good Thank you, Tom, and morning, everyone.
on by liquidity optimization flexibility. then rate I'll continued in the on progress value more capital first as and financial an actions, as and discuss open Genworth's well detail, with delivered I'll our LTC I'm and creation update very in the in-force improvement call and pleased drivers Q&A. portfolio ongoing Enact provide investment for before our results our we
million, quarter operating adjusted as Per $XX was primarily income Slide X, by driven Enact. mentioned, Tom first and
of Insurance primarily Long-Term driven gain reported mortality. expected Our adjusted million, actual seasonally high by a $X segment operating experience, to remeasurement Care income from liability including
long-term to from earnings to experience the the in the expect full on short-term the expect results ahead, basis. a year to first assumptions, to compared liability actual of actual quarter despite impact the pressure deviations due we loss remeasurement year for Looking of GAAP a LTC favorable remainder throughout and expected continue seasonal
life the before, experiencing said As performance average have quarterly about full the volatile. rate our from companies, $XXX loss a be million of We of we including expected a positive believe a quarter we recorded results of reminder, first year better And, statutory actual in-force the with as resulting pre-tax year, results. results impacts positive actions. million last underlying represent GAAP continue to $XX loss after to
$X $XX year-end million of income by million, expenses million Other $XX of timing mortality adjusted initiatives million Corporate were as operating CareScout of in by with reflecting Annuities Corporate Services. adjusted as tax annuities. and LTC and $XX we insurance by to unfavorable and to seasonally million impacts Other. life an Enact expect and of that was in in The from well $XX variable Life operating million in loss results The and $XX fixed higher adjusted Annuities from reverse unfavorable losses and Life related partially from annuities of the loss included high and offset growth operating driven new and
quarter strong strong performance at look quarter, its X% result the first smaller in-force Genworth's of of value, delivered to the significant insured delivered quarter. to X, income of at capital continued same has the adjusted operating very including high-quality closer the year-over-year of a to $XXX book Enact's elevated end share $XXX Enact's Primary insurance a as taking year million by in and first on the increased written Enact growth of AOCI Genworth a returns including prior a to has release portfolio X% reserve time, increased Enact Slide while in Enact's persistency. versus down profitability. XXXX was at Now driven billion Genworth. insurance billion, and $X.X new
ratio a the cure has of from performance XXX%, As Enact early The first million sufficiency $XX quarter on PMIERs reserve reserve requirements. Enact delinquencies. of X, billion drove reflects and ratio had $X.X XXXX a which pre-tax favorable strong favorable above approximately X%. Slide loss release primarily shown in estimated release a PMIERs prior
the Enact in of of strong to The flows cash dividend share repurchase Genworth. continues quarter. $XX deliver and a proceeds to Genworth program million in to first its combination Enact's total generated quarterly
Enact's As Enact total a million of has million its announced to yesterday, on us own million dividend Enact more for expect Based with which to we in position, in year. share potentially it expanded the and repurchase return receive its shareholders throughout our expect and year share allow program anticipated, to XXXX. ownership year. its continues enables by would to $XXX updated $XXX program Genworth to quarterly XX.X% the increased our receive $XXX earlier proceeds than from repurchases previously to be the opportunistic full
Slide on X. Turning starting to Long-term Insurance, Care
to basis are strong legacy on economic go-forward business. LTC breakeven We strategy our the making on progress in achieve a
significantly risk MYRAP tail multi-year and through settlements. plan action rate or reduce our continue We to legal
a and Choice of XX% rate basis final present settlements. worth end under in-force achieved first As policyholder net reduce of approximately $XX completion benefits. we legal response the quarter, have will of of have on approximately block these of Upon large billion on XX% II our been offered actions LTC seen to reduced this cumulative a the value third later have the year options settlement benefit block, the and the rate
seen as the X on the Slide in periods trend approved we've as recent in action elections. positive details policyholder well rate benefit reduction more in-force filings shows
approvals to full the expect strong for We continue year.
