“The AIG Re portfolio strategically took the opportunity to further derisk and rebalance the portfolio away from property CAT due to our view of a less-than-adequate returns in that space and expanded further into Casualty and Specialty Lines and expects to continue that trend.”

In context

“bout the absolute, significantly favorable impact on combined ratios over the last 3 years and realize that most lines of business are well into the green. Although there are several opposite forces at work, such as economic and social inflation, my sense is that the 2022 market will continue to produce tight terms and conditions and strong pricing to sustain additional margin expansion into calendar 2023. As we think about 2022, major areas of growth for North America would be Accident & Health as the economy is expected to begin rebounding and Lexington on a nonadmitted basis. And on the International side, we see growth in our Global Specialty operations, A&H as well and select Casualty and Financial Lines areas around the globe, whereas AIG Re sees growth mostly in casualty business. The AIG Re portfolio strategically took the opportunity to further derisk and rebalance the portfolio away from property CAT due to our view of a less-than-adequate returns in that space and expanded further into Casualty and Specialty Lines and expects to continue that trend. Furthermore, limits deployed in U.S. property were down about 10%, and the retrocessional program provided $1 billion of protection with peak U.S. zone PML down meaningfully across most points in the return period curve. Moving to Life and Retirement. Premiums and deposits grew 19% in the fourth quarter, excluding Retail Mutual funds, relative to the comparable quarter last year. Growth was driven by Individual Retirement and $2.1 billion of pension risk transfer activity. APTI for the quarter was $969 million, down 6%, driven primarily by lower net investment income and unfavorable COVID-19 base mortality, although non-COVID-19 mortality returned to being better than pricing expectations. On a full year basis, APTI increased to $3.9 billion, reflecting higher net investment income and”