and in I provide our our good and cover cash quarter and Tom, at company. will results flexibility on capital holding I financial businesses drivers. Thanks, discuss on morning, also everyone. detail will more and levels our updates Today, third key
Genworth rules quarterly operations treatment the the planned position, than carrying our prior been are results cash the the reflect Canada extent Genworth in met the in required estimated also have dollars discontinued has press accounting separately and periods been and loss sold. have Canada's reported sale to reported noted of on re-presented last financial release of proceeds period to held-for-sale estimated been evening, value as released sale supplement business current to the an the of has this. and financial net operations. record us accounting for requirements planned in These flows all U.S. Accordingly, less the cash and As
the or The sale from discontinued as Genworth shareholders cost the to was well as part balance loss a purchase recorded due exchange given our higher While to differences equity on in dollar, as sales shown rate Canada. estimated AOCI, Genworth quarter business, currency the accumulated less the arisen of the $XXX a proceeds net income, comprehensive our sheet, to recorded of U.S. time. the we over the was results of our operations that mainly quarterly million, reflecting attributable in other Canadian translation slightly price have as loss Canadian than from
adjustments interest to other as Canada previously corporate and interest The discontinued overhead term the Genworth financial directly taxes loan that in related portion reflected and of and the include presentation. corporate in supplement the in quarterly of allocated part the our included the Genworth a secured to Canada, impacts other operations These are quantified on investor business. Canadian and ownership by
now for million, the quarter quarter's focusing We of shift comments $XXX adjusted performance, of operation and million operations. me financial continuing to income reported million. current net of continuing operating $XX most from to shareholders Let on income income of the $XXX an my Genworth
mortgage ratio both the solid strong businesses with loss platforms. and insurance perform continue Our Australian on U.S. U.S. well to levels in capital performance and
results offset action acquisition immediate unlocking in and for Life rate results to insurance, rates mixed, deferred an accelerated by care of charge long-term Our continuing annuities. were U.S. interest low costs in in-force by Life premium due driven amortization single good
versus year. to low low quarter, fundamental, overall unemployment down $XX stable was MI, and solid including operating continued housing reflect $XXX growth, interest rates, U.S. prior million economic $XX income in up million the In was prices. sequentially steady USMI's and million adjusted which results the
X a loss prior third reported from of is prior reduced XX%, loss included up update, ratio XX Note points. quarter's quarter and which the flat that factor reserve period's X by was ratio versus ratio prior reported quarter points loss which year. The the the that
prior of versus year levels strong originations This written, were up of grow, on from up the last U.S. basis, activity. and up market end quarter XXXX. of driven quarter in-force in its the strong by and and larger cures year-over-year counts up levels, versus third remained and delinquencies persistency Primary XX% with to last was Favorability lower trends. did high portfolio. rates, purchase the quarter, prior year all-time was the mortgage driven for very increasing a seasonal aging USMI net at offsetting refinance by New continues insurance insurance new of refinancing and moderate a in-force in reaching and mortgage $XXX billion in reflecting reflects the seasonality lower quarter market. origination The higher from sequential
quarter and up flow Our to Once we insurance the year. for XX% have expect written, $XX.X again, remained billion, third the market new USMI share versus estimated strong. or our was NIW, prior XX% quarter sequentially XXXX
an manage year. mid-teens We to the continue XXXX the overall in return to book on expectation
Moving to Australia.
seasoning. and million was the the and prior the ratio the prior XX%, quarter points X from the XX%. Australia's Consistent up pattern. $X X mortgage GAAP fourth flow with XX% year. of versus origination primarily quarter of review year, prior volume XX% was its basis, loss accounting prior year, of the up in sequentially of insurance loss versus ratio our key The line On the XXXX quarter, XX% portfolio XX% earnings versus U.S. Our with quarter higher full in primarily business year-to-date and $XX up complete annual year IFRS in which business versus were quarter the mortgage premium expected was expectations NIW million levels in from operating years, XX% customers. is The from in the adjusted is income and from ratio the million the premiums loss earned down certain loss to XXXX, its versus the points Australia to quarter prior prior of in $X lower ratio
we our segment. reserves, adjustments assumptions on expectations. In given our our care, made claim to to to aggregate, that U.S. our Turning in line claims, Life experience in current methodologies with significant was and recent no insurance long-term
the lower generally for year. claim the performance is financial terminations versus care, consistent seasonal patterns Regarding quarter half long-term which for of were for prior the with second quarter, the
termination in year, Compared to line. were the rates prior claim
utilization reflect completed claims, New long-term to reserve assumption review, higher year's claims the severity. updated following last after continued care
in to claim Additionally, the blocks year, reduced rate financial blocks, in-force which are we benefit related increase released we This age. impacts, the being the higher be expect continue seeing Choice particularly long-term our care, X of the are deck overall larger for strong. Choice rate to now as approvals the XXXX large The to also illustrated on implemented. of on counts morning, X Page and and is this as continue X which investor actions primarily this benefits earlier
