“We will complete the balance of annual DVRs next quarter, which cover about $6 billion of reserves on a number of smaller lines.”

In context

“er. Peter discussed our changes in underwriting limits and reinsurance on our global casualty book. I would add that we also evaluate economic and social inflation trends as well as our potential exposure to mass torts across the total book and hold reserves to address those items. This quarter, we had adverse development in U.K. and European casualty, principally from commercial auto in France and large loss experience on a few older claims in both the U.K. and Europe. Consistent with prior trends, the DVRs for workers' compensation were favorable both for years covered by the ADC and after. Finally, property lines and Personal Insurance had favorable development in both North America and International, while we had about $23 million of adverse development on prior year catastrophes. We will complete the balance of annual DVRs next quarter, which cover about $6 billion of reserves on a number of smaller lines. Net investment income also contributed to earnings growth in the quarter, driven principally by higher reinvestment rates on fixed maturities and loans. The average new money yield on fixed maturities and loans was 5.88% this quarter, about 145 basis points above the yield on sales and maturities, and it was about 130 and 150 basis points higher in General Insurance and Life and Retirement, respectively. Year-to-date, the total new money yield is about 202 basis points higher than sales and maturities. The portfolio yield in General Insurance increased 9 basis points sequentially and 88 basis points over the last year with net investment income growth of 30%. The L&R investment income rose 23%, and the portfolio yield improved 9 basis points and 63 basis points, respectively. Based on”