everyone to our morning our and Good full the on the capital year. Dan. financial quarter at end. morning, call. to deployments Thanks the performance for position contributors year I'll This Capital and key discuss
for details On The XX% S&P XXX Staring XXX important XX% S&P pressures macroeconomic a S&P quantify quarter by favorable on impacts along fourth or generation, from quarter decline XXXX. it's the third earnings average total the and to point non-GAAP fourth volatile the some quarter off, performance quarter, This fourth the a environment basis, drives X% of portfolio. Latin decline, Despite third equity $XX on index declined the indicator since during fee daily declined tax. market a XXXX. to average to the full our negative increased results. And in the pretax of during of operating with the after our largest in investment was XXXX. daily quarterly point million $XX the better million quarter, quarter fourth the nearly macroeconomic compared the America quarter year
earnings operating $XXX quarter, is macroeconomic losses AUM in net As account realized Quarterly shown was and unfavorable lower lower fourth by variances. and conditions operating DAC $XX $X.X revenue the RIS with macroeconomic on in pressure, derivative fourth amortization full of impact the $XXX included ongoing pretax quarter XXXX Principal capital in $X.XX driven industry million losses credit full earnings for the losses. remainder fourth and for half Slide am year to than the diluted Despite share. year. the resulting with non-GAAP I and this results. Net income million of minimal net were attributable per value, an or were PGI. and more The in billion the reflects X, -fee from quarter, significant impact Reported million pleased for quarter
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outlook we be XX% As communicated rate expect to our between effective on our XXXX call, tax XXXX to XX%.
of equity Turning macroeconomic X, had the $XX to tax. amortization negatively include markets. primarily on to impacts million pretax were the and four earnings slide $XX DAC related pretax RIS-Fee fourth quarter in million operating significant non-GAAP a after impact by variances and or million decline basis $XX we due These that higher
As reminder, the DAC by is the daily average. impacted market change a not amortization point-to-point
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track call. recent and Our the remain outlook on accelerated at digital in our XXXX investments communicated the with Day line impact and Investor
on continue that While digital for committed we position long-term execute to growth. revenue, our also remain expenses growth managing critical it's to with us to and we investments
Moving to unit business results.
X, earnings pretax equity $XXX third were XX% variances. to fourth significant This operating $XX earnings slide pretax operating negatively unfavorable from the quarter, declined million quarterly on Account RIS-Fee's in impacted markets. excluding by values XXXX quarter shown million. As due
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million, non-deferrable of pretax by in an Growth slide increase quarter X. to offset in operating the was partially RIS-Spread's quarter. expenses earnings business higher X%. sales-related the were $XX Turning fourth current
investment-only our review, Excluding on our revenue the the to return business. growth opportunistic timing in below sales impacts guided assumption XX%, of of full-year X% to discipline the fixed due of a range sales. net and $X.X of Pretax $X.X billion on was year the end This annual the pricing of XXXX X% net of account XXXX, was revenue of risk at sales, billion. the $X.X annuity strong billion range. XX% high increase values pension over of grew XX% guided sales and includes transfer of XX% In throughout
Moving X. to slide
compensation PGI were primarily by operating variable in partially declined lower $XX Excluding in million variances, XXXX, operating $XXX quarter. to third lower expenses. due X% to were earnings pretax performance. AUM negative significant quarter This fees as resulted fourth net from million impact market earnings, offset a pretax
ended from margin XXXX fee And XX%, our X%, guided impact accelerated year pass-through the Excluding the range. at in less operating increased below PGI's within the quarter, guided our performance third slightly commissions, range. revenue
Turning XX. to slide
Principal pretax operating earnings quarter significant fourth Excluding million. International's were variances, $XX
beginning higher million. significant XXXX result is million annual pretax a to to performance impacted currency excluding lower assumption earnings is quarter, annual review, inflation, fourth than estimate starting in point earnings, well negatively than in of Compared foreign million assumption to full-year use were as that operating good by amortization year believe $X expected a XXXX, prior and As operating earnings review. the We foreign expense operating quarter's reminder, a fourth $X currency as PI's XXXX. a to Relative Brazil's variances, prior headwinds. pretax impacted as pretax of by earnings the quarters result DAC encaje quarter, $XXX as PI's the negatively
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Turning to capital.
range and or acquisitions. income. of on $XXX exceeded $X.X during of XXXX, million included shown our net $XXX billion slide with of XX, dividends capital of capital for deployment stock repurchases $XX fourth year, million common In As of million share guided XX% the deployments quarter deployment we
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