you, Thank Rod.
the tax financial our This three of XXXX. normalized to operating seven. per after turn share Let's slide of adjusted delivered excludes on items. in We third $X.XX earnings results quarter
prepayment provided equity our based quarter on First, and meaningful expectations, performance portfolio are Long-term our rebound. positive. improvement alternative in alternative for performance income our continues above $X.XX returns recovery X% such to of alternatives This a market in second that the exceed long-term target. reflecting value an year-to-date
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to and flows. Turning deposits
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that compensation part Higher with higher Fee retail expense. due associated Administrative we plans we XX-month all were a quarter. the a million above our below nine. year-over-year. adjust by we which a the were offset Management benefits not the in variable long-term to expectation, encouraged well margin the a third the results trailing operating or by revenues And adjustment institutional particularly momentum basis, are and Note adjusted in of $XX do was success in current higher in a our margin operating investment for diversified present was change but delivered investment results quarter. We earnings across $XX modestly markets, million Investment in when expectations to corresponding year-over-year, capital success. basis. this on highlights capital higher result. including investment environment XX.X% were make on variable winning for favorable compensation lower upflows. expenses favorable fees Investment adjusted slide capital for associated us capital and long-term business, of positions On equity normalized large
for income basis. Our funds XX% overall so We certain market the a performance and flagship performance benchmark fixed by that of five the three-year the outperformed basis affected fixed remained did contributed April, than a income this products our and strong. were March quartile on which improvement to and return quarter. XX% saw on more to in XX-year a top a dynamics
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continue to across We from flows diverse a range of net investment generate sources strategies.
continue team in as showed see demand for core International investment general continue manage companies grade credit. to income to our clients fixed tap to We insurance, progress account assets. their and
a in to year, CLOs. quarter. and additional success the also closed close We strong fourth We issuances in this expect we saw assets and our private CLO third
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been Third And Voluntary million while was quarter by Loss identified the remains slightly been not have COVID-related Year-to-date expectations. impacted the COVID. ratios materially have at were utilization COVID-related million. higher claims for Loss low. quarter, year $XX than for ratio our Stop identified claims $X loss low-end of prior
participant us guidance-oriented and Early new to ahead a service This [ph], our longstanding with indications annual that More of show enrollment participants tool into with benefit season participants. the up differentiated My engagement capabilities partnerships season. quarter, sets increased distribution selection. for we introduced success well continued heading enrollment Health Money help broadly, this XXXX tool
during conducted assumptions Turning our to review the slide annual actuarial third quarter. of XX. We
of vary XX be This with our of least change drove underlying the the part not Portfolio grade associated long-term expected from interest business As which will lower on XX-year long-term years, yields treasury a but the via to X%, exited we sizable points the in did assumption the expectation rate our of our will majority our lowered basis We over of for period. portfolio. asset a portion impact Individual assumption of will the X.XX%. that characteristics grading rate each Life at depending review, period prior quarter, reinsurance. unlocking XXX third our is to of
S&P remaining to lowered also equity XXX the X%, of which majority the our from for down drove We assumption Retirement. long-term X%, the for market impact
XXXX. amortization Investment to fourth compensation variable fourth and consider adjustments made Management of Individual to performance items: expect environment, current performance; higher we more of the XX, fees from full Fourth, Investment Retirement in higher certain we Second, impacts normal seasonally the lower On alternatives Third, to provide policyholder higher primarily related stock recordkeeping the net due intangibles preferred dividends; beneficial corporate rate variable now plan legal we these yields amortization not lower slide quarter, lower partial intangible fourth expect quarter to to successive lower and policies behavior wins; revenues finally, persistency quarter. a pre-IPO due assumptions. was investment. other to the Additional strategic of included retirement interest items on First, the Offsetting the for In prior recur a of items, that Management compensation; an will reflect in following Life the recovery reserve related
affect that additional there consider, to items other quarter in fourth our market be some for impacts, course, growth share provided the will, business potential have COVID-XX impacts. we of and average results, While factors changes including count,
Turning to slide XX.
current perform continues in portfolio environment. the to investment well diversified Our
This year-end our view under our quarter, stress impact capital we through XXXX. of updated two scenarios potential
roughly or show actual prospective net rating one case migrations and two. in respectively, six two, months. lowered impacts scenario million continue active under impact one as The show the XQ view million despite which XQ update impact. reduced We incurred We This $XXX reflects stress and impact $XXX million million. to million of of $XXX in and we could from case million, reduce now no $XXX a as assumes time the have credit we stress stress extending the maintained prospective that impairments and and in frame $XX management, this $XXX and favorable
and given generation. free scenarios as view contemplating position we Importantly, future capital our beginning flow excess cash both manageable,
spotlight in including our to portfolio, in commercial the investments We our continue appendix. loans certain mortgage
October less quality have of principal XX. of As loans of commercial rated with have remain loans that represents the modification. weighted requested average we comfortable of loans loan is which that repayments majority resumed more commercial than were Slide which there mortgage the mortgage a than The XX% ratio our in forbearance XX, portfolio, loan-to-value Overall, our vast of balance and undergone X a overall of X% three small forbearance, only of CM number unpaid has XX%. and remain portfolio.
$XXX from customers than target million. quarter at our assets interest was more estimated of moving segments of quarter, slightly generation Our dividends cash variable due was excess the operating from to XXX% as capital was above end by capital ending ratio capital our was in higher the RBC Excess and required XXX%, to the our fixed. down expense, third offset and
in losses, over not expected third realized which quarter. to some repurchase the we did timing reverse of shares is quarters. related Additionally, We derivative future and any
well the of from when Transaction. determine impacts status the We the election, will continue to as monitor repurchase. much progression overall we economy Life the how Individual COVID-XX factors as of pandemic, from the the and These
earlier, process and final December. end highlighted of we conclude to Resolution are pending Rod operationally approvals. As close Individual expect regulatory by We ready Life to the the
XX.X%. is ratio debt-to-capital Our
expect ratio we be close gain. below However, leverage this reinsurance we to transaction target at offsetting an our book when
over at of continue during third dividend our X%. their Finally, all our $X.XX and a stock per of we serve maintained time yield summary, common quarter In employees share stakeholders this dividend at adaptability. proud resilience for we of to are our and
our well to While remain performed COVID-XX worksite related headwinds in have the near-term, franchises long-term. and are poised benefit the believe strong and we over institutional
can excess We expect position to we the continue we end stewards by will so Life related a the that of strong of With take to turn the capital. conclude quarter, the the the questions. I and as Transaction regulatory to capital will act have to fourth back that, good and call process your operator,
