Good Thank you, morning, Jack. everyone.
$X.XX was diluted quarter, per diluted with of with in per $XX income or the the quarter. income of first operating or first net million After-tax or $X.XX $X.XX we compared share compared million $XX.X For loss year net basic difference value in XXXX. in $XX.X the securities per per in and million decline operating share or prior a the $XX.X reported the net The of first XXXX XXXX. of equity of quarter quarter diluted primarily in million increase fair $X.XX year income the the share reflects quarter in first each first of between and the share
catastrophe with compared the prior XX.X% quarter, the the the from year incurred losses. was ratio of in of winter events catastrophe reflecting XX.X% premium, losses of by losses In combined Our impact the XX.X% severe earned driven we in freeze elevated net line, accounting by freezing large temperatures, cat impacted conditions, quarter, about X/X outages market of which South. particularly the the in multi-peril hold the state. Texas X.X% was in hard power commercial losses we share total and about the for of mostly winter the in quarter,
prudence We have And last specific over favorable the Prior five the year exception. lower-than-expected for successful $X.X strong quarter reserving not thoughtfulness to were our These quarter's loss on changes, the our and aggregation. in taking results our decade over by the were loss efforts most with an focus Personal losses by picks, first reflecting exercise being favorability workers' worked said, our highlight Auto pandemic. pleased years. continued and XXXX last over development primarily consideration comp. making to property the in we industry disrupted prudent years, reserve events tirelessly pattern position, our and our building the to and actions four losses which on a we million, in was and into continue sheet have reinforced This concentration relative and events been balance in
did these with IBNR. quarter, presents related We court appropriate are medical and to that may COVID is closures, to claims. factors in resulting fully trends. in indicative the result Claims exposures which This an have our manageable. on to less potential outliers reserves expectations in and Many and continue also of be the change the are reporting future our reserving historical procedures ample challenges, of in for delay uncertainties delays such conservatism. We not COVID-XX keeping as reserving as issues other need continues eye of a line activity are
Our position use given policy remains our language. ISO-based very of solid
credit Our as and mix served forms cancellation our well of of pandemic. during business, which trade well ISO-based use excludes the travel, coverages has us event as
XX.X%, primarily which but first quarter first expectation expenses. quarter, the XXXX of quarter, compensation agency than higher a ratio driven from lower for by prior up the slightly bit for the expense was Our our was year
excluding XX improvement delivering to quarters full in line our accelerate earned an loss pleased as am by continues benefit XX.X%, cost clear least to I ratio for Fixed of the We auto. demonstrated sight function frequency lower is throughout point to very growth our future ex of year. leverage have increases premium with expense the in rate as combined underwriting at catastrophes, and a ratio of mix earning expected continuing of performance, year. improvement improvement, a is higher cat which a basis and the yield of
segment. underlying our by results at Looking underwriting
XX.X%, combined down improvement our of last Lines the catastrophes, primarily loss XX.X% auto of and quarter Our the first ratio, in is This was quarter a XXXX. first ratio of compared from reflection lines to year. Commercial CMP excluding as in decreases
to year comparison favorable CMP ratio, by affected an which of and quarter, catastrophes, large loss improved Our current was annual accident fire points the prior deductible. XX.X% aggregate excluding reinsurance the to by loss with impact X.X one year the due
carefully also the We continue CMP. property liability to but watch conservative of appropriately trends on component remain
loss Our current the as to excluding frequency improved experience year Auto quarter. ratio, Commercial we catastrophes, X.X continued benefits accident points to XX.X% throughout
Commercial by of we remain quarter favorable XXXX. current and appropriately versus our prudent liability claims was cautious in first delays light and year quarter inflation concerns. We potential first involuntary pools Auto ratio Additionally, loss of the bodily set impacted results picks social injury for as
also pressure the multiyear strong to to line. in liability achieve this address We continue rate increases
trends underlying ratio the pick XX.X% lows, prior this ex Frequency to current line in quarter. to favorable. The year mid-XXXX remained compared to largely cat accident comp. is overall to year but workers' up starting improved to loss compared Turning X.X points
of improvement prior net the new contributions and to their in took as X% in and facilities environment grew premiums other the current the from lines, current to scale. catastrophes, XX.X%, now years, we earning larger keeping accident that risks written Overall, In with are in. ratio, points businesses businesses. an on along actions the reopen can the on that and excluding quarter, our are loss offices improved with Lines rate underscoring a emerge benefits potential X.X Commercial first eye year profit rate increases the We commercial core specialty begin robust both
traction business increased as Our while gained the XX.X% business retention growth two lines. to XX.X% continues at gain new points core the attractive in several sequentially momentum. Specialty profitable commercial accelerated from quarter in
Personal to now Turning Lines.
