morning, attributable including income thank earlier. third I'll update an the minimal Dan on Net financial Good impairment deployment Today, Dan. method on results, fund the our call. and credit million quarter losses discussed strong financial impairment and actuarial Principal assumption The key you of our quarter, the for participating as to review, as position. third hedge was Finisterre, driven Thanks, well contributors provide and closure impacts million of our capital of as to investment. including $XXX discuss by for the a an $XX was equity in a
operating in $X.XX the non-GAAP Finisterre share. million Additionally, be starting quarter. fourth consolidated will financials diluted were or Reported fully our per earnings in $XXX
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review X annual included earnings. significant real and review, a As impact estate refinements. a as higher-than-expected by reminder, net had operating assumption the experience performance changes well income. PGI with was in quarter, This positive reported pretax $XX the year variable assumption we to variances an assumption economic investment This impacted non-GAAP accelerated fee million and as model year's ago
the included our assumptions. For X.X%. long-term a assumed XX This decrease lowering economic Life significant at impact in rate basis adjustments, point the was to Individual from rate, XX-year most lowering interest treasury
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Looking Life by the an in immaterial operating million units. $X other we and these business per decrease expect will to quarter Individual changes earnings impact $X million forward, pretax have in
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the from XX.X%. was ROE assumption impact review, the Excluding
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XX% year XX%. to of be expect to continue We the to full our within range guided
The basis, than X%, On Looking prior PGI. increased growth XX-month at the quarter. second average market significantly compared daily the XX% XXX trailing less Index assumed nearly our during X% period increased average S&P and revenue the over impacting performance, increase and quarter, factors. increased macroeconomic X% to RIS-Fee a the equity the daily in in and
for $XX Foreign year versus currency negative compared negative International trailing exchange impacts $X million on a basis. a third were the quarter a to Principal headwind XXXX quarter. were prior rates in XX-month second quarter, million and earnings negative million operating a Pretax $X a
and million RIS-Spread Mortality than expectations expected. within mortality for Individual and third quarter. in were losses were Life $XX morbidity our Specialty worse Benefits
but typically to has Third quarter not loss a mortality this magnitude.
our the with term. We are long comfortable experience over
on Turning comments Dan's the Slide on back acquisition. to I'll expand IRT X.
months As additional a agreement out transition a we are us to reminder, build operating under seamless a give to service to ensure for up infrastructure transition. to XX time
largely the on line communicated we RIS-Fee. couple the announcement, are time to As results which is financials, are but highlight did closed we first included acquisition reporting July in the we this the items. in what at The are want acquisition with of X, a
market of been positive AUA. Keep equity earnings. performance. the of announcement revenue acquired is by $XXX At AUA acquisition mind billion that driver of the AUA since not the or has direct end third quarter, Growth a had driven business the in in
the in correlated and business. rate Fees in excess acquisition, announcement being the in negatively Reserve portion are quarter. revenue with trust cuts been Xx in the This and lowered are rate Federal considered revenues IOER. this reserves has on and rate of additional impacted interest of the business has since custody This movements the fourth or other
million At in the operating of This flow. RIS-Fee close, cash assets but we in from quarter. the recorded additional $XXX negatively free does acquisition, each million expense impact impacts of not resulting intangible margin $X amortization
expected. impact as earnings the operating costs, quarter immaterial had we third Excluding transaction and diluted per on integration acquisition share, an non-GAAP
provide track, and Going for to full outlook have confident call. team updated impact the it right for have our we XXXX. expectations transition. said, year is We'll on Dan successful place an immaterial integration The anticipated as XXXX on a ensure to is forward, that in I'm
Pretax of $XXX revenue following with on comments Slide the brought expectations on significant of acquisition IRT with the from exclude immaterial above impact quarter. unit net on reviews. guided as million earnings net Trailing the were line the additional XX-month RIS-Fee our and range business includes including results Starting assumption X. The X% in periods, revenue acquisition. third of variances in is both operating growth
expense acquisition, quarterly acquisition slightly integrated the the are guided is range. and declined Longer above Excluding from in margins the was XX% expect quarterly XX% once synergies acquisition, RIS-Fee's the the and just of in to quarter. XX% margin second the realized. expand impact over margin third the Including term, we quarter fully to the quarterly
