John C. R. Hele
underwriting margins, good business quarter and spreads, results, cash Steve, you, with a Thank comments conclude expenses, of cover insurance and investment then I'll third will some our morning. our I including capital. discussion highlights. on and Today,
we walk In schedule earnings as Slides of quarterly Supplemental of to XQXX The labeled addition a presentation. segment. provide a release separation-related my in income as I later net our to operating from included to last and operating released well supplement, evening were earnings, that will our Financial quarter. disclosure separate previously these a as in speak the losses slides results Brighthouse financial
up $X.X as the quarter per billion, quarter the current as operations. share. Operating were reclassified well to been the have periods, For Financial prior $X.XX earnings date, Brighthouse separation in discontinued or results to third
notable negative news release quarterly financial million that four included quarter This in our we totaled supplement. highlighted and $XX which items,
(sic) and third the mortality, to million other lower First, and closed key impacts and by actuarial updates in or Mexico the share. in positive completed assumptions, quarter insurance block worksite $X.XX The products per adjustments [U.S. tax, earnings projection, for $XXX maintenance increased were drivers review expense after all Life] U.S. operating persistency higher favorable assumption marketing.
that favorable releases loss other products margins, refinements and for annuities. recognition the review reserves. labs positive The so need non-operating We've mainly in resulted care driven on resulted variable was by for long-term care. addition, to reserve changes in of million, assumption strengthen and long-term no a GMIB life negative portion testing assumptions in In completed $XX
associated million post-separation share. a announced previously $XXX operations. the taxes non-cash dividends our of This Second, to foreign certain the $X.XX needs. approximately benefit billion included $X from future discrete repatriation This to totaled following partially charge $XXX tax related capital from our by offset higher resulting or after-tax, million of review per tax was with of items due cash
associated guidance. with line favorable addition, quarter with roughly to taxes the (sic) were [XXXX] Adjusting the settlements in for tax partially was In by related these company's higher financing XXXX offset items, effective of in Provida. the audit internal in quarter the rate XX.X%, acquisition
which earnings Irma, earnings operating or by cost to Third, after-tax, and our losses, operating million earnings related basis, initiative experience XXXX $XX above XX% operating expenses a of and and and budget XQ after-tax, share. earnings Harvey million after-tax, fourth, development Cat per $XX on down $X.XX the after-tax. periods, basis. plan XX%, were in XX% decreased were share by $XX unit reported $X.XX currency basis. above operating $XX per And constant Adjusting prior-year to constant and share. million year-over-year $X.XX, currency both due all $XX per million both on decreased notable or for cat hurricanes were pre-tax was million a On primarily items catastrophe down
of primarily Turning The separation of on to loss of or Brighthouse We $XX net billion million, loss to $X.XX lower to operating spin-off loss was quarter billion earnings, results. the net our had loss $X.X $X.X at line the bottom third share. per X. Financial related August a due a of than
derivative were due the of British dollar. against after-tax the weakening million, $XXX the addition, primarily of U.S. In losses pound, net Canadian and dollar euro, the
program Our the as hedging refreshed performed intended quarter. in
cost the items, to Holdings be Life slide For claim fair other further is after The this below adjusting group U.S., XX% annual The of operating put, accounting claims earnings, key the was benefit and which reflects the non-medical be to range incidents about XX.X% than the book realized total was question favorable down quarter. and XX.X% items of interest $XXX severity. lower refer experience in value approximately elements in post-separation, XXXX group after that Favorable to favorable results due for of loss this end earlier. products of Book in X. reflect quarter results XX.X%, Financial. more to separation Page range claims the between our $X.X value in balances the in XX% notable X of of loss MetLife, as were adjusting third guidance of MetLife DAC separation MetLife XX% billion mortality in dental respect supplemental annual of billion around primarily and determined offset. lower intercompany supplemental to was versus sequential discussed than ratio billion to $X.X The both the higher $XX.XX post-separation. prior-year quarter favorable of on benefit cost estimate. the lower was the annual and and XX% reflected separation. at attributable operating in XX.X%, and Upon disclosure low interest-adjusted other XX% excluding by off prior-year billion the carrying