on call. portfolio key from current our the for position, quarter. to performance Good I you healthy. to staying discuss the details Dan. everyone financial of contributors safe investment all morning Thanks, our hope financial and COVID-XX, the This I'll and morning, our are impacts
more to than protecting life our to loss be livelihood ever, Tragically, continue will helping and committed and a we're of been Now result customers. as pandemic. there and has this of
and We're offering from as We're answer protection regardless through and or stability those normal. where We manage of focused they their crisis. on to back individuals resources providing to our questions, customers help and we disability businesses portfolios. this wants for emerge we'll crisis. protection everyone how with to investment be Principal and providing get retirement can trusted know insurance, And long life provide and relief to that takes, this plans here who
and do have what to looks has COVID details the highlight market an of impacts, the certainly business, There most long the recovery unprecedented. materialize. is and is in to our like. which is environment we've various to we conference driven important corrections this call past the current last where It's the presentation path Unlike recognize volatility yet that in current was added impacted technicals, and to that how will by how uncertainty event-driven. around additional
range in the of scenarios a to range relative prudent forecasting being our are impacts potential of We are under that outcomes. and decisions
position purposes. credit liquidity strong. first of the have on revolving cash At liquid shown remains As for and at had $XXX assets the company, quarter, capital and end billion we liquidity the X, Slide $X and of we available available of million facilities our total
of $XXX to our the at cash and our XXX% capital at includes in excess the company, quarter. targeted had nearly the billion end subsidiaries excess We in billion XXX%. of million available at available This risk-based ratio of $XXX of $X.X $X.X estimated the quarter, be the over and holding million of capital end
to of We a near-term, million allows up months to capital the facility. to also targets least current $X the us at $XXX and meet target the facility have company borrow access the both our obligations. we're billion, value liquidity on the that focusing holding be assets to We company next at holding company. XX and life maintaining contingent of that fair at the in the capital able treasury In to
excluding debt-to-capital Our at is XX%. ratio, AOCI low leverage non-GAAP
the this schedule of of economic maturity have We're into have taking ladder the in manage Our future. maturity well-spaced flexibility we next strongest the financial to results. history, and we We're million time of our understand in could our one company's financial and also a isn't business time and financial the needed through debt debt our COVID to potential impacts positions XXXX, uncertainty. until have on $XXX
pandemic offices less previously we're COVID-related expenses escalated, as in the took were Pretax deaths flow made the across $X and things lower dental in were end have operating to short-term cash the February, and We closed and the January customers due net our direct and the benefits. first disability a large outside digital of in toward vision the claims quarter. specialty first sales modest, did COVID-related to quarter. earnings provider with quarter employees, the quickly during Asia. COVID-related only solutions especially a minimal March known of benefited the many part, quarter turn investments any in strong had and first impacts not million for but in advisers. off technology of than and we COVID-related from claims good of as start most The businesses, in
We're that participant magnitude of monitoring plan are impact. retirement business, financial COVID market key of volatility an behavior. the X eye gauge the keeping provides details and on the both sponsor to Slide emerge. potential impacts potential starting several In closely to from indicators we're and
sponsors just And so trends are or Plan match. suspend to reduce their far, the been starting company manageable. have
a total, a in withdrawal expected, slightly far, only participant small participant are as have we've make COVID-related a sponsors withdrawals ramping of So only withdrawals been perspective, change. elevated. plan up From had percentage but
recent but spike level a Some move our but in to some in the have pattern we plan transferring is as their unemployment levels second sales handful benefit likely later to is impact canceled. year, delayed starting impacts in have of the quarter. XXXX. and will the expected retention have plans sponsors into until The only This
remainder growth We furloughs group to of due employee the moderate COVID-related to expect benefit benefits layoffs, plans. retirement as in reduced as the premiums contributions well recurring and year the deposits will
programs. earnings, Whereas could capital the be many across impact the rate the financial on to it needed of stimulus negatively our as businesses U.S. has with large fiscal growth. support responded organic reduces focus the amount to crisis, through this low monetary interest Full year managing and sales customers pandemic. government Unlike environment quickly the of could due and our XXXX global pressured
start the as companies in individuals we've may receiving Some far course reverse and impacts of seen support. so April
line during of we times declines. have playbook environment effectively have our to good The of with in managing a expenses through but stress. revenue different We how a manage history now, is revenue on
but Some expenses, to naturally make customers reviewing the other to are like expenses, of investments We're us drive spend our Many marketing accruals, including our as related now, very sales all environment. and of in serve we're being are business, lower we're in these past expenses current investments and bonus going on to continue order in our travel, well third-party expenses reducing helping long-term , as including right advertising. hiring and and advisers growth. intentional
our portfolio. deployed million of common million the $XXX and and slowed in our March is for have We quarter potential will expected in from share early first pandemic On position share COVID $XXX capital first Slide deployments businesses, highlight million the in we capital We less to quarter, impacts investment impairments as in paused repurchases mitigate stock capital the our organic emerged. sales drift rate-sensitive growth. This $XXX capital interest needed including and as X, in impacts dividends for capital our repurchases.
