Richard S. Dziadzio
Thank you, Alan, and good morning.
The offset look of to loss well decline also This reported driven $XXX lender-placed the partially earthquake. reportable reinstatement and a net million partnership. was of City of million drove Housing. a compares catastrophe $X and quarter of Hurricanes last segment as venture income as catastrophe and in by a losses normalization from the $XX Let's Harvey, start with joint real Maria operating Irma premiums million, at $XXX Mexico from the Global third million The ongoing year. by of estate losses
key our catastrophes XXX%, our the reflecting at to quarter. Housing businesses the risk-based increased Global Looking for in ratio metrics, combined
Declining demand point from reinstatement roughly decline XX lender-placed in $X support X%. The market within the premiums, Excluding of decreased solutions non-catastrophe business. given modestly higher losses soft to XX%, actions, the our pre-tax for the period. with was overall, This for ratio and services. prior-year prior expense the to due the line housing fee-based the mainly This expenses by represents million results weak basis from combined multi-family capital-light margin business. a continued was lower field our premiums catastrophe losses were offset businesses prior-year Mortgage and period. improved remained to losses but originations and
as XXXX. margin continue expense our manage exit we While persist to we expect we to the base, pressure
rate in third-quarter largely and premiums mix, macro rates. rate trends was This lower-than-average client earned partially for lender-replaced reinstatements. Growth clients the with The loans and basis due higher quarter concentration decline impacted Housing in decreased in multi-family in fees a year-over-year revenue, to net the the including a housing to premiums by additional offset placement reinsurance premiums Turning placement Global and point decline. of was for primarily new XX in X%. placement
With and in fourth placement these we on-boarded, the rate decline loans XXXX. quarter the now expect fully into to moderate
we catastrophe lender-placed losses. and field client and in and Global mortgage This for origination normalization for capital-light our fee-based earned continued to growth Consistent ongoing continued the in demand XXXX, anticipate is full-year the PMC income policies our down was quarter. renters sold affinity year-over-year reflects second solutions, X% through weaker during increased XX% XX% This in declines housing Housing with and our down solutions. due third premiums primarily excluding volume and to multi-family of to performance Moving related from revenue earnings, fee and XXXX, net outlook weak channels. services. lower businesses, In mortgage quarter market
losses the fourth officially from in the we later While to this event month, season the the wildfires California a be Atlantic ends hurricane reportable expect catastrophe quarter.
to monitor development continue could $X $X be expect million We claims million losses pre-tax. to and
a This growth earned a in the business Revenue vehicle move This implemented premiums on in decreased, change from real This let's protection prior $XX driven the $X Global no period. $XXX increase operating partially with additional a client Now, and program with The our a client million and recorded segment impact was late in Harvey. previously-mentioned venture to this change segment $XX by million estate partnership to of Hurricane due benefit, from reduction for in joint of million mobile caused relationship flooding $XX overall income. million primarily our tax one-time Lifestyle. net income, year the business an economics. by associated was in entirely net extended million offset had last by structure. losses, our
were and growth the we or revenues driven lower-than-expected new within in was from in Lifestyle, retail clients. XX%, trade-in of smartphone following by the partially change, by by the quarter, was new globally, of declines Lifestyle this programs up Fee growth mobile income In driven devices. vehicle however, Global credit Canadian subscribers. offset staggered saw volumes million Excluding up introduction activity, and protection X%, $XX legacy This specifically, Global our business. for mobile
the of early as increase sales vehicle year-over-year we with in from X% Given business volumes the anticipated be third periods the revenue devices, trade-in in earn. with prior-year strong more generated these to growth to growth availability in quarter meaningful protection quarter consistent begins new The fourth a expect XXXX.
several last comprehensive this a Our the as years distribution. in and over has strong business returns expanded product by supported broad well been as service and offering profitability
contributed North and Latin other alignment OEMs also key America have in selected with and countries Our America PPAs to our success. in
XX% of which key protection metrics rose from XX.X%, protection primarily at margin businesses, Harvey. was pre-tax targeted structure Looking combined in up ratio to for losses for performance earlier. additional from was driven business the programs X.X XX%. This risk-based vehicle XX%. our Absent percentage includes and XXX lower well segment, the XX this, year. the the results partially X.X%, basis the ratio to Connected basis vehicle our points new the was range due The referenced to points to within credit by for insurance, expenses this by contract last subscribers, The related program balance points Living was service by rose change business. fee-based growth and and offset support to in mobile Approximately to combined
outlook the Lifestyle the mobile meaningfully Global quarter we to continue XXXX trade-in originally XXXX, earnings our for fourth to than year-over-year. volumes lower in to increase may while expect anticipated, full-year segment be Turning
well-positioned that XXXX. will be to We growth also we drive sustained in believe
prior venture $XX partnership Earnings joint results were Now, real flat. Otherwise, Global income review period. to reflecting $X decreased million let's million, in the estate Preneed. in primarily results
continued for with our assets Canadian X%, grow, Preneed business, the driven including environment. Final increased largely yields remained revenue U.S. interest-rate Total While growth by pressured our product. and low by Need in to
by hardest decreased year-over-year, like was This volumes. lower areas X% quarter, by and this the activity. sales, face markets Texas hit in hurricane reflecting the key New Florida,
on lower the do ability will for year. deliver While disappointing, our we sales impact not commitments to expect our
to Corporate, million. $X drove decline. decreased million loss operating taxes to reduction by Lower net $XX the and in expenses Moving
expect lower taxes We in fourth quarter. the reverse third in to quarter
continue we operating expenses, to additional driven quarter in and third-party align expenses model. consulting technology fourth results by spend Corporate's expect an include increase to also other in our as We
loss to year this the As Corporate such, estimate to million net within million range we compared operating $XX $XX $XX to for XXXX. million now our be in
This ended $X in Lifestyle only catastrophes, we $XXX approximately Corporate, Housing, deployable in Global Because received third is the million of from or of from Moving with $XX in our estimate of the We of year-to-date. $XXX level benefits to million Preneed upstreamed $XXX employee and quarter ahead million. capital. significant million we and full-year fee million on dividends health quarter. well initial the
segment approximate dividends the full year. expect roughly to to operating segments continue earnings We from for
$XX returned stock pending September summarize, and through activity good cat solid buybacks common Buybacks Warranty we returned third in $XX to dividends. we announcement lower and were and to to During quarter remaining continue with share the third million the The delivered quarter, due results. through via shareholders Group To $XX million million we of the progress make acquisition. the
We The plan as day operate of for Warranty Group ensure are integration one. we acquisition developing a comprehensive one to company
We also profitable year-end. the the which for beginning please growth we on expect that, to and including by With our to commitments for At prepare filing, our we beyond. focused year are XXXX and pro S-X filed on in same delivering driving on be questions. open financials, call the forma remain our to time, full shareholders operator,
