and of good adjusted slides Thank financial on the by quarter and that I begin released along earnings our XQ, the morning. last the you will X, Page discussing schedule earnings Starting income third Michel, a in release XXXX with we provides and XXXX. comparison net supplement. quarterly supplemental of evening
Net hedging higher higher income and portfolio $XXX quarter. as resulting derivative or during from was the variance decline perform $X.X Overall gains rates investment continue than billion primarily interest of due in earnings adjusted in to results million program This $X.X expected. the to net is billion. the the
Page impact X. I starting actuarial our review of will discuss annual the on now assumption
which by During $XXX of the income insurance and earnings. actuarial adjusted reduced assumption review million net impacted $XXX million other adjustments
earnings the years. XXXX with XX-year driver disclosed interest impact treasury The X the million X.XX% our guidance to most reverting second basis of X.XX% was over mean significant long-term rate on the reduction with assumption quarter our line for every next in rate was U.S. call. XX reduction our from This $XX prior of after-tax point
XXXX, With regards to reserves $XX.X long-term higher is September billion GAAP care, have XX, statutory grown to than our which of as reserves. $X.X billion
also billion to continue at of which XX, XQ, of substantial $X.X We testing as compares September to XXXX. loss $X.X LTC have XXXX margin recognition billion
U.S. to the earnings our to treasury the Roughly average broadly with the rate XX line due the basis our sensitivities in XXXX a point half call. from an was on reduction mean rate. of we these decrease provided change year remainder changes in impact while was lapsed XQ, assumption, ago reversion was in approximate XX-year The our due
due the remaining to assumption the of in driven by closed our by assumptions impact we the mean refinements to a related reversion six approximately impact with of business the was review million the of rate page regulatory segment. actuarial $XXX net primarily to income MetLife In On block. provide X.XX%, Holdings, interest breakdown lowering
and We also Asia, had a LatAm few EMEA. in minor adjustments the outside U.S.
two and notable items and seven as in had the financial quarterly shown We release on page earnings quarter in our supplement. highlighted
$X.X review $X.XX adjusted share. earnings In $XXX $X.XX cost notable Adjusted expenses items by million addition $X.XX annual to our other share, or earnings tax, or assumption and $XX actuarial adjustments, insurance related related were per share. or million unit decreased to after per both initiative billion, the to our excluding per after-tax,
adjusted year-over-year earnings, the you by eight, notable page can segment. On see excluding items
down both X% all down adjusted Excluding currency earnings were in on and constant a basis. notable periods, items X%
On items, basis the a up both positive basis. include an and year-over-year results adjusted X% on cumulative expense a reported EPS per volume better drivers currency margins. solid share and from a growth were impact The better constant repurchases. reflect Overall, notable excluding basis, share earnings, on
Investment in variable margins lower were income investment recurring mixed, as continued was strength margins. interest offset by
to relative XQ strong was In XXXX. less addition, generally very a underwriting favorable
XX%, up Benefits continues adjusted Group the strong by growth led year-over-year, and growth year-to-date across driven better with in adjusted to products performance, XX% margins. sales notable from The business volume and to benefit X% segments. regards in were all up by business excluding up With expense quarter growth earnings voluntary volume items market PFOs
underwriting In quarter. in saw addition, we the solid
is ratio target mortality to XX%. range modestly below our of XX%, of mid-point which XX% Life annual Group was the
XQ, notable interest range renewal XX.X%, which year XX% strong benefited claim adjusted primary our to actions compared disability favorable annual after to The recoveries. in for favorable below less insurance rate the XX% of quarter very was of results, excluding was adjustment. this which to Health from and The a strong was target benefit driver XXXX. is and prior higher of XX% result Although, ratio a XX.X%, Non-Medical
key or favorable offset from positive favorable investment margins. by and earnings were less The as solutions, Retirement down the RIS, adjusted exceeded regions was XX% drivers income weaker year-over-year. lower were investment expense This margins. interest and contribution margins variable underwriting recurring Income partially
offset as in the basis spreads the from down year-over-year XQ private the low basis points more rates pressure curve the XX in ongoing Strong and than dislocation down points investment during XX market returns recent were the by quarter. yield points equity and as XXXX, well repo RIS inverted XXX were basis sequentially.
remain We our XXX the continue to spreads basis bottom of XXX range to XXXX to of half in points. expect guidance
billion PFOs in XX% up $X.X by pension adjusted year-over-year, deals transfer were risk RIS XXXX. driven of XQ
Excluding PFOs institutional sales annuities. lower down were of to income PRTs, X% due RIS
auto Property year prior the higher or quarter & underwriting quarter. due vitally down XX%, to unfavorable severity. The primarily XX.X%, combined unfavorable ratio of the in Casualty, due to XX.X%, were adjusted to P&C, earnings injury was primarily
$XX were expected million than million In the XQ $XX cat year cat XXXX higher addition, pretax line in but our prior with losses of quarter, load.
