You know it better than I do. But no issue there. So our premiums are a bit lower than we thought at that time, yet we're still committed to those G&A ratios. Separately, our A&H book was up in the low single digits. So I would argue that we're optimistic that we can see meaningful improvement in our cat results. And we think it's inappropriate to assume the most optimistic assumptions. The France segment consists of Life & Savings and Property & Casualty activities, AXA Banque France and France holdings. My first question goes back to the cat losses for the year. I hope you'll understand that that -- the first triangle will be in the 10-K. It leads me to be concerned about the back book to some extent.
What we can tell you is that when we look at the cat curves, and we report to you a lot on PMLs, but when we're thinking about a year, where we're thinking more about the aggregate annual loss curves. The reduction in property lines and exited businesses was partially offset by strong growth in marine lines and more modest growth in other lines. Relative to the $100 million of saves, where do you guys stand at the end of 2019 so we can think about what's left for 2020?Yes. In a few minutes, Pete will speak about the quarter, but my opening comments will focus on our full year performance and year-over-year trends. And our mean expected cat losses should come in one to two points lower, given the reductions in our loss curves. But that was really an extraordinary event on our U.S. crop business. With all of this work to further remediate our portfolio, we enter 2020 with a stronger book that is less volatile than in prior years. I expect there will be opportunities. Will that continue to shrink in 2020, your property exposures? You called out about five points of crop losses there. First thing I'd say is our capital position at the end of the year is very strong. We also received increased loss notices from prior period catastrophes throughout the year from both Typhoon Jebi as well as the Florida hurricanes. It starts to pay out at a 250 fatalities and runs out at 2,500 fatalities. Stock Market But the one thing that I would say, even though I'm not giving guidance, as we look at the portfolio that we have today, especially with all the changes that we've made, even going into this 1.1, and especially when I look at the net PML reductions, especially in the 105 part of the curve, we actually look at our mean modeled expected cat loss ratio really improving from what we've seen over the last couple of years and where it's been. Across our portfolio, we've been reducing limits, increasing attachment points where appropriate, canceling unprofitable business and changing mix to focus on the more attractive subsectors of risk classes as well as reducing PMLs. Our current book yield is 2.8%, and our new money yield is 2.4%. Axis Capital Holdings Ltd (AXS) Q4 2019 Earnings Call Transcript AXS earnings call for the period ending December 31, 2019.


Given all the changes that we made, etc., etc., what do you think the kind of run rate, underlying kind of return on equity of your company is now given current interest rates?Well, we have been targeting for a couple of years now minimum double-digit returns in the 10%, 11% plus range. Overall, we measured average renewal rate increases in the mid-single-digits over the whole book with more modest increases on average in pro rata business and high single-digit increases in non-proportional business.However, there was a very wide range of outcomes based on geography and line of business.