you, Thank Laura.
in Lower other under assets management year's a quarter. operating market levels driven to prior results fourth by our slide as account levels led quarter on the fourth to lower in as from was earnings decline adjusted Turning lower separate five. The income. our the and decline reduced comparative equity fee well equity private limited from income partnership of
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March LDTI, per modeling, financial Under on DAC our assist on share no deceleration, updated means need market-driven a publishing with deck earnings about basis item will amortization our LDTI longer supplement level the IR notable for will a To acceleration or website, to historical that of or for be results. XX. include we we simplifying
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XXXX. these but Slide shows eight basis. rate on two period. the Earnings for share the items were results the tax between year down of is compared The in same in the XXXX the difference to per year exception XX% same full the effective analysis, a largely explanation year full adjusting of a with after full
of fourth loss includes some million. values that to not under assets. reconciliation nine changes liability align accounting of GAAP Financial $XXX earnings in to with Slide income the attributable million of Jackson operating quarter $XXX pretax pretax adjusted hedging the our Net illustrates will our
hedging our and as accept below-the-line resulting choose focus the to capital volatility. GAAP the economics We statutory of as on position the the well business
result total the net table, benefits hedging or in billion the loss hedge of the fourth quarter. $X.X and a guaranteed was in shown As results
providing the fee guarantees. protecting Starting the value, benefit from waterfall the a when These $XXX the guarantee markets stability fourth of million based on to you calculated budget provides the rather side fee of significant fees stream hedging the account the left quarter, base robust hedge our stream our guarantee which support of in to than are resources see declined. chart,
fees align with movements. are liability previously in guarantee hedging all the presented income As noted, non-operating to and
benefit on was net of a quarter on There billion assumptions markets. in earnings, benefit the operating hedges on losses earlier. addition embedded also was The a gain equity equity derivatives, freestanding There $X.X a I billion was noted X%. driven by which million derivative to produced were loss where was review in to up which movements, $XXX S&P and driven by a of reserve higher the earnings non-operating to $X.X over adjusted
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derivative items primarily to to the result, in parties. addition $XXX to of These treaty This changes period third non-operating as as fourth million the reinsurance withheld funds loss the income in can business be the which a that related quarter includes volatile income. In net hedge reflects net net from was an period investment reinsured losses items, due embedded well from to the by are on offset AOCI not capital statutory looking a book a Jackson's a the cash within net when the at minimal Furthermore, resulting fourth funds flow. these to that billion It year. important related while was the transaction, is result it full hedging loss quarter, was note the to of in $X.X in impact adjusted free net withheld on do our or value. reinsurance impact account benefit
XX. is market at annuity down segments, Retail periods industry-wide, starting prior consistent declines. are look business slide sales let's Annuities on of with which Variable equity our with Now
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fourth quarter quarter sales a percentage of the from in to the XX% XX% Overall, sales of as year benefits of retail year. our fourth increased without in total lifetime last this
conditions somewhat consumer percentage on time this demand. based expect We vary to over market and
the other fourth in to non-VA XXXX. a of translated are third in through net both quarters $XXX lens, over flow generating of gross and the products flow net sales RILA and viewed spread When we million
annuities, outflows provide capital in benefits. flows diversification economic and variable net net these addition partially In valuable to efficiency offsetting
remains business Our overall mix of standpoint from sales the new efficient strain.
growth from this illustrate Growing for to continued distribution fourth business remain commitment and to large our of part our long-term prior advisory us, conditions, in these regarding sales potential comments remains space. down this a while the expansion focus about were from year's we Laura's market quarter, products optimistic business. due the
prior for the from the Looking income. I our fourth partnership income was segment at result discussed slide limited operating primarily pretax fee the we quarter. well decline management down on under of reduced impact the adjusted XX, earnings in as on as year's assets are of annuity Retail earlier, This
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was is is increase first rates of the million expected assets to It million higher rate to offsetting quarterly credited our and they are note our effective will to results. from year an that at yields. time of to reinvested over higher invested expense $XX important we $XX This as this on interest add get benefit
quarter, we book, value At in of have to the contribute value. sales an the account age the to RILA end early nearly our immediate surrender billion account fourth of minimal built up of of $X.X because allows RILA build-up activity on for
Slide XX. Our other operating are shown segments on
higher million higher derivatives For prior year fourth and were $XXX were operating operating from institutional account by losses to segment, income. totaled million were billion. increased offset down values sales partially up and credited net $X our $XX earnings investment period quarter Pretax in million interest the adjusted of for as $XX the on
our statutory committed business what to diversification exhibited of to broader capital and is The stabilize provides generation. it remain We is is since through earnings benefits, GAAP than value our institutional the helps business. cost-effective
of decline by other lower death earnings compared the decrease to offset Annuity the size and partnership Blocks business off income, a the year, policy M&A partially the future Closed levels reported runs benefits Lastly, over of fourth in from trend blocks. as should Life downward the earnings operating resulting for in quarter closed reflecting the lower prior segment continued limited segment activity, our adjusted and this Absent time.
