX for of benefit property. and the and make the season on for XXXX catastrophe high-level the an in January current retro comment premiums. to profit, portfolios and market are upcoming points, given minute that perils of should reinstatement Let healthy. have higher protection, market reset reinsurance the reinsurers expectations generally underwriting likely attachment With property overall significant means significant in cat underwriting to named The global
to X, of speaking, remain market, insurance capital Despite portfolios generally points AIG. the to the higher position quality attachment with disciplined on like January and not the market would focusing I at capital the strong companies reducing expect deploying
losses XXXX. I industry be Given has to increased will and severity solved from continue frequency norm, by the insurers will be reinsurance realized that and market as become this industry primary mentioned in not by the earlier,
future. AIG on which Next, XXXX an in on move me launched position early to AIG further for update to we the Let provide
and to we've seamlessly underwriting, operate effectively years, together by capabilities simplify of organization AIG functional to several a future. past been the with to weaving the areas our on differentiate the claims and Over the skills journey company for necessary all actuarial, the across
from the These areas in other AIG across In to million savings realize fully Next. General XXXX, Insurance. and impact operations will we expect multiple savings $XXX
future, operations parent those of part within reflect established the As around Next a expense regulated definition AIG we've costs of be new or program, $XXX other costs global the results. will General to being eliminated to attributed exclusively costs company going to In included to currently a Insurance either million and public forward. the related expect be
reflects down flowing see operations effort million portion You to expense expenses with the costs ratio of this these other $XX costs our managing transfer a part of expense of minimal in year-over-year reduction statement income ability businesses million benefits $XX as GOE. already impact General these on or The additional are and the Next expenses. AIG sequentially. the through to our of can Insurance nearly This absorb due the is to the focus large significant impact from to
AIG Next strategic invest AI data, us claims, to also and underwriting, in innovation and in our the has digital of initiatives, capabilities enabled notably strategy. core and implementation
detail. Let me more provide you with
accelerators large innovation AI varies the AI applications what greatly the their company innovation digital but Many strategies, models and are AIG, being as utilizing done and digital alone. At Gen they data, from journey, discussing and support company. companies actually are to but language that is we're not
what data is location be collaborative footprint an and our space unique. global the our innovate It drive and underwriting sales, further from announced GenAI and recently the first to role payments in evolve end-to-end will where process, makes the exist and distribution will is so Agentic processes. our and This Atlanta our allow client in will digitize servicing. ecosystem, process clarity, claims insights, modernize This us underwriting, location develop end-to-end
of us can within sources quality capabilities AI is fraction significantly. our rates inputs time gains manual driving In to Gen doing Gen ingestion and levels the AI to from meaningful proprietary upwards data XX%, a collection while from near underwriting we've from data data processes that. our and our seen much pilots, than multiple time. integrates give accuracy improved reducing reducing data process of more and however, It early with processing better XX% efficiencies, produce ecosystem
we to prioritize within rate increase We're businesses ecosystem business to help time as enabling submission our growth and winning deliver more risk the our operating response time while will value It and drive collecting scale. Gen highest AI to allow also appetite. improvements will using our leverage underwriters data. at and spend business our our our Gen These underwriters to less AI quoting manually
of paramount and in to clients differentiator underwriter is understanding Maintaining rooted will underwriting continue judgment AIG help at culture the one Our is that and that risk us. complex a at of nuanced require and deeply the expertise solve excellence. for issues needs. We key center decision-making clients' be a
core just Our deliver that: outcomes leverage, are the better AI highly drive process. experienced initiatives to operating do keeping and designed while of underwriters at the
where disciplined I'm management, now we to going our turn to continue to execute strategy. capital balanced
to strength preserve Our in share of ratios, over inorganic and and years to made capital excess maintain financial the objectives growth, capital maintain substantial liquidity. levels parent are debt support potentially to leverage several and organic strong insurance last shareholders form repurchases, return of conservative We dividends AIG. the the improve to company progress
centered in underwriting of the strategy, multiyear a on of through increasing reducing and has that's process volatility profitability is Insurance our sustained on mix use positioned better portfolio a with while executing profitable General business, This along growth. well for reinsurance. strategic been our
dividends result receive our ability important operating approximately Year-to-date An billion and parent businesses. to which of our we from improved our equivalents of liquidity dividends to received their from provides ordinary our is or profitability $X consistent the subsidiaries, increasing ordinary company.
on achievement debt leverage significant to Historically, including in to have our the lowest debt had in XX.X%, our that group, In our an discipline. also amongst levels leverage AOCI, peer debt $X requires XX%. is by levels of to XXXX, capital over reduced billion, AIG total the one capital debt ratio highest we industry bringing evidenced the balance strength by lower at of financial ratios the Our sheet. total
$X.X we and first million shareholders to repurchases months of of through $XXX billion common $X.X over the X Through XXXX, returned of billion stock dividends.
closing timing XXX continue The As shares. within bring to we've of our XXXX, of transactions. authorization billion count of and will to stated authorization share conditions range will XXX the target we over course $XX XXXX the us on subject pending execute market share our million repurchase to of previously, current and million
repurchases, to liquidity provides additional flexibility review XXXX. parent our the we Importantly, will support anticipated in share which
to Earlier by stock cash increased dividend this AIG we on shareholders year, the common XX%.
additional XXXX review will power. dividend considering us $X.X beyond. We as annually, with We ended our appropriate, an for will our This be earnings and continue important of quarter third focus supported increased increases to liquidity by in billion. the parent
core management, that With continued ROE the capital on to quarter, focus core for of corporate combination the expense XX% in our performance we deliver the company the XXXX. third proceeds we parent are we have and operating future our a We subsidiaries disciplined of recognize sustained of of sell-downs, from equity $XX.X capital the the management, for the full capital with liquidity, billion at year underwriting operating today. end excess business insurance and size expect
We attractive business, a our over patience in growth will time proactively capital opportunities balance arise. nimble should execute and will capital remaining while strategy to centered manage our on management to and we maintain support
outstanding quarter I'm with summary, In very third pleased our performance.
As XXXX, clear. is for we year-end approach our plan forward path and
AIG's will customers as global creation continue leader our solidify We position and a and for to value focused market on shareholders. remain
to I'll call turn Sabra. that, With over the
