adjusted reported results highest strong unlocking. excluding quarter Thank our as On our were eight, you, first this slide quarter ever Rod. operating earnings, we
quarter DAC/VOBA Life we our alternatives when Individual intangibles Our fourth in and provide our income $X.XX. investment Favorable primarily per from earnings investment expectations. performance reported $X.XX of supported We prepayment Retirement our I'll business above and more lines. of results. long-term negative those to details other segments. share was turn $X.XX unlocking, combined alternative portfolio generated operating adjusted This and included
compare when first results of Our $X.XX. XXXX to favorably quarter operating reported quarter those first we
which performance our we operating Within lifted results. favorable quarter in corporate first XXXX. results, annuities, unlocking, we adjusted realized DAC Excluding retained our reported $X.XX from
performance quarters. retained slightly in future were mixed. annuities We to results moderate Insurance expect
reported mortality. and Life Life experienced Group stock unfavorable better loss Individual we While than rate improved we expected results,
were GAAP supported quarter the by on which first the results loss annuities net favorable adjustment transaction, operation. discontinued estimated Our within to is reported a income
required of quarter to estimated the other of some on mortgage in positioned the are was end until gains closing. rising securities by realized to re-measure the each as accounting favorable and The adjustment category. rates, transaction value of We at loss sale net offset reported fair partially our due
on operating remain target we quarterly closing the our track $X.XX XX of $X.XX months sale. to achieve earnings Importantly, within of per Annuities share to adjusted
all-time commercial nine. unlocking. by reflects quarter, results first contribution to and but in XXXX. now growth excluding sale include retirement higher $X plan continue not minimal of adjusted participants, generated which in our Select X% Beginning Retirement slide to been This management higher driven underlying first had quarter the by reached momentum a is This Retirement's included Select defined earnings. be our XQ fee income. markets had productivity and across primarily and in turn, of Advantage year-over-year reported driven high, operating is Retirement investments. assets Moving and transaction. Annuities product. operating investment quarter The this in a billion benefits business both distributed This shift increase an strong under earnings assets product strategic Advantage from in part the corporate for in were This only results currently roughly customers. product available impact includes to will
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Our growth driven I cost by by has and discussed management unit that expense earlier. X% declined year-over-year disciplined the
almost of minimum previous of interest which related DAC/VOBA slide, $XX initiative. unlocking, As on rate all guaranteed to incurred mentioned the million we our
accomplish many As we have clients over shared the been our with working quarters, several following. the we of have to last
a of rate on rate balances; strength level rates. First, as previously preserve This guaranteed lower the to better $XX impact by driven and higher deposits than with account now that this aligns to second, $XX quarter amortization fixed relationships. $XX the fixed the million initiative to new GMIR minimum with a customer guaranteed lower minimum the which was we interest consent best The transfers will expect account range to a new market estimates, the from to existing expected, accelerated amortization of and million. is million of new revised million annually. our result demonstrates $XX Using of a of be DAC our cumulative interest previous
the previous this year best as could amortization from realized estimates, the emerge, consents course of exceed behind majority The incremental emerge majority consents more future over the go benefit run of GMIR benefit us. affective. but our have Should actions. our amortization of We the rate accelerated to will
net Turning to flows.
experienced XXth surrenders, of its tax-exempt the generated outflows. some while consecutive stable business and small Our flows, despite mid-corporate value positive merger-driven quarter
income first management. expect improve This We and earnings, operating assets segment. net the which slide third-party be asset flows to second our second quarter produced in our On core the quarter solutions, first the Management expertise quarter growth of results $XX specialty and reflects the XX% ever for our XX, and those in line million year. of then in also represent half adjusted best of Investment under in the fixed with classes over
equity benefited raising. fees advisory we Investment private that a new additional fund to commitments are Our from
collateralized are for carried partner Our reported the expected by Investment earnings interest and certain obligations earn fees well. which capital higher loan loan obligations. our as collateralized We we results from were favorable, than better performance funds on general on
investment driven operating operating continued which margin, trailing Our XX-month XX.X%, and was scale which by discipline. results, higher discretionary expense capital excluding
excluding closed for $XXX euro-denominated and fund our of specialty from XXX have mandates. CLO, In example, a real institutional a Our of shortly. mandate, a were variable we third-party a number the million stable CLO affected and second by mortgage marketed first that outflows, $XXX fund, surrenders should annuity value already price million secured quarter, flows, net million estate quarter non-proprietary retail timing redemptions
demonstrates plan core in our We strong classes continued private additional and activity margins for on fee supports This equity value that asset demand specialty to also proposition. our solutions to close commitments.
