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On the institutional side, our continued leadership in pension risk transfer was reinforced through a second transaction with IBM, this time to reinsure $6 billion of pension liabilities. We also maintain a well-diversified, high-quality portfolio and disciplined approach to asset liabilitymanagement.
professional liability and general liability portfolios, where we took underwriting actions to improve profitability. Favorable development in the first nine months of 2024 was most notable within our international professional liability product lines. Our premium growth was driven by select U.S.
Professional Liability and General Liability portfolios. General Liability and Professional Liability product lines within our Insurance segment. Favorable development in the first quarter this year was most notable within our International Professional Liability and Marine and Energy product lines.
Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. Lastly, bitcoins purchased through excess cash from the software business are also held at MicroStrategy, the parent entity, and also collateralized our 2028 senior secured notes. The Motley Fool has a disclosure policy.
Our AA rating reflects our healthy capital position including more than $4 billion in highly liquid assets at the end of the second quarter, a high-quality well-diversified investment portfolio, and a disciplined approach to asset liabilitymanagement. And even with that, we continue to pay dividends out of our insurance subsidiaries.
Prismic will enhance our mutually reinforcing business system and drive future growth by leveraging our differentiated brands, global asset and liability origination capabilities, and multichannel distribution. We have cash and collateral balances that earn short-term yields. Turning to Slide 5. Results of our U.S. Sure, Ryan.
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. So, we had a reward liability adjustment this quarter, kind of a technical thing. billion, with pre-tax margin of 32%. Revenue of 4.6
As we look ahead, we are well positioned as a global leader at the intersection of asset management and insurance. Our insurance and retirement businesses, in turn, provide a source of growth for PGIM through affiliated net flows, as well as unique access to insurance liabilities. Moving to Slide 5.
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 actively monitor the capital markets and will continuously evaluate liabilitymanagement opportunities to manage our debt and interest expense, as well as opportunities to raise additional financings in the future. Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy.
We don't operate with a cross-collateralized balance sheet like depository institutions. And we have no insurance liabilities. We've always believed in extreme conservatism in managing our capital structure and the structure of our funds. Fee-related earnings increased 12% year over year to $1.1 billion or $0.94
And it does not take into account debt and other liabilities. 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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