We we repurchase future million gain authorization, remaining have on share as and on activity clarity our on forward. we current be and continue evaluate to $XXX repurchase path the prudent will
will to expect that expect likely between have million for billion, external targeted due We XXXX billion opportunities M&A slated $X.X COVID, slowed have and billion our the range. the to full capital delayed $XXX and $X.X below deployments been be until to XXXX. we year $X opportunities now be XXXX may
our of you night, the second evaluate from stock unchanged the Last fluidity and and first X%. updated the to we a $X.XX With approximately is environment, payable continue thoughts. we'll yield in keep common quarter, our with announced quarter, dividend current dividend the
diversified our portfolio high investment X, As changed is shown and on well haven't Slides our investment And strategy. we X positioned. quality, and importantly,
our of maturities and detail mortgage our commercial portfolio. XX% the provides nearly loan make of X Slide These portfolios. U.S. investment fixed up U.S.
are pretax U.S. and corporate our X.Xx. portfolio, a gain We service loan-to-value credit maturities portfolios in few the to takeaways. manageable. an fixed our risk see, and has XX% average $X.X A we're XXXX. currently net can high you commercial debt in-focused coverage is exposure ratio average an positioned sectors portfolio unrealized have loan of to As of quality, mortgage position The relative better key billion and
to We have alternatives. other long-term, exposure a diverse aren't liabilities forced importantly, and are And we our manageable and sellers.
capital We're or baseline economic position focused wide of on understanding the potential and impacts out, liquidity and to which and levels. Under the liquidity play remain yet to above capital scenario XXXX, our our under conservative positions at has scenarios. range for a is targeted
quarter our Moving financial first to results.
diluted $X.XX operating income includes share. of quarter new valuation Net the million to Reported reflects Principal losses allowances under attributable minimal which the accounting per non-GAAP first of standard. credit or for recorded million, changes $XXX $XX earnings million $XXX in were CECL
but non-GAAP compared first share headwinds. earnings foreign FX, non-GAAP to translation variances, and diluted including XXXX were significant Excluding flat currency operating despite the earnings per quarter of impact
during reduction a equity offset costs in RIS-Fee We by the in America; to a International including had $X million negative integration million liability DAC during were of three the mostly significant the market; earn-out performance first negative IRT in in by Principal impact driven decline higher variances Latin due in quarter. negative as amortization $XX lower-than-expected the and RIS-Fee, impact point-to-point and encaje quarter, a the million $XX
million quarter from pretax earnings reported non-GAAP by variances. XXXX operating $XX First benefited significant
compared in factors was S&P and daily index macroeconomic the flat of XXX first fourth XXXX. quarter, the to XX%, the quarter average at the nearly Looking decreased
that will a rates, to pretax Movement in using foreign remind in and in of first foreign also and $XX translated the are you in decline quarter. earnings translated foreign exchange Spot quarter occur the majority the rates spot AUM is movements translated revenue, historical quarter fourth forward. lows reached to expenses and expect first The exchange Unfavorable bigger for AUM March, Brazil, quarter. earnings to XXXX. rates this to rates. by were didn't exchange operating relative rates have while the rate. like average Moving Mexico decreased average going we I'd first impact using until Chile in spot of unfavorable billion rates
pretax negative $XX claims operating quarter negative XXXX quarter basis. a XXXX, RIS higher expected earlier. a included million $X expectations other million in life, compared quarter on impacts mortality as earnings I and $XX the first to to were First in due and better fourth our a Mortality, our quarter first negative a were than morbidity for XX-month to than experience individual compared severity. and discussed million line expectations with specialty worse In losses in spread trailing benefits,
a short-term As gains from benefits seasonality long-term the in declined year. of of reminder, typically and RIS half Both rates the severely interest the experience spread during first quarter. first
most are sensitive basis IOER IOER lowered was The on interest to in XXX XX the rate excess earnings points. near-term basis March Our reserves to points rate. in or changes
a pretax was of revenue first impact will Trust the most felt earnings and impact quarter, IRT the to of small be the rest the there and While the Custody year. in operating
additional expectations, units, in the slides. significant excluding For well. to The variances, quarter perform largely business business results, continues in we've legacy line in first RIS-Fee with details and the added were
quarter. legacy the significant Excluding variances, business was first margin in for XX% the
The business year. start the track migration of on IRT and remains this will later
lapses, combined billion IRT quarter, business of first XXX with This nearly billion $X.X $X.X our business contract legacy-defined business business and be not of more and low XX% contribution any our in migrates, flow, IRT won't customers. the the existing year we the retirement quarter. does the legacy than recurring available. details XX,XXX to include be our deposits participants cash legacy The sales, growth plans to during results and in the stand-alone quarter, fundamentals prior net of As businesses, will compared into strong of remained added
unfavorable operating our in International's line expectations. with encaje exchange Excluding were earnings Principal in headwinds, foreign pretax
Slide that sensitivities impacts we model. In diversified unprecedented times. are provides changes. are our earnings. XX to note our our our not macroeconomic to It's these to operating rate to business XXXX These closing, earnings estimate to as as peers a due good sensitivities way interest sensitive important are
Principal strategic and a for through company's We world. COVID one present crisis from to strongest in continue prepared continue all questions. will this concludes to to Operator, and expect call Starting purposeful the positions history, people navigate over and challenges communities of for the stakeholders. will financial businesses open This our key remarks. employees, decisions customers, make our lens will please the our