months, was solutions. and and been institutional favorable. those fee outflows. The performance fees last basis solutions. fixed for on six the the critical products classes differential first Over sales for Strong is points XX core income consistently asset demand of about exceeded and specialty inflows have our investment to XX% quarter, have our from the In
XX% March our benchmark outperform of approximately as institutional combination front performance XXXX. this peer five-year a ratings of our pipeline on and will the excel of end assets Further, to to number on as or of management under median our build basis opportunities. help increased strong continue of returns the consultant our We of
translating approximately impact. pretax reminder, will net into a earnings a transaction $XX $XX billion, by our lower the As assets million annualized Annuities
partner assets managing general preferred the own annuities for will the be the posts which we'll block account However, Venerable, for variable transaction.
portfolio, we their grows team are well-positioned Venerable to the As participate.
XX. slide Employee return capital a to Turning the this nature capital, XX.X% business. high return and attractive underscoring light on Benefits reported of
better First results loss benefited Stop and ratio from Life. quarter for Group the improvement than for loss expected ratio in Loss
in-force premium was Our took as growth pricing Stop actions for Loss modest our business. additional we
return We help the Loss for continue target to last several to taken the by action our will pricing loss quarters XX% XX% ratio that range year over believe end. to Stop
prior For annual resulted while in double underwriting premium relatively rational market, year. The remains our competitive, discipline example, premium levels. the demonstrated by stable annual increases those as of
represent by results Our favorable three On following affected sales mortality. were Voluntary slide Life Individual mortality voluntary continue of an year-over-year. to higher important XX% driver. offerings by quarters growth XX, rose
results were quarter's attributable frequency This severity. both mortality higher and to
incurred we result, unlocking. As $XX million of DAC/VOBA a
for demand separating policies Annuities. Indexed we see from the work to continue Universal We Life towards business Individual our as Life
more additional We provide we our regarding year share items Life. to of strategic will the slide On to consider. in Individual later XX, have review
expect items. in items recurring administrative we the net be partially higher realized due sequential to corporate, lead operating could first segment. Looking that ahead XXXX, The by of impact lower to lower cost expenses certain roll-off and in which to offset quarter quarter of expenses loss high savings second could seasonally not
market We for and dampen in Retirement also volatility asset point out the that Management. beginning balances Investment first will quarter
results. provided that consider, there will, items factors some course, have other affect we second While of quarter to be
position on sheet is balance our our slide XX, to Turning strong. capital
of Our at estimated was the RBC end March. ratio XXX%
We'll consists share in which and a surplus quarter. capital, second to quarter. excess first estimated of using execute excess the that target be of was $XXX capital Our additional million of holding the company liquidity statutory repurchases portion at above end the
our target. quarter Our XX% five-year debt quarter our partial offering notes We allow for below us first was from to senior the to equity proceeds maturing repaid end take credit. rating agency in ratio debt capital using hybrid which
Turning to slide XX.
As stewards we anniversary our fifth being the steadfast company, good to of celebrate capital. our of commitment shareholder in public we're
the announced previously shares plan million We of the of another our by $X.X cumulative the our billion. repurchases repurchases. of use million will expected bring mentioned, to share repurchase Annuities the end towards the We Rod quarter. As IPO since our plan share completed quarter, additional $XXX first share we accelerated the which sale from second repurchase proceeds $XXX in to to business
will IPO, returned capital earnings the $XXX end remains support and by of our have over excess summary, to by has approximately shareholders risen to market repurchases. returns. million value billion of that year continued generate business proceeds expectation Our to strong Since expect our $X share XXXX. In we targeted operating and XX%
reduce capital your call and the the can back to I'll turn position are so balance take questions. We and strong. our to With we continue risk that operator sheet that,