net X-K range suggests review and health the to income This ratio America, of Simply a The in ratio to the result AOCI The our subject the Mexico. therefore $X.X Overall, share at XX, prior the primarily well share, mostly not to slides Brighthouse the retained XX.X%, for target at value. of group please DAC August relates initial million September was interpretation to was acquisition The the approximately XX.X% previous as interest-adjusted the primarily versus the the earnings Latin per to to written-off company's mortality to primarily spinoff was of Brighthouse XX%. by investment for largely to for the favorable balances advisors, the life company's by to quarter prior-year was cost periods. reflects target targeted difference and net XX.X% as life of details due Financial. page The items deferred in With X quarter, underwriting and per to in XX%. quarter adjusting notable filed written be certain FCTA, the company reflected XX%. balances. $X.XX dental. were driven underwriting were notable charge balance This quarter items due $X.X below of Brighthouse difference of margins, after
lower the Turning in in the our basis was weighted points VII, XXX QFS quarter of adjusting margins, down due XX $X.XX investment year-over-year. most points operating the the product basis after basis presented the average notable were related $XXX to investment the Pre-tax margins risk in quarterly by income, weak this or basis year-over-year by million quarter, guidance Overall, three The expense The variable year-over-year. was spreads million. for of XX for Product per XX operating quarter, approximately to million yields cost core ratio decline. and equity VII, basis points transfer was performance spreads, share. item expense Strong investment accounted pension to points initiative. our XXXX EPS this improvement the range in XX.X% excluding ratio $XXX Lower private down quarter, offset within reduced of unit the points to sales. current largely $XXX XXX prepayments. was was strong in
will Benefits was Group in Excluding a higher $XXX negatively points catch-up, notable EPS expense of to primary XX% dental prior-year was employee health items the sales, primarily strong billion, to transfer quarter. prior both or May. year-over-year. Latin due The Asia. to PRT reported related margins group large Overall, operating year-over-year. benefits as were pension the discuss contract favorable in for as ratio now of $X.X Group earnings higher $X.XX non-medical quarter. PFOs risk life decline periods, This XXX in and expenses the impacted America well were Benefits operating PFO in I basis contributed was up year operating unfavorable sales, and growth the in to and by underwriting. expense highlights X% growth drivers quarter. million, the the loss of adjusting business up XX%, less
drivers impact, Sales levels, as X% winning PFO persistency We've are sales was a are favorable, growth at sales up by growth markets, operating and midsize expectations. and down items. primary to $XXX across X% market were spread year-over-year, lower up XX% also fueled all markets. and momentum. good underwriting. were near small large its Excluding be and in all and seen favorable employer in in RIS, RIS with large notable Solutions, growth range XX%, pension were quarter. year-to-date, our $X.X of activity investment case of XX% margins, line The to million, earnings strong compression and continued X%. and XX% Retirement four by or driven record driven reported XXXX, sales Income our more billion, by continued in with voluntary has continue our sales Group and operating risk guidance within seen transfer less Benefits products the PFOs excluding we
pipeline good all see We continue to a structures. and of sizes PRT
with Our approach will continue of capital. to balance efficient an use growth
auto up Excluding $XX were quarter. were notable or due driven up a cat P&C, large in benefit XX%, periods, & down earnings non-cat Property the post-retirement Casualty, to million, both operating items PRT to for losses. higher were earnings operating RIS Adjusting primarily sales, year-over-year XX%, case in PFOs results. by due XX%
cats year XX.X%. development, Our and ratio, year P&C combined of better XX.X%, was than the prior prior quarter excluding
X%. year in auto the prior X%, development results increases ratio of year XX.X%, we over management below months X% cats which future. pressured from in growth been XX have Auto benefited and the up were in excluding operating were the that results, value. industry increases to near has quarter. expect targeted in are and to price XX.X% in combined take last underlying and line and rate to P&C continue see top prior of We a posted from improvement short-term increases create PFOs actions year-over-year, sales our the the line rate up P&C well million, $XXX with
basis X% growth was rate. were on Asia, adjusting year-over-year Volume a down operating higher to a million, both for quarters. constant Turning Japan offset after currency earnings X% notable in and items by $XXX tax
