“As Peter mentioned, we have achieved our Other Operations run-rate GOE target at $85 million in the first quarter and are on track for $350 million of annual expenses in 2025.”

In context

“ncreased 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 Commercial overall pricing is slightly below loss cost trend, excluding Financial Lines, pricing and loss cost trend are roughly in line. Moving to Other Operations. First quarter adjusted pre-tax loss was $70 million, a significant improvement versus the prior year quarter of $205 million, reflecting substantially lower general operating expense, higher net investment income and lower interest expense. As Peter mentioned, we have achieved our Other Operations run-rate GOE target at $85 million in the first quarter and are on track for $350 million of annual expenses in 2025. We are now a much simpler company with a lean parent corporate structure that supports our three operating segments. Turning now to investment income. Our investment portfolio is high-quality and well-diversified with durations that are closely matched to our liability profile. It's predominantly comprised of investment grade fixed maturity securities, helping to minimize exposure to short-term market swings. First quarter net investment income on an APTI basis was $845 million, an increase of $4 million year-over-year. Net investment income is comprised of two categories: our core portfolio, which sits in General Insurance and income from parent liquidity and Corebridge dividends, which sits in Other Operations. First, on General Insurance. Net investment income was $736 million, down $2”