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Some of the areas we exited included Retail Primary Casualty, Risk-managed Architects and Engineers, and Intellectual Property Collateral Protection lines. And book value is a pretty darn good proxy for describing economic progress of insurance operation, a bank, a financialinstitution like that.
Asset and wealth management reported net income of $1.4 billion was up 9% year on year, driven by growth and managementfees on higher average market levels and strong net inflows, investment valuation gains, compared to losses in the prior year, and higher brokerage activity, partially offset by deposit margin compression.
We don't operate with a cross-collateralized balance sheet like depository institutions. The earning AUM rose 7% year over year to $731 billion, driving managementfees up 9% to a record $1.7 Notably, the second quarter marked the 54th consecutive quarter of year-over-year growth in base managementfees at Blackstone.
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