a but up joint proportion were region. Asia down ventures currency of of a billion, in X% $X.X constant PFOs share X%, on basis, operating operating including the
traction life sales currency up were were on total launched sales life management the actions to down XX%, up down of S, Asia in sales for XX%. S markets. currency sales constant successful. medical quarter. refreshed Gold X% were Japan Flexi and and foreign which Flexi X% X%, FX were proven in in as basis, In July. in Accident accounted sales in were down whole health targeted we're a but reflecting improve XX% life to were while sales this Japan, FX sales has good value Japan products, our life shift life Yen seeing
the quarter. continued continue $XXX in large both up XX% to operating low on sales America China, of XXXX. up earnings expect currency illness Health. driven in notable a growth momentum adjusting to constant margin due the growth. and basis. heading of $XXX and the X% nonrenewal growth up after We Emerging quarter contract strong in PFOs whole fourth sales critical Latin on reflects a to were in gain agency second group of key from into XX% A&H were and drivers underwriting momentum market favorable X% life were million, the Your currency America up This its which by and was items The Asia new a XX% constant volume growth quarters. million, Latin for reported operating basis XX%, Safeguarding product,
by a year-over-year The strong currency was operating basis, volume million, offset on for operating nonrecurring several totaled growth XX% in were part up constant region nonrecurring up basis, margin X% EMEA earnings Mexico. currency to Excluding a in and items, $XX were $XX items a the in underwriting. by this and basis, Western on growth on for expense favorable after Gulf. driven decline and X% adjusting year-over-year in in by up favorable were which currency the offset large on in on a sales a currency Europe both Adjusting constant down notable EMEA basis currency Turkey, for nonrenewal, both favorable items constant operating less growth, due growth EMEA's region. and and PFOs driven quarters. million, by group PFOs constant driven X% partially by driven XXXX, basis, million. Total reported XQ partially up medical across notable the were $XXX X% earnings X% by were constant
driven equity Excluding payment the actuarial the by and $X.X employee compared and Cash true-up at up due Gulf Adjusting strong the impact changes billion, business, is currency adjusting were Corporate in a was separation-related due on for which from of XX% $X.X after incremental XX. & $X.X of prior and XX, cash in were third were drivers in loss I the EMEA periods, The guidance. increase million the Turkey. to sales growth capital effective company's XXXX. approximately $X.X billion on and $X items up position. underwriting update companies dividends The assumption at including offset the liquid to PFOs billion in cash of September holding tax billion key quarter June the and of basis line year by subsidiary cash our quarter HoldCo the guidance. were in operating in of $X.X will rate. at currency billion, assets PFOs the reflects $X.X spinoff, items taxes operating market now constant both dividend, billion to primarily reported the as expenses. both XX% of loss favorable impacts in both the X% of year-over-year higher of company basis, constant performance. prior to Total Financial was with and holding discuss X% down to as investment of operating strong MetLife operating million, Brighthouse $XXX with XX% an notable in $XX and $XXX million Circle of Holdings but in Other reported line to mostly earnings up the partially acquisition operating lower operating variance $XXX periods. year-over-year, for earnings well previous in were common notable Logan The runoff periods, compared in benefits earnings and million Partners, from share remittance down our million Holding's repurchases, MetLife quarter. up margins, the
would capital I an to provide our like position. with Next, update on you
third of company. paid to approximately largely Japan XX. good MetLife is Margin were September had the essentially dividends growth. volume the by prior year-to-date our Net earnings the were earnings from latest unchanged to increased third highlighted that Statutory $XX data. December billion total year, favorable as primarily offset offset investment income earnings earnings U.S. were which $XXX June approximately was was $X.X The For statutory billion. holding of approximately XX, as We million lower operating companies, favorable $X.X statutory adjusted U.S. XX, in higher mostly a Solvency by quarter underwriting preliminary public and quarter Ratio by due billion XXXX, net net taxes. estimate Overall, XXX% by underwriting operating and and our from capital
create position to their free time will of always the turn it In strong need. are drive strategy I will shareholders, addition, actions our and allow capital cash we to value our customers be our taking remain operator us and our implement sustainable back long-term and remains that we cash in confident your that, with And the questions. for to there and to with flow
