Thank good cover to a I you, topics morning, everyone. David, and want few today.
will perspectives I environment. some current First, provide the on
I Financial’s Next, give results an share second discuss repurchase finally, quarter. will will Brighthouse update the And our in on I program.
ones our global So remains staying start loved pandemic current environment. families, our hope economy. and and the let's customers. their and safe the I our continues safety and the our partners communities Financial’s are and that Brighthouse top and employees impacts of and with unfold you as wellbeing COVID-XX priority well your to the
these, pandemic, As more mission the and the strategy becomes it like and shareholders. Despite I've on our financial mission is steadfastly times on important. said, when achieve even people for remain customers our we security and an our help partners, by created challenges focused to uncertain delivering our
and Importantly, we focused position our climate current remain strategy. strength confident from of answered the a in
strong. Our balance liquidity sheet remains and
to believe continue we weather investment current Our the that downturn. we and well-diversified well-positioned quality is are high and portfolio to
time of of well I topic of reduction and have share a the of announcement shares is stock, repurchase our August our of outstanding in stock common like would than public second expectations. The independent became company, from a we our XXXX, of to repurchases. first initial Since an repurchased the authorization total more ahead of $XXX XX% cover we million approximately
will as be year. circumstances flexibility stock factors. share of We on repurchases disclosed, continue and resuming should And retaining other well assess prudent, our suspension this to in common we temporarily May suspended remains we repurchases that continually XXth time. conditions, effect warrant at previously As this market while as
our XXXX shareholders to Importantly, remains of place. our in target of by returning year-end capital billion $X.X
let Now, second turn to results. quarter me
key Our of X quarter earnings presentation. Slide the are on our summarized highlights for
capitalization. to statutory continue our manage we prudently First,
as Our quarter expected second hedging program in of the performed XXXX.
estimate XXX% to range RBC the this consistent we for the capital disclosed Importantly, that XXX%, our in of of ratio holding shortly. the statutory includes of remained range combined in first quarter more with million ratio a or year. Ed risk-based quarter second RBC quarter. the The the paid subsidiary dividend details to the on ordinary $XXX provide the impact results company will in
$X.X compared a XXXX. quarter, the strong despite second sales with quarter sales billion we challenging approximately had X% Annuity the environment. Second, were of down
compared XXXX. six extremely am first the I we X% in of same that XXXX with period pleased our months grew in the However, annuity sales
quarter Our the annuity portfolio weather current the of the environment. complementary our nature and results strength through product demonstrate we as second sales of year this annuity
life execute Additionally, XXXX. the sales we as strategy. of approximately in million we $XX second of our insurance continue to on the generated very pleased am have I with insurance we quarter life progress made
presence reflect accomplished insurance since want special year, and to I to in I life the all partners. we've business insurance life distribution thanks our competitive insurance life As on last reestablishing a give team, that our
with the a for the market Brighthouse growing we SimplySelect throughout to expanding remain focused of on industry, life current digital and launch doesn't LifePath provide in and Brighthouse insurance, annuity near-term and broadening applicants. underwriting on hours most to relationship end, life Brighthouse lifetime focused We're distribution environment retirement. that respect simplified and is remains access that testing, invasive BlackRock’s term millions decision their within sales with product footprint. workers XX about our a to remain life footprint. of for process headwind an American of the we To SimplySelect, product that expanding for income we require purchase our through simple allowing our Policygenius. fast our online and excited business With as an June, a very features solution efforts Paycheck, new insurance announced to expanding available we While BlackRock, deliver insurance the investment to offerings designed products our join
address income retirement concerns are and pervasive in long-term. and And retirement healthcare achieve for over As the help before, costs, we people I've healthcare well-positioned concerns to Americans. is Brighthouse rising Financial said financial retirement believe unforeseen needs insufficient security help
Third, let me which of surrendering continued well down quarter in outflows, and as the second the environment $XXX driven as policies. million annuity strong net XXXX sales the market to turn contract by are as from were both sequentially, quarter, total holders fewer approximately
capital We to reducing previously, $XXX million add profitable XXXX. we said our second business, committed runoff a corporate do the and over costs, this in time, new the were business. in our flow we by with expenses, run the $XX a mix intensive by generating more of $XXX As as which expect continued quarter, profile shift see less to less in corporate coupled of we Fourth, business expenses not include and establishment million an expectation. million basis on additional year by lower rate than remain end cash
investments and continue in our in to necessary our business. we make technology infrastructure Finally,
to referred were as In these have establishment quarter, We investments the costs million before second costs. establishment tax. approximately $XX
our systems state $XX we be are pre-tax we million million transitions basis. before, and way XXXX of said our a approximately to final in prudent future managing through costs couple believe exits. in expected in I've to are $XXX associated TSA operating step on both closer how million and exits years establishment put will These our $XX platform. being XXXX, us one We TSA As now to million of $XXX
with prioritized Despite take employees of To commitment, thank from core balance of health to their difficult these Before to sheet and have remotely, moment and March, over are our their partners I their the again demonstrated and focus and very tireless for our a I'm wrap up, have they've we've several positions can and come communities the which up, believe want to our enabled exemplifying the in environment, the being months. us occasion, as strong. pandemic. wrapping proud to employees monitor employees values home we have work COVID-XX once adaptable, that to while past liquidity during risen continuing remained collaborative, passionate. work, extremely working continue safety, the our Since challenges times. support resiliency our to customers, a our
execution right over to in to we financial that Ed? our the I'll strategy turn value. long-term shareholder Ed have that, the the we place discuss are our With believe we to continue results. of deliver call continue believe to to well-positioned We And strategy.
