details to how our of conference review, call the financial and we of current morning where we've assumption our position the financial do included of presentation Good morning, continues portfolio. key Dan. Thanks, our impact details everyone contributors I'll again performance business, including to details impacts This COVID COVID, investment discuss on our additional and quarter. in the from the for our impacts this and actuarial call. quarter, to
than impacts While to next at pandemic. so, the play continue the on expected metrics of uncertainty over year onset better we're how remains we the many out tracking of or the the trend
and of non-GAAP income earnings $XX quarter a Third We of impact net with reflects operating review from of significant capital attributable gains per Principal million. in net or assumption million $X.XX credit the included realized share. income million $XXX $XXX diluted the of negative quarter reported million manageable other $XXX losses to variances. Reported third million net $X
non-GAAP the compared XX%, variances, quarter per Excluding $XXX the other or million XX% to share earnings increased $X.XX impacts of the and of significant assumption review of third respectively, and XXXX. diluted operating
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assumption assumption after-tax year's and third review quarter primarily reported per non-GAAP variances by most impacted assumption X.XX%. was million We long-term operating XX-year significant share. million experienced impact by our our result pre-tax, was interest The to XX assumptions. basis diluted economic Treasury $XX earnings rate XXXX back, the and rate This $XX updating $X.XX Looking lowered changes. points impacted significant of negatively by
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be to impact capital this expect We manageable.
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in mortality as These during Life. customers, and by slightly favorable a million Specialty XX% life negative deaths in partially first premium after-tax group million COVID the our to unfavorable a quarter in from Third for Benefits, hardship from earnings total, RIS-Fee $X dental well Life withdrawals, RIS-Spread. for $XX operating net by of pent-up reported than claims offset primarily pre-tax of year, that quarter. a Benefits, claims more in impacts from the our in participant the RIS-Spread $X including fees impact million credit impacted Individual quarter and $XX from million disability, group vision and negative U.S. positive in a impact $X million direct were negative a million COVID dental Individual negative the half benefit a Specialty with as impacts and the some third in impact from from morbidity netted XX,XXX claims impact $X a offset partially In and negative waived were demand mortality
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participant year XX% to we higher continue of X see. approximately beginning to percentage of year expect typically than account about be point We full total withdrawals value,
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of expectations For $XXX our to to our expect we approximately expenses million will beginning continue XXXX, reduce full relative year. year actions the at by the
As and other to to than and quarters due are expenses a higher other fourth of seasonality reminder, typically marketing expenses X% IT. XX% compensation quarter certain like
be or We quarter expect range fourth at to year. below this this in
Turning to Slide capital and XX. on liquidity
of the to to million months XXX% Our total financial and the subsidiaries of of holding targeted excess The the obligations, and capital ended cover $XXX excess And position due we timing and liquid with $X.X uncertainty ratio and our in including drift remains billion quarter. strong target cash in available available to our $XXX and company RBC end from and the higher our be at XXX%. our next double company, ratio of the quarter losses. $X.X $XXX XX of improved last available than quarter, billion cash target estimated risk-based remains of capital, billion in $X.X of We credit the million million assets. had of at credit impact
expect RBC to time. We the XXX% continue trend our will targeted ratio to down over
XX%. is debt-to-capital Our at excluding AOCI, leverage ratio, low non-GAAP
Despite through uncertainty. financial pressures have a company's the the and discipline debt until the deploy financial capital manage $XXX of XXXX one ladder into positions the million we of opportunistically and of future. flexibility needed maturity environment, time this well-spaced we to strongest we our the current and remain isn't history economic next maturity debt in Our have and schedule in of
$XXX As repurchases fourth stock the XXXX. We for shown capital or we common plan share quarter of of restart quarter third to in million the either in first Slide on dividends. deployed XX, quarter the
position. environment of uncertainty outcomes have we and the and We're While continue range is a financial stability enhanced possible to to macro the remains, be strong in clarity in narrowing. starting
quarter, authorization. share X%. dividend our repurchase a We in announced third night, the unchanged yield is fourth quarter, from our have stock million $XXX current common approximately remaining and the dividend $X.XX on Last payable we
our And unrealized which and are portfolio, average spreads to company, net as ratio Slide loan remains At The $X few during strategy U.S. we times takeaways. our X.X in the investment of a tighten. XX%, second third $X.X on quarter in coverage billion shown portfolio mortgage a increased includes U.S. our average billion As XX, and diversified gain high-quality, net fixed from another changed. not maturity continued pre-tax investment the total $X.X commercial position. portfolio well-positioned. importantly, This loan-to-value unrealized billion hasn't gain did quarter. service of change the debt A
And diverse alternatives a have importantly, other high-risk and We to liabilities are long-term. our sectors. and exposure manageable
credit asset and third liability we've million experienced aren't We the have losses million in with sellers. disciplined management, forced quarter. drift we $XX and credit Year-to-date, of $XXX
the $XXX outlook of $XXX and quarter XXXX estimated fiscal delayed estimating And as losses of the Using and unprecedented currently beyond and crisis. have for million a and emerge we're of credit to the drift pandemic losses to estimated we're XXXX. monetary in global we improve. the XXXX. expecting continues Our part million and stimulus million million drift second This from million global has $XXX and financial to in from on approximately start losses million at the drift to now improved $XXX large $XXX government, million due call expecting for credit to credit $XXX the impacts credit that We're $XXX to been additional year. programs. full Economic guide, the the range crisis
through unprecedented to monitor management as related in expense prudent these both with we'll to impacts We're future capital and and provide be and volatility on the being market we're business, certainly impact our calls. times. mitigate out. customers, preservation our and prepared impacting closing, are but our continue We COVID and employees In closely, the managing the order play updates situation
and model discipline financial business Our positions integrated us navigate this and crisis. our us to diversified to strength continues serve and well well
host our February Investor to on XXXX remarks. at prepared XXXX forward you call, many with at And we'll open our mentioned we're next call John our XXth. Outlook Day of the the for June the questions. This connecting please of year. in As looking concludes Call start Operator,
