Steve Yendall: Thank you, Scott, and good morning, good afternoon, everyone. I will now take you through the financial section of the presentation, and we will start with Slide 10, looking at our 9 months financials for 2023. We delivered positive profits and generated capital across all three sources of earnings, underwriting, MGA fee income, and investments during the last three quarters. Net income to SiriusPoint common shareholders at $245 million was up $621 million versus prior year as our results last year were mainly impacted by negative investment returns and higher cat losses. During the 9 months ended of 2023, core underwriting results improved as we delivered underwriting profits of $213 million, which benefited from $102 million of reserve redundancy linked to the LPT transaction.
Excluding the release linked to the LPT, underwriting profits were $111 million with a combined ratio of 93.5. Our portfolio actions are having an impact, given cat losses for the core business were down to $14 million year-to-date compared to $138 million in the same period of the prior year. More detail on our cat losses is available on Slide 7. Gross premiums written for the core business increased 3%, driven by reinsurance, which was down $202 million and partially offset by insurance and services, which increased $129 billion. The decline in reinsurance premiums was a result of the already announced portfolio restructuring actions we have taken in the International Property segment. Capital light net services fee income increased by 11% at $38 million versus $34 million last year, while service revenues are up 7% versus last year, and margins are up to 21%.
Total investment result was strong at $208 million and driven by $205 million of net investment income, while unrealized and realized gains including related party were $2 million and significantly better than the $436 million this period last year. Investment results have benefited from higher yields, and we raised our full year net investment income guidance to $250 million to $260 million versus $220 million to $240 million previously communicated. Net corporate and other expenses were down to $194 million for the nine months, a $27 million improvement versus the prior year. We had two moving parts here. One, we moved $29 million of expenses above the line within our core underwriting results, which supported an improvement. But on the other hand, we had $32 million of one-off expenses in relation to restructuring costs and transaction costs.
Transaction costs of $8 million were in relation to the 13-D process and the loss portfolio transfer. Restructuring costs are $24 million for the nine-month period and we expect an additional $1 million of restructuring costs to come during the fourth quarter. Other notable items during the period include a $44 million negative impact from mark-to-market on liability classified capital instruments. Moving to Slide 11, I will talk briefly about the third quarter financials. Overall, it was a positive quarter with regards to the underwriting result, as we delivered our first ever positive underwriting results in Q3 since the group was formed. Our underwriting profits were $43 million with the accident year combined ratio at 94.8% and an improvement of 19 points year-over-year and supported by lower cat losses at 1.2 percentage points.
Most premiums written decreased 14% versus last year for the core business and were impacted by lower premiums in both segments. Insurance and services premiums were down $65 million while reinsurance premiums fell by $53 million compared to the third quarter last year. Net income of $58 million was an improvement versus the $98 million loss during the prior year quarter and was supported by positive earnings from underwriting, investment income and MGA fee income. This quarter included $5 million of restructuring charges and $9 million related to the interest on funds withheld related to the loss portfolio transfer. Overall, all three sources of earnings were higher than the prior year. Diluted book value per share at $12.11 was broadly unchanged during the quarter and impacted by mark-to-market movements on fixed income securities, adjusting for AOCI, shareholders’ equity grew 3%.
