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Our pre-tax adjusted operating income was $1.6 per share on an after-tax basis for the third quarter of 2024 and $9.98 PGIM, our global investment manager had higher asset managementfees, driven by favorable investment performance, contributions from the Deerpath Capital acquisition and market appreciation.
Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. The increase was primarily due to higher G&A expenses this quarter, which was specifically related to an increase in employer-paid payroll taxes in connection with employee stock option exercises in the first quarter.
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.
Our pre-tax adjusted operating income was $1.6 per share on an after-tax basis, up 10% from the year-ago quarter and 12.5% PGIM, our global investment manager, had higher asset managementfees driven by favorable investment performance, contributions from the Deerpath capital acquisition, and equity market appreciation.
Our pre-tax adjusted operating income was $5.5 Our GAAP net income for the quarter was $374 million higher than our after-tax AOI, primarily driven by net investment gains due to declining rates. PGIM, our global investment manager, had lower other related revenues driven by lower incentive fees and agency income, and higher expenses.
At the end of March, the fair value of our equity portfolio included cumulative pre-tax unrealized gains of $7 billion. Net unrealized investment losses and other comprehensive loss in the first quarter of 2024 were $123 million net of taxes compared to net unrealized investment gains of $164 million net of taxes in the same period last year.
Our pre-tax adjusted operating income was $1.4 per share, on an after-tax basis. These results reflect underlying business growth, including the benefits from a higher interest rate environment and favorable underwriting experience, partially offset by elevated expenses and lower variable investment and fee income.
In banking and wealth management, revenue was up 59% year on year, driven by higher NII on higher rates. End-of-period deposits were down 4% quarter on quarter as customers continue to spend down their cash buffers, including for seasonal tax payments, and seek higher-yielding products. billion, with pre-tax margin of 32%.
Asset and wealth management reported net income of $1.4 billion with pre-tax margin of 33%. Then to complete our lines of business, AWM on Page 6. For the quarter, revenue of $5.4 So the banks will have trillions of dollars of cash and unable to deploy to the repo markets.
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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