“We expect PCS to continue to improve its financial performance and provide more operating leverage in the fourth quarter and into 2024.”

In context

“by North America. In North America, Personal net premiums written increased 59%. Similar to last quarter, the increase was driven by business underwritten on behalf of PCS, offset by decreases in Travel and Warranty. In the third quarter, AIG's net premiums written from PCS increased by over 100%, benefiting from an increase in gross premiums written and a reduction in quota share sessions. And as expected, the lag in earned premium growth continued to dissipate, providing operating leverage and a reduced expense ratio, primarily in general operating expenses. The high and ultra high net worth business also had significant improvement in the accident year loss ratio, benefiting from improved pricing in our admitted business and transitioning more business to the non-admitted market. We expect PCS to continue to improve its financial performance and provide more operating leverage in the fourth quarter and into 2024. In International Personal, net premiums written increased by 3% year-over-year, driven by growth in personal auto, travel, and that reflects the rebound post-pandemic and Japan personal property. The accident year loss ratio, ex CAT, improved 560 basis points. Overall, we're pleased with the International Personal improvement year-over-year. Shifting to combined ratios. The General Insurance third quarter combined ratio was 90.5%, a 680 basis point improvement from the prior year quarter. Accident year combined ratio, ex CAT, was 86.3%, a 210 basis point improvement from the prior year quarter. Global Commercial had an outstanding performance with third quarter accident year combined ratio, ex CAT, of 81.7%, a 130 basis point improvement year-over-year. The accident year combined ra”