we included COVID we’ve business, financial morning, are I’ll the This certainly our pandemic. to to this committed conference do key various for through Good where portfolio, helping our Dan. call and and additional performance to investment remain impacts of COVID-XX how impacted details and to contributors discuss which fully morning position, the highlight you yet has safe materialize. from to I call. our financial details and hope everyone the all Thanks, impacts our many current healthy. in quarter. and on our have We protecting staying the customers presentation of
trending months, better over continued of next uncertainty ago. we’re that While related they I’m metrics COVID how many to XX out play than impacts a quarter XX we tracking there the would expected on the pleased market is are and the
liquid capital untapped credit million risk-based X, $XXX position RBC end available company, in We the is on losses At to be end and and ratio to Slide we $XXX $X excess at billion at second quarter. to liquidity our of higher months at estimated XXX% million at almost of of end and billion the of for due available Over assets had and $X.X ratio strong. than have on expect cash in had of the holding drift and timing of company, the of of the the quarter, and XXX%. liquidity $XXX $XXX RBC than purposes. revolving available target cash total uncertainty and credit This XXX%. to excess million $X.X nearly of higher approximately facilities shown the we of the trend capital XXXX next our rest down As time, in remains the XX billion impact includes capital our obligations, available will cover million quarter our $XXX the the and target the beyond. we have our could subsidiaries million of ratio our credit targeted The targeted
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a to fair assets borrow allows to $X facility have current also value treasury access We approximately us facility. to the of in that the that contingent up billion, capital
leverage Our XX.X%. debt-to-capital excluding AOCI, non-GAAP is ratio, low at
the Our In of next capital and uncertainty. the we needed maintaining debt remain both and this the current a and in strongest we one $XXX in financial remain company’s the near positions targets million the discipline schedule financial debt economic company pressures we flexibility manage of of holding Despite life the focused into the and history, and to have of future. company. through at our time our we environment, liquidity until well-spaced on have the XXXX, isn’t ladder maturity term, maturity
As shown of for X, second common on stock capital the quarter dividends. deployed we million $XXX in Slide
in the As share repurchases pause a pandemic resulting reminder, the as we early March volatility and market emerged.
and for remaining clarity current when potential for outcomes on a repurchases, authorization. environment stability $XXX of possible To have of to the the better enhanced repurchase impacts. macro in and range have determine timing our to restart narrow we’re million share We the understanding we’ll of looking
we’re but We capital are given management positioned well the on today, uncertainty. being prudent
be As we year beginning target of XXXX than quarter, expect external full lower that the at we $XXX and discussed had is year. million between will which last deployments our continue to $X billion, the the capital
operating by be earnings. is expected capital losses credit pressured While credit to drift, lower and
Some and of common third stock Last sales, pressure be in from management a the of our quarter, recent support second our a quarter dividend will approximately debt issuance. external the by and capital the we lower expense needed night, level payable actions lower announced unchanged yield $X.XX offset to is deployments, dividend X%.
