“In Global Personal, we had 3% net premiums written growth over the prior year quarter... both were improvements year-over-year, and we expect this segment to continue to improve its financial performance in 2025.”

In context

“a 6% increase. Net premiums earned for the quarter were $5.9 billion, a 7% increase with $4.2 billion coming from Global Commercial. The accident year combined ratio as adjusted was 88.3%. We had favorable prior year reserve development of $153 million, a benefit of 2.6 points to the loss ratio. Sabra will provide more detail in her prepared remarks. In Global Commercial, we had 7% net premiums written growth over the prior year quarter, driven by over $1.1 billion of new business, which grew 9% year-over-year. Retention remained at 88%, which is an outstanding outcome. The accident year combined ratio as adjusted was 84.2% and the calendar year combined ratio was 89.9%. The GOE ratio was flat year-over-year, while absorbing over $50 million of expenses that shifted from other operations. In Global Personal, we had 3% net premiums written growth over the prior year quarter, led by 9% new business growth across our Global portfolio. The accident year combined ratio as adjusted was 97.8% and the calendar year combined ratio was 98.8%, both were improvements year-over-year, and we expect this segment to continue to improve its financial performance in 2025. North America Commercial grew net premiums written by 11% year-over-year. We had a closeout transaction in the quarter in our casualty portfolio that benefited overall growth, but negatively impacted the accident year loss ratio. Absent this transaction, our net premiums written growth would have been in the high-single-digits. The businesses that drove growth were casualty at 9%, excluding the closeout transaction, 8% in Glatfelter and 7% in Lexington. Retention in North America was 90% in admitted lines and 78% in Lexington, which is an exceptional outcome for an excess and surplus lines business. New business growth in the quart”