“This was partially offset by a 70 basis point increase in our acquisition ratio, which we expect to unwind and improve over the course of 2025 as reinsurance and improved commission terms with PCS earn through.”

In context

“year-over-year. This was primarily driven by a 130 basis point increase in the expense ratio as a result of lean parent allocations. The accident year loss ratio was 54.6%, a 110 basis point increase year-over-year, reflecting business mix and increased operating costs from lean parent implementation. Turning to Global Personal. The combined ratio was 107.9%, while the accident year combined ratio, as adjusted, improved 140 basis points year-over-year to 95.6%. Excluding the divested travel business, the accident year combined ratio improved 110 basis points, owing to a 190 basis point improvement in the accident year loss ratio. This was driven by underlying improvement in our US high-net-worth book, benefiting from a combination of rate over trend, business mix and underwriting actions. This was partially offset by a 70 basis point increase in our acquisition ratio, which we expect to unwind and improve over the course of 2025 as reinsurance and improved commission terms with PCS earn through. As we outlined at Investor Day, we expect to drive financial performance in Global Personal by improving the combined ratio by 500 basis points over the next three years towards our 94% target. Moving to rates, where Peter already provided some perspective. For the first quarter, excluding workers' compensation and Financial Lines, Global Commercial line's pricing, which includes rate and exposure, increased 4%. In North America Commercial, renewal rate increased 1% year-over-year. If you exclude workers' compensation and Financial Lines, renewal rate was up 2% with overall pricing up 4% year-over-year. In International Commercial, overall pricing was up 2% or up 4% excluding Financial Lines. This is an improvement versus the fourth quarter, where pricing was flat. While International Com”