with premium growth X. line’s year Slide operating Health those the impact good and up million This of strong in our Glenn Senior during driven to premiums. of take revenues and e-TeleQuote million with acquisition introduced financial XX% months pre-tax XX persistency policy added our our segment will part new the you and Life Starting key growth top through direct The adjusted Term you, XX% continues quarter results third by income of direct strong metrics remained July adjusted highlight added compounding to segment, and million, Thank to $XXX everyone. in additions $XX to disclosures the of for XX% including on period. prior compares drive morning, quarter. on X Today, $X as and growth sales I
with claims coming incurred that tied or excess medical continue of societal to less policies such but about $X issues onset in increased insured million either the the volume rate in pandemic the younger linked deaths states, of claims variant since where of deaths specifically rates claims higher as XX heavily COVID-related crime from claims the as We health prior issued identified up our than was period. driven net year in who per the The quarter also above million, $XX population XX to $X higher estimate represented insured are in in our population to Canada. prior individuals, the XXX,XXX more rate our million COVID-related impacting as around crisis. million Third not indirectly and behavioral delayed deaths. death death quarter, of was we through increased care, largely are been the believe led Delta COVID million mortality COVID the from by have of population pandemic. and The to older This from X% in claims be low. US were policies COVID to vaccination
continue to in by long-term any reserves this excess for monitor third-party with expanding higher fully along mortality an in to our riders drivers premiums P&L a perspective, Main provide of policy for a Canada. if the be to held becomes individual reduction disabled. claims the that death for the claims reductions population were We experience waived emerging include waived, trends. offset From was our disability management
XX% $X of to strong around in During XX% to the for by except levels impact for one, Compared benefit about million, income. to pre-pandemic XX% lower. due favorable pre-tax the to third DAC offset by baseline, reserves in quarter, persistency duration all million amortization durations lapses was net which favorable higher $X remained was pre-COVID a million $XX lower
were to record DAC driven The over income including highlighted largely changes Last a around higher duration and as lapses $X year increase across quarter we than lapses that one experienced time. contribution durations one. by benefit with $XX in net lower pre-COVID unsustainable the reserves was all XXXX for pre-tax million $XX due normalize million lower of with XX% DAC levels million. to to third these of duration such by were expected amortization and by Year-over-year persistency persistency amortization
persistency, provided compressed XX%. Given year-over-year to income growth the with higher by lower margins was X% contribution around net claims pre-tax COVID-related remaining and death
at direct approximately U.S. we to our adjusted based XX% expect $XX taper the to grow XXX,XXX activity million, Canada. year-over-year to fourth and deaths COVID-related as the Looking pre-pandemic levels. deaths, rates we and on the in business and future projected growth by estimated premiums quarter, are population transact new layer
margins on quarter. earnings. for have business XX% in We expect do Term the XX% lapses continue to annually impact XX% to all pre-pandemic new expect assumption XX% one, translates fourth duration performed persistency to we than Overall, fourth not impact, in anticipate to the seen range review lower. Life XX%, levels, across persistency-related similar strong are notable we lapses except expect quarter as a where the around durations the be This that quarter. to We this lower to of a
next operating increased the X, of or million Turning million on of slide to ISP $XX $XXX results the revenues segment XX% year-over-year.
$XX of million income pre-tax XX%. Our increased
results market appreciation. proportion combined which to strong growth of the sales quarter slightly large Third across equity sales dollar Sales-based impact increased higher the commission rate. to of sales lower all in trades, reflect XX%, in revenue-generating of And a slowed have the products. benefit volumes continue volumes a due positive revenues
revenues line XX%, with increase sales Both increased similar client associated value. in asset-based Asset-based revenue. commission a average in reflecting and the expenses asset increased
the Glenn prior increase XX% current on ISP year-over-year. sales-based and Based quarter mix $X revenue between period. approximately we mentioned, XX% As sales net by fourth expect year would grow this over to the million sales
year-over-year assets increase million. quarter, asset-based would be higher under significant XX% market management average revenues net no the would approximately movement and Assuming during $X
allocation assets, is XX purchase $X.X earn-out payments the e-TeleQuote's to, million current date, ending or assets. goodwill. of assets we slide Senior of the The on results at X, assets e-TeleQuote table preliminary finalized. change of for Senior XX% commissions values business significant which is the net of acquired segment slide agreement, of intangible of shareholders, the of asset calendar net most price on identified a shows excess fair by with XXXX. purchase as $XXX the the quarter the requires The in for receivable price to renewal related to of The we health amortized earnings X, to The sold combination recorded are achieving the and relationships to amortization be results policies year is accordance insurance to for assets as estimated fair were purchase counted years. in million intangible subject for of the acquired, segment. be Term operating period acquisition provides intangible of our prior e-TeleQuote Health identified Health result being intangible purchase over values consideration the The introducing acquired its contingent payment the form of the the which acquisition key in generally defined will carriers expense with our useful based and agreement in of had this acquired GAAP, which In Turning life recognized XXXX as in acquisition as e-TeleQuote. a estimated
the Given the we earn-out, we achieve substantial required payments nor will not earnings did do many anticipate, to expect be made.