were results versus underwriting expect down for we be While combined range. X%, their to XQ within full and regards sales up X% while unfavorable our year P&C this PFOs targeted the adjusted topline, With home XXXX were XXXX. quarter, to were auto ratios
items, currency up up excluding drivers were were volume grew X% positive The management, earnings, notable fair adjusted as XX% and year-over-year under a basis. on assets adjustments, Asia year-over-year. growth constant X% excluding value favorable
In better addition, less margins These by investment were also margins. partially lower and underwriting favorable reflected taxes. offset results
Asia were constant a currency down sales X% basis. on
business impact sales group were in year-over-year. the quarter, up large prior X% year and the Asia a of case in divested in Hong the Australia Excluding Kong
annuity year-over-year are in XX% sales. currency-denominated drop market sales through given reduction products, an primarily a Japan, soft bank interest This by down In had quarter decline another in sold FX channels, which rates. overall in bank in foreign were further the XX%, U.S. primarily products. resulted driven annuity
Japan A&H function Asia growth Korea, which China, down in Other sales strong and our up tax due with X% a laws in products. were changes XX% addition, of In associated sales India. is certain were to the in year-over-year,
investment volume and on America notable drivers earnings, Chilean X% Mexico from These The and and to the X% primarily items, basis. capital margins, were constant excluding adjusted were Chile. were across partially growth inflation in encaje lower Latin our on lower by due primary markets currency offset region. the a up impact favorable
PFOs XX% driven and by growth X% across adjusted Mexico and were currency were a higher America currency Latin up up on constant in a basis, Chile, the Brazil. X% driven region. constant Latin on basis, sales sales by America
in items reflecting notable XX% XX% down growth The constant primarily PFOs and on and higher offset constant less and were XX% the basis, underwriting, a X% a a to the currency basis. EMEA well expense up as These as were taxes. excluding earnings currency across by related partially favorable drivers margins. adjusted constant favorable were adjusted were benefits main up sales currency the on basis employee U.K. on down EMEA were Gulf region.
MetLife down million driven and interest XQ, were expense by XXXX. in margins. Holdings the of XX%, favorable offset notable recurring These excluding adjusted lower favorable items by items were $XX margins of earnings impact partially
to interest actuarial annual but from life regard With assumption XX.X% excluding ratio adjusted the was the underwriting, benefit impact the XX.X% review.
While prior XX.X% range the firmly this the year on ratio than annual basis, same was target within XX%. to our XX% quarter higher is of it of
lower & less excluding loss items result offset $XXX favorable the $XXX quarter, Other notable on adjusted interest was and was This favorably expense which loss taxes This expense million million. had year to adjusted Corporate prior by due to an compared debt. of partially margins.
would timing We to of quarter view was tax run was XXXX tax effective XX.X%, and by which within rate tax-exempt in the be income to increased the benefits of in company’s our earnings XX%. adjusted Argentina. guidance XX% and some XX.X% aided The rate the on
turn to pre-tax the let's income for past in X page quarter. detail. to seven current million reflects variable investment the investment $XXX variable chart discuss This income Now earned in quarters, more including our
another one private for quarter lag had which on equity Our strong is portfolio, quarter. accounted a
million million year-to-date, be to we $XXX expect pre-tax the now to was our guidance range above VII For XXXX $X $XXX billion. and of
Now, recurring I income. investment will discuss
the X.XX% Our have new XXXX. a X.XX% roll-off interest rate in and X.XX% in This rate of XQ, compares was XXXX. a versus XQ, to new X.XX% of rate money money Lower of a rate pressured rates spread. roll-off
until a have U.S. occur sustained would not parity of yield X.XX%. we to have expect roughly we X% treasury XX-year we to previously, noted As
This from XXXX as XX. well expense shows page XXXX, through first three to our Turning chart of direct ratio as the XXXX. quarters
annual an and margin clear our pre-tax decline to ratio $XXX sight represent by have basis point towards committed baseline in approximate This from profit of would XXXX. improvement XXX expense achieving year. a direct of our million are line We XXXX goal of
best as We believe relationship expenses impact the of control. the annual we margins reflects the on profit the revenues have the ratio captures and direct which expense over most it
achieving by towards progress consistent XXXX. made our have We target
As the XXXX ratio direct expense in XXX-basis to achieved XXXX. chart the illustrates, we already from improvement point annual have
XXXX, we notable favorable strong movements direct was related costs at employee as the expense This to items the excluding in ratio and benefit roughly another basis For items of XX.X%. posted market third aided in result XQ lower XX came by PRTs including quarter.
quarter, to we XXXX growth in year-to-date direct the ratio receiving our costs be our is Group to to This higher Looking incur fourth other our ahead function where than business we would the premiums. a trend. expect seasonal enrollment expense of associated will and enjoyed strong we Benefits prior have
estimate of quarter to per associated as the higher we cents execute a with cost we initiative addition fourth program. unit elements share In final few our be this in the on costs
actions. June discuss decreased approximately this liquid billion now at I position and were $X.X which on Holdco timing XXth. returned to the the will the capital ongoing cash is shareholders and our repurchases our form capital billion down dividends companies and management of Page in at of XX. holding commitment at $X.X evidence clear our and given $X.X of Cash common management. September XXth, the capital We billion subsidiary dividends from assets share to quarter, in cash quarter
would like I update position. on our provide an Next, you capital to
earnings results. were $XXX subsidiary, were the period, rider quarter impact by prior reserves year-to-date approximately the net $X.X and and a underwriting lower year partially Statutory decreased billion operating our preliminary million third billion. primarily U.S. offset XXXX improved prior from earnings the statutory by approximately For of due earnings operating companies, investment dividend to year $X from VA
September operating gains that approximately $XX December statutory partially XXst, the XXth, was paid estimate to up dividends to by as XXXX, derivative billion increase of compared and company. adjusted capital The XXXX. total earnings X% in U.S. our We offset holding were
businesses our solvency Japan of as growth, Overall, the public the results discipline continued across which the capital-efficient firm. strong maintaining drive to was diverse Finally, XXX% latest expense leveraging is June market-leading deliver ratio data. margin while MetLife XXth, to
quarter, items book the able excluding environment. the while in XX% been grow value XX.X% challenging have per ROE adjusted We year-over-year, notable of despite to an share generating macroeconomic
In addition as position balance remains cash our and sheet strong capital as well our resilient. and
are create confident and to will shareholders. taking that continue our for we long-term Finally, are our sustainable we customers the value actions
call to And will with operator questions. I your that, turn back the the for