options, reduced last As have frequency approvals as we higher these and our selected which at action policyholders benefit to being quarter, are rounds noted policyholders, by increases. a rate many expanded included these multiple stable premium of been subject of
level reductions, of XXXX. implement We releases XXXX achieved from into actions meaningful in-force rate increases care the the larger expect in long-term to continue go as we a with reserve associated benefit rate and and XXXX premium
benefit difficult quarter in to options level from behavior, is future. it predict However, vary the may policyholder of to reduced and quarter the
additional that calls basis, we approved in future As would we XXXX. estimated assumptions value on this a we actions XXXX, under in late net actuarial of that discussed approximately updated prior on year-end achieve were $X billion, as present year, rate
approvals basis, $X net the $X Our of value exceeded a year-to-date on present amount. billion billion XXXX
rate year, last approximately XX remaining multiyear obtain take approvals. years that to it plan implement Our and action assumed refined will these
are evaluating connection testing loss flow with fourth quarter actuarial our We in testing currently assumptions review. and our cash recognition
more as We claim. newer more particularly X, that a just experience our series is focused policyholders credibility developing with on on are gone policy on updated Choice have
of an care annualized, XX XX% interest of future rate average $XXX updates premiums and long-term between X, Any our of with assumptions, Choice needed. view likely approximately years and premium including increase of total long-term to represents individual has age our attained of care amount about the old. XX actions million long-term will rates, premiums
PCS and the blocks comparison, our age attained are XX, I, Pre on PCS, respectively. oldest the PCS average II For XX XX,
in We value LTC premiums premium have the policyholders, Choice premium more from allows manageable higher a on and for and additional approved longer net the X runway which actions, significantly increase. for is for present blocks our for increases smaller collecting that benefit rate newer
rate some Choice legacy on series XXX%-plus our average for some product XXX%-plus versus cumulative the with X approving of older approximately nationwide increases for some products. is legacy states Our of XX%
Our disclosed number actuarial and fourth for will cash for are assumptions, utilization, all loss rates among review quarter progress in rate our These of be will interest earnings reviews a part as expected disclosures. and of flow still care including long-term consider our of testing products recognition in benefit claim incidents, in-force a others. and mortality, actions,
during Also, as and our remarks, Delaware we the closing. these York quarter, start discussing in care are We domiciliary past. in Brookfield with of the our this also fourth the overall as timing given New his and did have Tom discussions as assumptions, transaction long-term earlier reviews Virginia, we noted the progress, year, done regulators: Oceanwide
Insurance. Turning to Life
$XX and Overall for to of Our results was DAC the ceded higher reinsurance versus related rates. amortization year. million included mortality after in quarter tax Life accelerated sequentially lower last
post-level quarter, be premium impact, XX-year XXXX, million discussed additional last blocks business noncash life related by and insurance an continues tax we primarily to these large written level periods. is amortization, versus As lapses life term term the entering life reduced after negatively million, term last higher $XX in accelerated quarter. from a premium with insurance term $X lapses, which The DAC primarily associated impacted earnings the to life their XXXX
more remain expect We amortization elevated lapses this throughout as business and the of to XXXX accelerate. premium and post-level enters XXXX period
rates review and the basis the XXXX our of significant XXX between As are we on on the December of interest Life around end our XXXX. business, of given we are assumptions finalizing points quarter on decline third focusing treasury XX-year
interest are lines moments. business rates, taken with year analyzing some impacts to currently the few when in will largely rate assumptions, a most, our on prior as of I different our environment a perspective interest sensitivity related interest and share a life mortality, than include whole. other persistency all and rate universal and are how We assumptions, line in
variable our interest of related due immediate and the quarter, We the during million to annuities, had annuity rates lower in fixed $XX investment reserves premium versus decline interest lower higher saw rates. an In driven single products, income prior after-tax loss quarter. to charge recognition we by significant the also
tested that immediate no quarterly, in loss there interest environment. recognition rate premium is single this given annuities Our are margin for
quarter was operating quarter. loss prior which I as and was for Corporate restated versus improved Other, last adjusted periods, in million This in has discussed earlier, Our $XX to primarily been the anticipate fourth and tax from a timing We the to approximately adjustments expenses. occur and timing $X benefit in favorable tax tax of million lower $XX other of quarter. million due
to capital levels. turning Now
an to the Our U.S. last In of with businesses PMIER as assets quarter and on of flows a and reinsurance USMI, The maintain we million mortgage portion excessive a year capital of insurance book XXX% year increased sufficiency quarter. of over cash sufficiency Australian during the XX, XXX%, required loss September continue quarter for finished of the execution very ratio level the to above PMIER level strong from the $XXX transaction the up XXXX and strong last XXXX. positions.
we noted release, a press USMI from in million ordinary dividend received our $XXX As in October.
