morning, you, Ellen, and Thank everyone. good
results priorities our and broad-based highlighting our improvements driven all across disciplined Our momentum demonstrate third positive businesses, quarter by execution. the strategic
I'm While across X may quarter, businesses we areas experienced saw our on this this we are focus morning. occur results. X we simultaneously overall, not to always going with the all progress strength pleased in continued like
review of of and our assumptions. annual financials recap third reserve including our level review I'll our quarter segment a First, results,
I'll Second, review And capital. I'll third, our portfolio. investment on touch
of So $XXX $X.XX reported to quarter. or million $X earnings of let's start share. a by the common This increased includes assumption million or This share. impact per operating this which income adjusted year's recap $X.XX third available we review, morning, per the stockholders with quarter from
the amount was this or alternative basis, above an $X.XX annualized an portfolio return share. Additionally, after-tax XX% quarter our $X return investments or target in delivered million. million On per $XXX our
a reported factors. diluted the net available We Turning predominantly to driven share. quarter. difference income stockholders income The loss to adjusted net or operating million $XXX and X loss by per common $X.XX for the of was between net
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I on review briefly our of assumptions. to to touch results, want annual the impacts turning our Before of reserve segment
of impact which $X benefited Annuities our $X from in noted earlier, equally which million. majority business to by net was million we the benefits this As our stemmed in an the quarter minimal, were of operating small In small earnings made business, impacts million. the group $X of income. life favorably I in operating business, $X review offset negative million, had adjusted resulting from benefit benefit an a The our updates by
impacts relates are it issued highlight this be The is GL segment both prior that year policyholder annual to the in review our As and of results assumptions, our important assumptions continue line expectations. behavior assumption release our period to our morning. our in with detailed in earnings mortality experience life on to it and
start had quarter. now which group, a record third with Let's
the income quarter in operating X.X% the considerable Excluding factors, driven the not quarter I third margin want color and improvement results, group the $XX was growth. on our drivers million compared of impact assumption provide and a our to reported improvement of the review, million and earnings the given margin X.X%. in of several in supporting prior to but $XXX by a only year-to-date, year-over-year also additional The of year
focus strategic pricing This business come. supportive operational will results actions our discipline led in the business. our quarters within diversifying our core our earnings our business, First, in in disability book to the continue strong of of the on of be to has improvements to and execution
mortality Second, we any results volatility strong results expect favorable removed in there while disability. to pandemic. within trends. we quarter, macro experience in the from from supporting And the continue be mortality benefits persisted overall, the to improving become that persist as the we backdrop further some given And third, trend can
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percentage claimants. more by return year LTD results to incidents to XX%, XX%, favorable group claim percentage excluding loss The to by than disability prior impacts The the low group severity. strong was line longer-term benefited loss for was turning work remains and loss X and life X assumption in loss outcomes the the annual approximately the expectations review. offset improving lower The enabling volatility our favorable quarter, from ratio for ratio ratio driven product group elevated relative Now which improvement points life our quarter. ratio The of versus was year-over-year. recoveries, slightly incidents, a positive point
margin disability in expansion macro look our and As from against the our decline deliver over basis expansion consistent expect fourth to of we points XXX within to are a positioned with the trends, sequential with improvement strategy favorable year-over-year. continue our we seasonal historical benefits quarter, results result. focused our over the XXXX but execution headwinds margin drive we earnings their to tailwinds, Overall,
our As year priority come. and our remains focus encouraging larger group or are this a we become quarters reflect and look expanding our of beyond X% the results a business, part profitable XXXX, while to the above sustaining on to more at margin in overall
Now to turning annuities.
