Thank you, Heather.
of which to year-over-year. adjusted results favorable led Slide net on quarter turn business in underwriting. another second strong $X.XX higher operating Solutions growth X. of Now delivered We our Health The let's our XX% quarter, exceptional EPS with the was
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vision Turning improving values. and and to long-term. outcomes the assets financial focused our Wealth is to our grow flows over We're supporting and positive with This our cash Solutions. customers generate purpose, clients, on net for ability consistent
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rise year Given the elevated in part rapid first this experienced year. spread interest income the of rates, last we and
is that normalizing higher benefits crediting rates. Higher behavior of rates to yield due some our response to the of pass rates actions quarter in our on current represent policyholder to environment, the less credited higher This transfers and benefit to fixed policyholders. variable to
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XX.X% was basis, performance. trailing on strong from the a Adjusted XX-month ex operating benefiting margin notables underwriting
our Looking ahead, margins full at end range. to expect to we of XX% high the target year be XX%
value distribution brand partners, clients customers. and proposition workplace our and and to resonate Our employer momentum drive continues with differentiated leading
generating XX, a has track Management Investment Slide our multi-decade for of value clients to significant record Moving market cycles. different across
that the However, facing industry, this flows headwinds impacted immune in the are to not the we’re and quarter.
record That decile Institutional our our the in to third from demand to investment and are net and outflows client and have income client this the team we reflect seen given performance. in earlier softer said, strategic of demand long billion benefit in well fixed positioned a demand institutional us $X.X year. active top by track we decisions equity pickup quarter, strengthen
quarter our $X began we and now since net positive of billion AllianzGI inflows. retail to flows led partnership net retail are International another strategic over with
of on credit investment-grade this additional higher-margin, building demand that this U.S. the are dollar-denominated in internationally. We drive into momentum With recent product, flows strategies an retail to we are look launch strong with usage.
were in which expect to our under as of time. The assets XX. with five-year now Approximately we remain, over to which wind reached partnership under institutional our strategic anniversary. assets outflows by its management impacted assets $XXX billion billion continue We Venerable, was to grow growth June down management planned $X of related which
ex AllianzGI’s trailing million in Net a on notables a noncontrolling second basis. We adjusted of trailing of guidance net basis, XX, outlook and by by improve adjusted target to the XX% XXX margin with $XX by notables Management Turning line basis, XX.X%. quarter, operating points Investment This driven delivered to Slide the million. was neutral quarter XX-month a operating On grew XXXX assets. year second reduced earnings of AllianzGI in on second addition quarter interest. our was at XX-month revenues market basis least in our supports ex our full expenses margins the $XX expense
net well our greater the performance offering, attractive alternative return or further positive ahead, position and and scale XXXX pipeline product investment and space margin investment us private strong flows Looking in expansion. to for well-diversified in
months, deployed generated over capital. flow In line opportunistically quarter. and the Slide our free capital. We we of $XXX with deployed million the approximately $XXX over billion and $X in cash capital the quarter, XX to XX, Turning of excess of in we generated shares second last million guidance repurchased
authorization generation. share quarterly have stock our our continued cash and our free strong in flow reflecting doubled We confidence increased common repurchase dividend,
August leverage our million fund our expect Looking of capital XX% to maturity share repurchase to continue excess target activity to debt the debt balance extinguishment ahead, to and of we XX% with to as we midpoint range. $XXX manage
XX% closing. Yesterday, approximately connection ownership own. the the with in $XX India made Voya a million we of in already not that We took we did partnership payment interest of
financial opportunities in strategic expect significant well immediate As future. from Heather indicated, benefits the as action as we this
value. capital business, to is approach balanced long-term Our growth reinvestment shareholder includes our in allocation, and driving profitable which
we our XX, Slide remain period growth target XX% XXXX. to of on to achieve the track operating Turning XX% in to over EPS three-year adjusted ending
our on our We driving assets value are focused from partnerships. strategic integrating and
track of shareholders. to confidence Our our And us capital diversity ongoing revenue macroeconomic for we environments deploy and gives managing our and through growth challenging of value continue create in objectives. to record achieving generate
will back I turn that questions. operator can we that, call With the your take the to so
