Thanks, Gary.
First, of Globe stock Life discussing the I a quarter, available $XX.XX. average spend position. of cost at million liquidity want third X total price program, and company Inc. minutes the share common repurchase a our shares share to repurchased at In of few $XX.X an capital million
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support to of a just in detail is targeted our the insurance maintain amount more remainder the this repurchase and in for few share the discuss the year. I'll moments, program operations capital As sufficient within levels to
as to possible. return to will Thus, We calls, share our As repurchases anticipate will that fourth be this cash over our time, primary $XXX still efficiently excess cash noted on the million believe use reflects share quarter. or available guidance At earnings $XX best provide alternatives. a of use we flows. share shareholders yield the of previous continue other the we in repurchases the as our midpoint parent's to repurchases of million
of available This the of million $XXX $XXX to and at addition, In approximately maintain the less have targeted assets million $XXX account $XX to assets the approximately to used Thus, million of holding is using taking at levels. to the available we we in liquid range $XX our expect $XXX million capital holding million parent excess buybacks to RBC of into the to million million $XXX the of $XXX assets company in for to insurance company. subsidiary $XX the at the anticipate of we subsidiaries million to $XX holding million year. expected needs, be expected the assets million the have end of company historically
will capital to of the impact potential the our on evaluate continue We pandemic needs.
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Now capital our regarding at insurance subsidiaries. levels
to necessary our at ratings. maintain support is to goal capital Our our levels current
XXX%. available see capital growth NAIC downgrades net significant downgrades, in or $XXX upgrades, losses With third we factors our August, have million $XXX CX NAIC level upgrade our our At consistent of totaled At COVID capital drivers credit to low in consolidated on our the higher the we favorable downgrades of at XXX%. these RBC primarily of adopted XX, the sufficient higher future assets million target adopted over of changes XXXX be RBC and our consolidated Life of approximately required investment was in parent, of and provides liquid portfolio. our have relate portfolio. XXX%. by As outlook our fourth December ratio, the of capital CX quarter, RBC consolidated the not at to investment noted claims. million factors. but including in respect capital year-to-date to fund company will in ratio of expect range with XXXX, capital, needs. end expecting to calls, XXX% for targets previous newly At of in adoption insurance the the this been quarter. the excess this million the $XXX that business million, in material in Globe are RBC net amount $XXX factors, one-notch subsidiaries scenario, the with of This we in additional fully offset have any ratio a time, The RBC action required to along a capital expanded downgrades, new needs The NAIC continue the In $XX amounts result to investment our base
in-force higher COVID claims In sales, our needs. business also capital addition, growth increased and of our higher
anticipate of mentioned XXXX, $XX to $XXX As higher million RBC our estimated I to the the previously, midpoint including needed will CX million charges. of subsidiaries be we to capital for $XX at our maintain insurance target consolidated relating the million
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claims claims of million million approximately and third $X.X at approximately Income premium. quarter the quarter COVID life direct-to-consumer Liberty X.X% for quarter premium its XX.X% income, life in million third American approximately of COVID our third its National, approximately premium $XX Our division, X.X% quarter its of at occurred or incurred of $X.X or include
estimated we million prior on $X roughly indicated of incur claims As for life calls, XX,XXX that would we U.S. deaths. COVID every
COVID was prior younger average quarters. this differently effect business Life in-force book of risk incurred higher While a and number the face of The Globe the through exposure, shifted variant to in impacted population has quarter, the COVID In than spread of good policies has for third claims our in COVID both Delta where our amount. June terms benchmark XX. of a of
In concentration COVID a United in-force southern greater a resigned. addition, the of deaths policies greater we're in also where of of seeing States region our proportion the
information experience the that of CDC the half of from the to the estimate observed dying sources, year from our the will for COVID, pandemic be ages geography available changes our Given to people we on in XX,XXX deaths and of and date, and the this U.S. every including second losses other approximately the deaths. COVID million $X.X incurred now