impact of compared half review, improvement, higher income and The resulting quarter, prior continued reported by of quarter. in to operating million the $XXX reduced $XXX set this of experienced balances, assumption the Excluding of first year income the increased year-over-year a strength driven Annuities the account year in in including we million spread expenses. the broad factors,
more account prior impact nearly percentage to account billion, were balances X first the total XX% account account balances for balances. Turning surpassed as of year quarter. Ending $XXX RILA totaled equity of quarter prior up year a XX% offset the increase time markets the versus and the outflows. higher points than balances versus
strategy RILA a part total and will overall capital-efficient continue strategies, we become continue grow business As larger optimize to of investment mix. as leverage to our fixed spread products our our earnings and
and improving higher reflect Our balances account annuities spread of the income. quarter benefits this results
and While we've experiencing outweigh the annuities charges by the financing the of first been underlying in to business. we fundamentals be the overall expect the X continue the to supported reinsurance elevated quarters of tailwinds seasonally fourth higher quarter strong will through year, expenses
the outflows Now elevated turning reported stable over value prior in to operating from Retirement environment. by million XX Plan participant to income by were $XX last markets quarter $XX higher equity Services, of rate driven as offset higher year driven million months, tailwinds which compared the the interest
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were Net that in participant to for sales Turning improvement flows in quarter. Ellen were the $XXX addition noted, million, flows net the which by stable an activity. supported strong value to
look important While quarter moderating as quarter, lumpy stable providers. is can during be outflows we of the and net to level it remember fourth pleased the levels sales overall are inflows we typically plans of change that terminations with the as value and ahead,
known will be timing terminations, fourth a the result, challenging for we the quarter. of flows by impacted net positive flows net that anticipate As plan
year-over-year Now turning XX% balances. were prior year balances a of the account account end-of-period balances business XX% nearly earnings Overall, headwinds trend pressured the versus the for direction and Average in the account that up year $XXX positive to quarter continue billion, dissipate. increased quarter. as number a to the last over
overall, supportive be headwind fourth a sales balances, be will slight the spreads increased quarter, earnings. to continue look account towards and on of While ongoing will we our focus retirement higher expenses as
$XX Life The impacts million prior Fortitude quarter, of quarter. in slightly million by reported transaction elevated in income Life income we lower to primarily excluding claims of quarter, mortality number the $XX increase on was operating $XX of Insurance. large slightly year universal expenses. income impacts and Lastly, offset due compared in results million in mortality partially the review the prior severity of our periods Expanding and rate the life were experienced to the small turning run mortality in assumption year the significant elevated in to operating investment items above-target products. both and a type for quarter alternative of from Re an
in improvements $XX an time, leverage G&A over reductions the operating focus Our Net our expenses down on in to for see base with line highlight quarter. the quarter million term and continue the expense were in opportunity experience The Life expectations. increase the prior further we versus targeted ongoing was expense to business. year
towards by quarter, mortality have this elevated number driven occurred that claims large expect currently look we we fourth a of small As month. the
type of the of this pressure volatility create range could on long-term expectations. this results, our is life While quarter-over-quarter within
by first the in to continued favorably touch now took broad-based actions on we Expenses relative organizational prior year, expenses. half to trend reducing the me the driven briefly on complexity. of year focused the Let company-wide
slightly Although the quarter, expenses the seasonal streamlining growth to we the base. previous sequential in to during items compared also expense that throughout resulted contribute quarter to the typically actions further expense year higher took continue
expense reduce have cash centered identifying our free This actionable to ongoing were on our base, quarter, flow. expenses opportunities been ongoing with efforts where specific misaligned particularly
we a will from materialize we third XXXX, in begin expenses. have the quarter, the fourth benefits will in to the in quarter the While seasonal increase actions in took
will alignment businesses efficiency that with expense seek management and focus on targeted investments opportunities our Our reductions continue be as we to earnings as dictate. as in our both will for manifest
sale with our the the We and continues has Shifting year The above the the by improved position to expectations an priority this leverage been estimated tracking as capital. growth. basis ratio sequentially, our quarter above strengthen. driven the by RBC ended of XX cash flow, to organic XXX%, ratio driven such remains equity wealth execution organization. Delevering as capital strategic points, RBC management improvement And a business. strategic of initiatives, for ratio free
the affiliate Lastly, this initial as on reinsurance. new our centered last an announced around the business phase affiliate We XXXX. we in [ Bermuda, to towards increased establishing flow track reinsurer we continue creation capacity quarter, of reinsurance ] remain in achieve work with Alpine, of support to starting flow
incremental where value solid The well-diversified platform private while with by asset asset the increased products. remained and optimization an a to our shift a high-quality investment-grade to to premiums. continue continue Starting liquid and structured Now maintaining multi-manager our quality to portfolio focus yields structured account high-quality toward continue efforts, grade. we drive leverage assets portfolio, update and to mix driven source moving capitalizing on targeted to on in general was investments. investment class our less we we Overall organization, XX% high as at performance on assets
with experienced bonds declines market the new points the a invested rates yield our improvement comparably at money we quarter. above basis during X.X% money XXX despite result, a yield new during on interest in public approximately year-over-year yield, As the in quarter, rated
to While of an spread. new our interest strategy our execution increased level generate the prevailing of incremental overall will rate the will environment optimization yield, continue influence money
The headwinds X% the remains conservatively office to loan-to-value assets. in portfolio and portfolio Turning assets, total debt commercial brief of broader quality invested XX% our only of loan sector, with a total and the representing represents perspective. update portfolio. positioned remains on a high office near-term Despite invested from mortgage service office coverage
quarterly be can our found Additional in earnings supplement. information
of this alternative return investments generated our expectation Lastly, a of our above quarterly X.X%. quarter, X.X% quarterly
Our returns from quarter contributions during the positive with all broad-based asset were underlying categories.
to X reiterate In points. closing, I want
our strong our quarter underlying towards results strategic and by momentum supported this objectives. sustained continued strong fundamentals progress First, reflect
far, are Second, cash our flow continue strengthen, I've XXXX capital balance tracking we position to maintain made we our pleased broader longer-term flow third, we to free with remains objectives execute as the we've unchanged And grow quarters, said to strong focus supported by our towards improve recent the remain our in continues while target. cash a progress against thus outlook free sheet, our as strategic franchise. generation, well and and
With me to call turn that, back over the let Tina.
