“Given current short-term interest rate levels, we expect the second quarter Other Operations net investment income and other line to be in the range of $30 million to $40 million, subject to market conditions.”

In context

“1% and was slightly positive, excluding Financial Lines in the first quarter. Casualty pricing improved in the quarter, up 5%, benefiting from positive rate change on auto. Property pricing was down 4%, with modest variation by region while Japan continues to deliver both positive rate and pricing. Global Specialty pricing was down 1% and Financial Lines pricing was down 4%, a continuation of trends from the fourth quarter for both of these lines. Moving to Other Operations. First quarter adjusted pretax loss was $125 million versus the prior year quarter loss of $66 million. The difference was driven by lower net investment income and other of $54 million compared to $110 million in the prior year quarter, owing to lower parent liquidity levels in addition to lower Corebridge dividends. Given current short-term interest rate levels, we expect the second quarter Other Operations net investment income and other line to be in the range of $30 million to $40 million, subject to market conditions. Moving to General Insurance net investment income. First quarter General Insurance net investment income was $864 million, up 17% year-over-year. The increase was driven by our core fixed income portfolio, which grew net investment income by nearly 20% over the prior year quarter. This reflects the benefit of our proactive strategy to reposition the public fixed income portfolio. During the first quarter, we continued to reinvest at higher yields with the average new money yield on our core fixed income portfolio roughly 80 basis points higher than sales and maturities. The annualized yield was 4.61%, a 51 basis point improvement over the prior year quarter. The strong growth in our core fixed income portfolio was partially offset by lower alternative investment income, which was $6 milli”