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I changes income. operating now financial historical GAAP results value in results the results reported the get periods in blocks XXXX for Life included, Life and are in we These for through talk close. numbers, of GAAP we fourth outside other in stages the both close. recognize our most the our business. earnings presentation significant of from will until book that will future earnings, quarter the the adjustments due net of periods and and sale The to however, business adjusted in our included between All are Individual transaction Before Individual to transaction legacy
the communication, Consistent the transaction book that fourth in that loss from $X.X of legal announced quarter billion. GAAP sale represents we the of our recognize the we when structured reduction estimated sale of value This the a portion on sale entities. of as XXXX, with is
further portion recognize will book the involves a value the that we with associated of reinsurance. transaction sale through a to GAAP close, adjustment At
current due Our total $XXX transaction is such offsetting would in the be million would reduction to value the of a the realize gain million. book GAAP $XXX to in range partially we that estimate to that expect book value
have in we report the will with which transaction also an businesses on The expenses have we effect sold. manner the associated
stranded for these we us classified accounting to from requires earnings we for expenses associated closes, as operating earnings operating normalize will normalized from to in businesses costs businesses we continue when non-operating, as until the are indirect GAAP receive transaction earnings. sale costs these until adjusted Although, these report include held close. Because earnings
adjusted transition costs fee from the will in cost we earn the include will revenue service buyer realized net operating the savings we and earnings achieved. we the of close, stranded normalized our After remaining
On the and expectations; above long-term a turn $X.XX of share normalized in excludes per with financial basis, $X.XX to were of and other operating our and $X.XX on VOBA, unfavorable share slide that per explanation, let's amount earnings for reported delivered earnings fourth our of We This With adjusted adjusted intangibles operating sold. costs X. of alternative prepayment stranded normalized quarter associated XXXX. the of the quarter. DAC, have unlocking; we $X.XX $X.XX income results after-tax businesses
Fourth quarter significant four GAAP items. net was affected by income
in a and First moment discussed significant was the reduction ago. value GAAP book that most I
Second, income. earnings also Life were Individual I mortality net were affected the mentioned, GAAP Life unfavorable by severity-driven adversely quarter. as in earnings included in fourth experienced
rates annual future re-measurement, on primarily reflecting on the Third, after-tax from higher our in as from end-of-year lower levels XXXX. pension the equity as impact asset well markets, liabilities interest impact
annualized intent this change to segments. business we beginning prior in pension remove The XXXX in years, segment. to than business lower we $XX Corporate prior volatility XXXX, from pension-related XXXX, is pension a allocated In and expect In earnings to we our segments. our from of practice, will of be the net cost operating earnings cost change pension prior million year, the and costs report
positively Fourth XXXX valuation $XXX and finally, fourth million by released. quarter allowance net was tax affected income a of for the
to of $XXX delivered $XXX for Retirement’s excluding slide was trailing Moving XX contributing months X. XXXX, unlocking. capital XXXX. adjusted Retirement full-year on in earnings return earnings operating XX.X% of with million quarter, the in million to fourth compared XX.X%
This income low the net service lower inflows unlocking, than and equity was by rate earnings, the reflecting markets. operating environment. partially fee impact spreads, recordkeeping and Full excluding investment higher, by offset lower was of adjusted interest were driven XXXX. favorable Full-year
Our and costs. accruals, upfront and administrative expense volume-related accrual costs investment true-up, expenses were higher, legal reflecting higher incurred, pension
gave retirement Investor interest growth our at since know, Day. rates significantly you have As our earnings guidance we dropped XXXX
to rate If in target XXXX original for current X%. corporate, with the from shift to now adjusted the retirement X%. pension compares operating the be hold X% interest CAGR levels XXXX through expect considering of costs of and our to range to X% of we earnings This