fixed and well-positioned, and portfolio. XX% hasn’t As our diversified shown XX, The importantly, high and in loan key net of strategy at unrealized of and investment on loan coverage XX includes and portfolio $X.X commercial the quality our U.S. Slides, positioned service portfolios net takeaways, tightened. billion during an few gain average maturities investment in represents XX fixed pretax U.S. of portfolio XXXX. mortgage unrealized of increased $X.X U.S. we Slide commercial as investment ratio spreads billion and high-quality, total a the our which The gain quarter X.X better billion nearly portfolio, portfolios maturities detail average $X.X mortgage changed. second our times. A remain has we’re loan-to-value debt XX% a relative This remains an to company are provides our position. which
sectors risk liabilities and long-term. manageable diverse high We are importantly have to in alternatives and exposure other a our
aren’t sellers. have We asset liability we management, forced disciplined and
to We’re continuing a economic range and to liquidity under evaluate scenarios. our of position the wide potential impacts capital
credit with for XXXX. the of in credit capital approximately half have our year, positions losses or levels drift $XX than the In XXXX and liquidity million had baseline and under into million we more impact the second targeted and from quarter. $XXX remain scenario Our above first
to beyond we’re credit to expecting XXXX, losses fiscal global lower a credit the large year recent the guide the drift approximately estimated government’s $XXX full XXXX and as part programs. and financial and $XXX stimulus U.S. to in monetary expecting additional to of For and due $XXX impacts emerge now call. million unprecedented credit crisis from first million the than we’re on million million quarter we losses drift Using credit $XXX
COVID model customers. RIS claims, negative for as and unfavorable claims a benefit a individual have short-term continuing our operating and net dental dental million assistance watch second as evaluate group estimates from related by communicate benefits continue In could A claims modeling businesses related COVID Fee impacts the business. on a for negative partially We’re experience a as benefits premium impacts. The potential benefited positive favorable related in and and offset the million situation in net RIS Slides and second of These one and and X clarity positive life $XX million several of relative benefits the disability from COVID and of experienced the pandemic as net withdrawals. life emerges. and our million related the from results scenarios, our and to spread. the as impacts to quarter X offset by COVID our $XX included well our quarter, of business this provide benefit we’ve shows were quarter, waive very well well and in many by Pretax financial – business closely, future. impacts partially magnitude $X impact as earnings of favorable more dental in mortality fees we’ll as details as on diversified benefit the direct updated were in thoughts the from participant favorable vision specialty $XX the impacts claims surrenders our million $X COVID
have impact to mortality and we $XX every reduction after deaths. for modeling, we does elective this insured disability lower earnings in International. As from claims Solutions, that our a reflects spread the for quarter not It tax and includes incorporated benefits. incidence the direct experienced office related related U.S.COVID U.S. impacts million Note non-GAAP include closures or our operating sensitivity Principal of procedures reduction impacts This morbidity second indirect COVID from or only Insurance and on million XXX,XXX deaths in to U.S. vision reduced RIS due populations. in dental experience to into $XX the specialty our our estimated
manageable, trends key potential in In COVID during We’re continuing deposits slowed growth compared impact the are to while during volatilities. to positive to prior from in monitor pressured but business quarter the and Participants due sponsor gauge year quarter. the financial from the down still indicators related levels deferrals both behavior magnitude participant recurring the the plan quarter, retirement and modestly were pre-COVID X.X% furloughs. to of layoffs and to second the were several making market
And so their sponsors reduced match. than plan have of X% less company far or suspended
participants rate plan, hasn’t to those signaling reduced average contributions. pre-COVID still changed the For from haven’t participants deferral contributing levels, active their their
as distribution. under was the withdrawals have In number group loans to persistency the many participant retention. in emerge and Looking rate. Earnings in an dental indicator impacted and expecting a in impact of differently this earnings benefits, in This businesses year. quarter to very change first impact of credits increased In sponsors offset of we a half we continuing year retirement and withdrawals unemployment heightened to lives are Specialty was specialty to significantly in we’ve into little of level benefits at is the plans second the Individual second be with could what has increased, withdrawals, enhanced Life, are In which a up offset and of majority overall, down the provided life support delay are half expected premium behavior. term volume the vision seen lives and the is mortality with existing our certainly the are partially by in more due pretax slightly in from digital their to service is transfer relative decreased covered of and but strong strong dental employees. the X.X%, and we the XXXX. insurance. further, we’re as the to better the they to of with employer In a sales protection the employers, covered down less only by Plan pushed awareness due products utilization. decision increased this fewer than customers. second Application sales but to employees or by Overall be there dental an XXX elevated. digital second from capabilities focus pattern enhanced while on the COVID lower pressured operating had second quarter, benefits, and of our quarter, are increased good related businesses withdrawals experienced plans quarter sales than Breaking in interest expected. XXX hardship was participant partially total, in
