“The sale of the Global Personal Travel business will have an impact on the Global Personal segment in 2025. For full year 2024, this segment had $7.1 billion of net premiums written. When modeling 2025, the sale of the Global Travel business will remove approximately $720 million of net premiums written. This is a roughly 10 percentage point growth impact for the segment.”

In context

“penses and interest expense. Turning to our fourth quarter General Insurance results. Adjusted pre-tax income or APTI was $1.2 billion. In North America commercial, net premiums written increased 9% year-over-year, driven by strong new business, which grew 17% with retention of 85%. International Commercial net premiums written increased 7% year-over-year with new business growth of 15% and excellent retention of 88%. In Global Personal, net premiums written increased 1% on a constant currency basis. The sale of the Global Personal Travel and Assistance business, which closed in early December, was about a four point headwind to the year-over-year comparison. Adjusting for that, growth was 5% in the quarter on a comparable basis, driven by 16% growth in our Global High Net Worth business. The sale of the Global Personal Travel business will have an impact on the Global Personal segment in 2025. For full year 2024, this segment had $7.1 billion of net premiums written. When modeling 2025, the sale of the Global Travel business will remove approximately $720 million of net premiums written. This is a roughly 10 percentage point growth impact for the segment. General Insurance underwriting income for the quarter was $454 million, a $156 million decrease from the prior year quarter, driven entirely by higher catastrophe losses. General Insurance calendar year combined ratio was 92.5%. The accident year combined ratio as adjusted was 88.6%, a 30 basis point increase from the prior year quarter. This was driven by a slight increase in the accident year loss ratio, while the expense ratio remained flat despite absorbing more AIG parent expenses. Catastrophe losses were $325 million or 5.5 points on the loss ratio. This includes $224 million of losses from Hurricane Milton and an adjustment for prior quarters events largely from Hurricane Helene, which occurred on the final day of the third quarter. Turning to reserves and our detailed valuation re”