AerCap Holdings N.V., the world’s largest aircraft leasing company, announced its best-ever financial performance for the fourth quarter and full year of 2023 on Friday.

The company’s CEO, Aengus Kelly, attributed the record results to the strong demand for aircraft, engines and helicopters, as well as the recovery of $1.3 billion in insurance settlements during the year.

AerCap also returned $2.6 billion to its shareholders through share buybacks and completed a secondary offering that saw GE exit its stake in the company.

The company’s return on equity was 27% and its book value per share increased by 25% in 2023. It also achieved an unlevered gain on sale margin of 18% for the assets it sold in the fourth quarter.

Kelly expressed confidence in the outlook for 2024 and beyond, citing the positive tailwinds for the aviation leasing industry.