to elect maintain term. As further of the our on part policyholders more reducing long and reduce coverage the recent these to claims their ability the pay MYRAP they're while able protecting Genworth's benefits over legal tail to policies a meaningful as or settlements, risk
closed before, system, said U.S. insurance They reserves obligations. life manage and future we've claims a operate basis. companies on and stand-alone a existing other As cover to as we the leveraging capital
a over with expect from into still insurance We policies capital segment. insurance not legacy companies peak will away, nature well our LTC the of capital put do and, the not decade life years this claim returns also given long-tail we
reflecting in-force actions statutory Slide and significant pre-tax As had we of from legal $XXX $XXX million, LTC total benefit a settlements income of million. shown XX, on rate
statutory U.S. rate favorable $XX Slide equity LTC with and interest led the legal settlements, XX the income of overall as annuities was to actions and movement for This companies quarter. pre-tax a shows our million. very impacts strong life and in market $XXX in-force by insurance variable the well benefit million from as rate
the year, billion. of end balance Genworth the quarter In of GLIC's reflect sheet the at net high impact end trends risk-based driven the addition, and sound as the GLIC, end strong capital of at results Company, consolidated favorable of remains Insurance XXX% seasonally of with which remainder last March The Life by XXX% or earnings. to $X.X capital of of through typically statutory March compared year. first surplus lower ratio for the mortality, was consolidated
be statutory month. will our filings website later investor Our available on first with our final quarter results this
which long our Moving duration remain our of risk. on XX. the investment very confident with in products we have strategy liabilities positioning believe our given and to in portfolio, Slide liquidity limited the summarized is the right portfolio our and We
of the portfolio portfolio. U.S. income. buy fixed gains assets the changes monitor than in company's losses majority investment-grade a has in investment-grade XX% As hold estate our estate less which interest support office we total comprehensive from manageable high The and our our of generally environment, and maturities investments. to the with real concentrated unrealized other through exposure insurance benefit we to rate with quality of continue a liabilities, are our maturity assets, reminder, equity continues impacting life that approximately and higher It and is is schedule commercial to in exposure real XX%
reimbursed Outflows million included the million to $XXX which and included quarter million the from of $XX benefit from cash are Slide $XX annual assets. company holding of our throughout share accelerated to Enact We of subsidiaries by on quarter turning returns employee largely repurchase program. first received year. liquid other items, its the with in during the Next, that capital XX. the related ended payments quarter, We
repurchase Slide reiterate allocation reviewed debt growth I'll on cash price to top below program when capital to Tom in that shareholders share share and opportunistically and is attractive our CareScout, strategy, our our through our intrinsic long-term priorities are when return XX invest to down shown us. through value, pay
of million capital return We to share another continued per quarter via million in April share at the $XX first repurchases $XX shareholders to XX. repurchasing an $X.XX through average and price
to We remaining have to current as repurchases expect our $XXX continue authorization $XXX million allocate $XXX million of to XXXX. roughly April and million end share to in the under of
value. repurchase the being due to able received share repurchases quarter in were intrinsic execute Enact to due in program the and cash late our first at share accelerated quarter Enact an fourth from through We price pace below our quarter the to from first
for amount company a We're on lower fully share depending as reminder, full we in is pleased created that our we range value year given expected XXXX our than market tax and conditions, have price shareholders program. the the very the repurchase and with for share Our through our utilized vary holding repurchased assets. may
XX% below also debt-to-capital We our debt million in company million. of Annuities. value to maintained a first total and equity $XXX attributing ratio the We holding Life debt to LTC, reducing repurchased quarter, $X no
from very liquidity debt are flexibility and We given comfortable financial cash our sustainable level. level, our with Enact manageable flows
liabilities multi-year block. the the In legal strong and legacy a X shareholder proactively LTC benefit we of policyholder are action priorities rate and LTC are commitments managing is delivering Enact its evidenced value and honor while The from enhancing to additional as strategic risks. our value settlements driver increasing on book further our closing, earnings, our by stable and returns. stabilize ability capital plan
repurchases holding Looking shareholders through ahead, and repurchasing focus through CareScout to delivering on company sustainable opportunistically debt. we continue value growth will meaningful share to long-term returning while Enact and
for Now line let's up questions. the open