year-end summarizes capital business included dramatic XXX XX XX% Slide decline our a in a in strong. that remained rates, increase our the year a interest S&P in position and
in million mentioned, remained million. during the put totaled in the to As target full year which returned or $XX of to the we shareholders have shares million. above X.X fourth active $XXX million buybacks $XXX us we our $XX midpoint quarter, fourth in million our share which quarter, We
announced of dividend over the nearly first Yesterday, a our increase approval year per following the established quarter we a $X.XX XX% our initial increase XX% of and share, from prior dividend separation.
a announced also to $XXX million authorization. repurchase share increase our existing We
with that to the XXXX this use million beyond. $XXX combined remained and capacity of $XXX When of at us XXXX, the million end gives in
As shares in remaining of that of repurchased of we total million $XX XX, of XXXX, $XXX February date. leaving had amount million that as
capital. statutory to on Moving
Jackson Because quarter. the company, tax operating TAC fully National primary billion, is releases. to rise. position Company, which of our Insurance the from by consider in billion $X.X the statutory not impacts, tax to down were Life both required hedging related when CAL, The quarter we structuring equity Our losses see offset led markets it equity reductions when a of not higher deferred markets asset admissibility and during unusual as and reported $X reserve impacts third TAC or capital to hedging,
movements, fourth discussed. equity company quarter both just in markets the from RBC the and primarily strong third due the reduced XXX%. the TAC I to Considering to operating CAL increased meaningfully the was CAL quarter, the
and both annual our from a and which statutory of RBC to update the assumptions, and was models benefit operating also review addition GAAP the to ratio benefited In performance, results.
the challenging a quarter macroeconomic third our in-force of ratio growth to is our which company risk of business effectiveness resiliency the RBC operating overall straight This testament of the circumstances, and is management. despite now
the heightened the our despite equity line fees Importantly, quarter. in was volatility, guarantee collected market hedging spend with this
longer-term our by cost expenses, the stay year, to the risk of a hedging protect is rates. in key driven which the within used limits, hedging by driven are driver As and short-term instruments of discussed volume throughout of which the I necessary interest to rates both our is rates book, hedging
the hedging current us higher quarter our duration level of curve equity ends benefited has hedges. at in yield The allowed also increase the and both of expenses to the
company approximately holding excess cash is and of buffer. million minimum $XXX be continues position Our in our well to
year, the excess holding the to to due in return and the support increase RBC company of market was position end to be and includes RBC, XXX% the the which the target reduction above exceeding holding improved in up buffer the to of company, continues company operating range. the the expenses. At shareholders over adjusted ratio, cash that normal This to level capital was
leverage volatility. as of financial third our to total the at XX% end modestly of XX.X% the of the our long-term up navigate We us and believe was level Lastly, targeted of XX.X% still financial that end from XX%. ongoing of the quarter this provides the range to flexibility market fourth quarter below
Given intend we our of maturity. strong to our debt position, November portion this upcoming refinance all of
our repurchase to total capital our of XX our $XXX quarter Despite environment depicts share XXXX. market the since year-end a challenging of we was shareholder company consistent approach steady stand-alone nearly separation, since and XXXX. the fourth million as as our return, has in cash Slide dividend which program return began been
payments, market returning and as well which and private includes our as approach This also flexible share balanced dividend illustrates to transactions. public capital, our repurchase
fourth In of strong continued sheet. a demonstrating our both our summary, and the year, quarter had resiliency business and balance we full
are XXXX especially excited or of from to to We exceeded met position proud have start our financial and are a of key targets four XXXX each strength.
the over Laura our detail will more for turn our targets financial it I and key outlook to provide Now XXXX for on year. back give to
