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In 2024, the combined ratio benefited from more favorable development on prior accident year loss reserves compared to 2023, the impact of which was mostly offset by higher attritional losses including those on our intellectual property collateral protection insurance or CPI product line. Andrew Andersen -- Jefferies -- Analyst Thanks.
Higher spread and fee income was the result of continued strong sales and the benefit of higher interest rates and equity markets. Additionally, expenses were lower and include a reduction in legal reserves. Additionally, higher incentive and transaction fees resulted in an increase in other related revenues.
They’re talking about asset management firms, in which public pension funds often have investments, supporting shareholder proposals meant to achieve social justice or climate objectives yet of dubious financial value. Nor is it supported by the empirical evidence. They could simply carry on trying to maximize returns.
billion were up $808 million or 4% year on year, driven by compensation including revenue-related compensation and growth in employees, partially offset by lower legal expense. billion, up 9% year on year largely driven by fee growth on higher market levels and volumes. Asset and wealth management reported net income of $1.4
billion, or 8% year on year, primarily driven by higher compensation expense, including wage inflation and higher legal expense. Asset and wealth management reported a net income of 1.1 billion was up 8% year on year, driven by higher deposit margins on lower balances and higher managementfees on strong net inflows.
Some of the areas we exited included Retail Primary Casualty, Risk-managed Architects and Engineers, and Intellectual Property Collateral Protection lines. And then the last point to build off Tom's comment is that idea of the performance managementfees are just that. It's risks that are outside the U.S.
Our strategy of acquiring Bitcoin in a manner we believe to be accretive to shareholders, thereby achieving Bitcoin yield, sets us apart from institutional Bitcoin investment options that charge a managementfee, and we therefore achieve a negative Bitcoin yield as we measure it.
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