last morning, quarter information quarterly start earnings release we on with the Thank and you, supplemental our and which Michel, everyone. supplement. highlight I'll XXXX that financial slides first good released evening,
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adjusted of comparison Turning to can year-over-year Page by notable you X, segment, excluding earnings the see items.
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the and investment in RIS the liability X% opportunistic sales markets of issuances products. very exposures quarter, flight-to-safety stable second our amid turbulent XXXX in in well as half value by as capital strong markets which equity benefited grew exceptionally a driven growth strong the from
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auto. Property overall & Casualty, to below XX% our homeowners lower frequency of annual last up of combined XX% XX.X%. versus the P&C XX%, range favorable from is auto adjusted from non-catastrophe prior the P&C ratio P&C, weeks year. target quarter and were shelter-in-place results or and benefited also over prior the COVID-XX to orders. earnings year weather XX% of was due which benefited two quarter the in The auto the
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offered considerations the XX These some for current like summarized considerations given I’d on Page Starting several are XX uncertainty with in investments. to of environment. appendix. spend the second by reviewing Now time the the segment with key quarter, further on detail Page
on in impact variable As Michel manifest investment private current anticipate return with portfolio. largest income the our equity the of the indicated, we environment to
we date, for low received second reports best return. of to high-single While the our quarter negative a double-digit estimate is PE a limited to number
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were in to roughly week we able that on yielded of the March, $X invest high-quality During last X.X%. investments average billion
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Moving To on COVID-XX, date, do expect U.S., during the while to underwriting impacts from there anticipate on parts. in the on we’ve second modest moving to are underwriting but impact we second in margins. a this quarter. combined Broadly the seen COVID-XX life claims speaking, quarter basis we limited from many increase
and miles claims activity declined with claims has dental in down fewer frequency is However, driven. auto
risks. Additionally, we businesses would from with some level offsets expect of longevity
limited a on So overall XQ. currently, underwriting in margins impact to combined expect we basis a
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Michel Additionally, XX% as premium provided MetLife fully-insured for premium personal adjustment and for dental a and months. a benefits we’ve for mentioned, for our April business within group May, two XX% the auto credit customers
As far offered markets, December Investor in still product holds. equity our to sensitivities variable back as Day guidance
expect margin top line encounter of the and efficiency XX.X% mindset be noted pressures, And the we despite to managing of a pressures strategy earlier, plans direct our our current tenet to While growth expense target challenges our year volume across full and meeting ratio, include I as of business. environment. core continues our
billion of preferred issuances as billion our capital to repurchases, payment quarter discuss I $X and company cash billion. our well The in XX, of cash reflects is billion stock the on buffer and common $X.X net and billion dividend, assets up effects at which well liquid dividends, as at expenses. increase XX share XX. $X.X December companies the holding debt Cash subsidiary and of position $X in $X.X were will Page March cash now at approximately above holding the from target
current the on common authorization. shares $XXX $XXX of During with million we remaining our quarter, net million repurchased
to we been not prudent time. have March, in at market early since which this We the believe be
are balances Our cash high.
at the debt optionality next time. balances those December provide financial maturity and and us this XXXX, is flexibility like Our we
target of cash markets and provide XXXX two-year XX ratio Next, equity rates interest in our our to the period, position. free end we that an would you XX% range the with observable Using first of capital market our estimate like flow as XX%. forward for update the curves XXXX, I to hold XX% the inputs at on XXXX, down and within will quarter, following of yield average March
level we the period requirements, impact to credit yield to as our not two-year some therefore, XX XXXX flow in the normal be at This XX%. our and XXXX would level would expect dividend York growth standards, to next additional established York assuming free to MLIC. which XX% such estimate a be impact same and the the occurs current our required company, to cash not forward and we over of levels. Looking testing losses months domicile to to market XX, of reserves range be range under XXXX, of of XXXX, XX forward NAIC a combined return due statutory curves or New within pandemic estimate X% reserves March RBC life would would equity cash insurance We metropolitan company, and New NAIC would some flow under capacity
our was companies, For target. XXX% our U.S. at ratio XXXX year-end XXX% our combined above RBC NAIC and comfortably
billion earnings For preliminary statutory $XXX operating billion decreased million. were operating losses U.S. of higher XX, from billion approximately income at Derivative XXXX derivative Net $X.X the mostly in gains $XX.X driven total net $X.X quarter. as our December billion from first estimate year, our gains of was in income approximately XXXX. due prior Statutory losses was U.S. by the offset operating million approximately XXXX, primarily more March to quarter XX, reserves. first by adjusted capital was VA up statutory the XXXX. $XX.X companies, and We that $XXX quarter than
was which ratio December latest solvency of the XXX% as Finally, margin public the Japan is data. XX,
the the due quarter in MetLife another markets delivered to Overall, despite COVID-XX. capital solid significant volatility
to remain negative to expect quarter by adjusted diverse private market-leading dampened be underlying Looking intact. business earnings equity but returns, ahead, we from our our fundamentals businesses our second
our positioned addition, manage and challenging well to resilient are investment and through this liquidity we portfolio In capital, believe environment.
shareholders. taking sustainable will be the confident Finally, more to we focused a we and company create long-term are simpler actions to that and for customers our continue value are our
your questions. that, I will to the operator for turn back with call the And