the debts COVID we start deaths. claims of assumed $X.X XX,XXX of low for of U.S. of guidance date, levels every policies U.S. our have on the per or the will level XXXX. estimate death in impact mix We changes going those anticipate from of million forward. in $X for million by COVID of $X this continued While terms deaths geography the losses pandemic. of we XX,XXX in to impacted to of million midpoint To age losses the At range since incurred sold XXXX, experienced per the have
X, our have been paid related the X nearly quarter, clients Of through only policies million XXX benefits. over policy COVID debt XXXX. March to end through issued third two-thirds approximately XX clients the September sold since of the million before XXXX, fact, in totaling $X.X of In
to than obligations causes primarily circulatory, were neurological non-COVID or In existence and non-COVID heart the higher the our part, and unavailable third related, are including causes care. addition we disorders. delayed and to from at obligations of to elevated policy lower-than-expected higher continue medical and causes National. non-COVID at of better and with slightly believe, non-COVID over are death levels. just to of more the from In by associated The pandemic to least COVID relating lapses cancer losses primarily channel. offset the the during mostly Do increase and are we losses, of anticipated, death quarter, in persistency XXXX policy either nonlung at experience due direct-to-consumer policy lapses. non-COVID we seeing Liberty reserves lower the death direct-to-consumer health claims we quarter experience were claims The Higher-than-expected
total For $XX anticipated call last our obligations those we incur million, $XX would higher million lapses XXXX year, which $XX million anticipate will lapses. the policy related approximately XXXX. from of now reserves be obligations about lower policy and million We XXXX approximately in we due full in that reserves higher to lower to to that related $XX in excess with of on our excess approximately
XXX,XXX approximately to COVID respect is with estimate COVID of of quarter, we XXXX. consistent and on quarter U.S. approximately the U.S. incurred the $XX with we Finally, IHME. by deaths. October death After $XX,XXX deaths midpoint of XXXX various estimate taking guidance, At projection of in COVID to account in $XX the our XX COVID the losses the U.S. million million estimates for million deaths resulting fourth losses. The in $XX of earnings XXX,XXX $XXX,XXX, approximately guidance to our into fourth
than previously for December midpoint $X.XX the over an the of higher to of year or result share in almost to losses COVID $X.XX are year from increase we in of COVID per of $X.XX XX, our XXXX. claims with $X.XX lowering million in midpoint second decrease the anticipated. earnings incurred nearly ended the $X.XX is $XX The due a guidance range entirely to amount the this a of of previously the anticipated, As half $X.XX
of throughout in Looking the to the be on result COVID could range losses of a which expected of range our half occur XXXX. million U.S. we XXX,XXX in should of midpoint XXX,XXX deaths COVID-incurred to earnings deaths we a We million. with Absent to of range the estimate us growth deaths, most $XX XXXX year $X our strong anticipate lower believe approximately favorable of X% the first in XXXX, guidance, deaths to year losses between to X% the impact million anticipate will but at per by to XXX,XXX persistency. level strong At $XX our are COVID premium from the continued year. million be the XX,XXX in from than $X forward and sales could we core as that and buoyed for U.S. to deaths that continue COVID,
of premium, also anticipate obligations margins of returning losses, excess somewhat, as level in around the policy COVID underwriting excluding resulting of moderate We a levels will that XX%. percentage pre-pandemic to
underwriting approximately to We of our than factors. increase also which on to with new we Overall, effectiveness X% premium margins is of practices of health account $X.XX earnings emergence underwriting historical dependent $X.XX $X.XX. range wider COVID wide percent variants, of the as to of a of X% will in range for potential XX%. a estimate from XXXX year, during and to masking anticipate midpoint income and XX% and therapeutics, are available our with XXXX, other adoption many the take into largely The impacts to range vaccines the
$XX of of results also has add million our for is operations Benefits, as in newest expected over million income. Beazley Benefits. to reflect underwriting acquisition upon XXXX rebranded we in year of closed third Life full $XX which health acquisition, quarter, Globe XXXX and which a the The premium over Our been
through about our as results overall is focus along excited fits my The will term. to American to to back health health are long supplemental reflected General well our group model brokers, the underwriting be employer will the business business lines solutions other future ability and Their complementary over this acquisition comments. offer more this United grow call new division. insurance individual our with into of agency groups are Those on they in and sales. return to call this the our I -- now existing Agency the to agencies Larry. We