factors We economy. on U.S. in expect dividend trends the which be current in strength continue an well pay macroeconomic favorable employment housing based and and forward, overall as U.S. plans, USMI business our to performance within levels market strong to a the as annual able as such assumes going
economic regulatory future Oceanwide factors, the look timing business and and we consider based of related factors, appropriate constraints, the including assess and dividends amount transaction we plan. performance, will will we a on capital As of variety also forward,
local XXX%, above is The prescribed reflected million, capital quarter business an of for after share $X.XXX today bring the APRA, declared per The of high ended approval business range, last the quarter. regulator, which from in aggregate million. range from its amount, approximately target AUD Australian or its dividend dividend amount XXX%. XXX a management's of MI excess the end To receiving special closer an and XXX of to to on our XXX% on XX% the based rates. primarily quarter, the and of our the ratio, end a will Australia estimated the U.S. payable company basis, Our current during of decrease $XX in capital in million down is at target dividends position Australia's dollars ratio receive XXX% holding Genworth with paid further optimize capital PCA, exchange percentage ownership capital November management of foreign PCA AUD approximately to
net disclosed million dividend holding to with the in September to and $XX special The announced early XX, net dividends paid given previously billion that special company Genworth for October was agreement paid. transaction Brookfield on a proceeds price reduce approximately dividend will is special the by Canada's proceeds USMI. any $XX of million from adjusted proceeds the amount, similar $X.X fixed the of
is GLIC, approximately slightly quarter. Genworth in Life to of quarter up at company's third Company, Insurance capital from end capital, or action expect of the We level XXX% risk-based the second which
quarter annuities. Life statutory claims and benefiting in-force increase offsets rates profitability from was in rate the care in in positive, statutory continued from This long-term development. in-fixed from lower interest earnings U.S. in annuity actions long-term capital from income variable care and required the
no to capital our plan the quarter; infuse of statutory basis, U.S. blocks; on management approximately capital did on businesses transaction their investors is that to obligations. conjunction a Delaware will regarding of billion, made as increase remind proposed other will the with Life our and all justified with a dividends. approval slightly part in-force with nor U.S. entities actions rely million GLIC Delaware contribution actuarially transaction, I of in earlier Genworth $XXX with Oceanwide of process manage to contribute It the Oceanwide. to rate satisfy of stand-alone the a The is policyholder during This GLIC. these intention extract future and our agreement commitment Life consolidated part which $X in special want to as a the prudent business to
holding the assets, prior cash and quarter. down million with from from the Moving in quarter liquid to we company, the million $XXX ended $XXX
interest repurchases. holding $X to collateral be interest of During swap of Offsetting hybrid to of the payments items. were from $XX share Intercompany million, company a cash our tax miscellaneous cash $XX holding net to rate additional proceeds million, million, total the payments debt million primarily and company. in $XX dividends were the source quarter, million $XX inflows continue of on included which other these
We special to expect loan, million by $XXX of Brookfield's option $XX dividend have $XX an on dividend fourth if bridge the has benefit regulators USMI's Canada's of dividend execute cash our Australia's Canada approved and million. not tomorrow. million, do to by from quarter position of special announced sale been We
will draw continue determine progress assess We overall regulators on to we an to Canadian the deal whether the funds at with these and Oceanwide appropriate time.
Now I want expectations many and drop to may insurers how recent which the long-term that rates rates long cover a most is low in topic interest carefully, for investors persist. watching are and these
quarter, second to early further X% the to around into last we end week. only rebound fall the at third then end the and October, at the the fall XX-year of X.X% treasury X.XX% of to During quarter from quarter since saw
portfolio. levels offset this with via saw rates and U.S. are investment ways, multiple impact the fixed In in of in this lower rates current some negative unique may low are while Genworth charge business, have from our business and we our is levels unlocking low business, in some the somewhat In insurance our generally impact expanded impacted. the lower that U.S. we investment insurance mix others this while as periods, in positively period, businesses an income market, quarter; future both business and benefit originations through by interest of lower given negatively on persistency businesses industry, be our benefit income rates Life mortgage new as of income.
completing. incorporate it other $XXX between or once interest before rates our DAC stayed our currently amount not our view in we XX also This future actuarial Universal is assumption process to September that million rates Life the complete of incorporated near by are could will assumption our updates We taxes. with changes Related process our of other results. in the their amortization we fourth if products, in you update levels, interest connection quarter announcing in is accelerate and and $XXX our million offsets,
our sensitivities other XX-K, encourage our review. of I some annual disclosed rate interest to which in We've investors discrete
We to will forward. environment monitor as continue move low we the closely rate
performing strong In very We well our capital and including on and financial transaction quarter to significant closing, and continue We focused businesses our it completing mortgage to improve a of and dividends Brookfield remain stabilize soon the to action financially, plan insurance focused Canada closing to Operationally, as LTC Oceanwide execute company. Genworth then sale intended progress, possible. other strong Genworth. operational on rate priorities are insurance levels their strategic with as for our remain and on holding our solid Life actions earnings, help the businesses. the U.S. was
questions. that, open it up With for let's