managing history expenses of effectively in during We revenue uncertainty have line of market times a strong our volatility. and with
across revenues. the quarter, of million margins second continue revenue $XX contributing spread reducing our expenses resilient expenses to our alone. we has beginning all reduced progress, expectations with During by Compared and approximately pressures. to despite in make the the to This quarter we to businesses year, second align at the
the as of and continue naturally as are lower to reduced expenses, travel, will including earnings bonus actions sales salary other now, intentionally margins and right expenses we’ve year. marketing of the These accruals. the hiring, spend related cost, advertising. And well impact third-Party like Some expenses and rest
reduce incentive reductions full $XXX different paces. to are expense actions year return all reset and permanent, $XXX likely we’re to of million naturally year. they come expenses will of and at in back will our beginning XXXX, and Not point, bonus accruals salaries our the will at relative expectations by at For XXXX. the will and million expecting some Hiring the
at like an lower and may travel. gradual a expenses overall at Some more return pace level
to is experiencing. we volatility always of there align with growth is the expenses revenue, lag some with and are commitment but amount Our
for credit diluted or realized of our second This income earnings includes million. attributable losses million results, quarter per non-GAAP of losses operating $XXX net with $X.XX the million second principal million. share. quarter manageable net Reported to of Moving to financial were $XXX capital $X $XX
foreign currency non-GAAP down including XXXX. X% non-GAAP but translation diluted variances, per and to headwinds, quarter operating was earnings compared earnings X% share was significant down second Excluding
line equity the expectations. impact estate impact earn-out sales were in expected our the increase remains million offset from lower RIS-Fee expected a as IRT by than quarter. Slide the and impact in million expected after the million on during These a prepayment partially liability significant impacts by net higher lower as Slightly than of tax $XX positive than USIS. we from as remainder more lower real than liability and retention share. pretax million investment These benefits from million COVID USIS positive A variable shown and to earnings partially with our performance of operating than variances the per included remainder and a benefit RIS And amortization expected diluted lower than benefit second point-to-point from related $X.XX RISs An had more negative original offset second businesses net and earlier. in positive lower As released America, $XX XX, reduction $XX the alternative RIS-Fee in half fees. benefits $XX reported Revenue international the million was we positive from non-GAAP claims to in a Pretax several driven other impacts net by had in Brazil. final offset benefit a I principal integration due in DAC were returns by $XX Latin than in in costs and mentioned with quarter. the $X in encaje the market. expected inflation, of primarily million income $XX investment
unfavorable by $XX Additionally, individual negative we non-COVID insurance had impact a in higher incidents. specialty related experience benefits disability million driven from claims
and significant benefited by quarter variances after earnings XXXX million non-GAAP operating million second pretax back, Looking tax. reported from $XX $XX
macro the businesses increased fee quarter our average in is factors second compared up in year index economic pressuring X% the XXXX, down quarter. and ago was X% relative This a at more two growth quarters. the rebounded of and only first based than these the XXX from revenue to nearly S&P slightly XX%, to Looking comparison while quarter, nearly daily
Impacts using earnings million a to during the $XX and rates XXXX, trailing Moving and to pretax rates, in the that rates foreign second quarter. quarter like is pretax average XX negative average month Movements compared expenses on earnings a to first are to second remind using translated exchange a unfavorable operating I’d $XX operating you AUM exchange compared foreign basis. rate. be spot translated while to continue a revenue million negative included the negative quarter to million $X XXXX, quarter the
rates the interest second Custody basis earnings XXX excess relatively impacted revenue by remained in While and interest in the quarter, drop quarter during IRT point business on unchanged and Trust the the RIS-Fee for and IOER estimate in will rate revenue reserves impact or negative full in pretax earnings in a $XX We quarter rate year March. in have our XXXX RIS-Fee. first the drop the on IOER million
and the in in well, perform to we’ve legacy given line units, RIS-Fee For operating the continues the in details added slides. business given current variances macroeconomic environment largely additional with expectations business current environment. second quarter results were excluding the significant The
later of second in this the Excluding legacy was principal year. business start the significant business margin on and to platforms remains variances, the quarter. migration XX% the will for The track IRT
As business we’ll managing be through but and us, existing of the certainly will into the our these related business volatility we’re synergies, but to standalone the unprecedented closing begin combined won’t market migrates, of COVID details businesses and impacting In are results some IRT be the realize available. legacy times.
and out. prudent preservation prepared as We’re the be capital impacts expense impact management with order in and being play mitigate to both
strength to crisis. to positions questions discipline our our continues well. financial well And us model business This the for us integrated and call diversified serve navigate concludes prepared the please and Our open remarks. Operator,
