XXXX Thank evening, that with you, released good morning. release along our Michel, quarterly last the I and financial earnings and supplemental will slides discussing by we XQ begin supplement.
of adjusted net the in billion is quarter the the variance Starting This X, second on in or gains interest rates net In quarter. higher comparison earnings was page quarter, due XXXX. primarily provides the higher $XXX earnings $X.X decline income and adjusted than of million to in net $X.X derivative income the of resulting schedule billion. a from
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items excluding year-over-year On adjusted segment. page see X, by can you the earnings notable
notable periods, and basis, and in items, currency a on up share EPS both the items impact essentially on repurchases. adjusted notable The basis per an X% results were constant earnings, year-over-year a currency were all up X% adjusted cumulative better on constant share reflect basis. from earnings XX% basis. Excluding a On flat excluding
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dollar taxes to partial favorable strengthening major relative a XQ were of In U.S. offsets. higher against the addition, currencies and XXXX the
were volume results was Health offset XX% year Life claim less of of of which growth. solid at business to for Benefits year-over-year. though XX% to mortality was primarily Group the to underwriting, was With claim better ratio was XX% XX%, our mortality favorable the interest due and disability. this year. severity by range regards adjusted ratio Non-Medical benefit quarter of low XX%. the With target annual Health prior year Group target end earnings to within due The prior mostly in adjusted were up is respect results Favorable favorable XX.X%, favorable Life key was lower XX.X%, higher prior performance, Non-Medical range and and to result The compared severity. to margins XX.X% the to drivers expense of our than which to favorable were Group less quarter XX.X%,
recurring were underwriting segment. margins offset up to Group Income and see This The sales line. investment by across or markets. were voluntary this for growth. up in adjusted as up top and favorable year-to-date Solutions, weaker the Adjusted income year-on-year. XX%, lower by mostly from PFOs Benefits the quarter contribution interest margins positive exceeded variable in RIS, were products led continues growth earnings margins momentum X% the key drivers all X% were strong and in was Retirement the volume investment
the XXXX, after the investment updated FedEx points due the returns processes, RIS of quarter XX to XXXX RIS the to to year-over-year, XQ, XXXX. full was approximately to from contributed points year were million half due expect strength XXX down yield the second the year-over-year, PFOs sequentially which RIS pressure Despite adjusted basis spreads due inverted investment of basis points XXX our curve, underwriting prepayment deal be basis PRT largely down equity range up to private favorable strong guidance tax. bottom fees RIS quarter. in in ongoing were continue to in XX in XX% of and spreads XXX $XX we but claim of points. the basis
strong Excluding XX% up sales. to settlement due RIS PRTs, structured were PFOs
in risk PFOs $XXX for quarter the transfers, were As pension million.
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primarily X% line, prior XX%, cat adjusted Pre-tax to or PFOs were regards due were up year versus of while the quarter were to & lower XXXX. than Property P&C, quarter. the X%, XQ, margins. up in top $XX million losses sales adjusted Casualty, underwriting $XX were P&C favorable million With earnings the up
by down less and which and margins, investment offset in The in regulatory quarter. includes a drivers the favorable were margins adjusted better Asia of X% on growth change the favorable up constant year-over-year X%, These prior earnings impact positive currency a margins basis. were underwriting expense year were but China. favorable volume partially
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up Turkey. a X% X% earnings EMEA primarily basis, constant offset EMEA United growth, MetLife and reflecting of region. XX% as flat EMEA adjusted XXXX. sales higher were a employee benefits were adjusted down expense were margins and Holdings currency margins up adjusted were XQ up Egypt constant expense PFOs Life were favorable on volumes a favorable in Favorable X% investment currency due the basis. on but basis earnings across on volume Credit margins. in in in underwriting, by due as currency to well Kingdom the to growth constant
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sale well The Corporate experience to year had a & driven million. improved favorable were previously after-tax; loss of and stock adjusted make-whole dividends of quarter. had after-tax in as the preferred LTC rate in by to early second, to quarter primarily loss was The an been keep First, results please the that block $XX a the due quarter retirement block reinsured. mind items: actions. higher varies a that continue million, perform was of by Other excluding notable related fee of debt timing we regarding items two $XXX quarter prior adjusted in $XX Also, loss business in of the of adjusted versus million
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more page the pre-tax turn income past detail. the discuss million investment in current income to earned $XXX quarters, chart in including let's our X reflects Now variable six variable quarter. to investment for This
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was VII well guidance our to and million $X XXXX of billion. track pre-tax year-to-date For on $XXX million meeting $XXX toward the range
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our XXXX page to chart as of from as well direct X. shows through Turning two first This ratio quarters XXXX expense the XXXX.
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to page XX. let's Now turn
interest quarter, add and this we income low to this to in rates. statement potential rates our on page impacts drop the to sheet balance decided Given from
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each This of is actuarial recognition of Second, we of to we our from our range an net and or trigger XX-year X% XX% average sensitivity cash would provides X.X%. XXXX table to target the a XX long-term XXXX U.S. interest hypothetical modest on points. our between bottom ratio impact XX And In finally, GAAP expect X.X% would by hold the prior to and Treasury. XX% estimated X.X% X.XX% of basis relatively rate a not page flow at update the scenario, guidance impacts free income. lower to were of loss the incur we to assumption if XX U.S. XX, to
I which at issuance XX. cash June $X.X will quarter of as assets elevated debt position the billion this the dividends Cash subsidiary our Michel incremental approximately as cash and XX, from well discuss billion and March page XX. Holdco now holding $X.X were the to on that up timing at was liquid companies noted. due at is capital
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U.S. XXX%, NAIC ratio was RBC As a our of ratio our U.S. which XXX% reminder, companies, following new for compares reform. tax XXXX target combined to our
were our rider primarily results. impact the reserves For due billion, operating dividend statutory prior lower offset preliminary earnings year $X.X by net by approximately and companies, VA quarter, XXXX from subsidiary, U.S. improved a operating of were partially earnings underwriting Statutory year million billion. the approximately second prior quarter and earnings the investment decreased from to $X.X $XXX
capital of our to offset X% as that compared statutory earnings were paid dividends total Net adjusted estimate U.S. than approximately billion December was XX, holding down XXXX. to company. XX, We June by the $XX.X more
the as is solvency XXX% was XX, March Finally, public ratio latest margin the which of Japan data.
quarter and in growth Overall, solid fundamentals, MetLife had strong driven good expense another discipline. primarily our by businesses, underwriting
In our balance and sheet remains cash well our capital as strong. as position addition,
we are are our long-term for to taking the confident sustainable we Finally, value actions will continue that customers and shareholders. our create
And operator questions. back call for with your to the I'll the turn that,