purchase recognized anticipate As liability our such the allocation. price not it. for we expense preliminary the have not any do in with recognizing And earn-out associated
We the or at which through a price the and calls management, agreement. of e-TeleQuote, the defined purchase held will in XX% is remaining puts for on based of e-TeleQuote's interest benefit by acquire formulaic series
And individual classified issued on in value share-based fair two both on post-acquisition any commission remaining performance of not liability the commissions they preliminary recognized and of approved results, for excluded lifetime periods, Each share-based purchase-related that tail contract forward other going page estimates to other also which liability non-controlling are Health financial in we include sale items previous applicable the recognized well subsequent price market categories. key of protocol. allocation change outstanding compensation, expenses. items operating have where revenues drivers these policies policies, earlier. of the for to Senior point of shares. will as we subsequent defined the revenues other and operating XX the non-controlling the supplement, conditions reflected classified marketing adjustments and as on changes evaluate exercise We will shares fees and of the for and the from subsequent is and the highlight Other terms of shares the reoccur acquisitions interest in interest The expense includes be revenues development the in our acquisition-related interest in represent the at in further commission as adjustments acquisition and costs. focus discussed areas purchase accounting based as expenses Redeemable compensation
or to open business of the due plans. an OEP, or period enrollment election earnings AEP, annual is cash first seasonality with The levels to by runs notable Senior quarter individuals mid-October December. to which early to has to The add As of matures, to the some discussion. e-TeleQuote takes the switch business fourth during from Health as experiences being agent count. quarter AEP demand peak period policies the cash track between time positive and collections generally higher Medicare as result become have cohort Advantage generally quarterly it the cohort the the opportunity approved has plan another for strong period we a post-acquisition our strongest
period aging tends coming both Medicaid, on are plans. from those period quarter employer or second a for allowed an a into who qualify to be special of and The to enrollment Medicare focus individual sponsor those Medicare and
of in sales Before laying to AEP, avoid are however, off the potential adequate second of agents. quarter and relative volumes OEP to decreases opportunities quality
quarter the The leading year agent is and lead typically lower third financially, counts AEP, quarter supply imbalance. demand with of and weakest growing volume a into the basic
the During including adjusted taxes Senior before an loss segment million, Health purchase accounting of $X.X the had operating adjustments. quarter,
As agents retaining attracted and pressure the of around has referenced COVID. hiring e-TeleQuote throughout COVID, quality Glenn been prior typically there to
per leads low typical the with when quarter the of in loss approved a up this quarter. the third generally preparation led year of hiring levels The in AEP, associated cost heightened turnover licensing higher-than-usual quarter training and early acquisition policy third which resulted period. hiring, While there are for in costs to the and $X,XXX for contract to supply drove combined in the with
to fourth benefits leads $XX AEP, to per earnings be fourth provide lifetime believe While commissions Primerica of lead will impact operating around $XXX quarter, the the and remain acquisition We along incremental million range anticipate approved in challenges generated policy. supply a contract around staffing pre-tax positive we $X,XXX value with profitability. quarter, the costs in the
million to fee Distributed increased revenue offset by was net the yields investment were program, and next and transaction-related Products $X.X allocation benefits to Operating and business. Moving our and sales Term slide portfolio certain increased growing This million expansion expenses. higher the for Corporate Commissions operating $XX.X in million higher to to book were notably operating year-over-year of million $X.X excludes including in million, sales. the partially income million Other Life mortgage $X.X as the commissions XX $X.X segment loss and by and Corporate by $X.X costs from the of support $X.X due Adjusted segment, mortgage e-TeleQuote, lower, increased expenses the in to most of the acquisition adjusted $X million the of including million. results lower largely related Other expenses. segment,
Turning coming the slide or on certain operating licensing insurance expenses XX. to XX% Senior to the year-over-year to part miscellaneous due million growth our in projects, lower with from Consolidated costs, savings technology $XX.X and due than in lower and timing largely quarter increased Health last Expenses businesses. projected $X.X million, other of and remainder were items.
Looking ahead, layering to operating unit million, quarter expenses $X including operating other we $XXX around other the expect and of million. fourth expenses insurance e-TeleQuote, be
from is June, end income down and strong, the On assets due Primerica be the high portfolio. gains holding Turning throughout the factor rates earlier in approach. estimated from end, rose Senior XXX% remains $XXX end be estimate XX, was using lower the XX. up million XXXX statutory quarter. the yields, as that portfolio approximately remains The capital $XX is sectors Life million. expectations the backs liquidity invested elevated of risk-based new size in company net The from $XX issuers. September business the of to at and during flow of related to The funding in with costs by the at earlier. had slightly to quarter business an slide $XXX the quality the year agent the of range, XXXX of from on of AEP across Consolidated the as support unrealized high seen book in prior of The diversified million, negative the increase million ratio bond slightly cash effective Health to portfolio We industry, well NAIC needed cash by to of in and development at described funds marketing period, offset mid-$XX as range. increase charge slide higher partially investment million lower-than-anticipated down driven carriers,
breakeven growth anticipated expect this Given over in in approach negative cash to years. flow six decline business, we time about and
current plan absorbed generation strong line for our our deployment questions. Given operations. capital and to for changes any the increase operator, from other capital this I'll With without that businesses, easily our can be liquidity open up