critical financial a our everyone. Protecting management and top plays role. you, a risk and distribution remains franchise supporting and morning, good Eric, priority strategy our and Thank
balance to multiyear, you maintain strong As under repeatedly, a sheet our me have is framework. goal heard a multi-scenario say it
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away The growth. to Growth support fund the and from third Company, capital year through another continued quarter end to drove business holding of variable products growth new we usage return the ordinary essential capital trends business fund and to rather excess the higher company to our an at BLIC, the decided to than new lower in normal is saw business risk, Therefore, in Life we XXXX. quarter strong toward Brighthouse drive retain of dividend or above mix legacy Insurance annuities.
year Normalized had conservative XXXX. the the dividends statutory quarter, million were we resume normalized to fourth BLIC from brought $X to from significant for XXXX, which a approximately in holding intend rates the last portfolio statutory approximately in We year. to billion. in company increase full equities benefited hedge earnings and interest throughout the $XXX in earnings position We
protection. earlier, in amount protection extended in took that and interest opportunity add mentioned the we Eric of of the low to as Additionally, substantial XXXX duration a quarter, the rate fourth
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until said holding As debt not cover maturities and our company we most XXXX. have to we of the the flows do have charges, previously, nondividend any fixed
appropriate As holding a is conservative to position company, believe a the life it have we insurance at company.
market both companies strong feel company. our uncertain at the very and macroeconomic the holding about and we operating Given the good environments, position
fourth with $X fourth adjusted the in XXXX. were of adjusted quarter. quarter the which same million $XXX the $XXX basis We of and adjusted earnings, of in million to million, earnings items, an the of Now earnings turning notable the quarter compares third excluding in from results loss XXXX. impact Adjusted on
impact all establishment items matters. major in as by recapture tax. Eric had mentioned, we impact only the have the the to the related reducing refinements the On the unfavorable for impacting systems prior basis, related $XX a conversions; resolution the on reinsurance as items quarter, a segment; earnings which included tax million, included: segment impact $XX $XX of costs completed notable a after a modest actuarial $X establishment of million quarter the life in fourth million million results. notable certain quarter and items of quarter to combined and last a favorable year runoff of costs assumptions was actuarial The
of driven separate VA positive with fourth account our items, alternative quarter quarterly impact primarily quarter. Excluding rate negative offset in run these performance notable earnings by by expectation partially investment the adjusted were compared performance, the
or million $XX the The alternative in lower-than-expected net fourth investment of per performance share. drove $X.XX investment quarter income
expect As higher X.X%, we below quarter. a In our alternative reminder, X% was was expectation, quarterly over of though the fourth investment an the than the alternative long term. investment XXXX, yield the third XX% negative to annual in yield quarter negative the yield which
As a alternative asset continued result, investment as well driven as by net sequentially investment was the higher income returns growth.
lower of our the driver actuarial reserves which run costs drove expected $XX million returns reflected amortization adjustments, major when separate share, VA DAC other lower or in equity account or had through is compared above X.X%. acquisition the of expectation, annuity our of was the impact positive to with less favorable $X.XX The and segment. quarterly rate a after corresponded earnings notable of quarter, adjusted market to quarterly in impact the This earnings which items, and per tax deferred fourth
mind, see industry the Under in is long-duration targeted market new in we DAC the amortization continue related LDTI, quarter-to-quarter improvements, insurance the accounting and XXXX changes to or which fluctuation not standard. in beyond. life in Keep will
of adjusted fourth Sequentially, by Turning account Annuities million. offset expenses. fees segment. The reserves segment partially separate driven and net returns, lower resulted investment was In segment income to results higher $XXX also sequentially, higher earnings were adjusted the in which by by impact Annuity amortization. from lower Annuity earnings which and reported benefited DAC of lower the VA quarter, the higher
of reported reported sequential and amortization items items, benefit expenses. $XX segment higher net $XX basis, income, investment expenses. basis, The results higher adjusted of DAC On a On income. Run-off results million. The by higher driven sequential loss, net an notable earnings, reflect notable partially were by higher lower million. Sequentially, Life offset a million. $X driven adjusted an of adjusted a and expenses segment, excluding reported partially by results notable loss excluding Other tax higher by higher were items, offset Corporate investment and excluding
and to strength balance despite we distribution year closing, the the support In franchise tough our sheet a customers they markets, protect maintained for and our serve.
have of We multi-scenario be return an manage conservative level multiyear, to economy, perceive we uncertainty company recently. the and more continue given using in the elevated markets And we a to capital framework. what on been
the operator With the that, over turn to questions. call we like would to for your
