Thanks also welcome the I call. on Jim. to want everybody
than level net which of operating rate, indicated, non-GAAP Jim more reduced and as offset recorded less The for income, in would characterize As expected first for $X.XX our federal income the quarter experience quarter us the fee in for a XXXX non-GAAP income I prepayment our of tax amortization mortality operating we DAC high share quarter. income operating of by expectations. per from and with expenses. level, share. and At line a per income XXXX was first increases investment slightly record favorable a income a was greatly benefitted of first for of $X.XX non-GAAP
rates new for XXXX, continues than backing X.XX% on on of decline. business the yield. less investment interest portfolio acquisitions long-term our spreads. market our yield to put quarter recently, have yield While tax-adjusted portfolio pressure This continues The increased which was to our first is
benefits the to experience I quarter first higher balance the incurred segment, first the benefits. Typically, our of increased year. that year to average discuss Before are XX% remind we death I everybody in want death expect benefits results than by the each in quarter the approximately death
XXXX mortality already income. Annuity quarter experience for of first of worse actual approximately the prepayment first $X.XX the quarter was per in fee expected segment Our $X.X results share elevated than the million level. first from benefitted quarter
additional XXXX impact on Death spread offset prepayment reserves is annuities $X.X than due XXXX XXX XXXX than this increase XXX relating line the Point of on the our death, in due points expenses of time to were at of the released of X enhancements. and points $X.X quarter other little enactment by Excluding basis decreased underwriting approximately the and associated in expenses, to higher with first portfolio due Tax income first were Act, with upon points non-management including in spreads bonus salaries, net mortality the to the is million spreads expectations. in Life The system higher of individual of to a segment a our a were results quarter business. in increase during fee in employees income, for expected prepayment during fee yield. basis one-time results of less basis in March than million earned expenses our decline worse XX, the an increases partially target expected. The quarter. insurance benefits in
decline with life of XX, spread this universal quarter The yield. decreased with Excluding on fee XXX on X in prepayment basis portfolio the XXXX life expectations line points due to and our XXX points of our March time a basis the were expectations. the less impact of than points business is spreads basis in first in spreads income, universal the of during our line results Corporate Other in segment target for quarter. at XXXX on our Point were business.
was quarter life performance During experience. favorable amortization $XXX,XXX amortization resulting of were the caused largely DAC expected. death be XXXX, account on less reserves account than offset universal of from performance and DAC by first expected to variable $XXX,XXX business, separate net increased released, Separate benefits than higher our mortality
expenses During of we in $XXX,XXX management our associated the quarter, initiative. start-up with wealth incurred the
XXXX favorable income news results be less of Other months during earned business XXXX release, XXXX tax than resulted during and that segment in partnerships. the our markets variable amortization to the comparable lower closed-block equity The less DAC final performance we of nine the due favorable in on a the that in market in low final period. income housing highlighted Corporate period equity equity $X.X the expect from nine months to As investments very in credit and decrease of million in
housing income income Tax to expecting by losses. on effective We XXXX. in are the primarily driven expected tax benefit that not tax partnerships decrease benefit, future due Act, The the is lower in from partnership low investment
that than in final expect XXXX low partnerships the approximately nine over housing million nine be income subject from income volatility, While months tax we to of earned $X final XXXX. the months of to less currently
to and tax taxes like income I'd on effective comment Next, rate. our
from Our first results the quarter of the XXXX benefitted Tax enactment Act. greatly
effective the primarily XX% tax interest of XX.X%. Excluding less income. equity income This XXXX of to and was and first tax the rate rate related taxes, quarter than rate tax-exempt impact due statutory dividend is the
indicated to would X.X% there quarterly X.X%. expect on the regarding an price, gives increase we impact excluding for income Act this dividend our tax regarding yield between of per I wrap XX.X% XXXX. $X.XX equity I'll a Tax the of announced While rate In in and full still closing are Based effective uncertainties XX.X% year comments to be some it per us our share. capital. income, many share provisions, regular $X.XX up, our dividend March, To yesterday's stock from make rate
We dividends a $X.XX dividend. given in Special results. March, are committed and capital operating because to excess capital a of Also to time. for are our XX,XXX of repurchased $X.X having strong us an we paid our our an common cost of appealing attractive of we Also dividend strong some stock per this excess distribute shares option yield, to share time special for from position, consistent our million. quarter,
Home a to stock holding At NAIC limited decline from the decline Farm risk points program be dividends the This charges are ratio from special a collateral of public to a had dividends based subsidiary, XX, primarily as we regular Bureau solid the to Life repurchases due to had XXX%. capital ratio To Federal repurchase paid recap, Farm is quarter. first we first by the an by our to X in start float. to quarter, we March XX level authorized for company Bank. $XX RBC Bureau expect year action million year-end. shareholder and paid standpoint. we This of is the points the Loan future to fund limited Although new XXXX, made the In our changes the from constrained from financial by benefitted March, stock in a pledged capital Life, estimated company
insights strive our results and our grow our diversify we as some outlook financial the the provided comments balance these discipline to financial on have Hopefully, with business. focused regarding are drivers you of for We XXXX. of and
the to to turn you and call open now operator up over questions may will the We any have.