Importantly, overall included from represents by XXXX over Voya XXXX XX% growth earnings. the $X the Life base EPS our in of place. remains XX target of XX that $X for to This end
with to in ahead, in Looking expenses largely quarter savings offset cost fourth expect Seasonality recognition fourth our by be be million, to retirement million compared segment $XXX first results. quarter administrative quarter the XXXX to XXXX. we will largely of $XXX retirement consistent expenses
the change costs been is XXXX as eliminated. from stranded transaction have This a now from annuities
the we retirement cost offset related year We to be than to range million. levels lower in of spend. expect is more expect $XXX than administrative for This volume prior year to million as full XXXX $XXX savings expenses
service positive the net Retirement service driven full grew corporate Full markets. billion. flows full net This inflows deposits generated by in million in year of was quarter $XXX year contributing recurring to $X.X full service by full of strong XX.X%. flows
We XXXX. be XXXX continue to between to recurring growth XX% expect in deposit XX% to and
over We keeping XXXX expect billion terminations largely flows of $XX an but billion. quarter of first occur accelerated of we're net $XX our been lower net XXXX of the flows recordkeeping in quarter We This in known half. plan into billion XXXX. due was expectation second strong the $XX expected incremental to to that now the fourth of in than had had a fourth quarter of record
previously net win our pipeline billion we the remain emerge by feel good $XX represents continue confident very the of XXXX. about This We of of in service flows of the that and the full mentioned recordkeeping commercial recordkeeping flows balance net and will end to to marketplace.
that fees repeat. did investment fees we reflect Full our million we mortgage investment investment in performance fourth the capital $XX not year. related management X, year of as to delivered results earnings $XX to realized slide excellent favorable These our exceptional quarter than fund. XXXX earnings delivered and full fourth were lower the On for returns million clients. quarter, the $XXX million In investment operating the adjusted
net year, For equity retail the continuing Retail growth flows fee produced fee higher higher by of drove revenue institutional we helped inflows improved revenue was XXXX, strong from in AUM. also markets. second half the full which and favorable
operating Our to XX-month operating investment was improved The trailing a capital, XX.X% margin, including fourth margin adjusted on quarter basis. XX.X%.
capabilities included fourth and net net diverse XXXX. inflows inflows in million exceptional our quarter. platform in solid $XXX income the flows, of to drove Turning This fixed performance investment of investment continued institutional
specialty growth $X the year, institutional net our we representing of investment of expanded fourth launching our X%. quarter. full commercial in loan the over including For We inflows, in debt suite had first fund organic billion XXXX almost mortgage capabilities of
equity. of strategies funds improved by including add several nearly of helping by flows opportunity The XXXX. expand expect in $X we core to improvement momentum second XXXX, dealer infrastructure was and platforms year end. products including billion start from was our fund billion Retail the our In in $X half to to income This to fund more XXXX driven specialty debt fixed income broker strategic at the added the private fund.
AUM for billion future success. year, milestone this fund a early credit securitized positive $X Our reached
quarter sub-advised our revenue funds. asset is investment Other through sale roll-forward. be approximately will expect leaving this of Looking as to in are reflected which ahead, include assets our $X first billion, loss $X million. The the million associated approximately $X managed management we sale The real estate to
of end the the committed We of despite achieving upon XXXX to XX% to operating by close remain XX% Life management of under a a transaction. reduction margin assets
strong is our continued Our in X%. commercial performance pipeline. organic us X% of flows investment robust target XXXX net achieving This to driving growth confidence gives our
slide excluding of $XXX on million XX, Full-year XX%, was to in year record Turning of capital XXXX. full-year the XX.X% Employee and fourth earnings improved up XXXX $XX Benefits, quarter earnings adjusted operating delivering another in to for earnings return from million, unlocking.