seven-point catastrophes, down from the last combined Our XX% for same continuing activity first excluding the declines temporary frequency in The favorable XX.X% in auto quarter, was underlying resulted period year. ratio, and in which a March. year, auto to of economic improvement shutdown the quarter in first ratio the was to by the the loss compared only second impacted last of half XX% COVID-related in
the saw patterns quarter off-peak in first progressed, picking of signs we As driving hours. up
auto during portion However, typically peak a of accidents losses, remain commute which large up suppressed. times, make
the we year. to our critically incidence of the this due higher in between expect primarily The the shorter increased first term frequency important. large of to XXXX. comparison growth, to managing towards of and levels non-cat weather unfavorable reopening is to With the a of in points and rate more in loss profitability by the XX.X%, low end economy, Thus, line quarter ratio homeowners trend X balance normalized fire an losses the
very profitable. remains book homeowners Our
in However, the rate the marketplace. increases the this need in elevated losses particularly prices weather and increases materials, for lumber, of in line highlight
react if business this on in line Personal to of quarter, written business. and nature adjust premiums short-tail needed. driven us of net to new renewal Lines increased our the X.X% book allows quickly the by Fortunately, pricing
was XXXX, the of pleased from in pricing recent Lines strength particularly actions our quarter improvement fourth We the of X.X and points the which of are retention, the our up Personal offering. reflecting with effectiveness sequential
investment to performance. Moving
fund's million in was the income successful on $XX.X investment XX.X% strength certain underlying This the partnership prior and investment period, the primarily year from investments. by but up net quarter, holdings the positive of driven was in nonrecurring partnership valuation transactions performance. better-than-expected Our for performance changes equity
money investment change it If pick net yields the overall pleased results see of not net should up First the We the trend helpful this new our outlook for be quarter for income do over the income to year. year. partnership of continues, partnerships quarter. for during investment investment first our rest the or marginally were balance
securities income below generation invested strong, of the with money Cash new levels from pressure and end still mitigate representing on yields should and were which total. investment $X.X net and However, XX% continue are earned our yield put overall Cash at of impact. future remained billion assets for our this to underwriting cash years. income the the will quarter operations fixed
Our fixed XX% has duration of portfolio is and a grade. maturity years investment five investment
average the representing were on December a high-quality We the A+. the value increase before first since Net interest of prevailing maturity weighted rates. to have an $XXX of million unrealized decrease XX, fixed XXXX million in taxes, a quarter with portfolio portfolio $XXX at XXXX, gains due end in fair of a
and certainly is concerned portfolio cash not not are maturity our hold Our by in and market we portfolio. to industry diversified of fixed and and value class, are about laddered well the asset the movements securities income temporary We typically constrained.
Moving our and on capital equity position. to
of Our share in driven decline a per income fixed gains book X.X%, by unrealized reflects declines of our portfolio. net value the of $XX.XX
Excluding We of our share these our capital. stewards shareholders' was in improvement representing the an approximate $XX.XX, remain quarter. unrealized per strong value book X% gains,
approximately existing repurchased $XX April XXXX, stock we of $XX and repurchased our of paid shares XX, additional also of we under stock, million. under an repurchase XXbX-X our dividend million quarter, our the regular we stock During $XX million plan, XXX,XXX authorization. cash Through leaving a repurchase
We in upcoming increase current are authorization mid-May. the a to planning meeting to potential at discuss the Board
Our unchanged. remain priorities capital
First, our adequate we maintain capitalization liquidity. strive and to strong
returning of continue repurchases. for share through third, capital organic to maintain and improving our cash we of growth prioritize capital. dividends continue generate which we shareholders plenty to excess we to And policy Second,
to actively shareholders best interest in our mind. We the manage of will nimble remain continue with and capital
first ROE would long-term of above strength losses are pleased Given our earnings the power. our the target, we our quarter. delivered underlying losses, underscoring Normalizing with for that X.X% the quarter, in the catastrophe the have operating ROE of catastrophe in magnitude been very of we
the momentum in Looking continue XXXX. year. the mid-single the in premium expect overall for and our us in digits growth net to written quarter throughout for XXXX, April with first give confidence line growth we momentum higher accelerating the or top continuing ahead, The in trajectory growth
we XX.X%. expect our in XXXX on and expense second our points earlier, we performance cat the noted to be least which our to our on track are quarter. And is remain pleased ratio X.X%. typically As highest, our very by to basis build reduce ability quarter closing, to at load, In we with underlying XX our positive momentum in
are sustain for shareholders we we profitable agents, With We Operator? that other top confident and line are delivering positioned profitability, the now customers, for open momentum our questions. growth well to quartile our that, will value and stakeholders.
