our including the XQ with our I Thank which Annual you, assumption and highlights performance, supplemental good review. Michel, of provide Global financial of will start Actuarial morning. 'XX slides, details
business of addition, In and commercial portfolio. I'll new capital positions metrics, loan our value as well updates mortgage as our provide on our liquidity
expected comparison pending the Global include on income at May. X, mark-to-market the that on impact provide Page that Starting losses transferred Atlantic net announced to be the end quarter. adjusted the we investment earnings with third of of with to Net we in securities reinsurance a are transaction
interest in from securities trading the investment GAAP environment. rate had For given income losses in the realized transaction. gross increase the are we through purposes, to Also, required losses on these close rising until any unrealized portfolio normal we be net activity net our
we benefit That this the to had multiple derivative primarily partially interest MRB derivative net rates the market strengthening offset currencies, or and peso addition, remeasurement U.S. and In Chilean said, risk net higher interest gains to dollar due due were losses losses higher by versus rates. quarter of [indiscernible].
to net highlights remains Annual and the impact losses impact performed the other earnings our table continued breakdown Review negligible. income as Page and to adjusted program portfolio and income on by positioned. and X business. Assumption The insurance well net adjustments expected. the a with Overall, provides of modest adjusted Credit earnings Overall, the Actuarial was hedging of be
rates given had expected we an products for or the lowering Japan, accident Benefits, mortality products recoveries. individual unfavorable lower near-term life a and as resulted for Retirement lowered the disability, impact improvement, well in and Group favorable in & net Solutions, changes products as impact to longevity due in life Income to changes from Asia, and across benefit variable in In our assumption business. health and rates we economic which incident In this in returns In fund favorable Korea. lapse due primarily lapse rate RIS, was assumption
adjusted Page insurance and items variable On and year-over-year third earnings currency earnings see XX% earnings Annual on basis. recurring the margins. quarter strong other VII, $X.X billion, you primary and of constant or excluding notable in Adjusted income, margins per and Review adjustments the segment, periods. both currency Assumption XX% XX% by XX% were on can with Adjusted $X.XX, a up comparison share interest X, were The underwriting investment constant were a drivers up basis. higher favorable associated
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investment variable MetLife of XX%, higher Holdings $XXX to debt year XXXX were income. effective in incremental and company's million quarter were the million, offset adjusted investment up on on interest approximately compared adjusted was adjusted an quarter. within including our expenses, guidance in net The of income. by to loss and loss adjusted Corporate $XXX Higher earnings tax partially the by higher prior earnings driven million XX% XX%. was $XXX primarily rate other XX%
of $XX.X this reflects income had pretax X, of portfolio investment The prior our including X% funds equity chart a had return. X.X% private $XXX for of in the quarter. $X.X Page estate quarters, On variable a X million 'XX. billion Real return plus in equity minus billion QX the
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we post-tax quarters. for provide X, X segment On Page VII the by prior
discrete been built portfolios, match liabilities. hold previously, investment its As the which each noted to own its businesses we have of have
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this expect assuming interest levels. rates remain current We trend to favorable near continue
Turning provide commercial updates to X. mortgage I'll few our Page a loans. on
loan with perform First, continues or expected. commercial let the are say pleased we mortgage portfolio, which that CML as me to
of have have team this team In June decline. not real As noted our of office effort of 'XX. rate XX, pressure peak change a XX% modest average no the revaluing and trough the all strong quarter, asset valuation other of loans quarter, versus our U.S. our this further XX% coverage a the Xx. in remains X.Xx, to service 'XX CML to which CML surprisingly, XX% ratio stable than estate in debt the last indicators X.X% valuations CML assuming been debt class. quality average its shifted more [indiscernible] approach service DSCRs from through second coverage in classes, under Not having the at result XQ now than LTV asset with of quarter to take in and The LTVs the XX% the of seen as The increased increase investing disciplined only less LTVs we only up which are sector. and an represents with portfolio slightly of office an portfolio average we
maturities, portfolio to expectation resolved we XXXX minimal regards the our to on CML for portfolio. and now have remains XX% losses in the successfully loan of With almost mature scheduled
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fluctuations have expense ratio measure As believe the our we due highlighted to performance direct way year in results. to we is previously, best full quarterly
top expense from and growth ongoing ratio expense solid direct line QX discipline. Our benefited
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for Now update past including This XXXX. let's metrics new an for turn MetLife's Page X to business reflects segments for value major years, XX. chart the
As with in was a payback mentioned of 'XX at unlevered by Michel, XX% MetLife $X.X period billion approximately IRR business. average years, value. an capital invested This deployed of roughly billion to in support $X.X new X generating of
cash will than Page were assets the issuance billion which expenses and of companies holding our to billion and at payment at senior well cash $X.X and dividends, subsidiary $X position July, June approximately billion roughly September XX, The reflects net common at a as $X XX. capital our above is company in of holding Cash of and target our now holding on repurchase flows. billion higher XX. companies the dividend, million discuss I billion $X of cash buffer effects quarter of our $X.X $XXX the cash as the third debt other in share stock liquid
have approximately shares In repurchased addition, $XXX million we October. holding in
billion, transferred $X.X approximately For our year-to-date that were statutory XXXX will capital by primarily statutory income September of paid was net earnings by offset which up due negative U.S. was $X.X preliminary million third approximately of be recovered $XXX net operating to total XX, expected operating by partially Atlantic, expenses. with adjusted our U.S. to $X.X XX, approximately X% while higher U.S. associated earnings $XX.X capital by We has upon increased underwriting, was driven adjusted companies, billion. operating Statutory year-over-year, approximately estimate quarter and dividends to favorable impact billion Total billion as June investment losses. from closing. offset partially XXXX. primarily investments This Global be the increase absorbed roughly a statutory XXXX, earnings,
September filed we the Finally, to that XXX% few will be we margin Japan statements be weeks. approximately which based the statutory ratio on as solvency over next XX, of expect
with points. me few Let conclude a
to core yield remains spreads environment. First, higher robust remain returns, VII and from continue while below benefit historical
strong line Second, to fundamentals disciplined with growth, expense the of top underlying business our be continues coupled with underwriting and strength displayed management.
all-weather new capital and value provide highest consistent further Finally, strategy. our our of business strong with evidence its approach to deploying best of metrics our use, disciplined to
our responsible diversification of balance our capital MetLife are committed of we to customers sustainable given building growth remains and value for market-leading and cash deploying our a in and position our strength achieve and flow close, generation sheet, shareholders. To to businesses, free
that, your operator And back will the turn I the to with call for questions.