quarter to third underlying low the in net cash Defined of count in growth be and nearly sales $X.X X% deposits flow Importantly, $X.X and was year XX% was contract XX%. Compared by fundamentals ago, business to billion the higher, recurring in contribution increased legacy lapses. sales, the plan continue driven strong of strong. billion a
of net beginning-of-year of expect flow be cash at We full year end X% the to to the account high values. X%
pretax margin earnings $X mortality were $XX lower-than-expected as Turning Slide expected income, net our to a brings and billion of third million RIS-Spread's mentioned pension revenue of RIS-Spread's of billion guided included of more billion million growth than RIS-Spread risk lower sales. all XX-month year-to-date, earlier. pension and of the risk record than to were transfer quarter million within due sales XX. losses worse-than-expected trailing I variable investment ranges. This $X.X XXXX to $XX in sales sales. $X.X operating of transfer $X.X
of margin XXXX. XX, remained our to XX% below equity growth $XXX On performance fourth a operating but PGI's in market quarter unfavorable As of the within PGI's revenue guided were million of our expectations. due with shown earnings XX-month trailing Slide on was in primarily basis, pretax range line range, guided
XX-month pretax slightly prepayment revenue than guided our range, lower in guided of Moving due timing higher million fees trailing within than due net currency XX. of expected to growth was XX% but Slide of was Chile. headwinds. to to was PI's earnings foreign range our margin operating $XX Principal International's
X% period. the year net headwinds, Excluding these prior revenue over increased
Slide with and fees strong in-group XX. trailing guided X% within Benefits' on and XX% our growth experience growth Specialty our due performance pretax XX-month in range. Benefits, also and in to Turning of Specialty guided continued was The growth business. a Strong million the of were driven trailing and margin operating to sales, premium strong within was by was basis. XX-month range. favorable $XX earnings This claims in retention
Life's XX, lower basis, XX-month were As shown quarter On prior trailing claims Individual XX% Individual expected were guided ago, $XX on our Slide expectations ranges. premium levels. line from a increased with the sales Life's returned a year than operating as and the million business with margin but of fee in year pretax growth over earnings experience XX% from and nearly market. Individual within Life to
were corporate expected. $XX than At operating million, pretax losses higher
income on are related calls, discussed as net lower expense As the higher corporate increased security IRT to previous debt as losses. investment expenses benefit well and acquisition impacting
million year. to corporate above million to continue We expect for $XXX range be the guided the losses to full of $XXX
drop impacts want of the outside I the assumption rates, provide our to recent details businesses in to review. some interest With on
third quarter, income. our yield, X.X%, investment overall at excluding portfolio XX During the lower the was basis new than money points yield about variable
much the as And compression time won't low of spread pronounced in previous impact have some ideal new yield However, for the level was take while a than higher the periods it yield. money be yield as money for when new on of the will to portfolio aren't some yield. the rates overall businesses, our portfolio meaningful
I IRT impact call. outlook our the update on to business sensitivity our rates, XXXX an plan provide As to we and interest mentioned will earlier,
remain We're rate we remain We in liabilities liability and diligent and for management. to, our the updating have pricing exposure around asset interest products in disciplined movements. we conservative
rate positive, are our While interest business diverse the well in us mix higher positions incrementally rates environment. slow
minority guided on deployment of $X.X quarter, million the Slide our share over XX, 'XX, $X million deployed exceeded of million for $X.X we've billion With for of including billion $X committed and shown range $XX billion to and $XXX XXXX. $XXX repurchases investment. quarter deployed stock capital As to million dividends, we the already capital during third a common through in
stock night, payable dividend year Last the quarter, fourth ago. X% a from increase a we common in announced $X.XX a
payout yield is basis, XX-month dividend XX% trailing and ratio. X%, income Our our on targeted slightly approximately a net we're above
holding liquidity RBC cash position in of Our nearly We capital $X over third the in and ratio at strong. available very remain capital quarter excess and with company, million $XXX billion XXX% of our $XXX the of million ended subsidiaries. a
low financial leverage ratio In until XXXX us flexibility. significant provides debt and addition, a no maturities
fourth than that Looking ahead, elevated are expenses I sales as see and branding quarters benefit want other typically usually expenses, variable to we quarter costs expenses. remind you operating higher
to with the to as forward reflect business unit our on IRT look XX. December updates outlook each you on the talking expectations XXXX provide impacts for any call updated guidance. We as These well XXXX We'll of acquisition. for long-term will
concludes open This questions. prepared call our please the for remarks. Operator,