in grew Adjusted over which XX% supported growth strong growth time We year. the billion premiums, total in-force $X operating product surpassed XXXX, lines year. premiums in-force earnings in in the across during first all the by for saw over XX%
the our share for in business. high-deductible an significant success expanding XX%, reflecting plans remains a grew continued market. growth growing market health The tailwind in Voluntary in
a We expect distribution we line driver strong to to remain continue expertise growth this relationships. and our product leverage as
while our Stop margins. new both to on January improving continued our sales We We renewal through discipline opportunities pricing rational in the Loss saw X% maintained grew leading and season. results XXXX. Loss in renewal confidence competition Stop and
disability than group lower year basis ratios had XX.X% for loss XXXX. life our XXX an the ratio grew life aggregate Additionally, full of to a and loss Group X%. XX% underwriting outstanding were We below year. total of XX%. with range target points
experience expect to range in XXXX. within normalize We to our target
range experience target growth XX%. ratio we in range target we Previously, of for also Voluntary ratios product the were lines. experience quarter. expectations. XX% has the voluntary group ratio aggregate within our We Loss seasonally typically rapid higher you experience was be Loss have loss which communicated will our We a other XX% that favorable. ratios to lower in of XX% within first that in Stop loss by than remain confident to expected remind loss driven
XX% of aggregate expect now target improved We an loss range ratio to XX%.
consider slide the XX%. for in In share On to EPS. are target XXXX and growth have items and XXXX of impact first repurchases adjusted operating positive on Given the XXXX. a to XX% employee XXXX, raising will we provide exceptional our XX% to to XX, for we earnings benefits from expectations quarter CAGR X% first quarter, the
legal consider; do expenses primarily offset in recur restart anticipate the quarter. to not to retirement that are also the the We There employee quarter first, aggregate calendar be will the seasonally year, to to offsetting normalize to higher, by to are loss admin XX% payroll ratio expected our benefits expected though, taxes XX%. accrual of cost range ratios be updated savings; partially favorable items with normal due three first are fourth seasonality of second, midpoint to loss
to management And as strong repeat investment performance expected third, in the quarter fourth discussed are first quarter earlier. fees not
share factors business course, provided repurchases, will, growth have there items we results, impacts. While including affect be other of market some quarter to and consider, that first
XX. to Turning slide
position. We continue to capital have a strong
and of XXX%, excess above the at XXX% was of target was our ratio RBC estimated million. capital end $XXX Our XXXX,
from increased optimization third reserve and some quarter capital the transaction, completion as of of a previously-announced result onetime capital excess significantly the earnings, financing Our strong initiatives.
our which was ratio $XXX slightly in million share value the entered higher were the Our $X.X billion. in into a related Life individual completed December, the target we ASR, debt-to-capital repurchases book reduction was to Full-year quarter. of than due In sale. million $XXX to XX%
repurchase stands remaining Our million. share authorization $XXX at
billion another least seven share at deploy we over completion, will repurchases returned to in expect to Upon years. ratably billion $X We $X over have shareholders our into XXXX.
flow and $X.XX Finally, approximately augment annual sustainable stock our dividend generate our a shareholders an through we fourth return share, our common of free extensive ability to The cash paid representing and capital dividend quarter reflects buybacks. to of confidence X%. yield per
$X deferred value as The XX of of value. a position. assets billion to XX, had key assets XX%. December expect rate deferred Turning tax Life tax is Individual net range fall XX% effective to of we Separately, on the impact to nearly remain share. our net slide a source $X.X sale tax and a minimal DTA in present of our per our
previous the the earnings This Individual of range, pre-tax deduction is XX% business. expect within unchanged to lower broadly, pay now largely reflecting expect And received dividend than also we our XX% five taxes DTA post-sale lower XX% essentially a to applied to Life to projected the the cash no five to years. use years. seven to net we XX% next More for of next
the In Life fundamental of summary, Voya. our completes restructuring Individual value-enhancing sale
to businesses. high-growth, evolved enable focus We clear on have purposely our capital-light a high-return
$X.XX XX% quarterly earnings. plus achieve to expect We to the XXXX end from the of EPS base represents XXXX. of included This growth $X.XX by that Life
free Post-close, our our XX% $X puts long-term flow high-end the trajectory at shareholders be a balance of to sheet return earnings XX% least growth the end trajectory and on to our is capital by expected and to conversion clear XXXX. improve guidance of position to us and cash our at billion should strong
the will turn can I call operator back that, we so to your With take questions. the that
